Item 6. Selected Financial Data

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Item 6. Selected Financial Data



	Years Ended December 31,
	2015			2014			2013			2012			2011(3)
	(In thousands, except share and per share data)
Consolidated Statements of Operations Data:
Revenue	$	324,225		$	288,720		$	247,084		$	211,369		$	152,255
Cost of revenue	176,071			145,432			134,683			119,033			85,543
Gross profit	148,154			143,288			112,401			92,336			66,712
Operating expenses:
Research and development	43,208			27,900			21,765			24,359			21,863
Sales and marketing	88,352			60,844			55,694			52,708			43,233
General and administrative(4)	77,359			66,841			64,077			51,240			44,083
Total operating expenses	208,919			155,585			141,536			128,307			109,179
Operating loss	(60,765		)	(12,297		)	(29,135		)	(35,971		)	(42,467		)
Interest and other expense, net	(12,464		)	(39,061		)	(15,739		)	(15,684		)	(14,576		)
Income tax benefit (expense)	(291		)	(142		)	(100		)	(212		)	11,212
Net loss	$	(73,520	)	$	(51,500	)	$	(44,974	)	$	(51,867	)	$	(45,831	)
Net loss per share basic and diluted	$	(1.29	)	$	(0.93	)	$	(0.83	)	$	(1.08	)	$	(0.98	)
Weighted-average number of shares used in calculating net loss per share(1)	56,785,646			55,628,542			54,010,887			47,924,324			46,689,880

	As of December 31,
	2015			2014			2013			2012			2011(3)
	(In thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents	$	122,672		$	151,193		$	149,727		$	57,293		$	93,955
Working capital	$	125,605		$	163,900		$	155,824		$	61,650		$	104,640
Total assets	$	275,126		$	297,182		$	286,541		$	196,055		$	218,725
Current portion of long-term debt and capital lease obligations	$	5,519		$	3,380		$	2,637		$	14,429		$	—
Long-term debt and capital lease obligations(2)	$	171,967		$	166,283		$	117,627		$	101,726		$	105,943
Other long-term liabilities	$	3,952		$	2,774		$	1,943		$	1,867		$	2,052
Total stockholders’ equity	$	34,051		$	83,829		$	124,597		$	44,176		$	82,735


(1)	In June 2011, we issued 1.2 million shares in connection with the acquisition of Neighborhood Diabetes. In January 2013, we sold 4.7 million shares of common stock to the public. In July 2014, we issued 0.3 million shares of common stock in connection with the repurchase of the 3.75% Senior Convertible Notes. See Footnote 14 to our consolidated financial statements included in this Annual Report on Form 10-K.

(1)

In June 2011, we issued 1.2 million shares in connection with the acquisition of Neighborhood Diabetes. In January 2013, we sold 4.7 million shares of common stock to the public. In July 2014, we issued 0.3 million shares of common stock in connection with the repurchase of the 3.75% Senior Convertible Notes. See Footnote 14 to our consolidated financial statements included in this Annual Report on Form 10-K.


(2)	In June 2008, we sold $85.0 million principal amount of 5.375% Convertible Senior Notes due June 2013 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In June 2011, we issued $143.8 million of 3.75% Convertible Notes due June 2016 and repurchased $70 million in principal of the 5.375% Notes. In June 2014, we issued $201.3 million of 2% Convertible Notes due June 2019 and repurchased $114.9 million in 3.75% Notes. In July 2014, the remaining principal balance of the 3.75% Notes were converted and the principal was settled in cash. In 2013 and 2014 we acquired $9.0 million and $1.5 million, respectively, of manufacturing equipment under capital leases. See Footnotes 5 and 6 to our consolidated financial statements included in this Annual Report on Form 10-K.

(2)

In June 2008, we sold $85.0 million principal amount of 5.375% Convertible Senior Notes due June 2013 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In June 2011, we issued $143.8 million of 3.75% Convertible Notes due June 2016 and repurchased $70 million in principal of the 5.375% Notes. In June 2014, we issued $201.3 million of 2% Convertible Notes due June 2019 and repurchased $114.9 million in 3.75% Notes. In July 2014, the remaining principal balance of the 3.75% Notes were converted and the principal was settled in cash. In 2013 and 2014 we acquired $9.0 million and $1.5 million, respectively, of manufacturing equipment under capital leases. See Footnotes 5 and 6 to our consolidated financial statements included in this Annual Report on Form 10-K.


(3)	On June 1, 2011, we completed the acquisition of Neighborhood Diabetes, a durable medical equipment distributor, specializing in direct to consumer sales of diabetes supplies for an aggregate purchase price of approximately $37.9 million in cash and $24.4 million in common stock. Neighborhood Diabetes supplied its customers with blood glucose testing supplies, insulin pumps, pump supplies, pharmaceuticals, and other products for the management and treatment of diabetes.

(3)

On June 1, 2011, we completed the acquisition of Neighborhood Diabetes, a durable medical equipment distributor, specializing in direct to consumer sales of diabetes supplies for an aggregate purchase price of approximately $37.9 million in cash and $24.4 million in common stock. Neighborhood Diabetes supplied its customers with blood glucose testing supplies, insulin pumps, pump supplies, pharmaceuticals, and other products for the management and treatment of diabetes.


(4)	Included an impairment charge of $9.1 million related to the impairment of the Neighborhood Diabetes asset group. See Footnote 11 to our consolidated financial statements included in this Annual Report on Form 10-K.

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