Note V - Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Quarterly Financial Information [Text Block]

NOTE V—Selected Quarterly Financial Data (unaudited)

The following tables set forth a summary of the Company’s quarterly financial information for each of the four quarters for the years ended December 31, 2019 and 2018 (in thousands, except per share data):

	First			Second			Third			Fourth
Year ended December 31, 2019	Quarter			Quarter			Quarter			Quarter
Revenue	$	52,719		$	43,411		$	46,084		$	48,658
Cost of goods sold		40,368			32,873			34,108			37,322
Gross profit		12,351			10,538			11,976			11,336
Gross margin		23.4	%		24.3	%		26.0	%		23.3	%
Operating expenses:
Research and development		11,185			11,151			10,466			10,597
Sales and marketing		2,595			2,331			2,518			2,615
General and administrative		10,440			10,884			9,988			10,178
Total operating expenses		24,220			24,366			22,972			23,390
Income (loss) from operations		(11,869	)		(13,828	)		(10,996	)		(12,054	)
Interest and other income (expense), net		(1,079	)		(729	)		276			(1,109	)
Net income (loss) before taxes		(12,948	)		(14,557	)		(10,720	)		(13,163	)
Income tax (expense) benefit		2,474			3,191			1,940			(22,267	)
Net income (loss)	$	(10,474	)	$	(11,366	)	$	(8,780	)	$	(35,430	)
Net income (loss) per share—basic	$	(0.53	)	$	(0.57	)	$	(0.44	)	$	(1.76	)
Net income (loss) per share—diluted	$	(0.53	)	$	(0.57	)	$	(0.44	)	$	(1.76	)

	First			Second			Third			Fourth
Year ended December 31, 2018	Quarter			Quarter			Quarter			Quarter
Revenue	$	65,239		$	87,822		$	56,386		$	58,018
Cost of goods sold		39,403			53,959			38,849			47,481
Gross profit		25,836			33,863			17,537			10,537
Gross margin		39.6	%		38.6	%		31.1	%		18.2	%
Operating expenses:
Research and development		11,736			12,645			14,180			11,342
Sales and marketing		2,474			2,377			2,370			1,920
General and administrative		9,456			9,898			10,591			9,552
Total operating expenses		23,666			24,920			27,141			22,814
Income from operations		2,170			8,943			(9,604	)		(12,277	)
Interest and other expense, net		(1,046	)		1,387			578			71
Net income before taxes		1,124			10,330			(9,026	)		(12,206	)
Income tax (expense) benefit		996			(2,296	)		5,294			3,638
Net income	$	2,120		$	8,034		$	(3,732	)	$	(8,568	)
Net income per share—basic	$	0.11		$	0.41		$	(0.19	)	$	(0.43	)
Net income per share—diluted	$	0.11		$	0.40		$	(0.19	)	$	(0.43	)

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