The information in this Report on Form 6-K is being filed to furnish the registrant’s Unaudited Condensed Consolidated Financial Statements at September 30, 2017 and for the nine months ended September 30, 2017 and 2016 and the related Management’s Discussion and Analysis. The information in this report shall be incorporated by reference into each of the following Registration Statements under the Securities Act of 1933, as amended, of the registrant: Form S-8 (File Nos. 333-177919, 333-180487, 333-187611, 333-194903, 333-203539, 333-211011, 333-214444, 333-215911 and 333-219430).
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|
FINANCIAL INFORMATION
|
|
|
|
|
|
Item 1. Unaudited Condensed Consolidated Financial Statements at and for the nine months ended
September 30, 2017
|
|
|
|
|
|
a) Unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2016 and 2017
|
4
|
|
|
|
|
b) Unaudited Condensed Consolidated Statements of Comprehensive Loss for the nine months ended September 30, 2016 and 2017
|
5
|
|
|
|
|
c) Unaudited Condensed Consolidated Statements of Financial Position at December 31, 2016 and at September 30, 2017
|
6
|
|
|
|
|
d) Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) for the nine months ended September 30, 2016 and 2017
|
7
|
|
|
|
|
e) Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2017
|
8
|
|
|
|
|
f) Notes to the Unaudited Condensed Consolidated Financial Statements
|
9
|
|
|
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
21
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
||||||
|
Note
|
|
2016
|
|
2017
|
|
||||
|
|
|
(in thousands, except share and per share amounts)
|
|
||||||
Revenue:
|
|
|
|
|
|
|||||
Product revenue
|
|
|
$
|
22,634
|
|
|
$
|
28,668
|
|
|
Other revenue
|
|
|
8,992
|
|
|
8,278
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Total revenue
|
3
|
|
31,626
|
|
|
36,946
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Cost of revenue:
|
|
|
|
|
|
|
|
|
||
Cost of product revenue
|
|
|
14,695
|
|
|
18,731
|
|
|
||
Cost of other revenue
|
|
|
2,282
|
|
|
1,795
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Total cost of revenue
|
|
|
16,977
|
|
|
20,526
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Gross profit
|
|
|
14,649
|
|
|
16,420
|
|
|
||
Operating expenses:
|
|
|
|
|
|
|
|
|
||
Research and development
|
4
|
|
20,007
|
|
|
19,217
|
|
|
||
Sales and marketing
|
|
|
4,922
|
|
|
6,582
|
|
|
||
General and administrative
|
|
|
4,598
|
|
|
4,520
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Total operating expenses
|
|
|
29,527
|
|
|
30,319
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Operating loss
|
|
|
(14,878)
|
|
|
(13,899
|
)
|
|
||
Financial income (expense):
|
|
|
|
|
|
|
|
|
||
Interest expense
|
|
|
(2,616)
|
|
|
(3,481
|
)
|
|
||
Interest income
|
|
|
10
|
|
|
47
|
|
|
||
Other financial expense
|
|
|
(83)
|
|
|
-
|
|
|
||
Change in the fair value of convertible debt embedded derivative
|
|
|
(1,583)
|
|
|
-
|
|
|
||
Foreign exchange gain (loss)
|
|
|
(77)
|
|
|
(962
|
)
|
|
||
|
|
|
|
|
|
|
|
|
||
Loss before income taxes
