$MED
MEDIFAST INC

2015 Q2 Form 10-Q Financial Statement

#000114420415047736 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $72.16M $74.73M
YoY Change -3.44% -23.01%
Cost Of Revenue $18.99M $19.16M
YoY Change -0.86% -20.64%
Gross Profit $53.17M $55.57M
YoY Change -4.33% -23.8%
Gross Profit Margin 73.68% 74.36%
Selling, General & Admin $44.50M $45.71M
YoY Change -2.64% -26.61%
% of Gross Profit 83.71% 82.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.800M $2.542M
YoY Change -29.19% -1.85%
% of Gross Profit 3.39% 4.57%
Operating Expenses $44.50M $45.71M
YoY Change -2.64% -26.61%
Operating Profit $8.663M $9.861M
YoY Change -12.15% -7.33%
Interest Expense $164.0K $170.0K
YoY Change -3.53% 73.47%
% of Operating Profit 1.89% 1.72%
Other Income/Expense, Net $165.0K $233.0K
YoY Change -29.18% -1.69%
Pretax Income $8.828M $8.685M
YoY Change 1.65% -20.16%
Income Tax $2.981M $3.475M
% Of Pretax Income 33.77% 40.01%
Net Earnings $6.248M $5.720M
YoY Change 9.23% -19.13%
Net Earnings / Revenue 8.66% 7.65%
Basic Earnings Per Share $0.51 $0.44
Diluted Earnings Per Share $0.51 $0.44
COMMON SHARES
Basic Shares Outstanding 12.07M shares 13.05M shares
Diluted Shares Outstanding 12.16M shares 13.15M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.2M $100.6M
YoY Change 1.58% -17.9%
Cash & Equivalents $37.15M $32.02M
Short-Term Investments $65.04M $68.57M
Other Short-Term Assets $5.700M $4.500M
YoY Change 26.67% -6.25%
Inventory $12.40M $17.58M
Prepaid Expenses
Receivables $1.991M $1.693M
Other Receivables $1.000M $0.00
Total Short-Term Assets $86.10M $92.26M
YoY Change -6.67% -8.83%
LONG-TERM ASSETS
Property, Plant & Equipment $31.10M $37.08M
YoY Change -16.13% -8.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $400.0K
YoY Change -50.0% -4.53%
Total Long-Term Assets $31.30M $37.48M
YoY Change -16.49% -9.14%
TOTAL ASSETS
Total Short-Term Assets $86.10M $92.26M
Total Long-Term Assets $31.30M $37.48M
Total Assets $117.4M $129.7M
YoY Change -9.51% -8.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.30M $25.20M
YoY Change -15.48% -17.92%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $22.81M $26.01M
YoY Change -12.29% -15.9%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $400.0K
YoY Change -75.0%
Other Long-Term Liabilities $1.000M
YoY Change
Total Long-Term Liabilities $1.100M $400.0K
YoY Change 175.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.81M $26.01M
Total Long-Term Liabilities $1.100M $400.0K
Total Liabilities $29.19M $32.23M
YoY Change -9.44% -14.95%
SHAREHOLDERS EQUITY
Retained Earnings $89.59M $109.4M
YoY Change -18.1% 22.17%
Common Stock $12.00K $13.00K
YoY Change -7.69% -18.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.321M $14.23M
YoY Change -76.66% -46.33%
Treasury Stock Shares 103.1K shares 451.0K shares
Shareholders Equity $88.20M $97.51M
YoY Change
Total Liabilities & Shareholders Equity $117.4M $129.7M
YoY Change -9.52% -8.92%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $6.248M $5.720M
YoY Change 9.23% -19.13%
Depreciation, Depletion And Amortization $1.800M $2.542M
YoY Change -29.19% -1.85%
Cash From Operating Activities $7.700M $5.700M
YoY Change 35.09% -55.81%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$1.700M
YoY Change -70.59% -45.16%
Acquisitions
YoY Change
Other Investing Activities -$200.0K $1.000M
YoY Change -120.0% -106.76%
Cash From Investing Activities -$700.0K -$800.0K
YoY Change -12.5% -95.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.400M -14.30M
YoY Change -76.22%
NET CHANGE
Cash From Operating Activities 7.700M 5.700M
Cash From Investing Activities -700.0K -800.0K
Cash From Financing Activities -3.400M -14.30M
Net Change In Cash 3.600M -9.400M
YoY Change -138.3% 91.84%
FREE CASH FLOW
Cash From Operating Activities $7.700M $5.700M
Capital Expenditures -$500.0K -$1.700M
Free Cash Flow $8.200M $7.400M
YoY Change 10.81% -53.75%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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510000 USD
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
3000 USD
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Prepaid And Other Assets Current
DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssetsCurrent
4000 USD
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Other Assets
DisposalGroupIncludingDiscontinuedOperationOtherAssets
19000 USD
CY2015Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
26000 USD
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Accounts Payable And Accrued Liabilities Current
DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilitiesCurrent
1318000 USD
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Other Liabilities
DisposalGroupIncludingDiscontinuedOperationOtherLiabilities
989000 USD
CY2015Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
2307000 USD
med Payments For Expenses Incurred
PaymentsForExpensesIncurred
-2823000 USD
med Adjustments Recorded During Period
AdjustmentsRecordedDuringPeriod
-1404000 USD
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.89
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12085221 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13111348 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12175985 shares
CY2015Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1991000 USD
CY2014Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1650000 USD
CY2015Q2 us-gaap Common Stock Value
CommonStockValue
12000 USD
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
12000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
3321000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
CY2015Q2 med Allowance For Doubtful Accounts Receivable And Sales Returns Current
AllowanceForDoubtfulAccountsReceivableAndSalesReturnsCurrent
426000 USD
CY2014Q4 med Allowance For Doubtful Accounts Receivable And Sales Returns Current
AllowanceForDoubtfulAccountsReceivableAndSalesReturnsCurrent
354000 USD
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
20000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
20000000 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
12393318 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12023235 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
12365690 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12075764 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
103130 shares
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
us-gaap Revenues
Revenues
145525000 USD
us-gaap Revenues
Revenues
153965000 USD
us-gaap Cost Of Revenue
CostOfRevenue
40467000 USD
us-gaap Gross Profit
GrossProfit
