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Summary of Quarterly Consolidated Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Consolidated Financial Data (Unaudited)

13.

Summary of Quarterly Consolidated Financial Data (Unaudited)

The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2019 and 2018:

 

 

 

2019

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

 

(In thousands, except per share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net product sales

 

$

31,602

 

 

$

36,659

 

 

$

42,624

 

 

$

35,083

 

Cost of product sales

 

 

(14,962

)

 

 

(13,588

)

 

 

(17,195

)

 

 

(15,874

)

Gross Profit

 

 

16,640

 

 

 

23,071

 

 

 

25,429

 

 

 

19,209

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

42,972

 

 

 

41,425

 

 

 

34,708

 

 

 

48,277

 

General and administrative

 

 

9,648

 

 

 

9,778

 

 

 

8,597

 

 

 

9,874

 

Sales and marketing

 

 

28,720

 

 

 

23,647

 

 

 

16,977

 

 

 

20,420

 

Loss from operations

 

 

(64,700

)

 

 

(51,779

)

 

 

(34,853

)

 

 

(59,362

)

Other income, net

 

 

1,688

 

 

 

1,557

 

 

 

1,258

 

 

 

1,442

 

Net loss

 

$

(63,012

)

 

$

(50,222

)

 

$

(33,595

)

 

$

(57,920

)

Basic and diluted net loss per share

 

$

(0.80

)

 

$

(0.63

)

 

$

(0.42

)

 

$

(0.65

)

 

 

 

2018

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

 

(In thousands, except per share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net product sales

 

$

11,567

 

 

$

17,277

 

 

$

19,786

 

 

$

28,844

 

Cost of product sales

 

 

(3,133

)

 

 

(5,231

)

 

 

(7,576

)

 

 

(11,572

)

Gross Profit

 

 

8,434

 

 

 

12,046

 

 

 

12,210

 

 

 

17,272

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

39,561

 

 

 

30,159

 

 

 

30,421

 

 

 

39,891

 

General and administrative

 

 

7,028

 

 

 

6,209

 

 

 

7,288

 

 

 

8,738

 

Sales and marketing

 

 

13,835

 

 

 

14,531

 

 

 

16,281

 

 

 

19,957

 

Loss from operations

 

 

(51,990

)

 

 

(38,853

)

 

 

(41,780

)

 

 

(51,314

)

Other expense, net

 

 

(275

)

 

 

183

 

 

 

3,434

 

 

 

1,755

 

Net loss

 

$

(52,265

)

 

$

(38,670

)

 

$

(38,346

)

 

$

(49,559

)

Basic and diluted net loss per share

 

$

(0.81

)

 

$

(0.54

)

 

$

(0.49

)

 

$

(0.63

)