Item 6. Selected Financial Data

4K characters. Original on sec.gov · Markdown

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, 2016, 2015 and 2014, and the balance sheet data as of December 31, 2016 and 2015, 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, 2013 and 2012, and the balance sheet data as of December 31, 2014, 2013 and 2012, 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,
	2016			2015		2014			2013		2012
Statements of Operations Data:
Net sales	$	268,245		$	197,892	$	164,525		$	137,831	$	114,753
Cost of products sold and services delivered	97,709			69,245		62,977			51,988		47,038
Gross margin	170,536			128,647		101,548			85,843		67,715
Sales, general and administrative expenses	108,076			69,698		54,158			46,557		39,247
Research and development expenses	30,609			23,614		14,885			9,888		8,139
Litigation judgments (recoveries)	—			—		—			1,450		(2,200		)
Income from operations	31,851			35,335		32,505			27,948		22,529
Interest and other income (expense), net	(354		)	26		(194		)	86		83
Income before provision for income taxes	31,497			35,361		32,311			28,034		22,612
Provision for income taxes	14,200			15,428		12,393			9,790		7,874
Net income	$	17,297		$	19,933	$	19,918		$	18,244	$	14,738
Net income per common and common equivalent shares:
Basic	$	0.33		$	0.37	$	0.38		$	0.35	$	0.27
Diluted	$	0.32		$	0.36	$	0.37		$	0.34	$	0.27
Weighted average number of common and common equivalent shares outstanding:
Basic	52,667			53,548		52,948			51,880		53,827
Diluted	53,536			54,638		54,500			54,152		54,723



	As of December 31,
	2016		2015		2014		2013		2012
Balance Sheet Data:
Working capital	$	99,192	$	123,269	$	102,669	$	67,237	$	51,548
Total assets	278,163		229,881		185,368		148,382		116,236
Total current liabilities	78,039		38,140		31,973		23,129		18,109
Total long-term debt and capital leases, net of current portion	118		81		29		67		103
Total stockholders’ equity	150,888		157,004		129,106		108,347		87,285

Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations