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, 2017, 2016 and 2015, and the balance sheet data as of December 31, 2017 and 2016, 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, 2014 and 2013, and the balance sheet data as of December 31, 2015, 2014 and 2013, 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,
	2017		2016			2015		2014			2013
Statements of Operations Data:
Net sales from products	$	285,859	$	238,573		$	185,230	$	160,313		$	136,123
Net sales from services	57,939		29,672			12,662		4,212			1,708
Net sales	343,798		268,245			197,892		164,525			137,831
Cost of product sales	117,997		91,536			65,022		60,913			50,099
Cost of service sales	18,713		6,173			4,223		2,064			1,889
Cost of sales	136,710		97,709			69,245		62,977			51,988
Gross margin	207,088		170,536			128,647		101,548			85,843
Sales, general and administrative expenses	138,692		108,076			69,698		54,158			46,557
Research and development expenses	55,373		30,609			23,614		14,885			9,888
Litigation judgments	—		—			—		—			1,450
Income from operations	13,023		31,851			35,335		32,505			27,948
Interest and other (expense) income, net	2,738		(354		)	26		(194		)	86
Income before provision for income taxes	15,761		31,497			35,361		32,311			28,034
Provision for income taxes	10,554		14,200			15,428		12,393			9,790
Net income	$	5,207	$	17,297		$	19,933	$	19,918		$	18,244
Net income per common and common equivalent shares:
Basic	$	0.10	$	0.33		$	0.37	$	0.38		$	0.35
Diluted	$	0.10	$	0.32		$	0.36	$	0.37		$	0.34
Weighted average number of common and common equivalent shares outstanding:
Basic	52,726		52,667			53,548		52,948			51,880
Diluted	53,898		53,536			54,638		54,500			54,152



	As of December 31,
	2017		2016		2015		2014		2013
Balance Sheet Data:
Working capital	$	97,242	$	99,192	$	123,269	$	102,669	$	67,237
Total assets	338,112		278,163		229,881		185,368		148,382
Total current liabilities	107,950		78,039		38,140		31,973		23,129
Total long-term debt and capital leases, net of current portion	41		118		81		29		67
Total stockholders’ equity	167,444		150,888		157,004		129,106		108,347

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