$PEN
Penumbra Inc

2017 Q2 Form 10-Q Financial Statement

#000132173217000142 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $80.59M $65.11M
YoY Change 23.78% 53.87%
Cost Of Revenue $29.66M $23.64M
YoY Change 25.49% 58.25%
Gross Profit $50.93M $41.47M
YoY Change 22.81% 51.49%
Gross Profit Margin 63.2% 63.7%
Selling, General & Admin $44.16M $35.88M
YoY Change 23.1% 35.91%
% of Gross Profit 86.71% 86.51%
Research & Development $8.094M $6.264M
YoY Change 29.21% 30.72%
% of Gross Profit 15.89% 15.1%
Depreciation & Amortization $770.0K $600.0K
YoY Change 28.33% 50.0%
% of Gross Profit 1.51% 1.45%
Operating Expenses $52.26M $42.14M
YoY Change 24.01% 35.12%
Operating Profit -$1.328M -$670.0K
YoY Change 98.21% -82.43%
Interest Expense $624.0K $559.0K
YoY Change 11.63% 215.82%
% of Operating Profit
Other Income/Expense, Net -$214.0K -$272.0K
YoY Change -21.32% -49.82%
Pretax Income -$918.0K -$383.0K
YoY Change 139.69% -90.83%
Income Tax $482.0K -$3.396M
% Of Pretax Income
Net Earnings -$1.558M $3.013M
YoY Change -151.71% -212.8%
Net Earnings / Revenue -1.93% 4.63%
Basic Earnings Per Share -$0.05 $0.10
Diluted Earnings Per Share -$0.05 $0.09
COMMON SHARES
Basic Shares Outstanding 33.22M shares 30.21M shares
Diluted Shares Outstanding 33.22M shares 33.31M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $218.6M $139.9M
YoY Change 56.25% 280.16%
Cash & Equivalents $76.58M $13.91M
Short-Term Investments $142.1M $125.9M
Other Short-Term Assets $8.165M $2.488M
YoY Change 228.18% -78.74%
Inventory $81.14M $68.41M
Prepaid Expenses $4.729M $4.753M
Receivables $48.71M $34.58M
Other Receivables $0.00 $3.300M
Total Short-Term Assets $364.7M $260.2M
YoY Change 40.16% 120.15%
LONG-TERM ASSETS
Property, Plant & Equipment $24.42M $11.86M
YoY Change 105.82% 48.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.371M $441.0K
YoY Change 1117.91% -84.79%
Total Long-Term Assets $52.29M $23.73M
YoY Change 120.36% 117.68%
TOTAL ASSETS
Total Short-Term Assets $364.7M $260.2M
Total Long-Term Assets $52.29M $23.73M
Total Assets $417.0M $283.9M
YoY Change 46.86% 119.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.334M $4.070M
YoY Change 6.49% 10.0%
Accrued Expenses $33.18M $28.12M
YoY Change 17.99% 29.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.51M $32.19M
YoY Change 16.53% 19.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $832.0K $4.199M
YoY Change -80.19% 133.28%
Total Long-Term Liabilities $832.0K $4.199M
YoY Change -80.19% 133.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.51M $32.19M
Total Long-Term Liabilities $832.0K $4.199M
Total Liabilities $44.03M $36.39M
YoY Change 20.99% 26.79%
SHAREHOLDERS EQUITY
Retained Earnings -$7.325M -$12.17M
YoY Change -39.82%
Common Stock $33.00K $30.00K
YoY Change 10.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $373.0M $247.6M
YoY Change
Total Liabilities & Shareholders Equity $417.0M $283.9M
YoY Change 46.86% 119.94%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$1.558M $3.013M
YoY Change -151.71% -212.8%
Depreciation, Depletion And Amortization $770.0K $600.0K
YoY Change 28.33% 50.0%
Cash From Operating Activities $650.0K -$6.110M
YoY Change -110.64% 7.76%
INVESTING ACTIVITIES
Capital Expenditures -$2.170M -$2.580M
YoY Change -15.89% 45.76%
Acquisitions
YoY Change
Other Investing Activities -$25.30M $1.280M
YoY Change -2076.56% -96.74%
Cash From Investing Activities -$27.46M -$1.300M
YoY Change 2012.31% -103.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.910M 4.940M
YoY Change -158.91% -249.7%
NET CHANGE
Cash From Operating Activities 650.0K -6.110M
Cash From Investing Activities -27.46M -1.300M
Cash From Financing Activities -2.910M 4.940M
Net Change In Cash -29.72M -2.470M
YoY Change 1103.24% -108.66%
FREE CASH FLOW
Cash From Operating Activities $650.0K -$6.110M
Capital Expenditures -$2.170M -$2.580M
Free Cash Flow $2.820M -$3.530M
YoY Change -179.89% -9.49%