|
|
|
(19,227)
|
|
|
(18,295
|
)
|
|
||
|
|
|
|
|
|
|
|
|
||
Income tax expense (benefit)
|
5
|
|
189
|
|
|
219
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Loss
|
|
|
$
|
(19,416
|
)
|
|
$
|
(18,514
|
)
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
||
Shareholders of the parent
|
|
|
(19,416)
|
|
|
(18,514
|
)
|
|
||
Non-controlling interests
|
|
|
-
|
|
|
-
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Basic loss per share
|
|
|
$
|
(0.32
|
)
|
|
$
|
(0.24
|
)
|
|
|
|
|
|
|
|
|
|
|
||
Diluted loss per share
|
|
|
$
|
(0.32
|
)
|
|
$
|
(0.24
|
)
|
|
|
|
|
|
|
|
|
|
|
||
Weighted average number of shares used for computing:
|
|
|
|
|
|
|
|
|
||
Basic
|
|
|
60,049,335
|
|
|
76,918,723
|
|
|
||
|
|
|
|
|
|
|
|
|||
Diluted
|
|
|
60,049,335
|
|
|
76,918,723
|
|
|
||
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
||||||
|
|
2016
|
|
2017
|
||||
|
|
(in thousands)
|
||||||
Loss for the period
|
|
$
|
(19,416
|
)
|
|
$
|
(18,514
|
)
|
|
|
|
|
|
||||
Other comprehensive income (loss)
|
|
|
|
|||||
Other comprehensive income to be reclassified to profit or loss in subsequent periods :
|
|
|
|
|||||
Net gain (loss) on cash flow hedge
|
|
37
|
|
|
114
|
|
||
Exchange differences on translation of foreign operations
|
|
(31
|
)
|
|
81
|
|
||
Net other comprehensive income to be reclassified to profit or loss in subsequent periods
|
|
6
|
|
|
195
|
|
||
Other comprehensive income not to be reclassified to profit or loss in subsequent periods :
|
|
|
|
|
||||
Re-measurement gains (losses) on defined benefit plans
|
|
(47
|
)
|
|
(33
|
)
|
||
|
|
|
|
|
||||
Net other comprehensive income not to be reclassified to profit or loss in subsequent periods
|
|
(47
|
)
|
|
(33
|
)
|
||
|
|
|
|
|
||||
Total other comprehensive income (loss)
|
|
(41
|
)
|
|
162
|
|
||
|
|
|
|
|
||||
Total comprehensive loss
|
|
$
|
(19,457
|
)
|
|
$
|
(18,352
|
)
|
|
|
|
|
|
||||
Attributable to:
|
|
|
|
|
||||
Shareholders of the parent
|
|
$
|
(19,457
|
)
|
|
$
|
(18,352
|
)
|
Non-controlling interests
|
|
—
|
|
|
—
|
|
|
|
Note
|
|
At December 31, 2016
|
|
At September 30, 2017
|
|
|
||||
|
|
(in thousands)
|
|
|||||||||
ASSETS
|
|
|
|
|
|
|||||||
Non-current assets:
|
|
|
|
|
|
|||||||
|
Property, plant and equipment
|
|
|
$
|
6,659
|
|
|
$
|
6,567
|
|
|
|
|
Intangible assets
|
|
|
7,707
|
|
|
8,752
|
|
|
|
||
|
Deposits and other receivables
|
|
|
332
|
|
|
396
|
|
|
|
||
|
Available for sale assets
|
|
|
310
|
|
|
347
|
|
|
|
||
|
Total non-current assets
|
|
|
15,008
|
|
|
16,062
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
|
|
|
|||
|
Inventories
|
6
|
|
8,693
|
|
|
8,848
|
|
|
|
||
|
Trade receivables
|
7
|
|
15,285
|
|
|
16,327
|
|
|
|
||
|
Prepaid expenses and other receivables
|
|
|
3,172
|
|
|
4,086
|
|
|
|
||
|
Recoverable value added tax
|
|
|
470
|
|
|
539
|
|
|
|
||
|
Research tax credit receivable
|
4
|
|
1,902
|
|
|
2,386
|
|
|
|
||
|
Short term deposit
|
8
|
|
345
|
|
|
345
|
|
|
|
||
|
Cash and cash equivalents
|
8
|
|
20,202
|
|
|
12,982
|
|
|
|
||
|
Total current assets
|
|
|
50,069
|
|
|
45,513
|
|
|
|
||
|
