|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
27-0119051
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. employer
identification no.)
|
Large accelerated filer
|
|
ý
|
|
Accelerated filer
|
|
¨
|
Non-accelerated filer
|
|
¨
|
|
Smaller reporting company
|
|
¨
|
|
|
|
PAGE
NUMBER
|
PART I
|
FINANCIAL INFORMATION
|
|
ITEM 1:
|
|
|
|
||
|
||
|
||
|
||
|
||
ITEM 2:
|
||
ITEM 3:
|
||
ITEM 4:
|
||
|
|
|
PART II
|
OTHER INFORMATION
|
|
ITEM 1:
|
||
ITEM 1A:
|
||
ITEM 2:
|
||
ITEM 3:
|
||
ITEM 4:
|
||
ITEM 5:
|
||
ITEM 6:
|
||
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
46,930
|
|
|
$
|
35,710
|
|
Short-term investments
|
4,497
|
|
|
12,867
|
|
||
Accounts receivable, net
|
43,086
|
|
|
33,359
|
|
||
Inventory
|
28,103
|
|
|
28,095
|
|
||
Prepaid expenses and other current assets
|
11,135
|
|
|
11,771
|
|
||
Total current assets
|
133,751
|
|
|
121,802
|
|
||
Long-term investments
|
508
|
|
|
3,490
|
|
||
Restricted cash
|
844
|
|
|
452
|
|
||
Property and equipment, net
|
7,730
|
|
|
6,969
|
|
||
Intangible asset, net
|
4,767
|
|
|
5,092
|
|
||
Long-term deferred tax assets
|
38,636
|
|
|
40,475
|
|
||
Other assets
|
383
|
|
|
547
|
|
||
Total assets
|
$
|
186,619
|
|
|
$
|
178,827
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
13,780
|
|
|
$
|
10,903
|
|
Accrued and other current liabilities
|
37,629
|
|
|
34,691
|
|
||
Deferred revenue
|
20,013
|
|
|
7,682
|
|
||
Current portion of capital lease obligations
|
127
|
|
|
124
|
|
||
Total current liabilities
|
71,549
|
|
|
53,400
|
|
||
Long-term deferred revenue
|
168
|
|
|
226
|
|
||
Long-term capital lease obligations, less current portion
|
74
|
|
|
138
|
|
||
Other non-current liabilities
|
858
|
|
|
761
|
|
||
Total liabilities
|
$
|
72,649
|
|
|
$
|
54,525
|
|
Commitments and contingencies (Note 6)
|
|
|
|
||||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Preferred stock, $0.01 par value: 50,000,000 shares authorized and no shares issued and outstanding at June 30, 2016 and December 31, 2015
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value: 500,000,000 shares authorized at June 30, 2016, and December 31, 2015; 39,578,675 and 39,217,630 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively
|
43
|
|
|
43
|
|
||
Additional paid-in capital
|
222,368
|
|
|
215,621
|
|
||
Accumulated other comprehensive loss
|
(3,943
|
)
|
|
(1,636
|
)
|
||
Accumulated deficit
|
(104,498
|
)
|
|
(89,726
|
)
|
||
Total stockholders’ equity
|
113,970
|
|
|
124,302
|
|
||
Total liabilities and stockholders’ equity
|
$
|
186,619
|
|
|
$
|
178,827
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenue
|
$
|
89,465
|
|
|
$
|
64,431
|
|
|
$
|
153,934
|
|
|
$
|
115,989
|
|
Cost of revenue
|
27,521
|
|
|
18,116
|
|
|
45,750
|
|
|
32,494
|
|
||||
Gross profit
|
61,944
|
|
|
46,315
|
|
|
108,184
|
|
|
83,495
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
6,403
|
|
|
5,809
|
|
|
12,606
|
|
|
11,889
|
|
||||
Sales and marketing
|
50,293
|
|
|
32,199
|
|
|
