2022 Q4 Form 10-Q Financial Statement

#000157056222000143 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $43.65M $33.90M
YoY Change 25.94% 27.07%
Cost Of Revenue $13.37M $13.49M
YoY Change -15.56% 17.41%
Gross Profit $30.28M $20.41M
YoY Change 60.85% 34.38%
Gross Profit Margin 69.37% 60.21%
Selling, General & Admin $36.73M $34.79M
YoY Change 10.52% 9.81%
% of Gross Profit 121.31% 170.48%
Research & Development $1.348M $1.376M
YoY Change 218.68% 357.14%
% of Gross Profit 4.45% 6.74%
Depreciation & Amortization $1.027M $920.0K
YoY Change 11.63% -0.33%
% of Gross Profit 3.39% 4.51%
Operating Expenses $39.10M $36.17M
YoY Change 13.09% 13.08%
Operating Profit -$8.828M -$17.90M
YoY Change -43.96% -6.41%
Interest Expense -$2.554M $2.343M
YoY Change 1724.29% -853.38%
% of Operating Profit
Other Income/Expense, Net $84.00K -$62.00K
YoY Change -80.06%
Pretax Income -$13.11M -$20.26M
YoY Change -27.73% 4.28%
Income Tax $57.00K $12.00K
% Of Pretax Income
Net Earnings -$13.16M -$20.28M
YoY Change -27.58% 4.34%
Net Earnings / Revenue -30.16% -59.81%
Basic Earnings Per Share -$0.36
Diluted Earnings Per Share -$0.23 -$0.36
COMMON SHARES
Basic Shares Outstanding 56.25M shares 56.09M shares
Diluted Shares Outstanding 56.18M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.92M $65.57M
YoY Change -63.13% -39.17%
Cash & Equivalents $53.92M $65.57M
Short-Term Investments
Other Short-Term Assets $1.678M $4.233M
YoY Change -84.8% -52.75%
Inventory $18.85M $21.57M
Prepaid Expenses $3.902M $3.656M
Receivables $22.45M $20.92M
Other Receivables $0.00 $0.00
Total Short-Term Assets $100.8M $115.9M
YoY Change -43.62% -16.19%
LONG-TERM ASSETS
Property, Plant & Equipment $2.616M $1.882M
YoY Change 90.81% 77.88%
Goodwill $21.21M $21.21M
YoY Change 0.0% 0.0%
Intangibles $48.60M $49.11M
YoY Change -4.01% -4.59%
Long-Term Investments
YoY Change
Other Assets $2.813M $2.426M
YoY Change 1.99% 910.83%
Total Long-Term Assets $77.18M $76.77M
YoY Change -1.91% -0.13%
TOTAL ASSETS
Total Short-Term Assets $100.8M $115.9M
Total Long-Term Assets $77.18M $76.77M
Total Assets $178.0M $192.7M
YoY Change -30.88% -10.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.935M $8.564M
YoY Change 46.69% 16.28%
Accrued Expenses $24.79M $29.88M
YoY Change -17.33% 27.51%
Deferred Revenue $9.011M $10.19M
YoY Change 13.57% 77.15%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.51M $51.27M
YoY Change -19.34% -28.09%
LONG-TERM LIABILITIES
Long-Term Debt $71.88M $71.71M
YoY Change 0.92%
Other Long-Term Liabilities $41.07M $40.49M
YoY Change -12.01% -12.9%
Total Long-Term Liabilities $113.0M $112.2M
YoY Change -4.2% 141.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.51M $51.27M
Total Long-Term Liabilities $113.0M $112.2M
Total Liabilities $159.5M $163.5M
YoY Change -9.18% 38.77%
SHAREHOLDERS EQUITY
Retained Earnings -$497.3M -$484.1M
YoY Change 17.6% 19.63%
Common Stock $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.50M $29.22M
YoY Change
Total Liabilities & Shareholders Equity $178.0M $192.7M
YoY Change -30.88% -10.45%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$13.16M -$20.28M
YoY Change -27.58% 4.34%
Depreciation, Depletion And Amortization $1.027M $920.0K
YoY Change 11.63% -0.33%
Cash From Operating Activities -$8.774M -$17.05M
YoY Change -2.99% -46.92%
INVESTING ACTIVITIES
Capital Expenditures $1.391M -$899.0K
YoY Change -456.67% -4380.95%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.391M -$899.0K
YoY Change 256.67% -4380.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.516M -759.0K
YoY Change -103.17% -109.3%
NET CHANGE
Cash From Operating Activities -8.774M -17.05M
Cash From Investing Activities -1.391M -899.0K
Cash From Financing Activities -1.516M -759.0K
Net Change In Cash -11.68M -18.71M
YoY Change -130.37% -21.85%
FREE CASH FLOW
Cash From Operating Activities -$8.774M -$17.05M
Capital Expenditures $1.391M -$899.0K
Free Cash Flow -$10.17M -$16.15M
YoY Change 17.46% -49.75%