Total assets
|
|
|
$
|
65,077
|
|
|
$
|
61,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
EQUITY AND LIABILITIES
|
|
|
|
|
|
|
|
|
|
|||
Equity:
|
|
|
|
|
|
|
|
|
|
|||
|
Issued capital euro 0.02 nominal value, 79,842,318 shares, issued and outstanding at September 30, 2017 (75,030,078 at December 31, 2016)
|
9
|
|
$
|
1,923
|
|
|
$
|
2,030
|
|
|
|
|
Share premium
|
9
|
|
189,029
|
|
|
204,936
|
|
|
|
||
|
Other capital reserves
|
10-11
|
|
28,257
|
|
|
29,215
|
|
|
|
||
|
Accumulated deficit
|
|
|
(209,553)
|
|
|
(228,067)
|
|
|
|
||
|
Other components of equity
|
|
|
(796)
|
|
|
(634)
|
|
|
|
||
|
Total equity
|
|
|
8,860
|
|
|
7,480
|
|
|
|
||
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|||
|
Government grant advances, loans and other liabilities
|
|
|
5,144
|
|
|
6,245
|
|
|
|
||
|
Convertible debt and accrued interest
|
11
|
|
16,338
|
|
|
5,953
|
|
|
|
||
|
Provisions
|
13
|
|
1,306
|
|
|
1,687
|
|
|
|
||
|
Other liabilities
|
14
|
|
22
|
|
|
24
|
|
|
|
||
|
Deferred revenue
|
14
|
|
1,940
|
|
|
1,405
|
|
|
|
||
|
Total non-current liabilities
|
|
|
24,750
|
|
|
15,314
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|||
|
Trade payables
|
|
|
18,358
|
|
|
11,587
|
|
|
|
||
|
Interest-bearing receivables financing
|
12
|
|
7,712
|
|
|
7,581
|
|
|
|
||
|
Government grant advances
|
|
|
601
|
|
|
796
|
|
|
|
||
|
Convertible debt and accrued interest
|
|
|
—
|
|
|
13,154
|
|
|
|
||
|
Other current liabilities
|
|
|
4,415
|
|
|
4,679
|
|
|
|
||
|
Deferred revenue
|
|
|
335
|
|
|
758
|
|
|
|
||
|
Provisions
|
13
|
|
46
|
|
|
226
|
|
|
|
||
|
Total current liabilities
|
|
|
31,467
|
|
|
38,781
|
|
|
|
||
|
Total equity and liabilities
|
|
|
$
|
65,077
|
|
|
$
|
61,575
|
|
|
|
|
|
Attributable to the shareholders of the parent
|
|
|
|||||||||||||||||||||||||||||
|
|
Ordinary shares
|
|
|
Share
premium
|
|
Other
capital
reserves
|
|
Accumulated
deficit
|
|
Cumulative
translation
adjustments
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Total
equity
|
|
|
||||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
(Note 9)
|
|
(Note 9)
|
|
(Note 9)
|
|
(Note 10)
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
(in thousands, except share and per share amounts)
|
|
|
|||||||||||||||||||||||||||||
At December 31, 2015
|
59,166,741
|
|
|
$
|
1,568
|
|
|
$
|
165,536
|
|
|
$
|
16,864
|
|
|
$
|
(184,765
|
)
|
|
$
|
(152
|
)
|
|
$
|
(299
|
)
|
|
$
|
(1,248
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Loss for the period
|
|
|
|
|
|
|
|
|
(19,416
|
)
|
|
|
|
|
|
(19,416
|
)
|
|
|
|||||||||||||
|
Re-measurement gains (losses) on defined benefit plans
|
|
|
|
|
|
|
|
|
|
|
|
|
(47)
|
|
|
(47
|
)
|
|
|
|||||||||||||
|
Foreign currency translation
|
|
|
|
|
|
|
|
|
|
|
|
(31)
|
|
|
|
|
(31
|
)
|
|
|
||||||||||||
|
Income and expense directly recognized in equity
|
|
|
|
|
|
|
|
|
|
|
|
|
37
|
|
|
37
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total comprehensive income (loss)
|
|
|
|
|
|
(19,416
|
)
|
|
(31
|
)
|
|
(10
|
)
|
|
(19,457)
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Issue of shares in connection with the public offering of September 2016 (Note 9)
