2016 Q1 Form 10-Q Financial Statement

#000156459016019580 Filed on May 16, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $6.562M $7.216M
YoY Change -9.06% 21.81%
Cost Of Revenue $2.772M $2.711M
YoY Change 2.25% 25.39%
Gross Profit $3.790M $4.505M
YoY Change -15.87% 19.75%
Gross Profit Margin 57.76% 62.43%
Selling, General & Admin $7.413M $4.728M
YoY Change 56.79% 44.63%
% of Gross Profit 195.59% 104.95%
Research & Development $3.159M $1.421M
YoY Change 122.31% 97.36%
% of Gross Profit 83.35% 31.54%
Depreciation & Amortization $261.0K $165.0K
YoY Change 58.18% 55.66%
% of Gross Profit 6.89% 3.66%
Operating Expenses $13.13M $8.607M
YoY Change 52.56% 39.93%
Operating Profit -$6.569M -$1.391M
YoY Change 372.25% 512.78%
Interest Expense $266.0K $827.0K
YoY Change -67.84% -250.36%
% of Operating Profit
Other Income/Expense, Net -$2.917M -$54.00K
YoY Change 5301.85% -89.79%
Pretax Income -$9.752M -$2.270M
YoY Change 329.6% 74.62%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.752M -$2.272M
YoY Change 329.23% 74.23%
Net Earnings / Revenue -148.61% -31.49%
Basic Earnings Per Share -$0.81 -$0.19
Diluted Earnings Per Share -$0.81 -$0.19
COMMON SHARES
Basic Shares Outstanding 11.97M 11.81M
Diluted Shares Outstanding 11.97M 11.81M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.80M $39.00M
YoY Change -38.97% 712.5%
Cash & Equivalents $23.75M $38.99M
Short-Term Investments
Other Short-Term Assets $800.0K $700.0K
YoY Change 14.29% -61.11%
Inventory $600.0K $775.0K
Prepaid Expenses
Receivables $2.500M $1.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.70M $42.30M
YoY Change -34.52% 345.27%
LONG-TERM ASSETS
Property, Plant & Equipment $2.300M $2.174M
YoY Change 5.8% 44.93%
Goodwill $12.01M
YoY Change
Intangibles $6.650M
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $0.00
YoY Change -100.0%
Total Long-Term Assets $21.13M $20.98M
YoY Change 0.75% 1211.0%
TOTAL ASSETS
Total Short-Term Assets $27.70M $42.30M
Total Long-Term Assets $21.13M $20.98M
Total Assets $48.83M $63.28M
YoY Change -22.83% 470.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.536M $1.371M
YoY Change 84.97% 71.38%
Accrued Expenses $7.100M $3.400M
YoY Change 108.82% 112.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.400M $1.056M
YoY Change 316.67% -80.8%
Total Short-Term Liabilities $14.20M $6.275M
YoY Change 126.29% -40.8%
LONG-TERM LIABILITIES
Long-Term Debt $11.37M $14.61M
YoY Change -22.18% 37.82%
Other Long-Term Liabilities $2.800M $28.00K
YoY Change 9900.0% -99.58%
Total Long-Term Liabilities $11.37M $14.64M
YoY Change -22.33% -14.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.20M $6.275M
Total Long-Term Liabilities $11.37M $14.64M
Total Liabilities $28.37M $23.81M
YoY Change 19.17% -14.35%
SHAREHOLDERS EQUITY
Retained Earnings -$182.8M -$161.6M
YoY Change 13.11%
Common Stock $12.00K $12.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.46M $39.47M
YoY Change
Total Liabilities & Shareholders Equity $48.83M $63.28M
YoY Change -22.83% 470.06%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$9.752M -$2.272M
YoY Change 329.23% 74.23%
Depreciation, Depletion And Amortization $261.0K $165.0K
YoY Change 58.18% 55.66%
Cash From Operating Activities -$6.190M -$1.010M
YoY Change 512.87% -661.11%
INVESTING ACTIVITIES
Capital Expenditures $109.0K $364.0K
YoY Change -70.05% 1815.79%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$110.0K -$360.0K
YoY Change -69.44% 1700.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 170.0K 3.930M
YoY Change -95.67% -973.33%
NET CHANGE
Cash From Operating Activities -6.190M -1.010M
Cash From Investing Activities -110.0K -360.0K
Cash From Financing Activities 170.0K 3.930M
Net Change In Cash -6.130M 2.560M
YoY Change -339.45% -982.76%
FREE CASH FLOW
Cash From Operating Activities -$6.190M -$1.010M
Capital Expenditures $109.0K $364.0K
Free Cash Flow -$6.299M -$1.374M
YoY Change 358.44% -953.42%

Facts In Submission