90,948
|
|
|
56,605
|
|
||||
General and administrative
|
8,774
|
|
|
6,654
|
|
|
19,320
|
|
|
15,042
|
|
||||
Total operating expenses
|
65,470
|
|
|
44,662
|
|
|
122,874
|
|
|
83,536
|
|
||||
Income (loss) from operations
|
(3,526
|
)
|
|
1,653
|
|
|
(14,690
|
)
|
|
(41
|
)
|
||||
Interest income (expense), net
|
(20
|
)
|
|
13
|
|
|
(56
|
)
|
|
26
|
|
||||
Other income (expense), net
|
1,409
|
|
|
(445
|
)
|
|
2,055
|
|
|
(865
|
)
|
||||
Income (loss) before income taxes
|
(2,137
|
)
|
|
1,221
|
|
|
(12,691
|
)
|
|
(880
|
)
|
||||
Provision for income taxes
|
2,765
|
|
|
43
|
|
|
2,081
|
|
|
71
|
|
||||
Net income (loss)
|
$
|
(4,902
|
)
|
|
$
|
1,178
|
|
|
$
|
(14,772
|
)
|
|
$
|
(951
|
)
|
Basic net income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share, basic
|
$
|
(0.12
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.38
|
)
|
|
$
|
(0.02
|
)
|
Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic
|
39,493,665
|
|
|
38,649,873
|
|
|
39,391,259
|
|
|
38,517,817
|
|
||||
Diluted net income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share, diluted
|
$
|
(0.12
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.38
|
)
|
|
$
|
(0.02
|
)
|
Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted
|
39,493,665
|
|
|
41,641,660
|
|
|
39,391,259
|
|
|
38,517,817
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss)
|
$
|
(4,902
|
)
|
|
$
|
1,178
|
|
|
$
|
(14,772
|
)
|
|
$
|
(951
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(1,964
|
)
|
|
798
|
|
|
(2,329
|
)
|
|
210
|
|
||||
Changes in unrealized gains (losses) on available-for-sale securities
|
—
|
|
|
—
|
|
|
22
|
|
|
5
|
|
||||
Other comprehensive income (loss), net of tax
|
(1,964
|
)
|
|
798
|
|
|
(2,307
|
)
|
|
215
|
|
||||
Comprehensive income (loss)
|
$
|
(6,866
|
)
|
|
$
|
1,976
|
|
|
$
|
(17,079
|
)
|
|
$
|
(736
|
)
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(14,772
|
)
|
|
$
|
(951
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,522
|
|
|
1,062
|
|
||
Stock-based compensation
|
8,822
|
|
|
7,233
|
|
||
Deferred income taxes
|
1,839
|
|
|
—
|
|
||
Amortization of investment premium, net
|
33
|
|
|
44
|
|
||
Provision for doubtful accounts receivable
|
231
|
|
|
158
|
|
||
Provision for excess and obsolete inventory
|
153
|
|
|
253
|
|
||
Loss on disposal and write-off of property and equipment
|
22
|
|
|
—
|
|
||
Gain on foreign currency exchange rates
|
(1,501
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(10,098
|
)
|
|
(9,414
|
)
|
||
Inventory
|
(521
|
)
|
|
(2,994
|
)
|
||
Prepaid expenses and other assets
|
702
|
|
|
707
|
|
||
Deferred revenue, net of deferred costs
|
12,336
|
|
|
2,645
|
|
||
Accounts payable, accrued and other liabilities
|
6,895
|
|
|
8,487
|
|
||
Net cash provided by operating activities
|
5,663
|
|
|
7,230
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchase of investments
|
(741
|
)
|
|
(6,024
|
)
|
||
Proceeds from sale of investments
|
8,683
|
|
|
—
|
|
||
Proceeds from maturity of investments