|
15,151,520
|
|
|
339
|
|
|
24,661
|
|
|
|
|
|
|
|
|
|
25,000
|
|
|
|
||||||||||||
|
Transaction costs
|
|
|
|
(2,195
|
)
|
|
|
|
|
|
|
|
|
(2,195)
|
|
|
|
|||||||||||||||
|
Issue of shares in connection with the exercise of option and warrants
|
180,501
|
|
|
4
|
|
|
263
|
|
|
|
|
|
|
|
|
|
267
|
|
|
|
||||||||||||
|
Reclassification of embedded derivative of convertible debts
|
|
|
|
|
10,271
|
|
|
|
|
|
|
|
10,271
|
|
|
|
||||||||||||||||
|
Share-based payment
|
|
|
|
|
663
|
|
|
|
|
|
|
|
663
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
At September 30, 2016
|
74,498,762
|
|
|
$
|
1,911
|
|
|
$
|
188,265
|
|
|
$
|
27,798
|
|
|
$
|
(204,181
|
)
|
|
$
|
(183
|
)
|
|
$
|
(309
|
)
|
|
$
|
13,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
At December 31, 2016
|
75,030,078
|
|
|
$
|
1,923
|
|
|
$
|
189,029
|
|
|
$
|
28,257
|
|
|
$
|
(209,553
|
)
|
|
$
|
(526
|
)
|
|
$
|
(270
|
)
|
|
$
|
8,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Loss for the period
|
|
|
|
|
|
|
|
|
(18,514
|
)
|
|
|
|
|
(18,514)
|
|
|
|
||||||||||||||
|
Re-measurement gains (losses) on defined benefit plans
|
|
|
|
|
|
|
|
|
|
|
|
|
(33)
|
|
|
(33
|
)
|
|
|
|||||||||||||
|
Foreign currency translation
|
|
|
|
|
|
|
|
|
|
|
|
81
|
|
|
|
|
81
|
|
|
|
||||||||||||
|
Income and expense directly recognized in equity
|
|
|
|
|
|
|
|
|
|
|
|
|
114
|
|
|
114
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total comprehensive income (loss)
|
|
|
|
|
|
|
|
|
(18,514
|
)
|
|
81
|
|
|
81
|
|
|
(18,352)
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Issue of shares in connection with the public offering of June 2017 (Note 9)
|
4,312,500
|
|
|
96
|
|
|
16,291
|
|
|
|
|
|
|
|
|
|
|
16,387
|
|
|
|
|||||||||||
|
Transaction costs
|
|
|
|
|
(1,445
|
)
|
|
|
|
|
|
|
|
|
|
(1,445
|
)
|
|
|
|||||||||||||
|
Conversion of convertible debt (Note 11)
|
63,258
|
|
|
2
|
|
|
165
|
|
|
|
|
|
|
|
|
|
|
167
|
|
|
|
|||||||||||
|
Issue of shares in connection with the exercise of option and warrants
|
436,482
|
|
|
9
|
|
|
896
|
|
|
|
|
|
|
|
|
|
|
905
|
|
|
|
|||||||||||
|
Share-based payment
|
|
|
|
|
|
|
958
|
|
|
|
|
|
|
|
958
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
At September 30, 2017
|
79,842,318
|
|
|
$
|
2,030
|
|
|
$
|
204,936
|
|
|
$
|
29,215
|
|
|
$
|
(228,067
|
)
|
|
$
|
(445
|
)
|
|
$
|
(189
|
)
|
|
$
|
7,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|||||||
|
|
|
Note
|
|
2016
|
|
2017
|
||||||
|
|
|
|
|
(in thousands)
|
||||||||
Operating activities:
|
|
|
|
|
|
||||||||
|
Loss before income taxes
|
|
|
$
|
(19,227
|
)
|
$
|
(18,295
|
)
|
||||
|
Non-cash adjustment to reconcile loss before income taxes to net cash from (used in) operating activities:
|
|
|
|
|
|
|
||||||
|
|
Depreciation and impairment of property, plant and equipment
|
|
|
2,353
|
|
2,025
|
|
|||||
|
|
Amortization and impairment of intangible assets
|
|
|
1,532
|
|
1,758
|
|
|||||
|
|
Share-based payment expense
|
|
|
663
|
|
958
|
|
|||||
|
|
Increase in provisions
|
|
|
50
|
|
528
|
|
|||||
