2018 Q4 Form 10-Q Financial Statement
#000129913018000069 Filed on November 05, 2018
Income Statement
| Concept | 2018 Q4 | 2018 Q3 | 2017 Q3 |
|---|---|---|---|
| Revenue | $19.53M | $18.16M | $23.55M |
| YoY Change | -21.69% | -22.87% | -6.27% |
| Cost Of Revenue | $13.78M | $14.97M | $15.32M |
| YoY Change | -10.75% | -2.28% | 22.74% |
| Gross Profit | $5.746M | $3.192M | $8.227M |
| YoY Change | -39.48% | -61.2% | -34.91% |
| Gross Profit Margin | 29.43% | 17.58% | 34.94% |
| Selling, General & Admin | $20.11M | $13.51M | $13.95M |
| YoY Change | 39.65% | -3.2% | 17.34% |
| % of Gross Profit | 349.98% | 423.12% | 169.59% |
| Research & Development | $16.26M | $14.36M | $15.84M |
| YoY Change | 4.03% | -9.39% | -9.36% |
| % of Gross Profit | 282.98% | 449.75% | 192.59% |
| Depreciation & Amortization | $1.780M | $1.830M | $1.790M |
| YoY Change | -1.66% | 2.23% | 79.0% |
| % of Gross Profit | 30.98% | 57.33% | 21.76% |
| Operating Expenses | $36.37M | $27.86M | $29.80M |
| YoY Change | 21.14% | -6.49% | 1.45% |
| Operating Profit | -$30.62M | -$24.67M | -$21.57M |
| YoY Change | 49.17% | 14.38% | 28.92% |
| Interest Expense | -$630.0K | $616.0K | $633.0K |
| YoY Change | 1.61% | -2.69% | -177.2% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $450.0K | $242.0K | $181.0K |
| YoY Change | 15.38% | 33.7% | 201.67% |
| Pretax Income | -$30.80M | -$25.04M | -$22.02M |
| YoY Change | 48.36% | 13.71% | 25.9% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$30.80M | -$25.04M | -$22.02M |
| YoY Change | 48.34% | 13.73% | 25.91% |
| Net Earnings / Revenue | -157.73% | -137.91% | -93.53% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$206.1K | -$185.3K | -$190.2K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 148.9M | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q4 | 2018 Q3 | 2017 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $100.9M | $123.4M | $84.00M |
| YoY Change | 60.36% | 46.96% | -3.78% |
| Cash & Equivalents | $18.84M | $38.06M | $25.93M |
| Short-Term Investments | $82.02M | $85.38M | $58.00M |
| Other Short-Term Assets | $2.800M | $2.000M | $2.600M |
| YoY Change | 27.27% | -23.08% | -62.32% |
| Inventory | $17.88M | $19.69M | $18.20M |
| Prepaid Expenses | |||
| Receivables | $8.595M | $6.404M | $8.900M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $131.7M | $143.9M | $113.6M |
| YoY Change | 29.56% | 26.65% | -7.27% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $34.07M | $34.49M | $39.60M |
| YoY Change | -10.15% | -12.9% | 182.86% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $43.00K | $43.00K | $4.700M |
| YoY Change | -4.44% | -99.09% | -66.9% |
| Total Long-Term Assets | $38.62M | $39.03M | $44.30M |
| YoY Change | -9.06% | -11.89% | 57.65% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $131.7M | $143.9M | $113.6M |
| Total Long-Term Assets | $38.62M | $39.03M | $44.30M |
| Total Assets | $170.3M | $182.9M | $157.9M |
| YoY Change | 18.18% | 15.84% | 4.85% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $6.736M | $5.966M | $8.600M |
| YoY Change | -25.92% | -30.63% | 3.61% |
| Accrued Expenses | $12.82M | $9.298M | $11.20M |
| YoY Change | 1.62% | -16.98% | -32.12% |
| Deferred Revenue | $6.537M | ||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $2.900M |
| YoY Change | -100.0% | ||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $26.88M | $21.65M | $30.30M |
| YoY Change | -6.11% | -28.55% | -5.61% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $14.70M | $14.40M | $10.50M |
| YoY Change | 8.09% | 37.14% | -33.54% |
| Other Long-Term Liabilities | $14.70M | $15.00M | $15.70M |
| YoY Change | -6.37% | -4.46% | 282.93% |
| Total Long-Term Liabilities | $29.40M | $29.40M | $26.20M |
| YoY Change | 0.34% | 12.21% | 31.66% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $26.88M | $21.65M | $30.30M |
| Total Long-Term Liabilities | $29.40M | $29.40M | $26.20M |
| Total Liabilities | $56.21M | $51.03M | $56.50M |
| YoY Change | -3.05% | -9.69% | 8.65% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$982.1M | -$951.3M | |
| YoY Change | 11.64% | ||
| Common Stock | $150.0K | $149.0K | |
| YoY Change | 29.31% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $114.1M | $131.9M | $101.4M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $170.3M | $182.9M | $157.9M |
| YoY Change | 18.18% | 15.84% | 4.85% |
Cashflow Statement
| Concept | 2018 Q4 | 2018 Q3 | 2017 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$30.80M | -$25.04M | -$22.02M |
| YoY Change | 48.34% | 13.73% | 25.91% |
| Depreciation, Depletion And Amortization | $1.780M | $1.830M | $1.790M |
| YoY Change | -1.66% | 2.23% | 79.0% |
| Cash From Operating Activities | -$18.98M | -$14.18M | -$17.84M |
| YoY Change | -6.04% | -20.52% | 12.34% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$50.00K | -$100.0K | -$3.250M |
| YoY Change | -95.28% | -96.92% | 41.3% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$5.450M | -$37.25M | $8.140M |
| YoY Change | -146.42% | -557.62% | -38.19% |
| Cash From Investing Activities | -$5.520M | -$37.34M | $4.880M |
