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Long-Term Debt
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Long-Term Debt
Long‑Term Debt
 In March 2018, the Company entered into an Amended and Restated Loan and Security Agreement with Pacific Western Bank (successor in interest to Square 1 Bank). The agreement amended and restated in its entirety the Company's previous Loan and Security Agreement with Pacific Western Bank, dated March 13, 2014. The loan facility provided for up to $25.0 million in aggregate commitments, including a term loan of up to $15.0 million and a revolving loan facility equal to the lesser of (i) $25.0 million minus the unpaid principal amount of the term loan and the amount of any reserves for ancillary banking services, or (ii) a borrowing base equal to 85% of eligible accounts receivable plus the lesser of $5.5 million or 35% of eligible inventory. The principal amount of the term loan was to be repaid in thirty-six equal monthly installments beginning on July 14, 2018 with all outstanding principal and interest on the revolving loan due and payable on July 14, 2019.
In September 2018, the Company entered into the Second Amended and Restated Loan and Security Agreement with Pacific Western Bank (successor in interest to Square 1 Bank). The agreement amends and restates in its entirety the Company’s Amended and Restated Loan and Security Agreement entered in March 2018. As amended and restated, the loan agreement’s revolving credit facility provides for up to $40.0 million in aggregate commitments and was used to repay in full the term loan and revolving borrowings outstanding under the prior agreement. The Company may draw upon the credit facility until September 2021. The revolving loan bears interest at a per annum rate, depending on certain liquidity thresholds, ranging from adjusted LIBOR plus 1.35% to 2.25%, or prime rate minus 1.40% to 0.50%. The line of credit also bears an unused credit fee at a per annum rate of 0.20%. Interest is due and payable monthly in arrears.
The Company’s loan with Pacific Western Bank is secured by liens, subject to certain exceptions, on substantially all of the Company’s existing and future assets, including but not limited to accounts receivable, inventory, property and equipment, and intellectual property.
Pursuant to the terms of the amended and restated loan agreement, the Company will be subject to certain financial covenants in the event it fails to meet certain specified liquidity thresholds. Prior to September 2018, the Company was subject to minimum revenue and maximum capital expenditure covenants. The Company was in compliance with all of its financial covenants as of December 31, 2018 and December 31, 2017.

The term loan balance was zero and $13.5 million at December 31, 2018 and December 31, 2017, respectively. The revolving loan balance was zero and $3.7 million at December 31, 2018 and December 31, 2017, respectively.
In 2015, the Company entered into a Loan and Security Agreement with Multiplier Growth Partners SPV I, LP, or Multiplier, agreeing to a term loan with a principal amount of up to $15.0 million, an interest rate of 11% per annum, and a maturity date of July 16, 2020. The initial borrowing consisted of $12.5 million in principal including $150 thousand in fees. In conjunction with the term loan, the Company granted a stock warrant to Multiplier, see Note 13 for details. In July 2017, and concurrent with the increase in the borrowing base of the Company’s loan facility with Pacific Western Bank noted above, the Company extinguished all debt outstanding with Multiplier. The transaction qualified as a debt extinguishment under FASB ASC Subtopic 470‑50, Debt, and a loss of $911 thousand, associated with an early prepayment penalty of $375 thousand, write‑down of debt issuance costs of $523 thousand, and other miscellaneous costs of $13 thousand, was recorded in other expense during the year ended December 31, 2017.
Long‑term debt consists of the following:
 
December 31,
 
December 31,
(in thousands)
2018
 
2017
Pacific Western Bank, Term and Revolving Loans
$

 
$
17,200

2014 Finland equipment loans, Danske Bank
41

 
80

Capital leases, various
110

 
191

Total debt
151

 
17,471

Less: debt issuance costs
(42
)
 

Total long-term debt
109

 
17,471

Less: current portion of long-term debt
(91
)
 
(2,363
)
Non-current portion of long-term debt
$
18

 
$
15,108


Amortization of debt issuance costs was $9 thousand, $96 thousand and $194 thousand for the years ended December 31, 2018, 2017 and 2016, respectively.
The Company has minimum payment schedules that call for future principal payments summarized as follows:
(in thousands)
2019
$
106

2020
45

 
$
151