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Axonics Modulation Technologies, Inc
(NASDAQ:AXNX) 

AXNX stock logo

Axonics Modulation Technologies, Inc., a medical technology company, engages in the development and commercialization of sacral neuromodulation (SNM) systems. The company's SNM systems are used to treat patients with overactive bladder, including urinary urge incontinence and urinary urgency frequen...

Founded: 2012
Full Time Employees: 302
Sector: Healthcare
Industry: Medical Devices
Healthcare
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At a glance:
Bull Thesis:
Bear Thesis:
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Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 
                             
      net revenue
    		116,193,000 114,565,000 91,409,000 109,735,000 93,100,000 92,894,000 70,650,000 85,918,000 70,384,000 68,980,000 48,420,000 53,135,000 46,913,000   34,783,000 35,243,000 15,213,000 26,296,000 9,946,000 1,309,000 1,488,000 1,077,000 494,000 201,000 
      cost of goods sold
    		26,542,000 25,422,000 22,156,000 26,975,000 23,996,000 22,704,000 18,150,000 22,951,000 19,124,000 18,784,000 15,178,000 17,744,000 15,719,000 17,135,000 13,974,000 12,652,000 13,434,000 8,463,000 9,895,000 4,538,000 632,000 772,000 548,000 245,000 106,000 
      gross profit
    		89,651,000 89,143,000 69,253,000 82,760,000 69,104,000 70,190,000 52,500,000 62,967,000 51,260,000 50,196,000 33,242,000 35,391,000 31,194,000 28,734,000 20,399,000 22,131,000 21,809,000 6,750,000 16,401,000 5,408,000 677,000 716,000 529,000 249,000 95,000 
      yoy
    		29.73% 27.00% 31.91% 31.43% 34.81% 39.83% 57.93% 77.92% 64.33% 74.69% 62.96% 59.92% 43.03% 325.69% 24.38% 309.23% 3121.42% 842.74% 3000.38% 2071.89% 612.63%     
      qoq
    		0.57% 28.72% -16.32% 19.76% -1.55% 33.70% -16.62% 22.84% 2.12% 51.00% -6.07% 13.45% 8.56% 40.86% -7.83% 1.48% 223.10% -58.84% 203.27% 698.82% -5.45% 35.35% 112.45% 162.11%  
      gross margin %
    		Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% 62.64% 59.35% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% 
      operating expenses
    		                         
