2022 Q4 Form 10-Q Financial Statement

#000089710122000945 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $11.73M $10.66M $10.00M
YoY Change 14.45% 6.57% 24.95%
Cost Of Revenue $3.047M $2.327M $2.300M
YoY Change 28.67% 1.17% 23.92%
Gross Profit $8.682M $8.331M $7.701M
YoY Change 10.18% 8.18% 25.26%
Gross Profit Margin 74.02% 78.17% 77.0%
Selling, General & Admin $7.254M $7.989M $6.787M
YoY Change 12.03% 17.71% 35.63%
% of Gross Profit 83.55% 95.89% 88.13%
Research & Development $154.0K $298.0K $376.0K
YoY Change -53.19% -20.74% -21.83%
% of Gross Profit 1.77% 3.58% 4.88%
Depreciation & Amortization $165.0K $134.0K $158.0K
YoY Change 16.2% -15.19% -3.66%
% of Gross Profit 1.9% 1.61% 2.05%
Operating Expenses $7.408M $8.287M $7.163M
YoY Change 8.88% 15.69% 30.59%
Operating Profit $1.274M $44.00K $538.0K
YoY Change 18.4% -91.82% -18.85%
Interest Expense $7.000K $4.000K $9.000K
YoY Change 16.67% -55.56% 0.0%
% of Operating Profit 0.55% 9.09% 1.67%
Other Income/Expense, Net
YoY Change
Pretax Income $1.281M $48.00K $547.0K
YoY Change 18.39% -91.22% -18.6%
Income Tax $304.0K -$33.00K $108.0K
% Of Pretax Income 23.73% -68.75% 19.74%
Net Earnings $977.0K $81.00K $439.0K
YoY Change 16.59% -81.55% -17.94%
Net Earnings / Revenue 8.33% 0.76% 4.39%
Basic Earnings Per Share $0.12 $0.01 $0.05
Diluted Earnings Per Share $0.11 $0.01 $49.41K
COMMON SHARES
Basic Shares Outstanding 8.485M shares 8.475M shares 8.559M shares
Diluted Shares Outstanding 8.684M shares 8.689M shares 8.884M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.909M $5.998M $10.98M
YoY Change -34.01% -45.37% -1.46%
Cash & Equivalents $6.909M $5.998M $10.98M
Short-Term Investments
Other Short-Term Assets $1.720M $2.015M $531.0K
YoY Change 140.22% 279.47% 8.95%
Inventory $3.473M $3.673M $2.023M
Prepaid Expenses
Receivables $21.56M $20.96M $18.68M
Other Receivables $0.00 $124.0K $210.0K
Total Short-Term Assets $34.16M $33.22M $32.43M
YoY Change 5.28% 2.45% 10.53%
LONG-TERM ASSETS
Property, Plant & Equipment $5.038M $4.682M $3.717M
YoY Change 25.11% 25.96% 1.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.00K $100.0K $1.136M
YoY Change -92.79% -91.2% 49.37%
Total Long-Term Assets $7.230M $6.914M $5.474M
YoY Change 25.65% 26.31% 8.32%
TOTAL ASSETS
Total Short-Term Assets $34.16M $33.22M $32.43M
Total Long-Term Assets $7.230M $6.914M $5.474M
Total Assets $41.39M $40.13M $37.90M
YoY Change 8.35% 5.89% 10.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $785.0K $1.265M $1.261M
YoY Change -39.38% 0.32% 64.58%
Accrued Expenses $3.759M $3.334M $2.549M
YoY Change 57.68% 30.8% 30.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.011M $5.953M $4.809M
YoY Change 28.72% 23.79% 36.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $33.00K $37.00K $50.00K
YoY Change -29.79% -26.0% 733.33%
Total Long-Term Liabilities $33.00K $37.00K $50.00K
YoY Change -29.79% -26.0% 733.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.011M $5.953M $4.809M
Total Long-Term Liabilities $33.00K $37.00K $50.00K
Total Liabilities $6.044M $5.990M $4.859M
YoY Change 28.13% 23.28% 37.46%
SHAREHOLDERS EQUITY
Retained Earnings $16.69M $15.72M
YoY Change
Common Stock $85.00K $85.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.35M $34.14M $33.04M
YoY Change
Total Liabilities & Shareholders Equity $41.39M $40.13M $37.90M
YoY Change 8.35% 5.89% 10.2%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $977.0K $81.00K $439.0K
YoY Change 16.59% -81.55% -17.94%
Depreciation, Depletion And Amortization $165.0K $134.0K $158.0K
YoY Change 16.2% -15.19% -3.66%
Cash From Operating Activities $1.364M -$1.694M -$576.0K
YoY Change 190.21% 194.1% -170.07%
INVESTING ACTIVITIES
Capital Expenditures $461.0K $241.0K -$270.0K
YoY Change -248.71% -189.26% 229.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$461.0K -$256.0K -$270.0K
YoY Change 48.71% -5.19% 229.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$63.00K
YoY Change -17.11%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.000K -$205.0K -63.00K
YoY Change -101.19% 225.4% -17.11%
NET CHANGE
Cash From Operating Activities 1.364M -$1.694M -576.0K
Cash From Investing Activities -461.0K -$256.0K -270.0K
Cash From Financing Activities 8.000K -$205.0K -63.00K
Net Change In Cash 911.0K -$2.155M -909.0K
YoY Change -278.63% 137.07% -236.9%
FREE CASH FLOW
Cash From Operating Activities $1.364M -$1.694M -$576.0K
Capital Expenditures $461.0K $241.0K -$270.0K
Free Cash Flow $903.0K -$1.935M -$306.0K
YoY Change 15.77% 532.35% -133.85%