|
3,398
|
|
|
11,310
|
|
||
Purchase of property and equipment
|
(2,733
|
)
|
|
(1,188
|
)
|
||
Change in restricted cash
|
(421
|
)
|
|
1
|
|
||
Net cash provided by investing activities
|
8,186
|
|
|
4,099
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payments on capital leases
|
(62
|
)
|
|
(59
|
)
|
||
Proceeds from issuance of common stock upon exercise of stock options and from employee stock purchase program
|
1,801
|
|
|
2,816
|
|
||
Tax payments related to shares withheld for vested restricted stock units
|
(3,871
|
)
|
|
(5,599
|
)
|
||
Tax effect of employee stock plans
|
—
|
|
|
17
|
|
||
Net cash used in financing activities
|
(2,132
|
)
|
|
(2,825
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(497
|
)
|
|
153
|
|
||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
11,220
|
|
|
8,657
|
|
||
CASH AND CASH EQUIVALENTS—Beginning of period
|
35,710
|
|
|
28,649
|
|
||
CASH AND CASH EQUIVALENTS—End of period
|
$
|
46,930
|
|
|
$
|
37,306
|
|
|
As of June 30, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
2,762
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,762
|
|
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. Agency securities
|
—
|
|
|
750
|
|
|
—
|
|
|
750
|
|
||||
Corporate bonds
|
—
|
|
|
3,747
|
|
|
—
|
|
|
3,747
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
—
|
|
|
263
|
|
|
—
|
|
|
263
|
|
||||
Certificates of deposit
|
245
|
|
|
—
|
|
|
—
|
|
|
245
|
|
||||
Total
|
$
|
3,007
|
|
|
$
|
4,760
|
|
|
$
|
—
|
|
|
$
|
7,767
|
|
|
As of December 31, 2015
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
1,342
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,342
|
|
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. Agency securities
|
—
|
|
|
1,549
|
|
|
—
|
|
|
1,549
|
|
||||
U.S. Treasury
|
—
|
|
|
500
|
|
|
—
|
|
|
500
|
|
||||
Corporate bonds
|
—
|
|
|
7,763
|
|
|
—
|
|
|
7,763
|
|
||||
Commercial paper
|
—
|
|
|
500
|
|
|
—
|
|
|
500
|
|
||||
Certificates of deposit
|
2,555
|
|
|
—
|
|
|
—
|
|
|
2,555
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. Agency securities
|
—
|
|
|
497
|
|
|
—
|
|
|
497
|
|
||||
Corporate bonds
|
—
|
|
|
874
|
|
|
—
|
|
|
874
|
|
||||
Certificates of deposit
|
2,119
|
|
|
—
|
|
|
—
|
|
|
2,119
|
|
||||
Total
|
$
|
6,016
|
|
|
$
|
11,683
|
|
|
$
|
—
|
|
|
$
|
17,699
|
|
Short-term
|
|
|
|
|
|
|
|
||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
U.S. Agency securities
|
$
|
750
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
750
|
|
U.S. Treasury
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Corporate bonds
|
3,747
|
|
|
—
|
|
|
—
|
|
|
3,747
|
|
||||
Commercial paper
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Certificates of deposit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
4,497
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,497
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term
|
|
|
|
|
|
|
|
||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