      research and development
    		13,491,000 12,792,000 11,056,000 9,714,000 8,167,000 8,949,000 8,056,000 8,103,000 7,936,000 7,135,000 11,236,000 10,182,000 8,648,000 9,098,000 9,369,000 8,140,000 7,748,000 6,398,000 6,884,000 6,233,000 4,855,000 4,874,000 4,219,000 4,783,000 3,898,000 
      general and administrative
    		23,761,000 16,327,000 15,104,000 11,095,000 11,778,000 10,713,000 12,168,000 10,264,000 9,389,000 10,572,000 10,013,000 9,404,000 8,720,000 8,035,000 6,626,000 6,588,000 5,773,000 5,537,000 7,653,000 5,537,000 5,162,000 4,362,000 4,015,000 3,501,000 2,790,000 
      sales and marketing
    		52,972,000 51,444,000 56,191,000 55,094,000 47,544,000 44,270,000 42,654,000 43,824,000 39,751,000 39,381,000 33,063,000 31,338,000 28,112,000 25,411,000 20,928,000 18,284,000 17,057,000 14,220,000 16,569,000 16,301,000 15,707,000 10,750,000 5,914,000 1,416,000 949,000 
      amortization of intangible assets
    		2,221,000 2,247,000 2,254,000 2,261,000 2,302,000 2,279,000 2,222,000 2,271,000 2,317,000 2,332,000 2,463,000 2,147,000 2,216,000 2,200,000 678,000           
      acquisition-related costs
    		3,474,000 2,652,000 3,827,000 3,530,000  602,000 1,766,000 2,114,000 8,242,000 12,205,000     4,414,000           
      acquired in-process research & development
    		     15,447,000                    
      total operating expenses
    		95,919,000 85,462,000 88,432,000 81,694,000 69,791,000 82,260,000 66,866,000 66,576,000 67,635,000 71,625,000 56,775,000 53,071,000 47,696,000 44,744,000 42,015,000 33,012,000 30,578,000 26,155,000 31,106,000 28,071,000 25,724,000 19,986,000 14,148,000 9,700,000 7,637,000 
      income from operations
    		-6,268,000 3,681,000 -19,179,000 1,066,000 -687,000 -12,070,000 -14,366,000 -3,609,000 -16,375,000 -21,429,000 -23,533,000 -17,680,000 -16,502,000 -16,010,000 -21,616,000 -10,881,000 -8,769,000 -19,405,000 -14,705,000 -22,663,000 -25,047,000 -19,270,000 -13,619,000 -9,451,000 -7,542,000 
      yoy
    		812.37% -130.50% 33.50% -129.54% -95.80% -43.67% -38.95% -79.59% -0.77% 33.85% 8.87% 62.49% 88.19% -17.50% 47.00% -51.99% -64.99% 0.70% 7.97% 139.79% 232.10%     
      qoq
    		-270.28% -119.19% -1899.16% -255.17% -94.31% -15.98% 298.06% -77.96% -23.58% -8.94% 33.11% 7.14% 3.07% -25.93% 98.66% 24.08% -54.81% 31.96% -35.11% -9.52% 29.98% 41.49% 44.10% 25.31%  
      operating margin %
    		-Infinity% Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -34.90% -62.89% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      other income
    		4,712,000 4,670,000 3,914,000 4,390,000 4,188,000 4,424,000 4,311,000 3,752,000 -397,000 -479,000 -246,000 27,000 -220,000 -5,842,000 -1,442,000 -467,000 -399,000 -378,000 90,000 -88,000 41,000 210,000 502,000 234,000 -196,000 
      interest and other income
    		4,704,000 4,702,000 3,973,000 4,541,000 4,271,000 4,250,000 3,628,000 8,159,000 -1,898,000 -839,000 -289,000 102,000 -229,000 -5,849,000 -1,450,000 -445,000 -434,000 -443,000 -552,000 -562,000 -586,000 -629,000 -532,000   
      income before income tax (benefit) expense
    		-1,556,000       143,000 -16,772,000 -21,908,000     -23,058,000           
      income tax (benefit) expense
    		-1,535,000       -522,000 -520,000 -465,000     -555,000           
      net income
    		-21,000 6,899,000 -19,112,000 6,574,000 3,928,000 -7,342,000 -9,248,000 665,000 -16,252,000 -21,443,000 -22,668,000 -15,166,000 -17,250,000 -25,148,000 -22,503,000 -11,348,000 -9,168,000 -19,783,000 -14,616,000 -22,751,000 -25,006,000 -19,061,000 -13,117,000 -9,665,000 -7,566,000 
      yoy
    		-100.53% -193.97% 106.66% 888.57% -124.17% -65.76% -59.20% -104.38% -5.79% -14.73% 0.73% 33.64% 88.15% 27.12% 53.96% -50.12% -63.34% 3.79% 11.43% 135.40% 230.50%     
      qoq
    		-100.30% -136.10% -390.72% 67.36% -153.50% -20.61% -1490.68% -104.09% -24.21% -5.40% 49.47% -12.08% -31.41% 11.75% 98.30% 23.78% -53.66% 35.35% -35.76% -9.02% 31.19% 45.32% 35.72% 27.74%  
      net income margin %
    		-Infinity% Infinity% -Infinity% Infinity% Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -54.83% -65.47% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      foreign currency translation adjustment
    		10,438,000 466,000 -1,152,000 8,644,000 -6,185,000 3,750,000 3,071,000 11,038,000 -12,057,000 -12,648,000 -4,920,000 352,000 -5,138,000 859,000 -2,202,000 183,000 99,000 -108,000 -177,000 153,000 -112,000 -43,000 -10,000 -10,000 -1,000 
      comprehensive income
    		10,417,000 7,365,000                        
      net income per share
    		 0.14 -0.38 0.14 0.08 -0.15 -0.19 0.03 -0.34 -0.47 -0.5 -0.33 -0.38 -0.59 -0.57 -0.28 -0.24 -0.54 -0.43 -0.75 -0.89 -0.68 -0.47 3.46 -2.67 
      weighted-average shares used for eps calculation
    		51,088,073 50,010,380 50,928,171 49,081,470 49,244,981 49,088,373 48,579,084 46,684,478 47,208,192 45,311,001 45,139,038 43,072,298 44,848,023 42,788,678 39,613,964 36,981,335 38,830,924 36,440,846 33,637,646 28,567,302 28,098,564 27,945,393 27,828,201 6,997,777 2,830,591 
      income before income tax benefit
    		 8,351,000 -15,265,000 -3,550,000 3,501,000 -7,646,000 -10,055,000    -23,779,000               
      income tax benefit
    		 1,452,000 3,847,000 -384,500 -427,000 -304,000 -807,000    -1,111,000               
      comprehensive loss
    		  -20,264,000 -3,006,500 -2,257,000 -3,592,000 -6,177,000 11,703,000 -28,309,000 -34,091,000 -27,588,000 -14,814,000 -22,388,000 -24,289,000 -24,705,000 -11,165,000 -9,069,000 -19,891,000 -14,793,000 -22,598,000 -25,118,000 -19,104,000 -13,127,000 -9,675,000 -7,567,000 
      interest income
    		       476,000 1,501,000 360,000 43,000 16,000 9,000 7,000 8,000 19,000 35,000 65,000 642,000 474,000 627,000 839,000 1,034,000 550,000 172,000 
      income before income tax expense
    		           -17,653,000 -16,722,000 -21,852,000  -11,348,000 -9,168,000 -19,783,000 -14,615,000 -22,751,000 -25,006,000 -19,060,000 -13,117,000 -9,665,000 -7,566,000 
      income tax expense
    		           -2,487,000 528,000 3,296,000     1,000   1,000    
      sacral neuromodulation net revenue
    		             40,194,000 32,903,000           
      bulkamid net revenue
    		             5,675,000 1,470,000           
      total net revenue
    		             45,869,000 34,373,000           
      yoy
    		                         
