2017 Q4 Form 10-Q Financial Statement

#000109355717000221 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $221.0M $184.6M $148.6M
YoY Change 29.09% 24.23% 41.25%
Cost Of Revenue $67.50M $57.60M $47.50M
YoY Change 23.85% 21.26% 55.74%
Gross Profit $153.5M $127.0M $101.1M
YoY Change 31.53% 25.62% 35.34%
Gross Profit Margin 69.46% 68.8% 68.03%
Selling, General & Admin $92.80M $84.20M $75.70M
YoY Change 17.32% 11.23% 44.74%
% of Gross Profit 60.46% 66.3% 74.88%
Research & Development $48.70M $43.30M $43.90M
YoY Change 11.44% -1.37% -32.25%
% of Gross Profit 31.73% 34.09% 43.42%
Depreciation & Amortization $16.10M $4.300M $4.100M
YoY Change 347.22% 4.88% 51.85%
% of Gross Profit 10.49% 3.39% 4.06%
Operating Expenses $141.5M $127.5M $119.6M
YoY Change 15.23% 6.61% 2.13%
Operating Profit $12.00M -$500.0K -$18.50M
YoY Change -296.72% -97.3% -56.37%
Interest Expense -$3.300M $4.500M $200.0K
YoY Change 1550.0% 2150.0% 100.0%
% of Operating Profit -27.5%
Other Income/Expense, Net -$100.0K $1.300M $0.00
YoY Change -85.71%
Pretax Income $12.40M -$2.500M -$18.60M
YoY Change -277.14% -86.56% -56.24%
Income Tax $1.600M -$500.0K $200.0K
% Of Pretax Income 12.9%
Net Earnings -$9.400M -$2.000M -$18.80M
YoY Change 27.03% -89.36% -55.76%
Net Earnings / Revenue -4.25% -1.08% -12.65%
Basic Earnings Per Share -$0.11 -$0.02
Diluted Earnings Per Share -$0.11 -$0.02 -$223.5K
COMMON SHARES
Basic Shares Outstanding 86.90M shares 86.70M shares 83.88M shares
Diluted Shares Outstanding 86.70M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $548.6M $525.8M $127.3M
YoY Change 343.49% 313.04% 12.36%
Cash & Equivalents $441.5M $402.1M $97.70M
Short-Term Investments $107.1M $123.7M $29.60M
Other Short-Term Assets $16.60M $13.30M $9.800M
YoY Change 80.43% 35.71% 145.0%
Inventory $45.20M $43.30M $44.70M
Prepaid Expenses
Receivables $134.3M $110.5M $76.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $744.7M $692.9M $258.6M
YoY Change 165.96% 167.94% 26.95%
LONG-TERM ASSETS
Property, Plant & Equipment $145.6M $136.1M $88.40M
YoY Change 33.09% 53.96% 89.7%
Goodwill $12.10M $12.00M $11.80M
YoY Change 7.08% 1.69% 218.92%
Intangibles $1.600M
YoY Change -33.33%
Long-Term Investments
YoY Change
Other Assets $1.700M $1.900M $1.500M
YoY Change -19.05% 26.67% 400.0%
Total Long-Term Assets $159.4M $150.0M $103.3M
YoY Change 29.8% 45.21% 94.91%
TOTAL ASSETS
Total Short-Term Assets $744.7M $692.9M $258.6M
Total Long-Term Assets $159.4M $150.0M $103.3M
Total Assets $904.1M $842.9M $361.9M
YoY Change 124.45% 132.91% 40.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.70M $23.30M $26.30M
YoY Change 90.61% -11.41% 57.49%
Accrued Expenses $89.00M $92.60M $59.30M
YoY Change 15.58% 56.16% 56.05%
Deferred Revenue $3.200M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $138.9M $118.2M $86.10M
YoY Change 35.64% 37.28% 46.43%
LONG-TERM LIABILITIES
Long-Term Debt $334.3M $330.7M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $18.20M $16.70M $14.00M
YoY Change 9.64% 19.29% 233.33%
Total Long-Term Liabilities $18.20M $16.70M $14.00M
YoY Change 9.64% 19.29% 233.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.9M $118.2M $86.10M
Total Long-Term Liabilities $18.20M $16.70M $14.00M
Total Liabilities $484.7M $458.9M $100.1M
YoY Change 307.31% 358.44% 57.89%
SHAREHOLDERS EQUITY
Retained Earnings -$671.8M -$662.4M -$613.6M
YoY Change 8.18% 7.95% 10.18%
Common Stock $1.094B $1.049B $876.0M
YoY Change 20.76% 19.69% 16.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $419.4M $384.0M $261.8M
YoY Change
Total Liabilities & Shareholders Equity $904.1M $842.9M $361.9M
YoY Change 124.45% 132.91% 40.98%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$9.400M -$2.000M -$18.80M
YoY Change 27.03% -89.36% -55.76%
Depreciation, Depletion And Amortization $16.10M $4.300M $4.100M
YoY Change 347.22% 4.88% 51.85%
Cash From Operating Activities $41.20M $36.20M $23.00M
YoY Change 209.77% 57.39% 28.49%
INVESTING ACTIVITIES
Capital Expenditures -$17.60M -$13.50M -$16.10M
YoY Change 0.0% -16.15% 117.57%
Acquisitions
YoY Change
Other Investing Activities $16.50M -$23.10M -$1.700M
YoY Change 5400.0% 1258.82% -200.0%
Cash From Investing Activities -$1.100M -$36.60M -$17.80M
YoY Change -93.64% 105.62% 212.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 4.300M 5.100M
YoY Change -80.0% -15.69% -5.56%
NET CHANGE
Cash From Operating Activities 41.20M 36.20M 23.00M
Cash From Investing Activities -1.100M -36.60M -17.80M
Cash From Financing Activities 100.0K 4.300M 5.100M
Net Change In Cash 40.20M 3.900M 10.30M
YoY Change -1248.57% -62.14% -41.48%
FREE CASH FLOW
Cash From Operating Activities $41.20M $36.20M $23.00M
Capital Expenditures -$17.60M -$13.50M -$16.10M
Free Cash Flow $58.80M $49.70M $39.10M
YoY Change 90.29% 27.11% 54.55%

