$MASS
908 Devices Inc.

2021 Q4 Form 10-K Financial Statement

#000155837022003363 Filed on March 11, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $15.84M $42.21M $5.720M
YoY Change 176.94% 56.93% -31.5%
Cost Of Revenue $6.707M $18.97M $3.140M
YoY Change 113.6% 58.49% -21.7%
Gross Profit $9.134M $23.23M $2.580M
YoY Change 254.03% 55.69% -40.42%
Gross Profit Margin 57.66% 55.05% 45.1%
Selling, General & Admin $8.917M $32.24M $4.180M
YoY Change 113.33% 157.82% 56.55%
% of Gross Profit 97.62% 138.75% 162.02%
Research & Development $3.745M $13.07M $2.280M
YoY Change 64.25% 58.68% 15.74%
% of Gross Profit 41.0% 56.24% 88.37%
Depreciation & Amortization $289.0K $900.0K $220.0K
YoY Change 31.36% 12.5% 4.76%
% of Gross Profit 3.16% 3.87% 8.53%
Operating Expenses $12.66M $45.30M $6.460M
YoY Change 96.01% 118.45% 38.92%
Operating Profit -$3.528M -$22.07M -$3.880M
YoY Change -9.07% 279.52% 1112.5%
Interest Expense -$40.00K $486.0K -$240.0K
YoY Change -83.33% -50.2% -4.0%
% of Operating Profit
Other Income/Expense, Net $103.0K -$100.0K -$6.100M
YoY Change -101.69% -98.57% -8814.29%
Pretax Income -$3.465M -$22.17M -$10.23M
YoY Change -66.13% 72.93% 1987.76%
Income Tax
% Of Pretax Income
Net Earnings -$3.465M -$22.20M -$10.23M
YoY Change -66.13% 73.18% 1987.76%
Net Earnings / Revenue -21.87% -52.6% -178.85%
Basic Earnings Per Share -$0.79
Diluted Earnings Per Share -$117.5K -$0.79 -$789.4K
COMMON SHARES
Basic Shares Outstanding 27.90M 27.96M
Diluted Shares Outstanding 27.96M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.1M $224.1M $159.2M
YoY Change 40.75% 40.75%
Cash & Equivalents $224.1M $224.1M $159.2M
Short-Term Investments
Other Short-Term Assets $4.527M $4.527M $300.0K
YoY Change 1409.0% 1409.0%
Inventory $7.918M $7.918M $4.568M
Prepaid Expenses
Receivables $16.38M $16.38M $6.825M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $252.9M $252.9M $171.0M
YoY Change 47.92% 47.89%
LONG-TERM ASSETS
Property, Plant & Equipment $1.603M $6.785M $850.0K
YoY Change 88.59% -4.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.228M $1.228M $723.0K
YoY Change 69.85% 75.43%
Total Long-Term Assets $8.013M $8.013M $7.860M
YoY Change 1.95% 2.73%
TOTAL ASSETS
Total Short-Term Assets $252.9M $252.9M $171.0M
Total Long-Term Assets $8.013M $8.013M $7.860M
Total Assets $260.9M $260.9M $178.8M
YoY Change 45.9% 45.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.371M $1.371M $1.004M
YoY Change 36.55% 37.1%
Accrued Expenses $6.961M $8.305M $5.038M
YoY Change 38.17% 33.95%
Deferred Revenue $5.160M $3.104M
YoY Change 66.24%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $500.0K
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $14.84M $14.84M $10.83M
YoY Change 36.95% 37.37%
LONG-TERM LIABILITIES
Long-Term Debt $15.00M $15.00M $14.33M
YoY Change 4.66% 4.9%
Other Long-Term Liabilities $16.47M $16.47M $194.0K
YoY Change 8387.63% 12.78%
Total Long-Term Liabilities $15.00M $31.47M $14.53M
YoY Change 3.26% 8.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.84M $14.84M $10.83M
Total Long-Term Liabilities $15.00M $31.47M $14.53M
Total Liabilities $46.30M $46.30M $39.79M
YoY Change 16.38% 16.34%
SHAREHOLDERS EQUITY
Retained Earnings -$100.6M -$78.47M
YoY Change 28.25%
Common Stock $31.00K $27.00K
YoY Change 14.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $214.6M $214.6M $139.0M
YoY Change
Total Liabilities & Shareholders Equity $260.9M $260.9M $178.8M
YoY Change 45.9% 45.92%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$3.465M -$22.20M -$10.23M
YoY Change -66.13% 73.18% 1987.76%
Depreciation, Depletion And Amortization $289.0K $900.0K $220.0K
YoY Change 31.36% 12.5% 4.76%
Cash From Operating Activities -$9.220M -$29.08M $2.330M
YoY Change -495.71% -803.99% 832.0%
INVESTING ACTIVITIES
Capital Expenditures -$54.00K $737.0K $0.00
YoY Change 8088.89% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$54.00K -$737.0K $0.00
YoY Change 8088.89% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 94.53M 94.73M 137.2M
YoY Change -31.09% -30.95% 1371700.0%
NET CHANGE
Cash From Operating Activities -9.220M -29.08M 2.330M
Cash From Investing Activities -54.00K -737.0K 0.000
Cash From Financing Activities 94.53M 94.73M 137.2M
Net Change In Cash 85.26M 64.91M 139.5M
YoY Change -38.89% -54.07% 92906.67%
FREE CASH FLOW
Cash From Operating Activities -$9.220M -$29.08M $2.330M
Capital Expenditures -$54.00K $737.0K $0.00
Free Cash Flow -$9.166M -$29.82M $2.330M
YoY Change -493.39% -823.41% 547.22%

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CY2021 mass Increase Decrease In Right Of Use Operating Assets
IncreaseDecreaseInRightOfUseOperatingAssets
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CY2020 mass Increase Decrease In Right Of Use Operating Assets
IncreaseDecreaseInRightOfUseOperatingAssets
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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CY2020 us-gaap Increase Decrease In Operating Lease Liability
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CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2020 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Proceeds From Issuance Initial Public Offering
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CY2021 us-gaap Payments Of Stock Issuance Costs
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Proceeds From Long Term Lines Of Credit
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
224133000
CY2021 us-gaap Repayments Of Long Term Lines Of Credit
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CY2021 us-gaap Repayments Of Unsecured Debt
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CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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CY2020 mass Proceeds From Paycheck Protection Program Loan
ProceedsFromPaycheckProtectionProgramLoan
2202000
CY2020 mass Repayment Of Paycheck Protection Program Loan
RepaymentOfPaycheckProtectionProgramLoan
2202000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021 mass Public Offering Costs Included In Accounts Payable And Accrued Expenses
PublicOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
112000
CY2020 mass Public Offering Costs Included In Accounts Payable And Accrued Expenses
PublicOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
576000
CY2021 mass Transfers Of Inventory To Property And Equipment
TransfersOfInventoryToPropertyAndEquipment
940000
CY2020 mass Transfers Of Inventory To Property And Equipment
TransfersOfInventoryToPropertyAndEquipment
346000
CY2020 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
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CY2020 us-gaap Conversion Of Stock Amount Converted1
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CY2020 mass Reclassification Of Warrant Liability To Equity
ReclassificationOfWarrantLiabilityToEquity
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
159227000
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
224133000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
159227000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
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CY2020 us-gaap Interest Paid Net
InterestPaidNet
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CY2021 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2012-02-10
CY2021Q4 mass Proceeds From Issuance Secondary Public Offering
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94400000
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CY2020 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the valuation of inventory and the valuation of common stock and stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of March 11, 2022, the date of issuance of these consolidated financial statements. These estimates may change, as new events occur and additional information is obtained. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.</p>
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Risk of Concentrations of Credit, Significant Customers and Significant Suppliers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with two financial </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">institutions that management believes to be of high credit quality. The Company has not experienced any other-than-temporary losses with respect to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Significant customers are those that accounted for 10%<span style="white-space:pre-wrap;"> or more of the Company’s total revenue or accounts receivable. One customer represented 43% and 33% of total revenue, respectively, for the year ended December 31, 2021 and 2020. As of December 31, 2021, two customers accounted for 63% and 11% of gross accounts receivable. As of December 31, 2020, three customers accounted for 27%, 11% and 11%, respectively, of gross accounts receivable.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The credit and economic conditions within countries in Europe, Middle East and Africa that the Company does business with have been weak in recent years. These conditions have continued to deteriorate as a result of COVID-19 and may continue to increase the average length of time that it takes to collect on the accounts receivables outstanding in these countries. As of December 31, 2021, the gross accounts receivable balance from these countries amounted to $3.0 million, of which $1.7 million is more than 90 days past due and for which the Company has provided for an allowance for doubtful accounts of $1.7 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Certain of the components included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those limited sources of suppliers and manufacturers, the partial or complete loss of certain of these sources, or the requirement to establish a new supplier for the components, could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships.</p>
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020 us-gaap Advertising Expense
AdvertisingExpense
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NonCashTransactionExerciseOfWarrantsNumberOfCommonSharesIssued
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CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2020 us-gaap Depreciation Depletion And Amortization
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CY2021Q4 us-gaap Employee Related Liabilities Current
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CY2020Q4 us-gaap Employee Related Liabilities Current
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CY2020Q4 us-gaap Product Warranty Accrual Classified Current
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CY2020Q4 us-gaap Accrued Professional Fees Current
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2021 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2020 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2021 us-gaap Standard Product Warranty Accrual Payments
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CY2021Q4 us-gaap Standard Product Warranty Accrual
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CY2020Q4 us-gaap Standard Product Warranty Accrual
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CY2020Q4 mass Debt Instrument Carrying Amount Noncurrent
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2020Q4 us-gaap Long Term Debt Noncurrent
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CY2020Q4 mass Total Shares Authorized
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CommonStockSharesAuthorized
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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AllocatedShareBasedCompensationExpense
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CY2020 us-gaap Operating Lease Cost
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CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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CY2020 us-gaap Variable Lease Cost
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CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
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CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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24487000
CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
1314000
CY2020Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
1602000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
1314000
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DeferredIncomeTaxLiabilities
1602000
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32631000
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DeferredTaxAssetsValuationAllowance
22885000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
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UnrecognizedTaxBenefits
0
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22885000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
20903000
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ValuationAllowanceDeferredTaxAssetChangeInAmount
9746000
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ValuationAllowanceDeferredTaxAssetChangeInAmount
1982000
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DeferredTaxAssetsValuationAllowance
32631000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22885000
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0

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