      qoq
    		             33.44%            
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 
                               
        assets
      		                         
        current assets
      		                         
        cash and cash equivalents
      		239,452,000 168,619,000 232,645,000 104,811,000 147,323,000 145,343,000 240,105,000 238,846,000 241,331,000 203,236,000 213,180,000 220,878,000 228,797,000 231,140,000 130,962,000 241,181,000 269,280,000 287,679,000 159,820,000 171,082,000 76,231,000 82,680,000 89,334,000 98,306,000 20,148,000 
        short-term investments
      		105,773,000 174,792,000 100,161,000 240,149,000 197,393,000 186,173,000 116,957,000 118,365,000 108,682,000 9,998,000          12,592,000 25,311,000 43,001,000 54,819,000 59,218,000 11,069,000 
        accounts receivable
      		62,644,000 57,221,000 50,529,000 57,243,000 48,944,000 47,436,000 40,200,000 44,817,000 36,960,000 36,115,000 27,425,000 29,044,000 26,641,000 25,646,000 21,509,000 18,270,000 17,650,000 14,115,000 20,770,000 7,879,000 954,000 1,286,000 804,000 427,000 219,000 
        inventory
      		113,861,000 105,428,000 93,187,000 79,940,000 74,909,000 70,083,000 66,067,000 55,765,000 57,827,000 58,412,000 61,876,000 64,946,000 70,358,000 70,391,000 71,243,000 63,060,000 44,308,000 30,138,000 19,230,000 15,659,000 12,703,000 7,975,000 5,064,000 3,673,000 2,148,000 
        prepaid expenses and other current assets
      		4,184,000 6,003,000 5,508,000 9,279,000 6,816,000 6,361,000 6,342,000 7,282,000 4,561,000 5,366,000 4,952,000 6,449,000 4,433,000 5,006,000 4,658,000 5,435,000 3,220,000 3,573,000 4,245,000 4,468,000 2,625,000 3,074,000 2,778,000 3,716,000 1,751,000 
        total current assets
      		525,914,000 512,063,000 482,030,000 491,422,000 475,385,000 455,396,000 469,671,000 465,075,000 449,361,000 313,127,000 307,433,000 321,317,000 330,229,000 332,183,000 228,372,000 327,946,000 334,458,000 335,505,000 204,065,000 211,680,000 117,824,000 138,016,000 152,799,000 165,340,000 35,335,000 
        restricted cash
      		22,082,000 18,629,000 15,826,000 12,714,000                      
        property and equipment
      		20,698,000 18,382,000 17,037,000 10,760,000 6,556,000 6,349,000 7,017,000 6,798,000 7,103,000 7,228,000 6,907,000 6,915,000 6,168,000 5,958,000 6,048,000 6,328,000 5,792,000 5,562,000 5,406,000 3,047,000 2,952,000 3,000,000 2,887,000 2,784,000 2,817,000 
        intangible assets
      		78,454,000 76,333,000 78,422,000 81,375,000 80,274,000 85,543,000 85,888,000 86,253,000 81,787,000 91,627,000 101,179,000 106,469,000 108,302,000 113,416,000 115,023,000           
        other assets
      		22,478,000 23,183,000 23,703,000 24,235,000 3,245,000 2,817,000 6,534,000 6,813,000 7,085,000 7,254,000 7,494,000 7,734,000 7,041,000 7,324,000 8,145,000 7,736,000 7,196,000 7,415,000 7,626,000 4,784,000 4,928,000 5,068,000 3,344,000 3,356,000 3,712,000 
        goodwill
      		104,545,000 98,747,000 98,543,000 99,417,000 95,287,000 98,880,000 96,581,000 94,414,000 86,942,000 94,852,000 102,558,000 105,510,000 109,565,000 106,631,000 87,382,000           
        total assets
      		774,171,000 747,337,000 715,561,000 719,923,000 660,747,000 648,985,000 665,691,000 659,353,000 632,278,000 514,088,000 525,571,000 547,945,000 561,305,000 565,512,000 444,970,000 342,206,000 347,671,000 348,736,000 217,379,000 219,822,000 126,044,000 146,452,000 159,427,000 171,906,000 42,319,000 
        liabilities and stockholders’ equity
      		                         
