Note 1 - Business and Basis of Presentation	6 Months Ended
Jun. 30, 2017
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. Business and basis of presentation Description of business Oxford Immunotec Global PLC, or the Company, is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for underserved immune-regulated conditions. The Company’s current product lines and development activities principally focus on four areas: infectious diseases, transplantation, autoimmune and inflammatory disease and immune-oncology. The Company believes these areas are particularly attractive because they involve large patient populations and chronic conditions that present the opportunity for both initial diagnosis and additional testing to monitor the conditions. These immune-regulated conditions also tend to be characterized by wide variation in presentation and progression and often require expensive therapies, making diagnostic tests that can better categorize patients and inform treatment pathways particularly useful. Lastly, the Company believes these conditions to be underserved as the industry lacks the appropriate techniques to prosecute the immune responses which are driving these conditions. On July 1, 2016, we acquired substantially all of the assets of Imugen, Inc., or Imugen, a privately owned Massachusetts corporation specializing in developing and commercializing proprietary tests for tick-borne diseases, including Lyme disease. On October 12, 2016, we acquired Immunetics, Inc., or Immunetics, a privately owned Massachusetts corporation focused on developing specialized tests for infectious diseases, including tick-borne diseases, such as Lyme disease. Unaudited i nterim f inancial s tatements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10 -Q and Article 10 of Re gulation S- X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments, of a normal recurring nature, necessary for a fair statement of the financial position at June 30, 2017, the results of operations for the three and six -month periods ended June 30, 2017 and 2016, and the cash flows for the six -month periods ended June 30, 2017 and 2016. Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of December 31, 201 6, has been derived from the audited consolidated financial statements as of that date. The consolidated financial statements and notes included in this report should be read in conjunction with the 2016 consolidated financial statements and notes included in the Company’s Annual Report on Form 10 -K, as filed with the Securities and Exchange Commission on February 28, 2017, or the Company’s 2016 Form 10 -K. Note 1 to the consolida ted financial statements included in the Company’s 2016 Form 10 -K describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the Company’s significant accounting policies during the three and six -month periods ended June 30, 2017. Recent a ccounting p ronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014 - 09, Revenue from Contracts with Customers , or ASU 2014 - 09, which converges the FASB and the International Accounting Standards Board standards on revenue recognition. Under ASU 2014 - 09, a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In addition, ASU 2014 - 09 requires certain additional disclosures around the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be effective for the Company for annual and interim periods beginning after December 15, 2017. Early adoption is permitted for annual and interim periods beginning after December 15, 2016. The guidance allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The FASB has issued several amendments to the standard, including clarification on accounting for licenses of intellectual property, identifying performance obligations and other technical corrections. The Company currently anticipates adopting ASU 2014 - 09 in the first quarter of 2018 and currently intends to apply the “modified retrospective” approach. The Company is still evaluating certain aspects of ASU 2014 - 09 and has not yet determined how it may impact its financial position, results of operations or related disclosures. In July 2015, the FASB issued ASU 2015 - 11, Simplifying the Measurement of Inventory , or ASU 2015 - 11. ASU 2015 - 11 requires that an entity should measure inventory within the scope of ASU 2015 - 11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted ASU 2015 - 11 prospectively as of January 1, 2017. The adoption of ASU 2015 - 11 did not have a material impact on the Company’s financial position, results of operations or related disclosures. The Company updated its accounting policies to state that “inventory is stated at the lower of cost and net realizable value.” In November 2015, the FASB issued ASU 2015 - 17, Balance Sheet Classification of Deferred Taxes , or ASU 2015 - 17. ASU 2015 - 17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company adopted ASU 2015 - 17 prospectively as of January 1, 2017. The adoption of ASU 2015 - 17 did not have a material impact on the Company’s financial position, results of operations or related disclosures. In February 2016, the FASB issued ASU 2016 - 02, Leases , or ASU 2016 - 02. ASU 2016 - 02 requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to current accounting. The guidance also eliminates real estate-specific provisions for all entities. The new guidance will be effective for the Company for annual and interim periods beginning after December 15, 2018. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating ASU 2016 - 02 and has not yet determined how it may impact its financial position, results of operations or related disclosures. In March 2016, the FASB issued ASU 2016 - 09, Improvements to Employee Share-Based Payment Accounting , or ASU 2016 - 09. ASU 2016 - 09 is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The Company adopted ASU 2016 - 09 as of January 1, 2017 using a modified retrospective, retrospective, or prospective transition method, depending on a specific amendment. The adoption of ASU 2016 - 09 did not have a material impact on the Company’s financial position, results of operations or related disclosures. The Company made the accounting policy election to continue to estimate the number of awards that are expected to vest, as opposed to accounting for forfeitures when they occur. The Company updated its accounting policies to classify cash paid when withholding shares for tax-withholding purposes as a financing activity in its consolidated statements of cash flows. In June 2016, the FASB issued ASU 2016 - 13, Financial Instruments-Credit Losses , or ASU 2016 - 13. ASU 2016 - 13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. Under current U.S. GAAP, a company only considered past events and current conditions in measuring an incurred loss. Under ASU 2016 - 13, the information that a company must consider is broadened in developing an expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. The new guidance will be effective for the Company for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The guidance is applied using a modified retrospective, or prospective approach, depending on a specific amendment. The Company is currently evaluating ASU 2016 - 13 and has not yet determined how it may impact its financial position, results of operations or related disclosures. In August 2016, the FASB issued ASU 2016 - 15, Classification of Certain Cash Receipts and Cash Payments , or ASU 2016 - 15. ASU 2016 - 15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance will be effective for the Company for annual and interim periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The guidance should be applied retrospectively. The Company is currently evaluating ASU 2016 - 15 and has not yet determined how it may impact its statement of cash flows. In October 2016, the FASB issued ASU 2016 - 16, Income Taxes , or ASU 2016 - 16. The guidance requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. The guidance is effective for annual periods beginning after December 15, 2017, and early adoption is permitted as of the beginning of an annual reporting period. ASU 2016 - 16 amendments should be applied on a modified retrospective basis. The Company is currently evaluating the impact of the adoption of ASU 2016 - 16 on its financial position, results of operations or related disclosures. In November 2016, the FASB issued ASU 2016 - 18, Restricted Cash , or ASU 2016 - 18. ASU 2016 - 18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The guidance should be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016 - 18 to have a material effect on its statement of cash flows. In January 2017, the FASB issued ASU 2017 - 01, Business Combinations , or ASU 2017 - 01. ASU 2017 - 01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance will be effective for the Company for annual periods beginning after December 15, 2017, including interim periods within those periods. The guidance should be applied on a prospective basis and early adoption is not permitted. The Company is currently evaluating the impact of the adoption of ASU 2017 - 01 on its financial position, results of operations or related disclosures. In January 2017, the FASB issued ASU 2017 - 04, Intangibles – Goodwill and Other , or ASU 2017 - 04. ASU 2017 - 04 simplifies subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The new guidance will be applied on a prospective basis. ASU 2017 - 04 will be effective for the Company for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently evaluating ASU 2017 - 04, but does not expect its adoption to have a material impact on the Company’s financial position, results of operations, or related disclosures. Under the U.S. Jumpstart our Business Startups Act, or the JOBS Act, emerging growth companies th at become public can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Company irrevocably elected not to avail itself of this exemption from new or revised accounting standards and, therefore, it is subject to the same new or revised accounting standards as public companies that are not emerging growth companies.