|
|
Financial expense
|
|
|
2,616
|
|
3,434
|
|
|||||
|
|
Change in the fair value of convertible debt embedded derivative
|
11
|
|
1,583
|
|
—
|
|
|||||
|
|
Other financial expenses
|
|
|
83
|
|
—
|
|
|||||
|
|
Foreign exchange gain
|
|
|
181
|
|
567
|
|
|||||
|
Working capital adjustments:
|
|
|
|
|
|
|
||||||
|
|
Decrease (increase) in trade receivables and other receivable
|
|
|
1,504
|
|
(2,057)
|
|
|||||
|
|
Increase in inventories
|
|
|
(2,903)
|
|
(155)
|
|
|||||
|
|
Decrease (increase) in research tax credit receivable
|
|
|
940
|
|
(484)
|
|
|||||
|
|
Increase (decrease) in trade payables and other liabilities
|
|
|
1,893
|
|
(7,152)
|
|
|||||
|
|
Decrease in deferred revenue
|
|
|
(444)
|
|
(112)
|
|
|||||
|
|
Decrease in government grant advances
|
|
|
(559)
|
|
(403)
|
|
|||||
|
Income tax paid
|
|
|
(175)
|
|
|
(206
|
)
|
|||||
Net cash flow used in operating activities
|
|
|
$
|
(9,910
|
)
|
|
$
|
(19,594
|
)
|
||||
|
|
|
|
|
|
|
|
|
|||||
Investing activities:
|
|
|
|
|
|
|
|||||||
|
Purchase of intangible assets and property, plant and equipment
|
|
|
$(3,724)
|
|
$(2,605)
|
|
||||||
|
Capitalized development expenditures
|
|
—
|
|
(1,491)
|
|
|||||||
|
Sale of financial assets
|
|
|
(11)
|
|
(101)
|
|
||||||
|
Sale of short-term investments
|
|
|
49
|
|
0
|
|
||||||
|
Interest received
|
|
|
10
|
|
47
|
|
||||||
Net cash flow used in investments activities
|
|
|
$
|
(3,676
|
)
|
|
$
|
(4,150
|
)
|
||||
|
|
|
|
|
|
|
|
|
|||||
Financing activities:
|
|
|
|
|
|
|
|||||||
|
Public equity offering proceeds, net of transaction costs paid
|
|
|
$
|
23,445
|
|
|
$
|
14,942
|
|
|||
|
Proceeds from issue of shares and warrants, net of transaction costs
|
|
|
267
|
|
|
906
|
|
|||||
|
Repayment of interest-bearing receivables financing
|
|
|
(843)
|
|
|
(131
|
)
|
|||||
|
Proceeds from interest-bearing research project financing
|
|
|
—
|
|
|
1,126
|
|
|||||
|
Proceeds from convertible debt, net of transaction cost
|
|
|
6,932
|
|
|
—
|
|
|||||
|
Repayment of government loans
|
|
|
—
|
|
|
(56
|
)
|
|||||
|
Repayment of borrowings and finance lease liabilities
|
|
|
(12)
|
|
|
—
|
|
|||||
|
Interest paid
|
|
|
(159)
|
|
|
(272
|
)
|
|||||
Net cash flows from financing activities
|
|
$
|
29,630
|
|
|
$
|
16,515
|
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
|
|
16,044
|
|
|
(7,229
|
)
|
|||||
|
Net foreign exchange difference
|
|
|
(25)
|
|
|
9
|
|
|||||
|
Cash and cash equivalent at previous period
|
|
|
8,288
|
|
|
20,202
|
|
|||||
Cash and cash equivalent at period end
|
|
|
$
|
24,307
|
|
|
$
|
12,982
|
|
•
|
Amendments to IAS 7: Disclosure Initiative
|
•
|
Amendments to IAS12: Recognition of deferred tax assets for unrealized losses
|
•
|
Annual improvement to IFRS (Cycle 2014 - 2016)
|
•
|
IFRS 9 - Financial Instruments: Classification and Measurement
|
•
|
IFRS 15 - Revenue from contracts with customers
|
•
|
IFRS 16 - Leases
|
•
|
Amendments to IFRS2: Classification and measurement of share-based payment transactions
|
•
|
Annual Improvements to IFRS (2014-2016)
|
•
|
IFRIC 22 Foreign Currency Transactions and Advance Considerations