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses in the unaudited condensed financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to (i)&#160;revenue recognition, (ii)&#160;the differences between amounts billed and estimated receipts from payers, (iii)&#160;the determination of the accruals for clinical studies, (iv)&#160;the determination of refunds to be requested by third-party payers, (v)&#160;the fair value of assets and liabilities, (vi)&#160;the valuation of warrants to purchase common stock, (vii)&#160;the fair value of contingent consideration in a business acquisition, (viii) the fair value of embedded derivatives, (ix) measurement of stock-based compensation expense, (x)&#160;the determination of the valuation allowance and estimated tax benefit associated with deferred tax assets and net deferred tax liability, (xi)&#160;any impairment of long-lived assets including in-process technology and goodwill and (xii)&#160;legal contingencies. Actual results could differ from those estimates.</p></div>
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentrations of Credit Risk and Other Risks and Uncertainties</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and accounts receivable. The Company&#8217;s policy is to invest its cash and cash equivalents in money market funds, obligations of U.S. government agencies and government-sponsored entities, commercial paper, and various bank deposit accounts. These financial instruments were held in Company accounts at two financial institutions. The counterparties to the agreements relating to the Company&#8217;s investments consist of financial institutions of high credit standing. The Company is exposed to credit risk in the event of default by the financial institutions to the extent of amounts recorded on the balance sheets which may be in excess of insured limits.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is also subject to credit risk from its accounts receivable which are derived from revenue earned from AlloMap tests provided for patients located in the U.S. and billed to various third-party payers. <font style="color:#000000;">The Company has not experienced any significant credit losses and does not generally require collateral on receivables. </font>For the three months ended March&#160;31, 2016 and 2015, approximately 47%, and 52%, respectively, of testing revenue was derived from Medicare. No other payers represented more than 10% of testing revenue for these periods. At March&#160;31, 2016, Medicare, Aetna and Humana accounted for approximately 30%, 21% and 11% of accounts receivable, respectively. At December&#160;31, 2015, Medicare and Aetna accounted for approximately 35% and 21% of accounts receivable, respectively. No other payers represented more than 10% of accounts receivable at March&#160;31, 2016 and December&#160;31, 2015. </p></div>
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CY2016Q1 us-gaap Revenue Recognition Multiple Element Arrangements
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71000
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
654000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
540000
CY2016Q1 cdna Description Of Agreement Expected Expiration Year
DescriptionOfAgreementExpectedExpirationYear
The agreement will expire at the later of the last-to-expire patent in the EEA or ten years from the first commercial sale of the test in the EEA, which occurred in 2014.
CY2013Q2 cdna Potential Refundable Portion Of Upfront Payment
PotentialRefundablePortionOfUpfrontPayment
250000
CY2013Q2 cdna Potential Refundable Portion Of Upfront Payment
PotentialRefundablePortionOfUpfrontPayment
344000
CY2013Q2 cdna Upfront Payment In Cash
UpfrontPaymentInCash
387500
CY2013Q2 cdna Upfront Payment In Cash
UpfrontPaymentInCash
503000
CY2013Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
467000
CY2016Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
15000
CY2015Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
27000
CY2016Q1 us-gaap Royalty Revenue
RoyaltyRevenue
96000
CY2015Q1 us-gaap Royalty Revenue
RoyaltyRevenue
90000
CY2016Q1 cdna Royalty Revenue Receivable
RoyaltyRevenueReceivable
0
CY2015Q1 cdna Royalty Revenue Receivable
RoyaltyRevenueReceivable
90000
CY2015Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
20000000
CY2016Q1 us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
Draw A bears interest at a daily floating rate equal to 2.00%, plus the greater of (i) 3.25% or (ii) the prime rate published by the lender.