Business and basis of presentation

Description of business

Oxford Immunotec Global PLC, or the Company, is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for

underserved immune-regulated conditions. The Company’s current product lines and development activities principally focus on

four

areas: infectious diseases, transplantation, autoimmune and inflammatory disease and immune-oncology. The Company believes these areas are particularly attractive because they involve large patient populations and chronic conditions that present the opportunity for both initial diagnosis and additional testing to monitor the conditions. These immune-regulated conditions also tend to be characterized by wide variation in presentation and progression and often require expensive therapies, making diagnostic tests that can better categorize patients and inform treatment pathways particularly useful. Lastly, the Company believes these conditions to be underserved as the industry lacks the appropriate techniques to prosecute the immune responses which are driving these conditions.

July 1, 2016,

we acquired substantially all of the assets of Imugen, Inc., or Imugen, a privately owned Massachusetts corporation specializing in developing and commercializing proprietary tests for tick-borne diseases, including Lyme disease.

October 12, 2016,

we acquired Immunetics, Inc., or Immunetics, a privately owned Massachusetts corporation focused on developing specialized tests for infectious diseases, including tick-borne diseases, such as Lyme disease.

Unaudited i

nterim

inancial

tatements

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form

-Q and Article

of Re

gulation S-

Accordingly, they do

not

include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments, of a normal recurring nature, necessary for a fair statement of the financial position at

June 30, 2017,

the results of operations for the

three

and

six

-month periods ended

June 30, 2017

and

2016,

and the cash flows for the

six

-month periods ended

June 30, 2017

and

2016.

Interim results are

not

necessarily indicative of results for a full year.

The consolidated balance sheet presented as of

December 31,

201

has been derived from the audited consolidated financial statements as of that date. The consolidated financial statements and notes included in this report should be read in conjunction with the

2016

consolidated financial statements and notes included in the Company’s Annual Report on Form

-K, as filed with the Securities and Exchange Commission on

February 28, 2017,

or the Company’s

2016

Form

-K.

Note

to the consolida

ted financial statements included in the Company’s

2016

Form

-K describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been

material changes in the Company’s significant accounting policies during the

three

and

six

-month periods ended

June 30, 2017.

Recent

ccounting

ronouncements

May 2014,

the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU,

2014

09,

Revenue from Contracts with Customers

, or ASU

2014

09,

which converges the FASB and the International Accounting Standards Board standards on revenue recognition. Under ASU

2014

09,

a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In addition, ASU

2014

requires certain additional disclosures around the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be effective for the Company for annual and interim periods beginning after

December 15, 2017.

Early adoption is permitted for annual and interim periods beginning after

December 15, 2016.

The guidance allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The FASB has issued several amendments to the standard, including clarification on accounting for licenses of intellectual property, identifying performance obligations and other technical corrections. The Company currently anticipates adopting ASU

2014

in the

first

quarter of

2018

and currently intends to apply the “modified retrospective” approach. The Company is still evaluating certain aspects of ASU

2014

and has

not

yet determined how it

may

impact its financial position, results of operations or related disclosures.

July

2015,

the FASB issued ASU

2015

11,

Simplifying the Measurement of Inventory

, or ASU

2015

11.

ASU

2015

requires that an entity should measure inventory within the scope of ASU

2015

at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted ASU

2015

prospectively as of

January 1, 2017.

The adoption of ASU

2015

did

not

have a material impact on the Company’s financial position, results of operations or related disclosures. The Company updated its accounting policies to state that “inventory is stated at the lower of cost and net realizable value.”

November 2015,

the FASB issued ASU

2015

17,

Balance Sheet Classification of Deferred Taxes

, or ASU

2015

17.

ASU

2015

requires

that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position.

The Company adopted ASU

2015

prospectively as of

January 1, 2017.

The adoption of ASU

2015

did

not

have a material impact on the Company’s financial position, results of operations or related disclosures.

February 2016,

the FASB issued ASU

2016

02,

Leases

, or ASU

2016

02.

ASU

2016

requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to current accounting. The guidance also eliminates real estate-specific provisions for all entities. The new guidance will be effective for the Company for annual and interim periods beginning after

December 15, 2018.