| YoY Change | -151.69% | -865.16% | -55.06% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 5.280M | 66.52M | 2.400M |
| YoY Change | 5180.0% | 2671.67% | -20.79% |
| NET CHANGE | |||
| Cash From Operating Activities | -18.98M | -14.18M | -17.84M |
| Cash From Investing Activities | -5.520M | -37.34M | 4.880M |
| Cash From Financing Activities | 5.280M | 66.52M | 2.400M |
| Net Change In Cash | -19.22M | 15.00M | -10.56M |
| YoY Change | 104.03% | -242.05% | 430.65% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$18.98M | -$14.18M | -$17.84M |
| Capital Expenditures | -$50.00K | -$100.0K | -$3.250M |
| Free Cash Flow | -$18.93M | -$14.08M | -$14.59M |
| YoY Change | -1.1% | -3.5% | 7.44% |
Facts In Submission
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Basis of Presentation and Consolidation </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In the opinion of management, our accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) have been prepared on a consistent basis with our December 31, 2017 audited Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, as permitted by such rules and regulations, omit certain information and footnote disclosures necessary to present the statements in accordance with </font><font style="display: inline;color:#000000;font-size:10pt;">accounting principles generally accepted in the United States</font><font style="display: inline;font-size:10pt;"> (“U.S. GAAP”). These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the entire year or any future periods.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The consolidated financial statements include the accounts of Pacific Biosciences and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. </font> </p> <p><font size="1"> </font></p> </div> </div> | ||
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ConcentrationRiskCreditRisk
|
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:4.5pt 0pt 0pt;text-indent:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Concentration and Other Risks </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:31.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">For the three and nine months ended September 30, 2018, </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> of our customers, Gene Company Limited, accounted for approximately </font><font style="display: inline;font-size:10pt;">20%</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">28%</font><font style="display: inline;font-size:10pt;"> of our total revenue, respectively. For the three and nine months ended September 30, 2017, the same customer, Gene Company Limited, accounted for approximately </font><font style="display: inline;font-size:10pt;">35%</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">30%</font><font style="display: inline;font-size:10pt;"> of our total revenue, respectively. Gene Company Limited is our distributor in China. </font> </p> <p><font size="1"> </font></p> </div> </div> | ||
| us-gaap |
Contribution Of Property
ContributionOfProperty
|
12600000 | ||
| us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
43368000 | ||
| CY2017Q3 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
15318000 | |
| us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
39750000 | ||
| CY2018Q3 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
14968000 | |
| CY2018Q3 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
1600000 | |
| CY2017Q4 | us-gaap |
Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
|
14453000 | |
| CY2018Q3 | us-gaap |
Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
|
13949000 | |
| us-gaap |
Depreciation
Depreciation
|
6632000 | ||
| us-gaap |
Depreciation
Depreciation
|
5436000 | ||
| CY2017Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
183000 | |
| CY2018Q3 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
28000 | |
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.70 | ||
| CY2017Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.19 | |
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.55 | ||
| CY2018Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.19 | |
| us-gaap |
Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
|
-640000 | ||
| us-gaap |
Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
|
155000 | ||
| us-gaap |
Gross Profit
GrossProfit
|
25165000 | ||
| CY2017Q3 | us-gaap |
Gross Profit
GrossProfit
|
8227000 | |
| us-gaap |
Gross Profit
GrossProfit
|
19350000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
432000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-2926000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-2524000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-7029000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-6001000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-3497000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
4027000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-3014000 | ||
| us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
1821000 | ||
| us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