U.S. Agency securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate bonds
|
263
|
|
|
—
|
|
|
—
|
|
|
263
|
|
||||
Certificates of deposit
|
245
|
|
|
—
|
|
|
—
|
|
|
245
|
|
||||
Total
|
$
|
508
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
508
|
|
Short-term
|
|
|
|
|
|
|
|
||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
U.S. Agency securities
|
$
|
1,551
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
1,549
|
|
U.S. Treasury
|
500
|
|
|
—
|
|
|
—
|
|
|
500
|
|
||||
Corporate bonds
|
7,776
|
|
|
—
|
|
|
(13
|
)
|
|
7,763
|
|
||||
Commercial paper
|
500
|
|
|
—
|
|
|
—
|
|
|
500
|
|
||||
Certificates of deposit
|
2,555
|
|
|
—
|
|
|
—
|
|
|
2,555
|
|
||||
Total
|
$
|
12,882
|
|
|
$
|
—
|
|
|
$
|
(15
|
)
|
|
$
|
12,867
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term
|
|
|
|
|
|
|
|
||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
U.S. Agency securities
|
$
|
499
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
497
|
|
U.S. Treasury
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Corporate bonds
|
878
|
|
|
—
|
|
|
(4
|
)
|
|
874
|
|
||||
Certificates of deposit
|
2,119
|
|
|
—
|
|
|
—
|
|
|
2,119
|
|
||||
Total
|
$
|
3,496
|
|
|
$
|
—
|
|
|
$
|
(6
|
)
|
|
$
|
3,490
|
|
|
June 30, 2016
|
||||||
|
Amortized Cost
|
|
Fair Value
|
||||
Due in one year or less
|
$
|
4,497
|
|
|
$
|
4,497
|
|
Due in one year to five years
|
508
|
|
|
508
|
|
||
|
$
|
5,005
|
|
|
$
|
5,005
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Raw materials
|
$
|
8,091
|
|
|
$
|
9,117
|
|
Finished goods
|
20,012
|
|
|
18,978
|
|
||
Total inventory
|
$
|
28,103
|
|
|
$
|
28,095
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Lab equipment, tooling and molds
|
$
|
3,943
|
|
|
$
|
3,228
|
|
Computer software
|
2,503
|
|
|
2,019
|
|
||
Computer equipment
|
2,543
|
|
|
2,757
|
|
||
Leasehold improvements
|
1,929
|
|
|
1,670
|
|
||
Furniture and fixtures
|
1,134
|
|
|
950
|
|
||
Vehicles
|
35
|
|
|
35
|
|
||
Construction in progress
|
1,950
|
|
|
1,945
|
|
||
Total property and equipment
|
14,037
|
|
|
12,604
|
|
||
Less: Accumulated depreciation and amortization
|
(6,307
|
)
|
|
(5,635
|
)
|
||
Property and equipment, net
|
$
|
7,730
|
|
|
$
|
6,969
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Accrued payroll and employee related expenses
|
$
|
13,408
|
|
|
$
|
14,887
|
|
Accrued marketing expenses
|
4,995
|
|
|
5,554
|
|
||
Accrued royalty
|
6,786
|
|
|
5,453
|
|
||
Sales and other taxes payable
|
3,853
|
|
|
3,703
|
|
||
Advance payments from customers
|
1,879
|
|
|
1,585
|
|
||
Accrued warranty
|
1,428
|
|
|
527
|
|
||
Accrued legal expenses
|
2,987
|
|
|
1,465
|
|
||
Other
|
2,293
|
|
|
1,517
|
|
||
Total accrued and other current liabilities
|
$
|
37,629
|
|
|
$
|
34,691
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Deferred extended warranty revenue
|
$
|
3,072
|
|
|
$
|
2,902
|
|
Deferred training revenue
|
3,793
|
|
|
3,115
|
|
||
Deferred product revenue
|
13,316
|
|
*
|
1,891
|
|
||
