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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
Dec. 31, 2015
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)  
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

 

(16) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following table sets forth unaudited quarterly statement of operations data for each of the eight quarters ended December 31, 2015 and 2014. In the opinion of management, this information has been prepared on the same basis as the audited consolidated financial statements appearing elsewhere in this Form 10‑K, and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the unaudited quarterly results of operations. The quarterly data should be read in conjunction with our audited consolidated financial statements and the notes to the consolidated financial statements appearing elsewhere in this Form 10‑K.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

    

March 31,

    

June 30,

    

September 30,

    

December 31,

 

 

 

(Amounts in thousands, except per share data)

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

Laboratory service revenue

 

$
4,266

 

$
8,119

 

$
12,632

 

$
14,420

 

Cost of revenue

 

 
4,212

 

 
5,094

 

 
7,528

 

 
7,667

 

Gross profit

 

 
54

 

 
3,025

 

 
5,104

 

 
6,753

 

Research and development

 

 
6,571

 

 
8,115

 

 
9,863

 

 
9,365

 

General and administrative

 

 
12,971

 

 
13,683

 

 
15,432

 

 
15,864

 

Sales and marketing

 

 
16,524

 

 
20,593

 

 
23,079

 

 
21,944

 

Loss from operations

 

 
(36,012)

 

 
(39,366)

 

 
(43,270)

 

 
(40,420)

 

Investment income

 

 
222

 

 
193

 

 
365

 

 
491

 

Interest income (expense)

 

 
(11)

 

 
107

 

 
(40)

 

 
(62)

 

Net loss

 

$
(35,801)

 

$
(39,066)

 

$
(42,945)

 

$
(39,991)

 

Net loss per share—basic and diluted

 

$
(0.40)

 

$
(0.44)

 

$
(0.45)

 

$
(0.41)

 

Weighted average common shares outstanding—basic and diluted

 

 
88,662

 

 
88,919

 

 
94,444

 

 
96,404

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Laboratory service revenue

 

$

 —

 

$

 —

 

$

 —

 

$
1,504

 

License fee revenue

 

$
294

 

$

 —

 

$

 —

 

$

 —

 

Cost of revenue

 

 

 —

 

 

 —

 

 
924

 

 
3,401

 

Gross profit

 

 
294

 

 

 —

 

 
(924)

 

 
(1,897)

 

Research and development

 

 
7,430

 

 
7,174

 

 
9,073

 

 
4,992

 

General and administrative

 

 
4,586

 

 
6,230

 

 
8,994

 

 
10,625

 

Sales and marketing

 

 
4,456

 

 
6,166

 

 
13,217

 

 
15,069

 

Loss from operations

 

 
(16,178)

 

 
(19,570)

 

 
(32,208)

 

 
(32,583)

 

Investment income

 

 
86

 

 
146

 

 
160

 

 
150

 

Interest expense

 

 
(15)

 

 
(13)

 

 
(12)

 

 
(11)

 

Net loss

 

$
(16,107)

 

$
(19,437)

 

$
(32,060)

 

$
(32,444)

 

Net loss per share—basic and diluted

 

$
(0.23)

 

$
(0.24)

 

$
(0.39)

 

$
(0.38)

 

Weighted average common shares outstanding—basic and diluted

 

 
70,987

 

 
82,048

 

 
82,941

 

 
84,734