-464000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-7361000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-537000 | ||
| us-gaap |
Interest Expense
InterestExpense
|
2297000 | ||
| CY2017Q3 | us-gaap |
Interest Expense
InterestExpense
|
633000 | |
| us-gaap |
Interest Expense
InterestExpense
|
1795000 | ||
| us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
4700000 | ||
| CY2018Q3 | us-gaap |
Interest Expense
InterestExpense
|
616000 | |
| CY2017Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
4187000 | |
| CY2018Q3 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
4770000 | |
| CY2017Q4 | us-gaap |
Inventory Net
InventoryNet
|
23065000 | |
| CY2018Q3 | us-gaap |
Inventory Net
InventoryNet
|
19694000 | |
| CY2017Q4 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
8884000 | |
| CY2018Q3 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
7557000 | |
| CY2017Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
9994000 | |
| CY2018Q3 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
7367000 | |
| us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
4700000 | ||
| CY2017Q3 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
1600000 | |
| us-gaap |
Operating Expenses
OperatingExpenses
|
89714000 | ||
| CY2018Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
27862000 | |
| CY2017Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-21569000 | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-70364000 | ||
| CY2018Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-24670000 | |
| CY2017Q4 | us-gaap |
Liabilities
Liabilities
|
57981000 | |
| CY2018Q3 | us-gaap |
Liabilities
Liabilities
|
51026000 | |
| CY2017Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
144084000 | |
| CY2018Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
182906000 | |
| CY2017Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
28635000 | |
| CY2018Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
21649000 | |
| CY2017Q4 | us-gaap |
Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
|
183000 | |
| CY2018Q3 | us-gaap |
Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
|
28000 | |
| CY2018Q3 | us-gaap |
Long Term Debt
LongTermDebt
|
14384000 | |
| CY2018Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
353000 | |
| CY2018Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
16491000 | |
| CY2018Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
1400000 | |
| CY2017Q4 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
13635000 | |
| CY2018Q3 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
14384000 | |
| us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">NOTE 6. COMMITMENTS AND CONTINGENCIES </font> </p> <p style="margin:4.5pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of September 30, 2018, the future annual minimum lease payments under noncancelable operating leases with remaining term in excess of one year are as follows: </font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;"></font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="middle" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt"> <font style="display: inline;font-size:1pt;"></font></p> </td> <td valign="middle" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> </p> </td> <td valign="bottom" style="width:26.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> </p> </td> </tr> <tr> <td valign="bottom" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-family:Calibri;"></font></p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Amount </font></p> </td> </tr> <tr> <td valign="middle" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Years ending December 31,</font></p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">(in thousands)</font></p> </td> </tr> <tr> <td valign="middle" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">Remaining of 2018</font></p> </td> <td valign="middle" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:26.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">1,719 </td> </tr> <tr> <td valign="middle" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">2019</font></p> </td> <td valign="middle" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> </p> </td> <td valign="bottom" style="width:26.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">6,930 </td> </tr> <tr> <td valign="middle" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">2020</font></p> </td> <td valign="middle" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> </p> </td> <td valign="bottom" style="width:26.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,056 </td> </tr> <tr> <td valign="middle" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">2021</font></p> </td> <td valign="middle" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> </p> </td> <td valign="bottom" style="width:26.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,272 </td> </tr> <tr> <td valign="middle" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">2022</font></p> </td> <td valign="middle" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> </p> </td> <td valign="bottom" style="width:26.