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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)

13.

Quarterly Financial Information (Unaudited)

The following table sets forth specific unaudited consolidated quarterly statement of operations data for the eight quarters ended December 31, 2016 (in thousands). This information is unaudited, but in the opinion of management, it has been prepared on the same basis as the audited consolidated financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to state fairly the unaudited consolidated quarterly results of operations. The results of operations for any quarter are not necessarily indicative of the results of operations for any future period.

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

10,477

 

 

$

11,610

 

 

$

11,556

 

 

$

20,930

 

Gross profit

 

 

4,127

 

 

 

5,143

 

 

 

5,851

 

 

 

15,159

 

Operating expenses

 

 

5,865

 

 

 

7,420

 

 

 

5,674

 

 

 

6,042

 

(Loss) income from operations

 

 

(1,738

)

 

 

(2,277

)

 

 

177

 

 

 

9,117

 

Net (loss) income

 

 

(1,643

)

 

 

(2,268

)

 

 

248

 

 

 

9,614

 

(Loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.15

)

 

$

(0.21

)

 

$

0.02

 

 

$

0.89

 

Diluted

 

$

(0.15

)

 

$

(0.21

)

 

$

0.02

 

 

$

0.88

 

 

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

9,036

 

 

$

9,633

 

 

$

10,993

 

 

$

8,625

 

Gross profit

 

 

4,158

 

 

 

4,063

 

 

 

4,440

 

 

 

4,212

 

Operating expenses

 

 

4,279

 

 

 

4,976

 

 

 

4,156

 

 

 

5,335

 

(Loss) income from operations

 

 

(121

)

 

 

(913

)

 

 

284

 

 

 

(1,123

)

Net income (loss)

 

 

18

 

 

 

(906

)

 

 

368

 

 

 

(976

)

Income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

—

 

 

$

(0.08

)

 

$

0.03

 

 

$

(0.09

)

Diluted

 

$

—

 

 

$

(0.08

)

 

$

0.03

 

 

$

(0.09

)

 

The explanation for major variances from the fourth quarter for the year ended December 31, 2016 are:

1.

In the fourth quarter of 2016, the Company entered into an agreement with Allergan to monetize future royalty payments due to us. Under the agreement, we received a one-time non-refundable payment of $11.0 million in exchange for which Allergan will no longer be required to make future royalty payments to us