Total deferred revenue
|
$
|
20,181
|
|
|
$
|
7,908
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Balance at the beginning of the period
|
$
|
2,901
|
|
|
$
|
3,215
|
|
|
$
|
2,902
|
|
|
$
|
3,272
|
|
Extended warranties issued
|
1,215
|
|
|
1,073
|
|
|
2,219
|
|
|
1,806
|
|
||||
Amortization
|
(1,044
|
)
|
|
(903
|
)
|
|
(2,049
|
)
|
|
(1,693
|
)
|
||||
Balance at the end of the period
|
$
|
3,072
|
|
|
$
|
3,385
|
|
|
$
|
3,072
|
|
|
$
|
3,385
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Balance at the beginning of the period
|
$
|
1,052
|
|
|
$
|
440
|
|
|
$
|
527
|
|
|
$
|
569
|
|
Settlements of warranties
|
(248
|
)
|
|
33
|
|
|
(473
|
)
|
|
(67
|
)
|
||||
Provision
|
624
|
|
|
(134
|
)
|
|
1,374
|
|
|
(163
|
)
|
||||
Balance at the end of the period
|
$
|
1,428
|
|
|
$
|
339
|
|
|
$
|
1,428
|
|
|
$
|
339
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Purchased technology
|
$
|
8,050
|
|
|
$
|
8,050
|
|
Less: Accumulated amortization
|
(3,283
|
)
|
|
(2,958
|
)
|
||
Intangible asset, net
|
$
|
4,767
|
|
|
$
|
5,092
|
|
Fiscal Year
|
|
||
2016 (remaining 6 months)
|
$
|
325
|
|
2017
|
650
|
|
|
2018
|
650
|
|
|
2019
|
650
|
|
|
2020
|
650
|
|
|
Thereafter
|
1,842
|
|
|
Total
|
$
|
4,767
|
|
Year Ending December 31,
|
Amount
|
||
2016 (remaining 6 months)
|
$
|
1,340
|
|
2017
|
3,845
|
|
|
2018
|
5,317
|
|
|
2019
|
5,188
|
|
|
2020
|
4,943
|
|
|
Thereafter
|
31,785
|
|
|
Total future minimum lease payments
|
$
|
52,418
|
|
|
Useful life (Years)
|
|
June 30, 2016
|
|
December 31,
2015 |
||||
Computer equipment
|
3
|
|
$
|
392
|
|
|
$
|
382
|
|
Total capital leased equipment
|
|
|
392
|
|
|
382
|
|
||
Less: Accumulated depreciation and amortization
|
|
|
(212
|
)
|
|
(149
|
)
|
||
Capital leased equipment, net
|
|
|
$
|
180
|
|
|
$
|
233
|
|
Year Ending December 31,
|
Amount
|
||
|
|
|
|
2016 (remaining 6 months)
|
$
|
66
|
|
2017
|
141
|
|
|
Total future payments
|
$
|
207
|
|
|
|
||
Less: Amount representing interest
|
6
|
|
|
Present value of future minimum payments
|
201
|
|
|
Less: Current portion
|
127
|
|
|
Long term portion
|
$
|
74
|
|
|
|
|
|
|
|
Shares
Available
for Grant
|
|
Balance, December 31, 2015
|
3,517,305
|
|
|
Additional shares reserved
|
1,000,000
|
|
|
Options granted
|
(302,236
|
)
|
|
Restricted stock units granted
|
(761,790
|
)
|
|
Options canceled
|
7,509
|
|
|
Restricted stock units canceled
|
87,621
|
|
|
Restricted stock units withheld for tax
|
154,682
|
|
|
Balance, June 30, 2016
|
3,703,091
|
|
|
|
Options Outstanding
|
|||||
|
|
Number of
Stock Options
Outstanding
|
|
Weighted-
Average
Exercise
Price
|
|||
Balance, December 31, 2015
|
2,641,592
|
|
|
$
|
6.47
|
|
|
Options granted
|
302,236
|
|
|
22.25
|
|
||
Options exercised
|
(29,167
|
)
|
|
6.30
|
|
||
Options canceled
|
(7,509
|
)
|
|
4.19
|
|
||
Balance, June 30, 2016
|
2,907,152
|
|
|
$
|
8.47
|
|
|
|
Number of Units and Awards
|
|
Weighted-
Average Grant Date Fair Value |
|||
Balance, December 31, 2015
|
1,312,651
|
|
|
$
|