Facts In Submission

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us-gaap Net Income Loss
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3013000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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5304000 USD
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NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3013000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1558000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2016Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
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us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-462000 USD
CY2017Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
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us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
29000 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
42140000 USD
CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
88000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
369000 USD
CY2017Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-3000 USD
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1881000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-833000 USD
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-766000 USD
us-gaap Operating Expenses
OperatingExpenses
80210000 USD
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
52257000 USD
us-gaap Operating Expenses
OperatingExpenses
102012000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-670000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1165000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1328000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-3374000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7871000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7811000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
9498000 USD
CY2017Q2 us-gaap Other Assets Current
OtherAssetsCurrent
8165000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
487000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5371000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
55000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
210000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
0 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
0 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1793000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-464000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-769000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
824000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
832000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-272000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-496000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-372000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-721000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
129000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
367000 USD
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
0 USD
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
454000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1846000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
9190000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
27467000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
90384000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
5074000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3695000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5364000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
18727000 USD
CY2016Q2 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
1000 USD
us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
1000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1819000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14399000 USD
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4573000 USD
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4729000 USD
CY2016Q4 us-gaap Prepaid Taxes
PrepaidTaxes
4656000 USD
CY2017Q2 us-gaap Prepaid Taxes
PrepaidTaxes
1505000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
106265000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
28962000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
35669000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2504000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
28167000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1493000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2625000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
3783000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
2914000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
713000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1254000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1037000 USD
CY2016Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1254000 USD
CY2017Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1037000 USD
CY2016 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
635000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
359000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21464000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24419000 USD
CY2016Q2 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
2000 USD
us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
3000 USD
CY2017Q2 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
5000 USD
us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
36000 USD
CY2016Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
1000 USD
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
2000 USD
CY2017Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
5000 USD
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
36000 USD
CY2017Q2 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
0 USD
us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
0 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6264000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11265000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8094000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15128000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2661000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7325000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
65106000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
123025000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.95
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.79
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
80589000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
153802000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
35876000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
68945000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
44163000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
86884000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6537000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8605000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2276 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2876955 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2330707 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.63
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.93
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
543972 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
266547000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
372978000 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">1. Organization and Description of Business </font><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;"> </font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">Penumbra, Inc. (the &#8220;Company&#8221;) is a global healthcare company focused on interventional therapies. The Company designs, develops, manufactures and markets innovative devices and has a broad portfolio of products that addresses challenging medical conditions and significant clinical needs across </font><font style="font-family:Times New Roman;font-size:10pt;">two</font><font style="font-family:Times New Roman;font-size:10pt;"> major markets, neuro and peripheral vascular. The conditions that the Company&#8217;s products address include, among others, ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.</font></div></div>
CY2016Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 USD
CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33308193 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33137364 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33219487 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32420105 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30210322 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30100162 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33219487 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32420105 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity accounts; disclosure of contingent assets and liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to marketable investments, provisions for doubtful accounts, sales return reserve, warranty reserve, valuation of inventories, useful lives of property and equipment, income taxes, and contingencies, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other data. Actual results could differ from those estimates.</font></div></div>

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