2023 Q2 Form 10-Q Financial Statement

#000128555023000046 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $5.950M $5.433M
YoY Change 14.42% 7.99%
Cost Of Revenue $2.824M $2.231M
YoY Change 45.34% 24.99%
Gross Profit $3.126M $3.202M
YoY Change -4.02% -1.36%
Gross Profit Margin 52.54% 58.94%
Selling, General & Admin $3.178M $2.958M
YoY Change -38.61% 8.27%
% of Gross Profit 101.66% 92.38%
Research & Development $3.605M $3.023M
YoY Change 57.84% 19.34%
% of Gross Profit 115.32% 94.41%
Depreciation & Amortization $156.0K $129.0K
YoY Change 54.46% 50.0%
% of Gross Profit 4.99% 4.03%
Operating Expenses $6.783M $5.981M
YoY Change -9.09% 13.6%
Operating Profit -$7.131M -$5.712M
YoY Change 69.62% 47.83%
Interest Expense $81.00K $114.0K
YoY Change -189.01% 7.55%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$11.00K
YoY Change -75.0% -200.0%
Pretax Income -$7.052M -$5.609M
YoY Change 63.89% 41.68%
Income Tax
% Of Pretax Income
Net Earnings -$7.052M -$5.609M
YoY Change 63.89% 41.68%
Net Earnings / Revenue -118.52% -103.24%
Basic Earnings Per Share -$0.29 -$0.23
Diluted Earnings Per Share -$0.29 -$0.23
COMMON SHARES
Basic Shares Outstanding 24.58M shares 24.61M shares
Diluted Shares Outstanding 24.58M shares 24.58M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.46M $31.74M
YoY Change -41.37% -36.09%
Cash & Equivalents $26.50M $21.80M
Short-Term Investments $0.00 $9.943M
Other Short-Term Assets $2.244M $1.764M
YoY Change 47.92% 364.21%
Inventory $9.204M $9.808M
Prepaid Expenses
Receivables $2.799M $2.678M
Other Receivables $0.00 $0.00
Total Short-Term Assets $40.71M $45.99M
YoY Change -28.12% -20.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.360M $949.0K
YoY Change -49.27% 33.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $156.0K $131.0K
YoY Change -73.91% 39.36%
Total Long-Term Assets $6.930M $4.262M
YoY Change 92.55% 13.5%
TOTAL ASSETS
Total Short-Term Assets $40.71M $45.99M
Total Long-Term Assets $6.930M $4.262M
Total Assets $47.64M $50.25M
YoY Change -20.91% -18.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.273M $1.352M
YoY Change -20.04% 40.1%
Accrued Expenses $4.205M $3.421M
YoY Change 30.75% 38.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.202M $6.054M
YoY Change 13.11% 52.38%
LONG-TERM LIABILITIES
Long-Term Debt $9.921M $9.907M
YoY Change 0.57% 0.57%
Other Long-Term Liabilities $4.108M $1.706M
YoY Change 98.26% -22.94%
Total Long-Term Liabilities $14.03M $11.61M
YoY Change 17.53% -3.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.202M $6.054M
Total Long-Term Liabilities $14.03M $11.61M
Total Liabilities $20.23M $17.67M
YoY Change 16.14% 10.16%
SHAREHOLDERS EQUITY
Retained Earnings -$163.0M -$156.0M
YoY Change 13.13%
Common Stock $190.4M $188.6M
YoY Change 2.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.41M $32.58M
YoY Change
Total Liabilities & Shareholders Equity $47.64M $50.25M
YoY Change -20.91% -18.65%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$7.052M -$5.609M
YoY Change 63.89% 41.68%
Depreciation, Depletion And Amortization $156.0K $129.0K
YoY Change 54.46% 50.0%
Cash From Operating Activities -$5.075M -$5.700M
YoY Change 1.89% 32.56%
INVESTING ACTIVITIES
Capital Expenditures $490.0K $138.0K
YoY Change -744.74% 100.0%
Acquisitions
YoY Change
Other Investing Activities $10.00M
YoY Change -146.32%
Cash From Investing Activities $9.510M -$138.0K
YoY Change -143.89% -25.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 237.0K -$5.000K
YoY Change -53.8% -266.67%
NET CHANGE
Cash From Operating Activities -5.075M -$5.700M
Cash From Investing Activities 9.510M -$138.0K
Cash From Financing Activities 237.0K -$5.000K
Net Change In Cash 4.672M -$5.823M
YoY Change -117.88% 30.82%
FREE CASH FLOW
Cash From Operating Activities -$5.075M -$5.700M
Capital Expenditures $490.0K $138.0K
Free Cash Flow -$5.565M -$5.838M
YoY Change 13.46% 33.62%

