2019 Q2 Form 10-Q Financial Statement

#000142151719000048 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $22.80M $17.41M
YoY Change 30.97% 60.22%
Cost Of Revenue $5.480M $5.976M
YoY Change -8.3% 67.3%
Gross Profit $17.31M $11.43M
YoY Change 51.44% 56.75%
Gross Profit Margin 75.93% 65.67%
Selling, General & Admin $7.681M $6.785M
YoY Change 13.21% 11.21%
% of Gross Profit 44.37% 59.36%
Research & Development $5.480M $3.605M
YoY Change 52.01% 17.16%
% of Gross Profit 31.66% 31.54%
Depreciation & Amortization $1.050M $920.0K
YoY Change 14.13% -2.13%
% of Gross Profit 6.07% 8.05%
Operating Expenses $13.32M $10.55M
YoY Change 26.26% 12.98%
Operating Profit $3.995M $4.240M
YoY Change -5.78% 321.47%
Interest Expense $0.00 $1.000K
YoY Change -100.0%
% of Operating Profit 0.0% 0.02%
Other Income/Expense, Net $480.0K $381.0K
YoY Change 25.98% 243.24%
Pretax Income $4.475M $4.621M
YoY Change -3.16% 313.7%
Income Tax $756.0K -$11.10M
% Of Pretax Income 16.89% -240.21%
Net Earnings $3.719M $15.74M
YoY Change -76.38% 1594.62%
Net Earnings / Revenue 16.31% 90.45%
Basic Earnings Per Share $0.07 $0.29
Diluted Earnings Per Share $0.07 $0.28
COMMON SHARES
Basic Shares Outstanding 54.68M shares 53.75M shares
Diluted Shares Outstanding 56.11M shares 55.41M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.20M $88.60M
YoY Change 7.45% -2.42%
Cash & Equivalents $23.33M $16.38M
Short-Term Investments $71.90M $72.20M
Other Short-Term Assets $2.200M $1.900M
YoY Change 15.79% -45.71%
Inventory $7.763M $6.375M
Prepaid Expenses
Receivables $15.20M $11.30M
Other Receivables $0.00 $600.0K
Total Short-Term Assets $122.3M $114.9M
YoY Change 6.45% -2.69%
LONG-TERM ASSETS
Property, Plant & Equipment $17.38M $12.99M
YoY Change 33.85% 18.35%
Goodwill $12.79M $12.80M
YoY Change -0.08% 0.08%
Intangibles $954.0K
YoY Change -39.81%
Long-Term Investments $1.500M
YoY Change
Other Assets $308.0K $285.0K
YoY Change 8.07% 14150.0%
Total Long-Term Assets $61.14M $59.32M
YoY Change 3.06% 113.7%
TOTAL ASSETS
Total Short-Term Assets $122.3M $114.9M
Total Long-Term Assets $61.14M $59.32M
Total Assets $183.5M $174.2M
YoY Change 5.29% 19.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.459M $1.932M
YoY Change -24.48% -31.71%
Accrued Expenses $6.500M $5.500M
YoY Change 18.18% -20.29%
Deferred Revenue $15.45M $17.65M
YoY Change -12.49%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00K
YoY Change 9.09%
Total Short-Term Liabilities $24.05M $25.48M
YoY Change -5.62% 58.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $10.00K
YoY Change -100.0% -54.55%
Other Long-Term Liabilities $32.00M $46.40M
YoY Change -31.03% -25.04%
Total Long-Term Liabilities $32.00M $10.00K
YoY Change 319900.0% -54.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.05M $25.48M
Total Long-Term Liabilities $32.00M $10.00K
Total Liabilities $56.01M $71.88M
YoY Change -22.09% -10.52%
SHAREHOLDERS EQUITY
Retained Earnings -$8.093M -$21.54M
YoY Change -62.43% -63.64%
Common Stock $60.00K $59.00K
YoY Change 1.69% 1.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $30.49M $30.49M
YoY Change 0.0% 48.81%
Treasury Stock Shares 5.456M shares 5.456M shares
Shareholders Equity $127.5M $102.4M
YoY Change
Total Liabilities & Shareholders Equity $183.5M $174.2M
YoY Change 5.29% 19.46%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $3.719M $15.74M
YoY Change -76.38% 1594.62%
Depreciation, Depletion And Amortization $1.050M $920.0K
YoY Change 14.13% -2.13%
Cash From Operating Activities $5.950M $4.660M
YoY Change 27.68% -501.72%
INVESTING ACTIVITIES
Capital Expenditures -$3.120M -$910.0K
YoY Change 242.86% -72.0%
Acquisitions
YoY Change
Other Investing Activities $1.040M -$14.17M
YoY Change -107.34% -25.15%
Cash From Investing Activities -$2.070M -$15.08M
YoY Change -86.27% -32.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.360M -5.790M
YoY Change -140.76% 59.5%
NET CHANGE
Cash From Operating Activities 5.950M 4.660M
Cash From Investing Activities -2.070M -15.08M
Cash From Financing Activities 2.360M -5.790M
Net Change In Cash 6.240M -16.21M
YoY Change -138.49% -39.9%
FREE CASH FLOW
Cash From Operating Activities $5.950M $4.660M
Capital Expenditures -$3.120M -$910.0K
Free Cash Flow $9.070M $5.570M
YoY Change 62.84% 166.51%

Facts In Submission

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CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
327000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
51000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
48000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-22000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-327000 USD
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4927000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10764000 USD
CY2019Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5500000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11079000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
12790000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
12800000 USD
CY2019Q2 us-gaap Goodwill
Goodwill
12790000 USD
CY2018Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0 USD
CY2019Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4621000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3538000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4475000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
7683000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-11122000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-11479000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
756000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1310000 USD
CY2018Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
15000 USD
CY2019Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
0 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1976000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
14000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-833000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4986000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-577000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
47000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
7532000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-2942000 USD
us-gaap Increase Decrease In Cost In Excess Of Billing On Uncompleted Contract
IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract
-186000 USD
us-gaap Increase Decrease In Cost In Excess Of Billing On Uncompleted Contract
IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract
-2147000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
907000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
725000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
10477000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1026000 USD
CY2018Q2 us-gaap Interest Expense
InterestExpense
1000 USD
us-gaap Interest Expense
InterestExpense
1000 USD
CY2019Q2 us-gaap Interest Expense
InterestExpense
0 USD
us-gaap Interest Expense
InterestExpense
0 USD
CY2018Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
373000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
674000 USD
CY2019Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
528000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1051000 USD
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2211000 USD
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2431000 USD
CY2018Q4 us-gaap Inventory Net
InventoryNet
7138000 USD
CY2019Q2 us-gaap Inventory Net
InventoryNet
7763000 USD
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2238000 USD
CY2019Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3175000 USD
CY2018Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
700000 USD
CY2019Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
700000 USD
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2689000 USD
CY2019Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2157000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17996000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