|
•
|
IFRIC 23 Uncertainty over Income Tax Treatments
|
|
Europe,
Middle East,
Africa
|
|
Americas
|
|
Asia
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Nine months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales to external customers
|
$
|
4,499
|
|
|
$
|
4,241
|
|
|
$
|
22,886
|
|
|
$
|
31,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales to external customers
|
$
|
1,961
|
|
|
$
|
11,010
|
|
|
$
|
23,975
|
|
|
$
|
36,946
|
|
|
|
|
|
|
|
|
|
Customer Customer Location
|
|
|
Nine months ended
September 30,
|
|
Trade receivables at September30, 2017
|
|
|
|||||
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
|
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|||||||
|
|
(in thousands)
|
(in thousands)
|
|
|
|||||||
|
|
|
|
|
||||||||
A Taiwan
|
|
24%
|
|
15%
|
|
$3,023,000
|
|
|||||
B Taiwan
|
|
Less than 10%
|
|
14%
|
|
$2,230,000
|
|
|||||
C USA
|
|
Less than 10%
|
|
Less than 10%
|
|
$1,732,000
|
|
|||||
D China
|
|
Less than 10%
|
|
10%
|
|
$1,910,000
|
|
|||||
E China
|
|
21%
|
|
Less than 10%
|
|
$458,000
|
|
|
|
Nine months ended
September 30,
|
|
||||||
|
|
2016
|
|
2017
|
|
||||
|
|
(Unaudited)
|
|||||||
|
|
(in thousands)
|
|||||||
Consolidated Statement of Operations
|
|
|
|
||||||
|
|
|
|||||||
Current income tax charge
|
|
$
|
189
|
|
|
$
|
219
|
|
|
Deferred income tax
|
|
—
|
|
|
—
|
|
|
||
Income tax expense reported in the Consolidated Statement of Operations
|
|
$
|
189
|
|
|
$
|
219
|
|
|
|
|
|
|
|
At December 31, 2016
|
|
At September 30, 2017
|
|||||||
|
|
|
|
(in thousands)
|
|
|||||
Components
|
|
|
$
|
4,686
|
|
|
|
$
|
3,413
|
|
Work in progress
|
|
|
780
|
|
|
|
|
881
|
|
|
Finished goods (at lower of cost or net realizable value)
|
|
|
6,195
|
|
|
|
|
5,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total inventories at cost
|
|
$
|
11,661
|
|
|
|
$
|
9,302
|
|
|
|
|
|
|
|
|
|
|
|||
Depreciation of components (at cost)
|
|
$
|
277
|
|
|
|
$
|
13
|
|
|
Depreciation of finished goods
|
|
|
2,691
|
|
|
|
|
441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total depreciation
|
|
$
|
2,968
|
|
|
|
$
|
454
|
|
|
|
|
|
|
|
|
|
|
|||
Components, net
|
|
$
|
4,409
|
|
|
|
$
|
3,400
|
|
|
Work in progress
|
|
|
780
|
|
|
|
|
881
|
|
|
Finished goods, net
|
|
|
3,504
|
|
|
|
|
4,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net inventories
|
|
$
|
8,693
|
|
|
|
$
|
8,848
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2016
|
|
At September 30, 2017
|
||||
|
(in thousands)
|
||||||
Trade receivables
|
$
|
14,427
|
|
|
$
|
14,240
|
|
Unbilled revenue
|
1,624
|
|
|
3,025
|
|
||
Unissued credit notes
|
(138
|
)
|
|
(250
|
)
|
||
Provisions on trade receivables
|
(628
|
)
|
|
(688
|
)
|
||
|
|
|
|
|
|
||
Net trade receivables
|
$
|
15,285
|
|
|
$
|
16,327
|
|
|
Year ended December 31,
2016
|
|
Nine months ended September 30, 2017
|
||||
|
(in thousands)
|
||||||
At January 1,
|
$
|
588
|
|
|
$
|
628
|
|
Charge for the period
|
40
|
|
|
60
|
|
||
Utilized amounts
|
—
|
|
|
—
|
|
||
At period end
|
$
|
628
|
|
|
$
|
688
|
|
|
|
|
|
Total
|
|