        current liabilities
      		                         
        accounts payable
      		20,109,000 19,316,000 15,770,000 18,452,000 14,666,000 12,185,000 14,737,000 9,070,000 9,972,000 10,207,000 10,390,000 7,654,000 10,512,000 9,447,000 11,446,000 10,660,000 9,415,000 10,728,000 7,440,000 5,882,000 4,232,000 3,185,000 2,102,000 3,436,000 1,983,000 
        accrued liabilities
      		5,701,000 11,042,000 14,752,000 10,527,000 5,962,000 5,571,000 6,640,000 6,520,000 7,106,000 7,301,000 6,246,000 5,435,000 6,424,000 6,305,000 5,868,000 6,684,000 5,977,000 3,961,000 3,110,000 2,174,000 4,304,000 3,630,000 2,364,000 1,683,000 2,713,000 
        accrued compensation and benefits
      		35,998,000 24,793,000 16,409,000 15,060,000 12,994,000 12,559,000 8,836,000 15,495,000 11,742,000 10,922,000 7,480,000 12,413,000 9,305,000 7,198,000 5,348,000 5,948,000 7,516,000 5,289,000 3,503,000 3,375,000      
        operating lease liabilities, current portion
      		2,611,000 2,022,000 1,456,000 1,777,000 1,971,000                     
        total current liabilities
      		64,419,000 57,173,000 48,387,000 45,816,000 35,593,000 32,084,000 66,170,000 65,247,000 60,843,000 29,859,000 25,519,000 26,868,000 27,751,000 24,387,000 24,046,000 45,682,000 38,816,000 30,829,000 19,847,000 12,033,000 15,543,000 11,300,000 6,694,000 5,887,000 5,496,000 
        operating lease liabilities, net of current portion
      		29,900,000 30,431,000 30,154,000 25,840,000 876,000                     
        deferred tax liabilities
      		15,363,000 16,417,000 9,921,000 10,703,000 13,658,000 15,173,000 15,737,000 16,412,000 13,957,000 15,782,000 17,564,000 19,217,000 26,432,000 20,626,000            
        total liabilities
      		109,682,000 104,021,000 88,462,000 82,359,000 50,127,000 48,456,000 89,085,000 89,214,000 82,760,000 76,362,000 62,139,000 65,507,000 71,215,000 61,247,000 114,816,000 54,836,000 53,773,000 50,840,000 44,903,000 36,819,000 33,856,000 32,039,000 28,093,000 28,631,000 18,005,000 
        commitments and contingencies
      		                         
        stockholders’ equity
      		                         
        preferred stock, par value 0.0001...
      		                         