106937000 USD
us-gaap Gross Profit
GrossProfit
113498000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
91762000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
94026000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
15175000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
19472000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
296000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
305000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
149000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
247000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
445000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
552000 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
165000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
429000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-1477000 USD
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.85
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.99
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.84
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.04
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13200207 shares
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
13000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
317000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
101000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
133000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-88000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
184000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
184000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10604000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
11871000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3321000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14226000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3321000 USD
med Effect Of Dilutive Common Stock Equivalent
EffectOfDilutiveCommonStockEquivalent
-90764 shares
med Effect Of Dilutive Common Stock Equivalent
EffectOfDilutiveCommonStockEquivalent
-88859 shares
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
54375 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
70542 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
54375 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
70542 shares
CY2015Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
64376000 USD
CY2015Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
864000 USD
CY2015Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
282000 USD
CY2015Q2 us-gaap Interest Receivable
InterestReceivable
81000 USD
CY2015Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
65039000 USD
CY2015Q2 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
27894000 USD
CY2014Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
51833000 USD
CY2014Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
914000 USD
CY2014Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
184000 USD
CY2014Q4 us-gaap Interest Receivable
InterestReceivable
81000 USD
CY2014Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
52644000 USD
CY2014Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
28185000 USD
CY2015Q2 us-gaap Realized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments
16000 USD
CY2014Q2 us-gaap Realized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments
45000 USD
us-gaap Realized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments
134000 USD
us-gaap Realized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments
233000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.00
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
700000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y2M12D
med Sharebased Compensation Arrangement By Sharebased Payment Award Options Expiration Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExpirationWeightedAverageRemainingContractualTerm1
P10Y
med Sharebased Compensation Arrangement By Sharebased Payment Award Options Vesting Period
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestingPeriod
P3Y
us-gaap Sales Revenue Net
SalesRevenueNet
145525000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
153965000 USD
us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
270000000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
13447000 USD
us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
694000 USD
us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
-2333000 USD
us-gaap Discontinued Operation Tax Expense Benefit From Provision For Gain Loss On Disposal
DiscontinuedOperationTaxExpenseBenefitFromProvisionForGainLossOnDisposal
-265000 USD
us-gaap Discontinued Operation Tax Expense Benefit From Provision For Gain Loss On Disposal
DiscontinuedOperationTaxExpenseBenefitFromProvisionForGainLossOnDisposal
856000 USD
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Accrued Liabilities
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities
2307000 USD
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Accrued Liabilities Current
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilitiesCurrent
1318000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
44000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 13.5pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="18"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>1.</div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify">Basis of Presentation</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The condensed unaudited interim consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;). However, in the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair presentation of the financial position and results of operations have been included. The condensed consolidated financial statements and notes are presented in accordance with GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of results that may be expected for the year ending December 31, 2015. The accompanying condensed unaudited interim consolidated financial statements should be read in conjunction with the 2014 audited financial statements and notes thereto, which are included in the Company&#8217;s Annual Report on Form 10-K, as amended, filed for the year ended December 31, 2014 (&#8220;2014 Form 10-K&#8221;).</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
6534000 USD
med Stockholders Rights Plan Expiration
StockholdersRightsPlanExpiration
2015-08-28
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
44000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD

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