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CY2022Q3 elmd Property And Equipment Acquisitions In Accounts Payable
PropertyAndEquipmentAcquisitionsInAccountsPayable
46000 usd
CY2021Q3 elmd Property And Equipment Acquisitions In Accounts Payable
PropertyAndEquipmentAcquisitionsInAccountsPayable
2000 usd
CY2022Q3 elmd Intangible Asset Acquisitions In Accounts Payable
IntangibleAssetAcquisitionsInAccountsPayable
9000 usd
CY2021Q3 elmd Intangible Asset Acquisitions In Accounts Payable
IntangibleAssetAcquisitionsInAccountsPayable
7000 usd
CY2021Q3 elmd Lease Assets Obtained In Exchange For New Operating Lease Liabilities
LeaseAssetsObtainedInExchangeForNewOperatingLeaseLiabilities
53000 usd
CY2022Q3 elmd Demonstration Equipment Returned To Inventory
DemonstrationEquipmentReturnedToInventory
5000 usd
CY2021Q3 elmd Demonstration Equipment Returned To Inventory
DemonstrationEquipmentReturnedToInventory
1000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
32416000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
439000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1000 usd
CY2021Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-64000 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
249000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
33041000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
34173000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
81000 usd
CY2022Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-60000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
95000 usd
CY2022Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
145000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
34144000 usd
CY2022Q3 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zYzSr4M0ke4d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span><span id="xdx_865_zhlKmMMTeKK">Use of estimates</span></span>. </b>Management uses estimates and assumptions in preparing the unaudited Condensed Financial Statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used. The Company believes the critical accounting policies that require the most significant assumptions and judgments in the preparation of its unaudited Condensed Financial Statements include revenue recognition and the related estimation of variable consideration, inventory valuation, share-based compensation and warranty reserve.</span></p>
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
212023 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
110752 shares
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10658000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10001000 usd
CY2022Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
286000 usd
CY2022Q3 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
-305000 usd
CY2022 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
-833000 usd
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
471000 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
784000 usd
CY2022Q3 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
1000 usd
CY2022 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
-58000 usd
CY2022Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
453000 usd
CY2022Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
286000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1256000 usd
CY2022Q3 us-gaap Other Inventory Supplies
OtherInventorySupplies
2968000 usd
CY2022Q2 us-gaap Other Inventory Supplies
OtherInventorySupplies
2672000 usd
CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
361000 usd
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
100000 usd
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
317000 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
469000 usd
CY2022Q3 us-gaap Other Inventory In Transit
OtherInventoryInTransit
251000 usd
CY2022Q2 us-gaap Other Inventory In Transit
OtherInventoryInTransit
228000 usd
CY2022Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
224000 usd
CY2022Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
291000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
3673000 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
3178000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1256000 usd
CY2022Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
172000 usd
CY2022 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
494000 usd
CY2022Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
74000 usd
CY2022 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
178000 usd
CY2022Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1354000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-33000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.688 pure
CY2022Q3 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
44000 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
108000 usd
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.197 pure
CY2021Q3 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
20000 usd
CY2022Q3 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0100 pure
CY2022Q3 elmd Debt Instrument Covenant Compliance Amount
DebtInstrumentCovenantComplianceAmount
10125000 usd
CY2022 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
239195 shares
CY2022 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
2717000 usd
CY2022Q3 us-gaap Share Price
SharePrice
11.36
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
95000 usd
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
249000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
502084 shares
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
5.82
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
101500 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.90
CY2022Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
20000 shares
CY2022Q3 elmd Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExerciseDateFairValue
1.75
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
7799 shares
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
11.95
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
575785 shares
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
6.60
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0288 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0089 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0252 pure
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.55 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.55 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.64 pure

Files In Submission

Name View Source Status
elmd-20220930_cal.xml Edgar Link unprocessable
elmd-20220930_pre.xml Edgar Link unprocessable
0000897101-22-000945-index-headers.html Edgar Link pending
0000897101-22-000945-index.html Edgar Link pending
0000897101-22-000945.txt Edgar Link pending
0000897101-22-000945-xbrl.zip Edgar Link pending
elmd-20220930.xsd Edgar Link pending
elmd-20220930_lab.xml Edgar Link unprocessable
elmd-20220930_def.xml Edgar Link unprocessable
elmd221270_10q.htm Edgar Link pending
elmd221270_ex31-1.htm Edgar Link pending
elmd221270_ex31-2.htm Edgar Link pending
elmd221270_ex32-1.htm Edgar Link pending
elmd221270_ex32-2.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
FilingSummary.xml Edgar Link unprocessable
elmd221270_10q_htm.xml Edgar Link completed