Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following selected financial data should be read in conjunction with our consolidated financial statements and the notes thereto, and with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The statement of operations data for the years ended December 31, 2015, 2014 and 2013, and the balance sheet data as of December 31, 2015 and 2014, have been derived from, and should be read in conjunction with, our audited consolidated financial statements and the notes thereto included herein. The statement of operations data for the years ended December 31, 2012 and 2011, and the balance sheet data as of December 31, 2013, 2012 and 2011, is derived from our historical audited consolidated financial statements and the notes thereto which are not included in this Annual Report on Form 10-K. Dollars are in thousands, except per share amounts.



	For the Year Ended December 31,
	2015		2014			2013		2012			2011
Statement of Operations Data:
Net sales	$	197,892	$	164,525		$	137,831	$	114,753		$	90,028
Cost of products sold and services delivered	69,245		62,977			51,988		47,038			41,753
Excess inventory charges	—		—			—		—			3,746
Gross margin	128,647		101,548			85,843		67,715			44,529
Sales, general and administrative expenses	69,698		54,158			46,557		39,247			40,801
Research and development expenses	23,614		14,885			9,888		8,139			9,989
Litigation judgments (recoveries)	—		—			1,450		(2,200		)	3,301
Loss on impairment	—		—			—		—			1,354
Income (loss) from operations	35,335		32,505			27,948		22,529			(10,916		)
Interest and other income (expense), net	26		(194		)	86		83			1,287
Income (loss) before provision (benefit) for income taxes	35,361		32,311			28,034		22,612			(9,629		)
Provision (benefit) for income taxes	15,428		12,393			9,790		7,874			(2,589		)
Net income (loss)	$	19,933	$	19,918		$	18,244	$	14,738		$	(7,040	)
Net income (loss) per common and common equivalent shares:
Basic	$	0.37	$	0.38		$	0.35	$	0.27		$	(0.12	)
Diluted	$	0.36	$	0.37		$	0.34	$	0.27		$	(0.12	)
Weighted average number of common and common equivalent shares outstanding:
Basic	53,548		52,948			51,880		53,827			59,436
Diluted	54,638		54,500			54,152		54,723			59,436



	As of December 31,
	2015		2014		2013		2012		2011
Balance Sheet Data:
Working capital (i)	$	123,269	$	102,669	$	67,237	$	51,548	$	35,876
Total assets	229,881		185,368		148,382		116,236		104,963
Total current liabilities	38,140		31,973		23,129		18,109		15,888
Total long-term debt and capital leases, net of current portion	81		29		67		103		—
Total stockholders’ equity	157,004		129,106		108,347		87,285		82,456

(i) Working capital balances as of December 31, 2013, 2012 and 2011 were adjusted to reflect the Company's early adoption of Accounting Standards Update ("ASU") 2015-17 during the fourth quarter of fiscal year 2015 on a retrospective basis. The amount of deferred tax assets reclassified to noncurrent as of December 31, 2013, 2012 and 2011 was $7.1 million, $9.4 million and $10.0 million, respectively.

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