19.09
|
|
|
Restricted stock units granted
|
761,790
|
|
|
25.25
|
|
||
Restricted stock units vested
|
(419,703
|
)
|
|
14.68
|
|
||
Restricted stock units canceled
|
(87,621
|
)
|
|
21.44
|
|
||
Balance, June 30, 2016
|
1,567,117
|
|
|
$
|
23.14
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenue
|
$
|
56
|
|
|
$
|
68
|
|
|
$
|
56
|
|
|
$
|
148
|
|
Cost of revenue
|
258
|
|
|
149
|
|
|
490
|
|
|
283
|
|
||||
Research and development
|
507
|
|
|
392
|
|
|
1,008
|
|
|
742
|
|
||||
Sales and marketing
|
1,820
|
|
|
1,345
|
|
|
3,203
|
|
|
2,896
|
|
||||
General and administrative
|
1,979
|
|
|
1,129
|
|
|
4,065
|
|
|
3,164
|
|
||||
Total stock-based compensation
|
$
|
4,620
|
|
|
$
|
3,083
|
|
|
$
|
8,822
|
|
|
$
|
7,233
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||
|
June 30,
|
|
June 30,
|
||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||
Expected term
|
N/A
|
|
N/A
|
|
4.80 years
|
|
|
4.80 years
|
|
Expected volatility
|
N/A
|
|
N/A
|
|
63
|
%
|
|
63
|
%
|
Risk-free interest rate
|
N/A
|
|
N/A
|
|
1.21
|
%
|
|
1.29
|
%
|
Expected dividend yield
|
N/A
|
|
N/A
|
|
—
|
%
|
|
—
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator
|
|
|
|
|
|
|
|
||||||||
Net income (loss) (in thousands)
|
$
|
(4,902
|
)
|
|
$
|
1,178
|
|
|
$
|
(14,772
|
)
|
|
$
|
(951
|
)
|
Denominator
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic
|
39,493,665
|
|
|
38,649,873
|
|
|
39,391,259
|
|
|
38,517,817
|
|
||||
Dilutive effect of incremental shares and share equivalents
|
—
|
|
|
2,991,787
|
|
|
—
|
|
|
—
|
|
||||
Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted
|
39,493,665
|
|
|
41,641,660
|
|
|
39,391,259
|
|
|
38,517,817
|
|
||||
Net income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share, basic
|
$
|
(0.12
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.38
|
)
|
|
$
|
(0.02
|
)
|
Net income (loss) per share, diluted
|
$
|
(0.12
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.38
|
)
|
|
$
|
(0.02
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Options to purchase common stock
|
347,848
|
|
|
45,622
|
|
|
2,907,152
|
|
|
2,958,922
|
|
Restricted stock units
|
98,586
|
|
|
116,035
|
|
|
1,567,117
|
|
|
1,419,718
|
|
Common stock issuable pursuant to the ESPP
|
—
|
|
|
—
|
|
|
—
|
|
|
722
|
|
Total
|
446,434
|
|
|
161,657
|
|
|
4,474,269
|
|
|
4,379,362
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
North America
|
$
|
74,014
|
|
|
$
|
51,436
|
|
|
$
|
125,483
|
|
|
$
|
86,665
|
|
International
|
15,451
|
|
|
12,995
|
|
|
28,451
|
|
|
29,324
|
|
||||
Total
|
$
|
89,465
|
|
|
$
|
64,431
|
|
|
$
|
153,934
|
|
|
$
|
115,989
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
System revenue
|
$
|
39,449
|
|
|
$
|
32,047
|
|
|
$
|
64,138
|
|
|
$
|
58,203
|
|
Consumable revenue
|
50,016
|
|
|
32,384
|
|
|
89,796
|
|
|
57,786
|
|
||||
Total
|
$
|
89,465
|
|
|
$
|
64,431
|
|
|
$
|
153,934
|
|
|
$
|
115,989
|
|
|
|
|
|
||||
|
June 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
U.S.