CY2015Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0200
CY2016Q1 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2015-01-30
CY2016Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2018-12-01
CY2016Q1 cdna Debt Issuance And Discount Component Of Recognized Debt Liability Current
DebtIssuanceAndDiscountComponentOfRecognizedDebtLiabilityCurrent
100000
CY2015Q4 cdna Debt Issuance And Discount Component Of Recognized Debt Liability Current
DebtIssuanceAndDiscountComponentOfRecognizedDebtLiabilityCurrent
200000
CY2016Q1 cdna Debt Issuance And Discount Component Of Recognized Debt Liability Non Current
DebtIssuanceAndDiscountComponentOfRecognizedDebtLiabilityNonCurrent
100000
CY2015Q4 cdna Debt Issuance And Discount Component Of Recognized Debt Liability Non Current
DebtIssuanceAndDiscountComponentOfRecognizedDebtLiabilityNonCurrent
100000
CY2016Q1 cdna Prepayment Penalty
PrepaymentPenalty
0.00
CY2016Q1 us-gaap Debt Instrument Description
DebtInstrumentDescription
The Company agreed to issue to the Lender warrants to purchase shares of the Company’s common stock upon the drawdown of each advance in an amount equal to 1.5% of the amount drawn, divided by the exercise price per share for that tranche.
CY2015Q1 cdna Estimated Fair Value Of Warrants
EstimatedFairValueOfWarrants
90000
CY2016Q1 us-gaap Default Longterm Debt Description Of Violation Or Event Of Default
DefaultLongtermDebtDescriptionOfViolationOrEventOfDefault
Upon the occurrence of an event of default, a default interest rate of an additional 5% may be applied to the outstanding loan balances, and the lender may declare all outstanding obligations immediately due and payable and take such other actions as set forth in the Loan Agreement.
CY2016Q1 cdna Percentage Of Default Interest Payment
PercentageOfDefaultInterestPayment
0.05
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
510892
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
357075
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
371970
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
86888
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
156
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
583041
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1577317
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Increase In Number Of Shares Reserved For Available For Issuance
ShareBasedCompensationArrangementByShareBasedPaymentAwardIncreaseInNumberOfSharesReservedForAvailableForIssuance
0
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1823
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1860420
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.87
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Weighted Average Exercised Price Shares Reserved
ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedAverageExercisedPriceSharesReserved
0
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.14
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.11
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.08
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
5.00
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.56
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Options Vested Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedOutstandingNumber
844288
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber
1016132
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1860420
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Options Vested Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedWeightedAverageExercisePrice
6.03
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestWeightedAverageExercisePrice
7.00
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
6.56
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Options Vested Outstanding Weighted Average Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedOutstandingWeightedAverageContractualTerm
P6Y9M15D
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Outstanding Weighted Average Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingWeightedAverageContractualTerm
P9Y22D
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageContractualTerm1
P8Y11D
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Options Vested Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedOutstandingAggregateIntrinsicValue
1219000
CY2016Q1 cdna Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingAggregateIntrinsicValue
141000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1360000
CY2016Q1 us-gaap Share Price
SharePrice
4.96
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.07
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.76
CY2016Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2600000
CY2016Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M19D
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
446000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
280000
CY2016Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2016Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2900000
CY2016Q1 cdna Class Of Warrant Exercisable Period
ClassOfWarrantExercisablePeriod
P7Y
CY2016Q1 cdna Initial Exercise Price Of Warrants
InitialExercisePriceOfWarrants
4.98
CY2016Q1 cdna Additional Issued Units
AdditionalIssuedUnits
334169
CY2016Q1 cdna Common Stock And Warrant Issued To Purchase Of Common Share
CommonStockAndWarrantIssuedToPurchaseOfCommonShare
2005014

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