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Supplementary Data — Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Supplementary Data — Quarterly Financial Data (unaudited) Supplementary Data – Quarterly Financial Data (unaudited)

The following tables present certain unaudited consolidated quarterly financial information for each of the four fiscal quarters in the periods ended December 31, 2019 and 2018. This quarterly information has been prepared on the same basis as the audited Consolidated Financial Statements and includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the information for the periods presented. The results for these quarterly periods are not necessarily indicative of the operating results for a full year or any future period.

2019 QUARTERLY FINANCIAL DATA (1) 
(unaudited)
 
Three Months Ended
 
March 31,
2019
 
June 30,
2019
 
September 30,
2019
 
December 31,
2019
 
(In thousands, except per share amounts)
Product revenue
$
16,072

 
$
19,226

 
$
21,752

 
$
15,784

Product cost of revenue
4,935

 
5,483

 
5,425

 
4,492

Product gross profit
11,137

 
13,743

 
16,327

 
11,292

 
 
 
 
 
 
 
 
License and development revenue
3,723

 
3,570

 
3,098

 
3,717

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
General and administrative
5,579

 
5,500

 
5,711

 
6,042

Sales and marketing
2,162

 
2,181

 
2,367

 
2,724

Research and development
4,254

 
5,480

 
6,620

 
7,048

Amortization of intangible assets
156

 
157

 
156

 
106

Total operating expenses
12,151

 
13,318

 
14,854

 
15,920

Income (loss) from operations
$
2,709

 
$
3,995

 
$
4,571

 
$
(911
)
Provision for (benefit from) income taxes
$
554

 
$
756

 
$
(83
)
 
$
116

Net income (loss)
$
2,654

 
$
3,719

 
$
5,149

 
$
(609
)
Earnings (deficit) per share:
 
 
 
 
 
 
 
Basic
$
0.05

 
$
0.07

 
$
0.09

 
$
(0.01
)
Diluted
$
0.05

 
$
0.07

 
$
0.09

 
$
(0.01
)
 
 
(1) 
Quarterly results may not add up to annual results due to rounding.

2018 QUARTERLY FINANCIAL DATA (1) 
(unaudited)
 
Three Months Ended
 
March 31,
2018
 
June 30,
2018(2)
 
September 30,
2018
 
December 31,
2018
 
(In thousands, except per share amounts)
Product revenue
$
11,058

 
$
17,406

 
$
18,578

 
$
13,983

Product cost of revenue
3,314

 
5,976

 
5,022

 
3,561

Product gross profit
7,744

 
11,430

 
13,556

 
10,422

 
 
 
 
 
 
 
 
License and development revenue
2,749

 
3,358

 
3,661

 
3,723

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
General and administrative
5,837

 
4,927

 
5,266

 
5,446

Sales and marketing
1,912

 
1,858

 
1,873

 
1,903

Research and development
3,917

 
3,605

 
4,270

 
5,220

Amortization of intangible assets
158

 
158

 
158

 
156

Total operating expenses
11,824

 
10,548

 
11,567

 
12,725

Income (loss) from operations
$
(1,331
)
 
$
4,240

 
$
5,650

 
$
1,420

Provision for (benefit from) income taxes (2)
$
(357
)
 
$
(11,122
)
 
$
1,339

 
$
(516
)
Net income (loss)
$
(726
)
 
$
15,743

 
$
4,658

 
$
2,421

Earnings (deficit) per share:
 
 
 
 
 
 
 
Basic
$
(0.01
)
 
$
0.29

 
$
0.09

 
$
0.04

Diluted
$
(0.01
)
 
$
0.28

 
$
0.08

 
$
0.04

 
 
(1) 
Quarterly results may not add up to annual results due to rounding.
(2) 
During second quarter of 2018, the Company recognized an income tax benefit of $11.1 million, which included a $12.1 million discrete tax benefit. This discrete tax benefit includes an $11.9 million tax benefit related to the income tax effects of a tax election related to a change to the Company’s international tax structure in Ireland.