2024 Q2 Form 10-Q Financial Statement

#000128555024000051 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $7.858M $7.639M $5.433M
YoY Change 32.07% 40.6% 7.99%
Cost Of Revenue $2.870M $3.114M $2.231M
YoY Change 1.63% 39.58% 24.99%
Gross Profit $4.988M $4.525M $3.202M
YoY Change 59.56% 41.32% -1.36%
Gross Profit Margin 63.48% 59.24% 58.94%
Selling, General & Admin $2.773M $2.841M $2.958M
YoY Change -12.74% -3.96% 8.27%
% of Gross Profit 55.59% 62.78% 92.38%
Research & Development $3.120M $2.625M $3.023M
YoY Change -13.45% -13.17% 19.34%
% of Gross Profit 62.55% 58.01% 94.41%
Depreciation & Amortization $233.0K $243.0K $129.0K
YoY Change 49.36% 88.37% 50.0%
% of Gross Profit 4.67% 5.37% 4.03%
Operating Expenses $5.893M $5.466M $5.981M
YoY Change -13.12% -8.61% 13.6%
Operating Profit -$4.739M -$4.231M -$5.712M
YoY Change -33.54% -25.93% 47.83%
Interest Expense $326.0K $111.0K $114.0K
YoY Change 302.47% -2.63% 7.55%
% of Operating Profit
Other Income/Expense, Net $5.000K -$26.00K -$11.00K
YoY Change -350.0% 136.36% -200.0%
Pretax Income -$4.408M -$4.146M -$5.609M
YoY Change -37.49% -26.08% 41.68%
Income Tax
% Of Pretax Income
Net Earnings -$4.408M -$4.146M -$5.609M
YoY Change -37.49% -26.08% 41.68%
Net Earnings / Revenue -56.1% -54.27% -103.24%
Basic Earnings Per Share -$0.16 -$0.16 -$0.23
Diluted Earnings Per Share -$0.16 -$0.16 -$0.23
COMMON SHARES
Basic Shares Outstanding 27.42M shares 26.98M shares 24.61M shares
Diluted Shares Outstanding 27.47M shares 25.45M shares 24.58M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.85M $35.35M $31.74M
YoY Change 24.11% 11.4% -36.09%
Cash & Equivalents $32.80M $35.40M $21.80M
Short-Term Investments $9.943M
Other Short-Term Assets $2.205M $1.746M $1.764M
YoY Change -1.74% -1.02% 364.21%
Inventory $8.031M $7.960M $9.808M
Prepaid Expenses
Receivables $3.475M $2.511M $2.678M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $46.56M $47.57M $45.99M
YoY Change 14.36% 3.45% -20.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.545M $1.347M $949.0K
YoY Change 13.6% 41.94% 33.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $149.0K $149.0K $131.0K
YoY Change -4.49% 13.74% 39.36%
Total Long-Term Assets $6.018M $6.067M $4.262M
YoY Change -13.16% 42.35% 13.5%
TOTAL ASSETS
Total Short-Term Assets $46.56M $47.57M $45.99M
Total Long-Term Assets $6.018M $6.067M $4.262M
Total Assets $52.57M $53.64M $50.25M
YoY Change 10.35% 6.75% -18.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $822.0K $844.0K $1.352M
YoY Change -35.43% -37.57% 40.1%
Accrued Expenses $4.814M $3.117M $3.421M
YoY Change 14.48% -8.89% 38.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.979M $9.964M
YoY Change
Total Short-Term Liabilities $16.69M $15.16M $6.054M
YoY Change 169.17% 150.36% 52.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $9.907M
YoY Change -100.0% -100.0% 0.57%
Other Long-Term Liabilities $3.748M $3.896M $1.706M
YoY Change -8.76% 128.37% -22.94%
Total Long-Term Liabilities $3.748M $3.896M $11.61M
YoY Change -73.28% -66.45% -3.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.69M $15.16M $6.054M
Total Long-Term Liabilities $3.748M $3.896M $11.61M
Total Liabilities $20.44M $19.05M $17.67M
YoY Change 1.04% 7.85% 10.16%
SHAREHOLDERS EQUITY
Retained Earnings -$181.0M -$176.6M -$156.0M
YoY Change 11.04% 13.21% 13.13%
Common Stock $213.1M $211.2M $188.6M
YoY Change 11.92% 12.0% 2.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.13M $34.58M $32.58M
YoY Change
Total Liabilities & Shareholders Equity $52.57M $53.64M $50.25M
YoY Change 10.35% 6.75% -18.65%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$4.408M -$4.146M -$5.609M
YoY Change -37.49% -26.08% 41.68%
Depreciation, Depletion And Amortization $233.0K $243.0K $129.0K
YoY Change 49.36% 88.37% 50.0%
Cash From Operating Activities -$2.668M -$3.800M -$5.700M
YoY Change -47.43% -33.33% 32.56%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $138.0K
YoY Change -100.0% -100.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 -$138.0K
YoY Change -100.0% -100.0% -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 160.0K $16.05M -$5.000K
YoY Change -32.49% -321160.0% -266.67%
NET CHANGE
Cash From Operating Activities -2.668M -$3.800M -$5.700M
Cash From Investing Activities 0.000 $0.00 -$138.0K
Cash From Financing Activities 160.0K $16.05M -$5.000K
Net Change In Cash -2.508M $12.21M -$5.823M
YoY Change -153.68% -309.74% 30.82%
FREE CASH FLOW
Cash From Operating Activities -$2.668M -$3.800M -$5.700M
Capital Expenditures $0.00 $0.00 $138.0K
Free Cash Flow -$2.668M -$3.800M -$5.838M