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,488 </td> </tr> <tr> <td valign="middle" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">Thereafter</font></p> </td> <td valign="middle" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> </p> </td> <td valign="bottom" style="width:26.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">39,222 </td> </tr> <tr> <td valign="middle" style="width:68.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">Total minimum lease payments</font></p> </td> <td valign="middle" style="width:04.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:26.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">69,687 </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font> </p> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Rent expense for three and nine months ended September 30, 2018 was </font><font style="display: inline;">$1.6</font><font style="display: inline;"> million and </font><font style="display: inline;">$4.7</font><font style="display: inline;"> million, respectively</font><font style="display: inline;">. Rent expense for three and nine months ended September 30, </font><font style="display: inline;">2017 was </font><font style="display: inline;">$1.6</font><font style="display: inline;"> million and </font><font style="display: inline;">$4.7</font><font style="display: inline;"> million,</font><font style="display: inline;"> respectively; </font> </p> <p style="margin:10pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Legal </font> </p> <p style="margin:4.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;font-size:10pt;"></font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;">USITC Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On November 2, 2016, we filed a complaint against Oxford Nanopore Technologies Ltd. (“ONT Ltd.”), Oxford Nanopore Technologies, Inc. (“ONT Inc.”) and Metrichor, Ltd. (“Metrichor” and, together with ONT Ltd. and ONT Inc., “ONT”) with the U.S. International Trade Commission (“USITC”) for patent infringement. On December 5, 2016, the USITC provided notice that an investigation had been instituted based on the complaint. We sought exclusionary relief with respect to several ONT products, including ONT’s MinION and PromethION devices. The complaint was based on our U.S. Patent No. 9,404,146, entitled “Compositions and methods for nucleic acid sequencing” which covers novel methods for sequencing single nucleic acid molecules using linked double-stranded nucleic acid templates, providing improved sequencing accuracy. On March 1, 2017, we filed an amended complaint to add a second patent in the same patent family, U.S. Patent No. 9,542,527, which was granted on January 10, 2017, to the investigation. We sought, among other things, an exclusion order permanently barring entry of infringing ONT products into the United States, and a cease and desist order preventing ONT from advertising and selling infringing products in the United States. On May 23, 2017, the Administrative Law Judge (“ALJ”) assigned to the matter issued an order construing certain claim terms of the asserted patents. On June 8, 2017, ONT filed a summary determination motion to terminate the proceedings based on the ALJ’s claim construction decision, and we did not oppose the motion. The ALJ granted the motion on July 19, 2017, and, on July 31, 2017, we filed a petition to review with the USITC to correct what we believe was an incorrect construction of the claims. On September 5, 2017, the USITC issued a notice granting our petition to review the ALJ’s claim construction decision. On February 7, 2018, the USITC issued a notice indicating that it had determined to adopt the ALJ’s claim construction and terminating the investigation. On February 13, 2018, we filed a petition to appeal the USITC’s ruling to the U.S. Court of Appeals for the Federal Circuit.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;">U.S. District Court Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On March 15, 2017, we filed a complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-275 (“275 Action”)). The complaint is based on our U.S. Patent No. 9,546,400 (the “’400 Patent”), entitled “Nanopore sequencing using n-mers” which covers novel methods for nanopore sequencing of nucleic acid molecules using the signals from multiple monomeric units. This patent was granted on January 17, 2017. We are seeking remedies including injunctive relief, damages and costs. On May 8, 2017, the defendants filed a motion to dismiss the complaint, alleging that the asserted patent claims recite patent ineligible subject matter. On November 9, 2017, the judge denied ONT Inc.’s motion to dismiss.</font><font style="display: inline;color:#000000;font-size:10pt;"> On June 1, 2018, we filed a motion for leave to amend the complaint to add ONT Ltd. as a defendant. On August 20, 2018, the judge granted our motion, and on August 23, 2018, we filed an amended complaint, adding ONT Ltd. as a defendant in the 275 Action. On September 24, 2018, ONT Ltd. filed a motion to dismiss the amended complaint, alleging failure to state a claim.