|
$
|
5,873
|
|
|
$
|
6,691
|
|
Ireland
|
1,589
|
|
|
—
|
|
||
Other
|
268
|
|
|
278
|
|
||
Total
|
$
|
7,730
|
|
|
$
|
6,969
|
|
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||||||||||
Revenue
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||||||||||
System revenue
|
$
|
39,449
|
|
|
$
|
32,047
|
|
|
$
|
7,402
|
|
|
23
|
%
|
|
$
|
64,138
|
|
|
$
|
58,203
|
|
|
$
|
5,935
|
|
|
10
|
%
|
Consumable revenue
|
50,016
|
|
|
32,384
|
|
|
17,632
|
|
|
54
|
%
|
|
89,796
|
|
|
57,786
|
|
|
32,010
|
|
|
55
|
%
|
||||||
Total revenue
|
$
|
89,465
|
|
|
$
|
64,431
|
|
|
$
|
25,034
|
|
|
39
|
%
|
|
$
|
153,934
|
|
|
$
|
115,989
|
|
|
$
|
37,945
|
|
|
33
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||||||||||
Cost of revenue
|
$
|
27,521
|
|
|
$
|
18,116
|
|
|
$
|
9,405
|
|
|
52
|
%
|
|
$
|
45,750
|
|
|
$
|
32,494
|
|
|
$
|
13,256
|
|
|
41
|
%
|
% of total revenue
|
31
|
%
|
|
28
|
%
|
|
|
|
|
|
30
|
%
|
|
28
|
%
|
|
|
|
|
||||||||||
Gross profit
|
$
|
61,944
|
|
|
$
|
46,315
|
|
|
$
|
15,629
|
|
|
34
|
%
|
|
$
|
108,184
|
|
|
$
|
83,495
|
|
|
$
|
24,689
|
|
|
30
|
%
|
Gross profit %
|
69
|
%
|
|
72
|
%
|
|
|
|
|
|
70
|
%
|
|
72
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||||||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Research and development
|
$
|
6,403
|
|
|
$
|
5,809
|
|
|
$
|
594
|
|
|
10
|
%
|
|
$
|
12,606
|
|
|
$
|
11,889
|
|
|
$
|
717
|
|
|
6
|
%
|
% of total revenue
|
7
|
%
|
|
9
|
%
|
|
|
|
|
|
8
|
%
|
|
10
|
%
|
|
|
|
|
||||||||||
Sales and marketing
|
$
|
50,293
|
|
|
$
|
32,199
|
|
|
$
|
18,094
|
|
|
56
|
%
|
|
$
|
90,948
|
|
|
$
|
56,605
|
|
|
$
|
34,343
|
|
|
61
|
%
|
% of total revenue
|
56
|
%
|
|
50
|
%
|
|
|
|
|
|
59
|
%
|
|
49
|
%
|
|
|
|
|
||||||||||
General and administrative
|
$
|
8,774
|
|
|
$
|
6,654
|
|
|
$
|
2,120
|
|
|
32
|
%
|
|
$
|
19,320
|
|
|
$
|
15,042
|
|
|
$
|
4,278
|
|
|
28
|
%
|
% of total revenue
|
10
|
%
|
|
10
|
%
|
|
|
|
|
|
13
|
%
|
|
13
|
%
|
|
|
|
|
||||||||||
Total operating expenses
|
$
|
65,470
|
|
|
$
|
44,662
|
|
|
$
|
20,808
|
|
|
47
|
%
|
|
$
|
122,874
|
|
|
$
|
83,536
|
|
|
$
|
39,338
|
|
|
47
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
||||||||||||||
Interest income (expense), net
|
$
|
(20
|
)
|
|
$
|
13
|
|
|
$
|
(33
|
)
|
|
(254
|
)%
|
|
$
|
(56
|
)
|
|
$
|
26
|
|
|
$
|
(82
|
)
|
|
(315
|
)%
|
% of total revenue
|
—
|
%
|
|
—
|
%
|
|
|
|
|
|
—
|
%
|
|
—
|
%
|
|
|
|
|
||||||||||
Other income (expense), net
|
$
|
1,409
|
|
|
$
|
(445
|
)
|
|
$
|
1,854
|
|
|
(417
|
)%
|
|
$
|
2,055
|
|
|
$
|
(865
|
)
|
|
$
|
2,920
|
|
|
(338
|
)%
|
% of total revenue
|
2
|
%
|
|
(1
|
)%
|
|
|
|