YoY Change -52.06% -34.91% 33.62%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q1 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, 2023 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 2023 Form 10-K. The accompanying condensed consolidated balance sheet as of December 31, 2023 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, 2024, may not be indicative of the results to be expected for the entire year or any future periods.</span></div>
CY2024Q1 us-gaap Number Of Operating Segments
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CY2024Q1 us-gaap Concentration Risk Credit Risk
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<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. </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, 2024, the Company had approximately $0.1 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, 2024, there was one customer whose accounts receivable balance represented 16% of accounts receivable at that date. At December 31, 2023, there were four customers whose accounts receivable balances represented 28%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 26%, 16%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10% 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 whose chief executive officer is 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 9% and 13% of total sales in the three-month periods ended March 31, 2024 and 2023, respectively. There were two additional customers, both of whom comprised 14% of the total sales in the three-month period ended March 31, 2024.</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 generally 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, 2024, and December 31, 2023, was $1.3 million and $1.4 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 </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%">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>
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InventoryNoncurrent
386000 usd
CY2024Q1 clpt Inventory Net Including Noncurrent
InventoryNetIncludingNoncurrent
8197000 usd
CY2023Q4 clpt Inventory Net Including Noncurrent
InventoryNetIncludingNoncurrent
8297000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10000000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10000000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
36000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
9964000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
200000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
300000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1504000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1307000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1504000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1307000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1478157 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.40
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7500 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.75
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3875 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
48.04
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1466782 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.33
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y2M23D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3527000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1262789 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.91
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M19D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3527000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1466782 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.33
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y2M23D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3527000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0001285550-24-000051-index-headers.html Edgar Link pending
0001285550-24-000051-index.html Edgar Link pending
0001285550-24-000051.txt Edgar Link pending
0001285550-24-000051-xbrl.zip Edgar Link pending
clpt-20240331.htm Edgar Link pending
clpt-20240331.xsd Edgar Link pending
clpt-20240331xex311.htm Edgar Link pending
clpt-20240331xex312.htm Edgar Link pending
clpt-20240331xex32.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
clpt-20240331_def.xml Edgar Link unprocessable
clpt-20240331_lab.xml Edgar Link unprocessable
clpt-20240331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
clpt-20240331_htm.xml Edgar Link completed
clpt-20240331_cal.xml Edgar Link unprocessable