Neither past
due nor
Impaired
|
|
Past due but not impaired
|
|||||||||||||||
|
|
|
|
|
<30 days
|
30-60 days
|
60-120 days
|
>120 days
|
||||||||||||
|
(in thousands)
|
|||||||||||||||||||
At December 31, 2016
|
$
|
15,285
|
|
|
$
|
12,995
|
|
|
$
|
412
|
|
$
|
374
|
|
$
|
1,494
|
|
$
|
10
|
|
At September 30, 2017
|
$
|
16,327
|
|
|
$
|
12,264
|
|
|
$
|
2,172
|
|
$
|
948
|
|
$
|
54
|
|
$
|
889
|
|
|
At December 31,
2016
|
|
At
September 30, 2017
|
||||
|
(in thousands)
|
||||||
Cash at banks
|
$
|
8,765
|
|
|
$
|
8,604
|
|
Cash equivalents
|
11,437
|
|
|
4,378
|
|
||
Cash and cash equivalents
|
$
|
20,202
|
|
|
$
|
12,982
|
|
|
|
|
|
||||
Short-term investments
|
$
|
345
|
|
|
$
|
345
|
|
|
|
|
|
||||
|
At December 31,
2016
|
|
At
September 30, 2017
|
||||
|
|
|
|
||||
U.S. dollar denominated accounts
|
$
|
19,122
|
|
|
$
|
10,163
|
|
Euro denominated accounts
|
949
|
|
|
2,584
|
|
||
GBP denominated accounts
|
23
|
|
|
71
|
|
||
SGP denominated accounts
|
53
|
|
|
96
|
|
||
NIS denominated accounts
|
36
|
|
|
39
|
|
||
RMB denominated accounts
|
2
|
|
|
2
|
|
||
Other currencies denominated accounts
|
17
|
|
|
27
|
|
||
Cash and cash equivalents
|
$
|
20,202
|
|
|
$
|
12,982
|
|
|
Nine months ended
September 30,
|
|
||||||
|
2016
|
|
2017
|
|
||||
|
(in thousands)
|
|||||||
Cost of revenue
|
$
|
12
|
|
|
$
|
7
|
|
|
Research and development
|
283
|
|
|
293
|
|
|
||
Sales and marketing
|
105
|
|
|
199
|
|
|
||
General and administrative
|
263
|
|
|
459
|
|
|
||
|
|
|
|
|
|
|||
Total
|
$
|
663
|
|
|
$
|
958
|
|
|
|
|
|
|
|
•
|
A liability component reflecting the Company’s contractual obligation to pay interest and redeem the bonds in cash; and
|
•
|
An embedded derivative, which is the Holders’ call option whereby the Company can be required to issue a number of shares in exchange for notes at a rate which may vary during the first twelve months after issuance of the 2015 note and during the period beginning on April 28, 2016 and ending on May 12, 2016 for the 2016 notes.
|
|
Post-
employment
benefits
|
|
Others
|
|
Total
|
|
Current
|
|
Non-current
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
At December 31, 2016
|
$
|
688
|
|
|
$
|
664
|
|
|
$
|
1,352
|
|
|
$
|
46
|
|
|
$
|
1,306
|
|
Arising during the period
|
114
|
|
|
681
|
|
|
795
|
|
|
209
|
|
|
586
|
|
|||||
Released (used) during the period
|
|
|
(29)
|
|
|
(29)
|
|
|
(29)
|
|
|
—
|
|
||||||
Released (unused) during the period
|
|
|
(205)
|
|
|
(205)
|
|
|
—
|
|
|
(205)
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
At September 30, 2017
|
$
|
802
|
|
|
$
|
1,111
|
|
|
$
|
1,913
|
|
|
$
|
226
|
|
|
$
|
1,687
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2016
|
|
At
September 30, 2017
|
||||
|
(in thousands)
|
||||||
Deferred tax
|
$
|
22
|
|
|
$
|
24
|
|
Deferred revenue
|
1,940
|
|
|
1,405
|
|
||
|
|
|
|
|
|
||
Total other non-current liabilities
|
$
|
1,962
|
|
|
$
|
1,429
|
|
|
|
|
|
•
|
Operating activities, when revenues or expenses are denominated in different currencies from the functional currency of the entity carrying out these transactions.