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;font-size:10pt;">On September 12, 2018, ONT Inc. filed its answer, defenses and counterclaims in the 275 Action, seeking declaratory judgements of non-infringement and invalidity of the ’400 Patent and unenforceability of the ’400 Patent based on alleged inequitable conduct before the U.S. Patent and Trademark Office (“USPTO”), as well as antitrust, false advertising, and unfair competition counterclaims. On September 25, 2018, it was stipulated that the motion to dismiss ONT Inc.’s counterclaims that we submitted in the 1353 Action would also serve as our motion to dismiss ONT Inc.’s counterclaims in the 275 Action. </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Related to the 275 Action, on March 15, 2018, </font><a name="_Hlk527469798"></a><font style="display: inline;font-size:10pt;">ONT Inc. filed a petition to institute an </font><font style="display: inline;font-style:italic;font-size:10pt;">inter partes</font><font style="display: inline;font-size:10pt;"> review with the Patent Trial and Appeal Board (“PTAB”) of the USPTO, alleging invalidity of the ’400 Patent. </font><font style="display: inline;font-size:10pt;">On July 5, 2018, we filed a preliminary response outlining for the PTAB why the petition should be denied, and no review should be instituted. On September 25, 2018, the PTAB denied ONT Inc.’s petition for institution of the </font><font style="display: inline;font-style:italic;font-size:10pt;">inter partes review</font><font style="display: inline;font-size:10pt;"> for all claims of the ’400 Patent.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On September 25, 2017, we filed a second complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-1353 (“1353 Action”)). The complaint is based on our U.S. Patent No. 9,678,056 (the “’056 Patent”) entitled “Control of Enzyme Translation in Nanopore Sequencing”, granted June 13, 2017, and U.S. Patent No. 9,738,929 (the “’929 Patent”) entitled “Nucleic Acid Sequence Analysis”, granted August 22, 2017. We are seeking remedies including injunctive relief, damages and costs. On December 14, 2017, the defendants filed a motion to dismiss the complaint, alleging that the asserted patent claims in the ’929 Patent recite patent ineligible subject matter. On March 22, 2018, the judge denied ONT Inc.’s motion to dismiss. On March 28, 2018, we added a claim for infringement of our U.S. Patent No. 9,772,323 (the “’323 Patent”), entitled “Nanopore sequencing using n-mers.”</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;color:#000000;font-size:10pt;">On June 1, 2018, we filed a motion for leave to amend the complaint to add ONT Ltd. as a defendant. On August 20, 2018, the judge granted our motion, and on August 23, 2018 we filed an amended complaint, adding ONT Ltd. as a defendant in the 1353 Action. On September 24, 2018, ONT filed a motion to dismiss the amended complaint, alleging failure to state a claim.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On April 25, 2018, ONT Inc. filed its answer, defenses and counterclaims in the 1353 Action, seeking declaratory </font><font style="display: inline;color:#000000;font-size:10pt;">judgements of non-infringement and invalidity of the ’056 and ’323 Patents and unenforceability of the ’056 and ’323 Patents based on alleged inequitable conduct before the USPTO, as well as antitrust, false advertising, and unfair competition counterclaims. On June 15, 2018, we filed a motion to dismiss ONT Inc.’s counterclaims in the 1353 Action and, on June 18, 2018, we filed a motion to bifurcate and stay discovery on ONT Inc.’s antitrust counterclaims in the 1353 Action.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Related to the 1353 Action, on September 24, 2108, ONT Inc. filed a first petition to institute an</font><font style="display: inline;font-style:italic;font-size:10pt;"> inter partes review</font><font style="display: inline;font-size:10pt;"> with the PTAB of the USPTO, alleging invalidity of the ’929 Patent. On September 25, 2018, ONT filed a second petition to institute an </font><font style="display: inline;font-style:italic;font-size:10pt;">inter partes review </font><font style="display: inline;font-size:10pt;">of the ’929 Patent based on the same art and arguments as the first petition. We intend to file a preliminary response outlining for the PTAB why the petitions should be denied and no review should be instituted. </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Also related to the 1353 Action, on September 25, 2018, ONT Inc. filed a petition to institute an </font><font style="display: inline;font-style:italic;font-size:10pt;">inter partes review</font><font style="display: inline;font-size:10pt;"> with the PTAB of the USPTO, alleging invalidity of the ’056 Patent. We intend to file a preliminary response outlining for the PTAB why the petition should be denied and no review should be instituted. </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">A claim construction (or “</font><font style="display: inline;font-style:italic;font-size:10pt;">Markman</font><font style="display: inline;font-size:10pt;">”) hearing for the U.S. District Court matters is scheduled to occur on December 17, 2018. A trial for the U.S. District Court matters is scheduled to occur in March 2020.