        common stock, par value 0.0001...
      		5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 4,000 4,000 4,000 4,000 3,000 3,000 3,000 3,000 3,000 3,000  
        additional paid-in capital
      		1,063,185,000 1,052,429,000 1,043,577,000 1,033,778,000 1,022,052,000 1,009,704,000 982,189,000 969,545,000 960,627,000 820,526,000 812,141,000 803,559,000 796,397,000 788,184,000 589,785,000 522,296,000 517,659,000 512,588,000 367,278,000 363,012,000 249,599,000 246,706,000 244,523,000 243,337,000 3,336,000 
        accumulated deficit
      		-392,586,000 -392,565,000 -399,464,000 -380,352,000 -386,926,000 -390,854,000 -383,512,000 -374,264,000 -374,929,000 -358,677,000 -337,234,000 -314,566,000 -299,400,000 -282,150,000 -257,002,000 -234,499,000 -223,151,000 -213,983,000 -194,200,000 -179,584,000 -156,833,000 -131,827,000 -112,766,000 -99,649,000 -89,984,000 
        accumulated other comprehensive loss
      		-6,115,000 -16,553,000 -17,019,000 -15,867,000 -24,511,000 -18,326,000 -22,076,000 -25,147,000 -36,185,000 -24,128,000 -11,480,000 -6,560,000 -6,912,000 -1,774,000 -2,633,000 -431,000 -614,000 -713,000 -605,000 -428,000 -581,000 -469,000 -426,000 -416,000 -406,000 
        total stockholders’ equity
      		664,489,000 643,316,000 627,099,000 637,564,000 610,620,000 600,529,000 576,606,000 570,139,000 549,518,000 437,726,000 463,432,000 482,438,000 490,090,000 504,265,000 330,154,000 287,370,000 293,898,000 297,896,000 172,476,000 183,003,000 92,188,000 114,413,000 131,334,000 143,275,000  
        total liabilities and stockholders’ equity
      		774,171,000 747,337,000 715,561,000 719,923,000 660,747,000 648,985,000 665,691,000 659,353,000 632,278,000 514,088,000 525,571,000 547,945,000 561,305,000 565,512,000 444,970,000 342,206,000 347,671,000 348,736,000 217,379,000 219,822,000 126,044,000 146,452,000 159,427,000   
        other current liabilities
      		      34,400,000 32,600,000 30,500,000                 
        operating lease liability, current portion
      		     1,769,000 1,557,000 1,562,000 1,523,000 1,429,000 1,403,000 1,366,000 1,401,000 1,407,000 1,362,000 1,280,000 908,000 851,000 794,000 602,000      
        operating lease liability, net of current portion
      		     1,199,000 7,178,000 7,555,000 7,960,000 8,321,000 8,686,000 9,052,000 8,152,000 8,481,000 8,849,000 9,154,000 9,027,000 9,261,000 9,485,000 4,450,000      
        other long-term liabilities
      		         22,400,000 10,370,000 10,370,000 8,880,000 7,664,000 6,750,000           
        debt, net of unamortized debt issuance costs, current portion
      		            109,000 30,000 22,000 21,110,000     6,382,000 3,897,000 1,705,000   
        debt, net of unamortized debt issuance costs, net of current portion
      		             89,000 75,171,000  5,930,000 10,750,000 15,571,000  13,740,000 16,000,000 17,923,000   
        intangible asset
      		               196,000 225,000 254,000 282,000 311,000 340,000 368,000 397,000 426,000 455,000 
        debt, current portion
      		                15,000,000 10,000,000 5,000,000       
        debt, net of unamortized debt issuance costs
      		                   20,336,000    19,463,000 9,056,000 
        lease liability, current portion
      		                    625,000 588,000 523,000 768,000 800,000 
        lease liability, net of current portion
      		                    4,573,000 4,739,000 3,476,000 3,281,000 3,453,000 
        liabilities, mezzanine equity and stockholders’ equity
      		                         
        mezzanine equity
      		                         
        convertible preferred stock
      		                         
        series a convertible preferred stock, par value 0.0001...
      		                        14,021,000 
        series b-1 convertible preferred stock, par value 0.0001...
      		                        13,757,000 
        series b-2 convertible preferred stock, par value 0.0001...
      		                        17,572,000 
        series c convertible preferred stock, par value 0.0001...
      		                        36,776,000 
        noncontrolling interest in axonics europe, s.a.s.
      		                        31,066,000 
        stock subscriptions receivable
      		                        -1,824,000 
        total liabilities, mezzanine equity and stockholders’ equity
      		                       171,906,000  
        liabilities, mezzanine equity and stockholders’ deficit
      		                         