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49658000 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
179000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
100000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
100000 usd
CY2023Q1 clpt Net Transfers Of Reusable Components From Loaned Systems
NetTransfersOfReusableComponentsFromLoanedSystems
100000 usd
CY2022Q1 clpt Net Transfers Of Reusable Components From Loaned Systems
NetTransfersOfReusableComponentsFromLoanedSystems
100000 usd
CY2023Q1 clpt Number Of Companies
NumberOfCompanies
50 company
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-156000000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5700000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16200000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation and Use of Estimates</span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a basis consistent with the Company’s December 31, 2022 audited consolidated financial statements, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth therein. These condensed consolidated financial statements have been prepared in accordance with SEC rules for interim financial information, and, therefore, omit certain information and footnote disclosures necessary to present such statements in accordance with GAAP. The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2022 Form 10-K. The accompanying condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by GAAP for a complete set of financial statements. The results of operations for the three months ended March 31, 2023, may not be indicative of the results to be expected for the entire year or any future periods.</span></div>
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Concentration Risks and Other Risks and Uncertainties</span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company may at times invest its excess cash in interest bearing accounts and U.S. government debt securities. It classifies all highly liquid investments with original stated maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months but less than twelve months as short-term investments. The Company classifies the U.S. government debt securities as held-to-maturity in accordance with ASC 320, "Investments - Debt and Equity Securities." Held-to-maturity securities are those securities that the Company has the ability and intent to hold until maturity and are recorded at amortized cost on the accompanying condensed consolidated balance sheet, adjusted for the accretion of discounts using the effective interest method.</span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company holds the remainder of its cash and cash equivalents on deposit with financial institutions in the U.S. insured by the Federal Deposit Insurance Corporation. At March 31, 2023, the Company had approximately $1.7 million in bank balances that were in excess of the insured limits. </span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At March 31, 2023, there was one customer whose accounts receivable balance represented 23% of accounts receivable at that date and two customers who each represented 10% of the balance. At December 31, 2022, one customer accounted for 19% of accounts receivable at that date.</span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One pharmaceutical customer, a related party who is a stockholder, a noteholder, and who has a representative on the Company's Board of Directors (see Note 6), for whom the Company provides hardware, software, clinical services and market development services in support of the customer's clinical trials, and from whom the Company earns a quarterly fee, accounted for 13% and 19% of total sales in the three-month periods ended March 31, 2023 and 2022, respectively. </span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to granting credit to a customer, the Company performs credit evaluations of the customers’ financial condition. In general, the Company does not require collateral from customers in connection with an extension of credit. The accounts receivable balance is reduced by an allowance for credit losses from the potential inability of the Company's customers to make required payments. The allowance for credit losses at March 31, 2023, and December 31, 2022, was $0.3 million and $0.1 million, respectively. The Company evaluates the historic loss experience on the accounts receivable balance and also considers separately customers with receivable balances that may be negatively impacted by current economic developments and market conditions. The estimate is a result of the Company's ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses and future expectations. </span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks common to emerging companies in the medical device industry, including, but not limited to: new technological innovations; acceptance and competitiveness of its products; dependence on key personnel; dependence on key suppliers; dependence on third-party collaboration, license and joint development partners; changes in general economic conditions and interest rates; protection of proprietary technology; compliance with changing government regulations; uncertainty of widespread market acceptance of products; access to credit for capital purchases by customers; and product liability claims. Certain components used in manufacturing have relatively few alternative sources of supply and establishing additional or replacement suppliers for such components cannot be accomplished quickly. The inability of any of these suppliers to fulfill the Company’s supply requirements may negatively impact future operating results.</span></div>
CY2023Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1700000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
300000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000 usd
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated statement of operations for the three months ended March 31, 2023 classifies share-based compensation in the same income statement line items as the cash compensation paid to recipient employees, rather than in general and administrative expense, as had been the practice in previous years. The accompanying condensed consolidated statements of operations for the three months ended March 31, 2022 have been conformed to the 2023 presentation.</span></div>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5433000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5031000 usd
CY2023Q1 clpt Deferred Contract Costs
DeferredContractCosts
400000 usd
CY2022Q4 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
500000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21800000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27600000 usd
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
9900000 usd
CY2023Q1 us-gaap Short Term Investments
ShortTermInvestments
9900000 usd
CY2023Q1 us-gaap Inventory Gross
InventoryGross
10258000 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
9753000 usd
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
7308000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
6513000 usd
CY2023Q1 clpt Inventory Software Licenses
InventorySoftwareLicenses
210000 usd
CY2022Q4 clpt Inventory Software Licenses
InventorySoftwareLicenses
210000 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2290000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2580000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
9808000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
9303000 usd
CY2023Q1 us-gaap Inventory Noncurrent
InventoryNoncurrent
450000 usd
CY2022Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
450000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
10000000 usd
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10000000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
93000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
9907000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
300000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
100000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1307000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
899000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1307000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
899000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1398286 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.69
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
111107 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.10
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1509393 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.65
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y2M1D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5336000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1134204 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.12
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y2M23D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
5087000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1509393 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.65
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y2M1D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5336000 usd

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clpt-20230331_lab.xml Edgar Link unprocessable
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