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;font-size:10pt;"></font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;">UK and </font><font style="display: inline;font-style:italic;">German Court Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On February 2, 2017, we filed a claim in the High Court of England and Wales against ONT Ltd. and Metrichor for infringement of Patent EP(UK) 3 045 542 (the “’542 Patent”), which is in the same patent family as the patents asserted in the USITC action referred to above. We sought remedies including injunctive relief, damages, and costs. On March 27, 2017, the defendants in the case filed their defense and counterclaim, denying infringement and seeking a declaration that the asserted patent is invalid. We filed our reply and defense to counterclaim on April 12, 2017. A case management conference was held on June 13, 2017. On August 31, 2017 we added a claim for infringement of a newly granted divisional, EP(UK) 3 170 904 (the “’904 Patent”). On December 22, 2017, ONT Ltd. added to the action a request for declaration of non-infringement of its 1D2 product. On January 12, 2018 we served reply to ONT Ltd.’s request for a declaration of non-infringement, asserting infringement of both patents by ONT’s 1D2 product. A trial for these matters was scheduled to occur in May 2018. </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On April 21, 2017, ONT Ltd. and Harvard University filed a claim against us in the High Court of England and Wales for infringement of Patent EP(UK) 1 192 453 (the “</font><font style="display: inline;font-size:10pt;">’</font><font style="display: inline;font-size:10pt;">453 Patent”), a patent owned by Harvard University and entitled “Molecular and atomic scale evaluation of biopolymers,” and for which ONT Ltd. alleges it holds an exclusive license. ONT Ltd. and Harvard University </font><font style="display: inline;font-size:10pt;">sought </font><font style="display: inline;font-size:10pt;">remedies including injunctive relief, damages, and costs. On April 25, 2017, ONT Ltd. announced that it also had filed a claim against us in the District Court of Mannheim, Germany, for infringement of the German version of the patent. On November 2, 2017, we filed our statement of defense in the German infringement matter and we also filed a separate nullity action in Germany to establish that the </font><font style="display: inline;font-size:10pt;">’</font><font style="display: inline;font-size:10pt;">453 Patent is invalid. On December 6, 2017, we filed a cross-complaint in the German infringement matter alleging ONT Ltd.’s infringement in Germany of our </font><font style="display: inline;font-size:10pt;">’</font><font style="display: inline;font-size:10pt;">542 Patent. The trial date for the German infringement matter and cross-complaint was set for July 27, 2018. A trial for the UK matter was scheduled to occur in March 2019. </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On May 8, 2018, the parties entered a settlement of all UK and German court proceedings pending as of such date. Under the terms of the settlement, ONT agreed not to make, dispose of, use or import any “2D” nanopore sequencing products, or to induce or assist others to carry out a “2D” sequencing process, in the UK or Germany, through the end of 2023. During this time, we agreed not to assert the </font><font style="display: inline;font-size:10pt;">’</font><font style="display: inline;font-size:10pt;">542 Patent and </font><font style="display: inline;font-size:10pt;">’</font><font style="display: inline;font-size:10pt;">904 Patent against either ONT or its customers in the UK or Germany. Accordingly, the High Court of England and Wales entered an order staying our UK action against ONT through the end of 2023. As part of the settlement, ONT and Harvard University dismissed their UK and German actions under the </font><font style="display: inline;font-size:10pt;">’</font><font style="display: inline;font-size:10pt;">453 Patent and agreed not to assert the </font><font style="display: inline;font-size:10pt;">’</font><font style="display: inline;font-size:10pt;">453 Patent against us or our customers through the end of 2023. We correspondingly agreed to dismiss our separate German nullity action seeking to invalidate the </font><font style="display: inline;font-size:10pt;">’</font><font style="display: inline;font-size:10pt;">453 Patent, which expires on June 22, 2020.