10043000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1714000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1812000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1653000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1856000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
918000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4963000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
66463000 USD
CY2019Q2 us-gaap Liabilities
Liabilities
56005000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
179841000 USD
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
183465000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
27132000 USD
CY2019Q2 us-gaap Liabilities Current
LiabilitiesCurrent
24045000 USD
CY2018Q4 us-gaap Long Term Investments
LongTermInvestments
1269000 USD
CY2019Q2 us-gaap Long Term Investments
LongTermInvestments
1507000 USD
us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
8600000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7691000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4519000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4015000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3241000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1670000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3000 USD
us-gaap Net Income Loss
NetIncomeLoss
6373000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
15743000 USD
us-gaap Net Income Loss
NetIncomeLoss
15017000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
3719000 USD
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
381000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
629000 USD
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
480000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
979000 USD
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
10548000 USD
us-gaap Operating Expenses
OperatingExpenses
22372000 USD
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
13318000 USD
us-gaap Operating Expenses
OperatingExpenses
25469000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4240000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2909000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3995000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
6704000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
13033000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
926000 USD
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
983000 USD
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12556000 USD
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12050000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
12189000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11700000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
282000 USD
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
308000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
7000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-57000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
64000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
132000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-33000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-12000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
7000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-26000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-69000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
71000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
131000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
9000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-44000 USD
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-48000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-72000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
76000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
62000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
43117000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
46549000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1536000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4685000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2810000 USD
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2247000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2390000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4581000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
40638000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
47993000 USD
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
366000 USD
CY2018Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
359000 USD
CY2018Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
389000 USD
CY2018Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
478000 USD
CY2019Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
571000 USD
CY2019Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
599000 USD
CY2018Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
23000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
28000 USD
CY2019Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
25000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
38000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
135000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
242000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14619000 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17384000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
328000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3605000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7522000 USD
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5480000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9734000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
97000 USD
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
86000 USD
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
88000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14466000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8093000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20764000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34571000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22796000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
42591000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
34324000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7304000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
14558000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6770000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
661000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5031000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P2Y
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P3Y
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P4Y
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P5Y
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1858000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3770000 USD
CY2019Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2181000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4343000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3184000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3071000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
1372000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
3142000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
1201000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
3492000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2840000 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.69
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3548000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
366000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
551000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6572000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
16489000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4982000 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4312000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.36
