$DMTKQ
DermTech Inc

2020 Form 10-K Financial Statement

#000156459021011293 Filed on March 05, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $5.885M $1.590M $3.364M
YoY Change 74.94% 37.76%
Cost Of Revenue $5.980M $1.200M $3.304M
YoY Change 80.99% 25.77%
Gross Profit -$96.00K $390.0K $60.00K
YoY Change -260.0% -132.43%
Gross Profit Margin -1.63% 24.53% 1.78%
Selling, General & Admin $29.90M $4.850M $15.17M
YoY Change 97.13%
% of Gross Profit 1243.59% 25280.0%
Research & Development $5.293M $650.0K $2.497M
YoY Change 111.97%
% of Gross Profit 166.67% 4161.67%
Depreciation & Amortization $500.0K $30.00K $100.0K
YoY Change 400.0% 31.58%
% of Gross Profit 7.69% 166.67%
Operating Expenses $35.19M $5.500M $17.67M
YoY Change 99.22% 1560.15% 5668.3%
Operating Profit -$35.29M -$5.110M -$17.61M
YoY Change 100.45% 1442.43% 105.67%
Interest Expense $40.00K $0.00 -$2.657M
YoY Change -101.51% -100.0% 143.09%
% of Operating Profit
Other Income/Expense, Net -$1.188M $0.00 -$2.525M
YoY Change -52.95% 74.86%
Pretax Income -$35.25M -$5.120M -$19.69M
YoY Change 79.02% -1124.0% -2194.68%
Income Tax
% Of Pretax Income
Net Earnings -$36.48M -$5.120M -$20.13M
YoY Change 81.21% -1116.75% 101.22%
Net Earnings / Revenue -619.83% -322.01% -598.39%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.076M -$426.0K -$2.809M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.80M $15.40M $15.40M
YoY Change 314.29%
Cash & Equivalents $24.20M $15.37M $15.40M
Short-Term Investments $39.50M
Other Short-Term Assets $1.500M $25.00K $1.000M
YoY Change 50.0% 400.0% 900.0%
Inventory $100.0K $35.00K $0.00
Prepaid Expenses
Receivables $1.500M $680.0K $700.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $66.90M $17.15M $17.20M
YoY Change 288.95% 217.65% 17100.0%
LONG-TERM ASSETS
Property, Plant & Equipment $2.700M $977.0K $1.000M
YoY Change 170.0% 354.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $84.00K $100.0K
YoY Change 100.0%
Total Long-Term Assets $2.900M $1.061M $1.000M
YoY Change 190.0% -99.26% -91.87%
TOTAL ASSETS
Total Short-Term Assets $66.90M $17.15M $17.20M
Total Long-Term Assets $2.900M $1.061M $1.000M
Total Assets $69.80M $18.21M $18.20M
YoY Change 283.52% -87.74% 46.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $1.609M $1.600M
YoY Change 0.0% 129.86% 6.67%
Accrued Expenses $2.800M $218.0K $1.400M
YoY Change 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K
YoY Change
Total Short-Term Liabilities $5.400M $5.722M $5.700M
YoY Change -5.26% 664.16% -13.64%
LONG-TERM LIABILITIES
Long-Term Debt $200.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K
YoY Change
Total Long-Term Liabilities $800.0K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.400M $5.722M $5.700M
Total Long-Term Liabilities $800.0K $0.00 $0.00
Total Liabilities $6.300M $6.350M $5.700M
YoY Change 10.53% -42.37% -13.64%
SHAREHOLDERS EQUITY
Retained Earnings -$91.55M
YoY Change 28.27%
Common Stock $103.4M
YoY Change 3134.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $63.50M $11.86M $12.50M
YoY Change
Total Liabilities & Shareholders Equity $69.80M $18.21M $18.20M
YoY Change 283.52% 221.52% 46.77%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$36.48M -$5.120M -$20.13M
YoY Change 81.21% -1116.75% 101.22%
Depreciation, Depletion And Amortization $500.0K $30.00K $100.0K
YoY Change 400.0% 31.58%
Cash From Operating Activities -$28.68M -$6.080M -$17.79M
YoY Change 61.23% 2795.24% 133.94%
INVESTING ACTIVITIES
Capital Expenditures $1.834M -$160.0K $210.0K
YoY Change 773.33% 1650.0%
Acquisitions
YoY Change
Other Investing Activities -$39.51M
YoY Change
Cash From Investing Activities -$41.34M -$160.0K -$210.0K
YoY Change 19585.71% 1650.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.80M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 78.90M 170.0K 28.62M
YoY Change 175.66% 466.67% 157.21%
NET CHANGE
Cash From Operating Activities -28.68M -6.080M -17.79M
Cash From Investing Activities -41.34M -160.0K -210.0K
Cash From Financing Activities 78.90M 170.0K 28.62M
Net Change In Cash 8.874M -6.070M 10.62M
YoY Change -16.45% 3272.22% 202.51%
FREE CASH FLOW
Cash From Operating Activities -$28.68M -$6.080M -$17.79M
Capital Expenditures $1.834M -$160.0K $210.0K
Free Cash Flow -$30.52M -$5.920M -$18.00M
YoY Change 69.54% 136.33%