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Related to these proceedings, on August 15, 2017, ONT Ltd. filed a notice of opposition to our </font><font style="display: inline;font-size:10pt;">’</font><font style="display: inline;font-size:10pt;">542 Patent with the European Patent Office, and on August 16, 2017, an anonymous party filed a second notice of opposition to the same patent, each alleging invalidity of the patent. On April 5, 2018, we filed our response to the combined opposition. An oral hearing in the matter is scheduled for January 22, 2019.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Also related to these proceedings, on May 16, 2018, ONT Ltd. filed a notice of opposition to our ’904 Patent with the European Patent Office alleging invalidity of the ’904 Patent. On October 11, 2018, we filed our response to the opposition.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Litigation is inherently unpredictable, and it is too early in the proceedings to predict the outcome of these lawsuits or any impact they may have on us. As such, the estimated financial effect associated with these complaints cannot be made as of the date of filing of this Quarterly Report on Form 10-Q. Litigation is a significant ongoing expense with an uncertain outcome, and has been in the past and may in the future be a material expense for the Company. Management believes this investment is important to protect the Company’s intellectual property position, even recognizing the uncertainty of the outcome.</font> </p> <p style="margin:4.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;">Other Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">From time to time, we may also be involved in a variety of other claims, lawsuits, investigations and proceedings relating to securities laws, product liability, patent infringement, contract disputes, employment and other matters that arise in the normal course of our business. In addition, third parties may, from time to time, assert claims against us in the form of letters and other communications. We record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We currently do not believe that the ultimate outcome of any of the matters described above is probable or reasonably estimable, or that these matters will have a material adverse effect on our business; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on us because of litigation and settlement costs, diversion of management resources and other factors.</font> </p> <p><font size="1"> </font></p> </div> </div> | ||
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|
4500000 | |
| CY2018Q3 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
4500000 | |
| CY2017Q4 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
4500000 | |
| CY2018Q3 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
4500000 | |
| CY2017Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-879733000 | |
| CY2018Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-879544000 | |
| CY2018Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-951307000 | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
68533000 | ||
| CY2017Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
23545000 | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
59100000 | ||
| CY2018Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
18160000 | |
| us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
68533000 | ||
| CY2017Q3 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
23545000 | |
| us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
59100000 | ||
| CY2018Q3 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
18160000 | |
| us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
44722000 | ||
| CY2017Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
13952000 | |
| us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
43383000 | ||
| CY2018Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
13506000 | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
14962000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
15631000 | ||
| CY2017Q4 | us-gaap |
Short Term Investments
ShortTermInvestments
|
46365000 | |
| CY2018Q3 | us-gaap |
Short Term Investments
ShortTermInvestments
|
77684000 | |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
86103000 | |
| CY2018Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
131880000 | |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Use of Estimates </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. Our estimates include, but are not limited to, the valuation of inventory, revenue valuation, the valuation of a financing derivative and long-term notes, the valuation and recognition of share-based compensation, the expected renewal period for service contracts, the useful lives assigned to long-lived assets, and the computation of provisions for income taxes. Actual results could differ materially from these estimates. </font> </p> <p><font size="1"> </font></p> </div> </div> | ||
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
102117000 | ||
| CY2017Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
115771000 | |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
130302000 | ||
| CY2018Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
135130000 |