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.60
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
16037000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4110000 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
6.53
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.36
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.63
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.24
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
13463000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y10M17D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y6M22D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y10M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y9M15D
CY2018Q4 us-gaap Short Term Investments
ShortTermInvestments
73338000 USD
CY2019Q2 us-gaap Short Term Investments
ShortTermInvestments
71854000 USD
CY2018Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-34000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-84000 USD
CY2019Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-36000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
855000 shares
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
102361000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
113378000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
127460000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
5455935 shares
CY2019Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
5455935 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
30486000 USD
CY2019Q2 us-gaap Treasury Stock Value
TreasuryStockValue
30486000 USD
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1659000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1690000 shares
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1429000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1364000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55406000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55437000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56110000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55764000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53747000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53747000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54681000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54400000 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business and Significant Accounting Policies</font></div><div style="line-height:120%;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Energy Recovery, Inc. and its wholly-owned subsidiaries (the &#8220;Company&#8221; or &#8220;Energy Recovery&#8221;) is an energy solutions provider to industrial fluid flow markets worldwide. The Company&#8217;s core competencies are fluid dynamics and advanced material science. The Company&#8217;s products make industrial processes more operationally and capital expenditure efficient. The Company&#8217;s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. The Company&#8217;s solutions are marketed and sold in fluid flow markets such as water, oil &amp; gas and chemical processing under the trademarks ERI&#174;, PX&#174;, Pressure Exchanger&#174;, PX Pressure Exchanger&#174;, VorTeq&#8482;, MTeq&#8482;, IsoBoost&#174;, IsoGen&#174;, AT&#8482; and AquaBold&#8482;. The Company owns, manufactures and/or develops its solutions, in whole or in part, in the United States of America (&#8220;U.S.&#8221;).</font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s Condensed Consolidated Financial Statements include the accounts of Energy Recovery, Inc. and its wholly-owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation.</font></div><div style="line-height:120%;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying Condensed Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) have been condensed or omitted pursuant to such rules and regulations. The December&#160;31, 2018 Condensed Consolidated Balance Sheet was derived from audited financial statements and may not include all disclosures required by GAAP; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The&#160;</font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;"> unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto for the fiscal year ended December&#160;31, 2018 included in the Company&#8217;s Annual Report on Form 10-K filed with the SEC on March 7, 2019 as amended on March 12, 2019.</font></div><div style="line-height:120%;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of management, all adjustments consisting of normal recurring adjustments that are necessary to present fairly the financial position, results of operations and cash flows for the interim periods have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods.</font></div><div style="line-height:120%;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires the Company&#8217;s management to make judgments, assumptions and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes.</font></div><div style="line-height:120%;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accounting policies that reflect the Company&#8217;s more significant estimates and judgments, which the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results, are revenue recognition, capitalization of research and development assets, valuation of stock options, valuation and impairment of goodwill and acquired intangible assets, valuation adjustments for excess and obsolete inventory, deferred taxes and valuation allowances on deferred tax assets and evaluation and measurement of contingencies. Those estimates could change and, as a result, actual results could differ materially from those estimates.</font></div><div style="line-height:120%;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Adopted Accounting Pronouncements </font></div><div style="line-height:120%;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the Financial Accounting Standards board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2018-15 (&#8220;ASU 2018-15&#8221;), </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.</font><font style="font-family:inherit;font-size:10pt;">&#160; ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The updated guidance is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted.&#160; </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has elected to early adopt ASU 2018-15 for the period beginning this second quarter of 2019, applying effects prospectively. The Company expects to defer related implementation costs of approximately $0.6 million to $0.9 million for the remainder of </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Pronouncements Not Yet Adopted</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;">, there were no accounting pronouncements issued which were not adopted by the Company that would have a material effect on the Company&#8217;s reporting of results of operations.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires the Company&#8217;s management to make judgments, assumptions and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes.</font></div><div style="line-height:120%;padding-top:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accounting policies that reflect the Company&#8217;s more significant estimates and judgments, which the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results, are revenue recognition, capitalization of research and development assets, valuation of stock options, valuation and impairment of goodwill and acquired intangible assets, valuation adjustments for excess and obsolete inventory, deferred taxes and valuation allowances on deferred tax assets and evaluation and measurement of contingencies. Those estimates could change and, as a result, actual results could differ materially from those estimates.</font></div></div>

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