        stockholders’ deficit
      		                         
        total stockholders’ deficit
      		                        -88,878,000 
        total liabilities, mezzanine equity and stockholders’ deficit
      		                        42,319,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 
                                
          cash flows from operating activities
        		                        
          net income
        		-21,000 6,899,000 -19,112,000 6,574,000 3,928,000 -7,342,000 -9,248,000 665,000 -16,252,000 -21,443,000 -22,668,000 -15,166,000 -17,250,000 -25,148,000 -22,503,000 -11,348,000 -9,168,000 -19,783,000 -14,616,000 -22,751,000 -25,006,000 -19,061,000 -13,117,000 -9,665,000 
          adjustments to reconcile net income to net cash from operating activities
        		                        
          depreciation and amortization
        		3,215,000 2,901,000 3,182,000 3,192,000 3,254,000 3,228,000 2,813,000 2,880,000 2,921,000 2,891,000 3,029,000 2,643,000 2,690,000 2,660,000 1,133,000 488,000 447,000 426,000 380,000 311,000 310,000 294,000 276,000 283,000 
          stock-based compensation
        		8,231,000 8,611,000 9,551,000 11,148,000 11,470,000 11,204,000 10,714,000 8,757,000 8,218,000 7,905,000 7,138,000 6,844,000 6,690,000 6,327,000 5,303,000 3,582,000 3,775,000 3,816,000 3,922,000 2,921,000 2,782,000 1,875,000 1,142,000 247,000 
          acquired in-process research & development
        		                        
          benefit from allowance of credit losses
        		87,000 32,000 637,000                      
          change in fair value of contingent consideration
        		   0 0 600,000 1,800,000 2,100,000 8,100,000                
          deferred income taxes
        		-1,752,000 7,854,000 -2,060,000                      
          other items
        		121,000 2,759,000 1,136,000            -577,000 23,000 61,000        
          changes in operating assets and liabilities
        		                        
          accounts receivable
        		-5,353,000 -6,721,000 6,058,000 -8,267,000 -1,608,000 -7,226,000 4,670,000 -7,748,000 -960,000 -8,855,000 1,595,000 -2,329,000 -1,083,000 -4,106,000 -1,480,000 -620,000 -3,411,000 6,655,000 -13,405,000 -7,000,000 332,000 -482,000 -377,000 -208,000 
          inventory
        		-8,202,000 -14,999,000 -14,419,000 -6,427,000 -4,846,000 -4,360,000 -10,120,000 2,167,000 36,000 3,205,000 3,015,000 5,563,000 -125,000 647,000 -7,193,000 -18,753,000 -14,173,000 -10,856,000 -3,571,000 -2,956,000 -4,728,000 -2,911,000 -1,391,000 -1,648,000 
          prepaid expenses and other current assets
        		-2,603,000 802,000 2,467,000 -8,589,000 -1,805,000 -859,000 850,000 -2,698,000 322,000 40,000 1,474,000 -2,015,000 570,000 -355,000 860,000 -2,215,000 377,000 752,000 223,000 -1,843,000 200,000 -47,000 938,000 -2,098,000 
          other assets
        		-167,000 -292,000 -319,000 -307,000 -458,000 -1,734,000 -134,000 -305,000 81,000 42,000 -25,000 48,000 8,000 -181,000 -100,000 -106,000 -100,000 -112,000 228,000 28,000 -322,000 1,000 -6,000 185,000 
          accounts payable
        		675,000 3,574,000 -2,685,000 3,437,000 2,609,000 -2,625,000 5,593,000 -1,049,000 364,000 -376,000 2,529,000 -2,924,000 1,148,000 -2,000,000 914,000 1,245,000 -1,313,000 3,288,000 1,558,000 1,650,000 1,677,000 453,000 -1,334,000 1,453,000 
          accrued liabilities
        		-5,365,000 -3,692,000 4,228,000 4,510,000 345,000 -1,086,000 118,000 -708,000 158,000 682,000 900,000 -998,000 122,000 469,000 -1,569,000 685,000 1,934,000 638,000 936,000 -1,466,000 674,000 1,266,000 681,000 -83,000 
          accrued compensation and benefits
        		11,197,000 8,384,000 1,350,000 2,058,000 443,000 3,718,000 -6,663,000 3,736,000 841,000 3,460,000 -4,925,000 3,108,000 2,113,000 1,849,000 -915,000 -1,568,000 2,227,000 1,786,000 128,000      
          operating lease liabilities
        		859,000 866,000 750,000                      
          other liabilities
        		    0                    
          net cash from operating activities
        		922,000 16,978,000 -9,236,000 5,630,000 12,344,000 -19,209,000 -781,000 9,353,000 3,847,000 -842,000 -9,167,000 -6,776,000 -2,994,000 -11,953,000 -25,583,000 -28,314,000 -19,146,000 -12,975,000 -23,307,000 -28,136,000 -23,904,000 -18,359,000 -13,055,000 -9,296,000 
          capital expenditures
        		-3,317,000 -1,238,000 -3,059,000 -1,307,000 -1,193,000 -256,000 -794,000 -335,000 -963,000 -634,000 -291,000 -1,084,000 -684,000 -370,000 -123,000 -1,023,000 -648,000 -553,000 -714,000 -377,000 -233,000 -379,000 -350,000 -222,000 
          free cash flows
        		-2,395,000 15,740,000 -12,295,000 4,323,000 11,151,000 -19,465,000 -1,575,000 9,018,000 2,884,000 -1,476,000 -9,458,000 -7,860,000 -3,678,000 -12,323,000 -25,706,000 -29,337,000 -19,794,000 -13,528,000 -24,021,000 -28,513,000 -24,137,000 -18,738,000 -13,405,000 -9,518,000 
          cash flows from investing activities
        		                        