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<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">(c)</font></p></td> <td valign="top"> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:italic;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Use of Estimates </p></td></tr></table></div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S.&#160;GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses reported during the period. On an ongoing basis, management evaluates these estimates and judgments, including those related, but not limited to, assay revenue, stock-based compensation, short-term marketable securities, accounts receivable, <font style="color:#231F20;">the useful lives and recoverability of property and equipment</font> and the realization of deferred tax assets. Actual results may differ from those estimates. </p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0169
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0250
CY2020 dmtk Business Combination Number Of Shares Issued For Each Share Of Common Stock
BusinessCombinationNumberOfSharesIssuedForEachShareOfCommonStock
1.16
CY2017 dmtk Common Stock Warrants Issued
CommonStockWarrantsIssued
102740
CY2020Q3 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
615385
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
400000
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7332
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4787
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0018
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6844
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5M26D
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
14100000
CY2020 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y11M12D
CY2019Q4 dmtk Fair Value Other Assets Measured On Recurring Basis
FairValueOtherAssetsMeasuredOnRecurringBasis
0
CY2019Q4 us-gaap Fair Value Liabilities Measured On Recurring Basis Obligations
FairValueLiabilitiesMeasuredOnRecurringBasisObligations
0
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
39530000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
8000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
39529000
CY2019Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
0
CY2020Q4 dmtk Estimated Market Value Of Debt Securities With Contractual Maturities Of Less Than12 Months
EstimatedMarketValueOfDebtSecuritiesWithContractualMaturitiesOfLessThan12Months
37300000
CY2020Q4 dmtk Estimated Market Value Of Remaining Debt Securities With Contractual Maturities Of Up To14 Months
EstimatedMarketValueOfRemainingDebtSecuritiesWithContractualMaturitiesOfUpTo14Months
2300000
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1172000
CY2019Q4 us-gaap Prepaid Insurance
PrepaidInsurance
951000
CY2019Q4 dmtk Prepaid Trade Shows Current
PrepaidTradeShowsCurrent
85000
CY2020Q4 dmtk Prepaid Software Development Fees
PrepaidSoftwareDevelopmentFees
214000
CY2020Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
56000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
79000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
25000
CY2020Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
2544000
CY2019Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1135000
CY2020Q4 dmtk Computer Equipment Gross
ComputerEquipmentGross
38000
CY2019Q4 dmtk Computer Equipment Gross
ComputerEquipmentGross
15000
CY2020Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
109000
CY2019Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
34000
CY2020Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
727000
CY2019Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
32000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3418000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1216000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
687000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
239000
CY2020Q4 dmtk Accrued Consulting Services Current
AccruedConsultingServicesCurrent
285000
CY2019Q4 dmtk Accrued Consulting Services Current
AccruedConsultingServicesCurrent
37000
CY2019Q4 dmtk Accrued Printing Fees Current
AccruedPrintingFeesCurrent
55000
CY2020Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
300000
CY2019Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
88000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
178000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
38000
CY2020Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
606000
CY2019Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
309000
CY2020Q4 dmtk Accrued Bonus And Deferred Compensation Current
AccruedBonusAndDeferredCompensationCurrent
1469000
CY2019Q4 dmtk Accrued Bonus And Deferred Compensation Current
AccruedBonusAndDeferredCompensationCurrent
465000