|
•
|
Non derivative monetary financial instruments that are denominated and settled in a currency different from the functional currency of the entity which holds them.
|
|
At December 31, 2016
|
||||||||
|
Notional Amount
|
|
Fair value
|
||||||
|
(in thousands)
|
||||||||
Forward contracts (buy euros, sell U.S. dollars)
|
€
|
5,750
|
|
|
$
|
(142
|
)
|
||
Options (buy euros, sell U.S. dollars)
|
1,500
|
|
|
(8)
|
|
||||
|
|
|
|||||||
Total
|
€
|
7,250
|
|
|
$
|
(150
|
)
|
||
|
|
|
|
|
At September 30, 2017
|
||||||
|
Notional Amount
|
|
Fair value
|
||||
|
(in thousands)
|
||||||
Forward contracts (buy euros, sell U.S. dollars)
|
€
|
500
|
|
|
$
|
(14
|
)
|
|
|
|
|
|
|
||
Total
|
€
|
500
|
|
|
$
|
(14
|
)
|
|
|
|
|
|
Nine months ended
September 30,
|
|
Change
|
|
|||||||
|
2016
|
|
2017
|
%
|
|
||||||
|
(
Unaudited
)
|
|
|
||||||||
|
(in thousands)
|
|
|
||||||||
Revenue:
|
|
|
|
|
|
||||||
Product revenue
|
$
|
22,634
|
|
|
$
|
28,668
|
|
27 %
|
|
||
Other revenue
|
8,992
|
|
|
8,278
|
|
(8)
|
|
||||
Total revenue
|
31,626
|
|
|
36,946
|
|
17
|
|
||||
Cost of revenue:
|
|
|
|
|
|
||||||
Cost of product revenue
|
14,695
|
|
|
18,731
|
|
27
|
|
||||
Cost of other revenue
|
2,282
|
|
|
1,795
|
|
(21)
|
|
||||
Total cost of revenue
|
16,977
|
|
|
20,526
|
|
21
|
|
||||
|
|
|
|
|
|
||||||
Gross profit
|
14,649
|
|
|
16,420
|
|
12
|
|
||||
Operating expenses:
|
|
|
|
|
|
||||||
Research and development
|
20,007
|
|
|
19,217
|
|
(4)
|
|
||||
Sales and marketing
|
4,922
|
|
|
6,582
|
|
34
|
|
||||
General and administrative
|
4,598
|
|
|
4,520
|
|
(2)
|
|
||||
|
|
|
|
|
|
||||||
Total operating expenses
|
29,527
|
|
|
30,319
|
|
3
|
|
||||
|
|
|
|
|
|
||||||
Operating loss
|
(14,878)
|
|
|
(13,899)
|
|
(7)
|
|
||||
Financial income (expense):
|
|
|
|
|
|
||||||
Interest income
|
10
|
|
|
47
|
|
370
|
|
||||
Interest expense
|
(2,616)
|
|
|
(3,481)
|
|
33
|
|
||||
Other financial expense
|
(83)
|
|
|
—
|
|
(100)
|
|
||||
Change in the fair value of convertible debt embedded derivative
|
(1,583)
|
|
|
—
|
|
(100)
|
|
||||
Foreign exchange gain (loss)
|
(77)
|
|
|
(962)
|
|
1,149
|
|
||||
|
|
|
|
|
|
||||||
Loss before income taxes
|
(19,227)
|
|
|
(18,295)
|
|
(5)
|
|
||||
Income tax expense (benefit)
|
189
|
|
|
219
|
|
16
|
|
||||
|
|
|
|
|
|
||||||
Loss
|
$
|
(19,416
|
)
|
|
$
|
(18,514
|
)
|
|
(5)
|