          purchases of property and equipment
        		-3,317,000 -1,238,000 -3,059,000 -1,307,000 -1,193,000 -256,000 -794,000 -335,000 -963,000 -634,000 -291,000 -1,084,000 -684,000 -370,000 -123,000 -1,023,000 -648,000 -553,000 -714,000 -377,000 -233,000 -379,000 -350,000 -222,000 
          purchases of short-term investments
        		-69,103,000 -143,399,000 -27,742,000 -137,690,000 -114,298,000 -122,307,000 -52,309,000 -46,674,000 -118,438,000           -1,194,000 -1,979,000 -22,933,000 -10,298,000 -55,093,000 
          proceeds from sales and maturities of short-term investments
        		142,549,000 67,464,000 169,033,000 101,075,000 104,438,000 53,940,000 53,797,000 36,979,000        0 0 0 12,592,000 13,913,000 19,668,000 34,752,000 14,697,000  
          net cash from investing activities
        		70,129,000 -77,173,000 138,232,000 -37,922,000 -11,053,000 -68,623,000 694,000 -10,030,000 -99,401,000 -10,632,000 -291,000 -1,084,000 -684,000 -370,000 -140,864,000 -1,023,000 -648,000 -553,000 11,878,000 12,342,000 17,456,000 11,440,000 4,049,000 -48,115,000 
          cash flows from financing activities
        		                        
          payment of contingent consideration recognized at acquisition
        		    0                    
          proceeds from exercise of stock options
        		2,525,000 241,000 248,000 578,000 878,000 864,000 1,930,000 161,000 3,577,000 480,000 1,444,000 318,000 1,523,000 2,095,000 2,821,000 1,055,000 1,296,000 1,008,000 344,000 43,000 111,000 308,000 44,000 3,000 
          net cash from financing activities
        		2,525,000 241,000 248,000 578,000 878,000 -6,766,000 1,930,000 161,000 131,883,000 480,000 1,444,000 202,000 1,523,000 112,573,000 56,215,000 1,055,000 1,296,000 141,495,000 344,000 110,492,000 111,000 308,000 44,000 135,579,000 
          effect of exchange rate changes on cash, cash equivalents, and restricted cash
        		710,000 -1,269,000 1,702,000                      
          net increase in cash, cash equivalents, and restricted cash
        		74,286,000 -61,223,000 130,946,000                      
          cash, cash equivalents and restricted cash, beginning of year
        		0 0 117,525,000                      
          cash, cash equivalents and restricted cash, end of period
        		74,286,000 -61,223,000 248,471,000                      
          supplemental disclosure of cash flow information
        		                        
          cash paid for interest
        		   14,000 16,000   0 0 0 1,000 0 1,000 2,007,000 170,000 253,000 256,000 264,000 329,000 339,000 367,000 370,000 360,000 358,000 
          cash paid for taxes
        		78,000 367,000 403,000 161,000 0   23,000 5,000   0 0       0 0   0 
          noncash investing and financing activities
        		                        