In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating ASU

2016

and has

not

yet determined how it

may

impact its financial position, results of operations or related disclosures.

March 2016,

the FASB issued ASU

2016

09,

Improvements to Employee Share-Based Payment Accounting

, or ASU

2016

09.

ASU

2016

is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The Company adopted ASU

2016

as of

January 1, 2017

using a modified retrospective, retrospective, or prospective transition method, depending on a specific amendment. The adoption of ASU

2016

did

not

have a material impact on the Company’s financial position, results of operations or related disclosures. The Company made the accounting policy election to continue to estimate the number of awards that are expected to vest, as opposed to accounting for forfeitures when they occur. The Company updated its accounting policies to classify cash paid when withholding shares for tax-withholding purposes as a financing activity in its consolidated statements of cash flows.

June 2016,

the FASB issued ASU

2016

13,

Financial Instruments-Credit Losses

, or ASU

2016

13.

ASU

2016

requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. Under current U.S. GAAP, a company only considered past events and current conditions in measuring an incurred loss. Under ASU

2016

13,

the information that a company must consider is broadened in developing an expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. The new guidance will be effective for the Company for annual and interim periods beginning after

December 15, 2019.

Early adoption is permitted for annual and interim periods beginning after

December 15, 2018.

The guidance is applied using a modified retrospective, or prospective approach, depending on a specific amendment. The Company is currently evaluating ASU

2016

and has

not

yet determined how it

may

impact its financial position, results of operations or related disclosures.

August 2016,

the FASB issued ASU

2016

15,

Classification of Certain Cash Receipts and Cash Payments

, or ASU

2016

15.

ASU

2016

is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance will be effective for the Company for annual and interim periods beginning after

December 15, 2017.

Early adoption is permitted, including adoption in an interim period. The guidance should be applied retrospectively. The Company is currently evaluating ASU

2016

and has

not

yet determined how it

may

impact its statement of cash flows.

October 2016,

the FASB issued ASU

2016

16,

Income Taxes

, or ASU

2016

16.

The guidance requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. The guidance is effective for annual periods beginning after

December 15, 2017,

and early adoption is permitted as of the beginning of an annual reporting period. ASU

2016

amendments should be applied on a modified retrospective basis. The Company is currently evaluating the impact of the adoption of ASU

2016

on its financial position, results of operations or related disclosures.

November 2016,

the FASB issued ASU

2016

18,

Restricted Cash

, or ASU

2016

18.

ASU

2016

requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The guidance should be applied retrospectively and is effective for fiscal years beginning after

December 15, 2017,

and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does

not

expect the adoption of ASU

2016

to have a material effect on its statement of cash flows.

January 2017,

the FASB issued ASU

2017

01,

Business Combinations

, or ASU

2017

01.

ASU

2017

clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance will be effective for the Company for annual periods beginning after

December 15, 2017,

including interim periods within those periods. The guidance should be applied on a prospective basis and early adoption is

not

permitted. The Company is currently evaluating the impact of the adoption of ASU

2017

on its financial position, results of operations or related disclosures.

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other

, or ASU

2017

04.

ASU

2017

simplifies subsequent measurement of goodwill by eliminating Step

from the goodwill impairment test. The new guidance will be applied on a prospective basis. ASU

2017

will be effective for the Company for annual or any interim goodwill impairment tests in fiscal years beginning after

December 15, 2019.

The Company is currently evaluating ASU

2017

04,

but does

not

expect its adoption to have a material impact on the Company’s financial position, results of operations, or related disclosures.

Under the U.S. Jumpstart our Business Startups Act, or the JOBS Act, emerging growth companies th

at become public can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Company irrevocably elected

not

to avail itself of this exemption from new or revised accounting standards and, therefore, it is subject to the same new or revised accounting standards as public companies that are

not

emerging growth companies.