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102400000 USD
CY2017Q3 us-gaap Liabilities Current
LiabilitiesCurrent
118200000 USD
CY2017Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
200000000 USD
CY2017Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0 USD
CY2017Q3 us-gaap Litigation Reserve
LitigationReserve
0 USD
CY2016Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7600000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
399000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-38600000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-143300000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
42900000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
50800000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-18800000 USD
us-gaap Net Income Loss
NetIncomeLoss
-58200000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-2000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-40800000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
3300000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
6500000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
119600000 USD
us-gaap Operating Expenses
OperatingExpenses
319500000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
127500000 USD
us-gaap Operating Expenses
OperatingExpenses
393100000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-18500000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-57800000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-500000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-54500000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
59500000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
11700000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
11400000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
11000000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
10100000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
13100000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2200000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20000000 USD
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
22400000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2100000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1900000 USD
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-400000 USD
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-600000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1200000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
16600000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
16700000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
600000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
3200000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1300000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3500000 USD
CY2016Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
2600000 USD
CY2017Q3 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
1200000 USD
us-gaap Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
-400000 USD
us-gaap Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
0 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
-3600000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
30100000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
141900000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38100000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
48400000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2017Q3 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9200000 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
13300000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
389000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9900000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
75000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
75000000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
29200000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
47000000 USD
CY2016Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4800000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
13700000 USD
CY2017Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
15000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
156600000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
188400000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
109400000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
136100000 USD
CY2017Q3 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
78400000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
75000000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
75700000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
207100000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
43900000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
112400000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
43300000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
136700000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-621000000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-662400000 USD
CY2016Q3 us-gaap Revenues
Revenues
148600000 USD
us-gaap Revenues
Revenues
402100000 USD
CY2017Q3 us-gaap Revenues
Revenues
184600000 USD
us-gaap Revenues
Revenues
497500000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
84200000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
256400000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
29000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
81700000 USD
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
25400000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
81300000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3300000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7900000 USD
CY2016Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8300000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9800000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8300000 USD
CY2017Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8700000 USD
us-gaap Stock Issued1
StockIssued1
7200000 USD
us-gaap Stock Issued1
StockIssued1
0 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
283800000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
384000000 USD
CY2016Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
0 USD
CY2017Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
8400000 USD
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84100000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
83300000 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
86700000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
86100000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with </font><font style="font-family:inherit;font-size:10pt;">U.S. GAAP</font><font style="font-family:inherit;font-size:10pt;"> requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Significant estimates include excess or obsolete inventories, valuation of inventory, warranty accruals, convertible debt, employee bonus, clinical trial expenses, allowance for bad debt and refunds and rebates, including pharmacy rebates. </font></div></div>

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