          property and equipment acquired but not yet paid
        		 -23,000 30,000 196,000 -34,000 25,000 16,000 38,000                 
          property and equipment acquired from tenant improvement allowance
        		0 784,000 4,116,000                      
          common stock issuance for acquired in-process research & development
        		   0                     
          loss on disposal of property and equipment
        		                        
          acquired in-process research and development
        		                        
          amortization of debt issuance costs
        		           0 0 4,424,000 567,000 180,000 180,000 179,000 235,000 214,000 225,000 269,000 165,000  
          (reversal of) benefit from allowance of credit losses
        		                        
          changes in operating assets and liabilities, net of business acquisition
        		                        
          payment of contingent consideration
        		                        
          acquisition of a business, net of cash acquired
        		           0 0 0 -140,741,000          
          payment of debt issuance costs
        		           0 0 0 -106,000         0 
          proceeds from debt
        		           0 0 0 75,000,000         10,000,000 
          repayment of debt
        		           -116,000 0 -79,500,000 -21,500,000          
          proceeds from offering of common stock upon follow-on public offering
        		       0                 
          payment of common stock offering costs upon follow-on public offering
        		       0                 
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		                        
          net increase in cash, cash equivalents and restricted cash
        		                        
          cash and cash equivalents, beginning of year
        		   0 0 0 238,846,000 0 0 0 220,878,000 0 0 0 241,181,000 0 0 0 171,082,000 0 0 0 98,306,000 0 
          cash, cash equivalents and restricted cash, end of year
        		                        
          common stock issuance for business acquisition
        		           0 0 0 55,728,000          
          contingent consideration for business acquisition
        		           0 0 880,000 6,750,000          
          common stock issuance for exclusive license asset
        		           0 0 0 3,637,000          
          accrued loan fees as debt issuance costs
        		           0 0 0 4,500,000         750,000 
          benefit from (reversal of) allowance of credit losses
        		    13,000 45,000 1,000                  
          deferred income taxes and other items
        		    -988,000 -516,000 -1,184,000 1,446,000 8,000 -428,000 -1,210,000 -4,379,000 2,089,000            
          lease liabilities
        		                        
          effect of exchange rate changes on cash and cash equivalents
        		    -189,000 -164,000 -584,000 -1,969,000 1,766,000 1,050,000 316,000 -261,000 -188,000 -72,000 13,000 183,000 99,000 -108,000 -177,000 153,000 -112,000 -43,000 -10,000 -10,000 
          net increase in cash and cash equivalents
        		      1,259,000 -2,485,000    -7,919,000 -2,343,000   -28,099,000 -18,399,000     -6,654,000 -8,972,000 78,158,000 
          cash and cash equivalents, end of period
        		    1,980,000 -94,762,000 240,105,000  38,095,000 -9,944,000 213,180,000  -2,343,000 100,178,000 130,962,000  -18,399,000 127,859,000 159,820,000  -6,449,000 -6,654,000 89,334,000  
          lease liability
        		     -333,000 9,000 18,000 17,000 16,000 20,000 28,000 34,000 39,000 42,000 52,000 142,000 155,000 161,000 -30,000 -48,000 -16,000 -32,000 -32,000 
          net decrease in cash and cash equivalents
        		         -9,944,000 -7,698,000    -110,219,000    -11,262,000      
          common stock issuance for acquired in-process research and development
        		                        
          cash and cash equivalents, end of year
        		                        
          reversal of allowance of credit losses
        		        -7,000 -11,000 -39,000              
          change in property and equipment acquired but not yet paid
        		         246,000 267,000              
          benefit from doubtful accounts
        		            0 -27,000 -65,000 0 -124,000 0 514,000      
          proceeds from issuance of common stock upon follow-on public offering
        		            0   0 0        
          payment of common stock issuance costs upon follow-on public offering
        		            0   0 0        
          forgiveness of stock subscriptions receivable
        		                        
          change in fair value of warrants
        		                        
          proceeds from issuance of common stock upon initial public offering
        		                        
          payment of common stock issuance costs upon initial public offering
        		                        
          proceeds from issuance of preferred stock and noncontrolling interest
        		                       0 
          payment of preferred stock issuance costs
        		                       0 
          repurchase of common stock
        		                        
          common stock issuance on stock option exercises for promissory notes
        		                       0 
          warrants issued as debt issuance costs
        		                       493,000 
          proceeds from sale of short-term investments
        		                       7,200,000