Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Selected Quarterly Financial Data (Unaudited)

12. Selected Quarterly Financial Data (Unaudited)

The following table contains consolidated statements of operations information for each of the previous eight quarters. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.

	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
	(in thousands, except per share amounts)
Revenue:
Product revenue	$	21,449		$	19,814		$	21,457		$	20,816		$	15,393		$	15,153		$	15,551		$	14,335
Royalty and other revenue		—			—			—			—			1,000			125			—			1,991
Total revenue		21,449			19,814			21,457			20,816			16,393			15,278			15,551			16,326
Operating expenses:
Cost of product revenue		10,148			8,444			8,586			8,073			8,084			6,931			6,671			6,335
Cost of royalty and other revenue		—			—			—			—			—			—			—			—
Research and development		1,431			1,490			1,252			1,568			1,328			1,650			1,430			1,201
Selling, general and administrative		6,473			5,959			6,242			6,024			4,975			4,471			4,326			3,384
Contingent consideration – fair value adjustments		1,969			233			768			1,112			1,945			10			18			98
Total operating expenses		20,021			16,126			16,848			16,777			16,332			13,062			12,445			11,018
Income from operations		1,428			3,688			4,609			4,039			61			2,216			3,106			5,308
Investment income		44			37			19			36			59			64			85			102
Interest expense		(8	)		(8	)		(8	)		(9	)		(12	)		(11	)		(13	)		(14	)
Other income (expense)		(270	)		(38	)		(269	)		132			134			(14	)		65			2
Income before income taxes		1,194			3,679			4,351			4,198			242			2,255			3,243			5,398
Income tax provision		929			1,141			738			1,269			640			789			418			1,121
Net income (loss)	$	265		$	2,538		$	3,613		$	2,929		$	(398	)	$	1,466		$	2,825		$	4,277
Earnings per share:
Basic	$	0.01		$	0.08		$	0.11		$	0.09		$	(0.01	)	$	0.04		$	0.09		$	0.13
Diluted	$	0.01		$	0.08		$	0.11		$	0.09		$	(0.01	)	$	0.04		$	0.09		$	0.13
Weighted average shares outstanding:
Basic		32,946			32,925			32,870			32,755			32,747			32,677			32,234			31,963
Diluted		33,577			33,690			33,671			33,451			32,747			33,327			33,076			31,855