CY2019Q4 dmtk Accrued Severance Current
AccruedSeveranceCurrent
368000
CY2019Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
2267042
CY2019Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
900000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
653000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
119000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.004
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.002
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.005
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.257
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.204
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
28422000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
422000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
20336000
CY2020Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1631000
CY2019Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1400000
CY2020Q4 dmtk Deferred Tax Assets Depreciation And Amortization
DeferredTaxAssetsDepreciationAndAmortization
14000
CY2019Q4 dmtk Deferred Tax Assets Depreciation And Amortization
DeferredTaxAssetsDepreciationAndAmortization
33000
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.049
CY2020 dmtk Effective Income Tax Rate Reconciliation Permanent Items
EffectiveIncomeTaxRateReconciliationPermanentItems
-0.001
CY2019 dmtk Effective Income Tax Rate Reconciliation Permanent Items
EffectiveIncomeTaxRateReconciliationPermanentItems
-0.008
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
194000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
31142000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
22082000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
31142000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22082000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2020Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2019Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2020Q4 dmtk Interest Rate Implicit In Lease Arrangement
InterestRateImplicitInLeaseArrangement
0.0554
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Net Minimum Payments1
CapitalLeasesFutureMinimumPaymentsNetMinimumPayments1
362000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
27000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
335000
CY2020Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
109000
CY2020Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
226000
CY2020 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
In January 2013, DermTech Operations entered into a non-cancelable lease agreement for its operating facilities. In January 2014, DermTech Operations signed an amendment to the lease to extend the term through January 2017. In November 2016, DermTech Operations signed a second amendment to the lease to extend the term through March 2022. In August 2019, DermTech Operations signed a third amendment to the lease to add additional space, and in September 2019, the Company signed a fourth amendment to the lease to add additional space. In February 2020, the Company signed a fifth amendment to the lease to add additional space. In connection with the Business Combination, the Company assumed all obligations under the lease, as amended, from DermTech Operations.
CY2020Q4 dmtk Tenant Improvement Allowance
TenantImprovementAllowance
300000
CY2020 dmtk Real Estate Rent And Common Area Maintenance Expense
RealEstateRentAndCommonAreaMaintenanceExpense
1800000
CY2019 dmtk Real Estate Rent And Common Area Maintenance Expense
RealEstateRentAndCommonAreaMaintenanceExpense
700000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1370000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1411000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
478000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
3259000
CY2020Q4 dmtk Operating And Capital Lease Liability Payments Due Next Twelve Months
OperatingAndCapitalLeaseLiabilityPaymentsDueNextTwelveMonths
1494000
CY2020Q4 dmtk Operating And Capital Lease Liability Payments Due Year Two
OperatingAndCapitalLeaseLiabilityPaymentsDueYearTwo
1535000
CY2020Q4 dmtk Operating And Capital Lease Liability Payments Due Year Three
OperatingAndCapitalLeaseLiabilityPaymentsDueYearThree
592000
CY2020Q4 dmtk Operating And Capital Lease Liability Payments Due
OperatingAndCapitalLeaseLiabilityPaymentsDue
3621000
CY2020 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0
CY2019 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0

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