Facts In Submission

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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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55007132 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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55997545 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47818288 shares
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47818288 shares
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CY2021Q1 us-gaap Stock Issued During Period Value New Issues
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CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1606000 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
6401000 usd
CY2021Q1 us-gaap Stockholders Equity
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23289000 usd
CY2021Q2 us-gaap Stock Issued During Period Value New Issues
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CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2887000 usd
CY2021Q2 us-gaap Net Income Loss
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CY2021Q2 us-gaap Stockholders Equity
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q3 us-gaap Net Income Loss
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CY2021Q3 us-gaap Stockholders Equity
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97404000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q1 us-gaap Stock Issued During Period Value New Issues
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CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2959000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-17501000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-103000 usd
CY2022Q1 us-gaap Stockholders Equity
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CY2022Q2 us-gaap Stock Issued During Period Value New Issues
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CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2979000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2483000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
29220000 usd
us-gaap Net Income Loss
NetIncomeLoss
-61248000 usd
us-gaap Net Income Loss
NetIncomeLoss
-28633000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2695000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4702000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
8421000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6927000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1363000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
501000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
573000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
512000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
805000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
882000 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
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us-gaap Paid In Kind Interest
PaidInKindInterest
272000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
3946000 usd
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
4049000 usd
us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7626000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4110000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
15283000 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7161000 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-344000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-2300000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Accounts Payable
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2338000 usd
us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
14334000 usd
eols Increase Decrease In Accrued Litigation Settlement
IncreaseDecreaseInAccruedLitigationSettlement
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eols Increase Decrease In Accrued Litigation Settlement
IncreaseDecreaseInAccruedLitigationSettlement
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eols Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-723000 usd
eols Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
752000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
us-gaap Payments For Software
PaymentsForSoftware
796000 usd
us-gaap Payments For Software
PaymentsForSoftware
580000 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
0 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
5000000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1548000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
4420000 usd
us-gaap Repayments Of Debt
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0 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
76323000 usd
eols Payments Of Contingent Royalty Obligation
PaymentsOfContingentRoyaltyObligation
3169000 usd
eols Payments Of Contingent Royalty Obligation
PaymentsOfContingentRoyaltyObligation
2295000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
214000 usd
eols Proceeds From Payments For Issuance Of Common Stock In Connection With Equity Incentive Plan
ProceedsFromPaymentsForIssuanceOfCommonStockInConnectionWithEquityIncentivePlan
539000 usd
eols Proceeds From Payments For Issuance Of Common Stock In Connection With Equity Incentive Plan
ProceedsFromPaymentsForIssuanceOfCommonStockInConnectionWithEquityIncentivePlan
654000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2630000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
25158000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-368000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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0 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-80684000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5234000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
146256000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102562000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
65572000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
107796000 usd
us-gaap Interest Paid Net
InterestPaidNet
5651000 usd
us-gaap Interest Paid Net
InterestPaidNet
79000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
70000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 usd
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
39808000 usd
eols Stock Issued For Accrued Litigation Settlement Expense
StockIssuedForAccruedLitigationSettlementExpense
0 usd
eols Stock Issued For Accrued Litigation Settlement Expense
StockIssuedForAccruedLitigationSettlementExpense
48421000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
10000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-20276000 usd
us-gaap Net Income Loss
NetIncomeLoss
-61248000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-76138000 usd
eols Increase Decrease In Accrued Litigation Settlement
IncreaseDecreaseInAccruedLitigationSettlement
-15000000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
65572000 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-484130000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management is required to make certain estimates and assumptions in order to prepare consolidated financial statements in conformity with GAAP. Such estimates and assumptions affect the reported consolidated financial statements. These estimates include, but are not limited to net revenues, allowance for doubtful accounts, fair value measurements, inventory valuations and stock-based compensation, among others. Management bases estimates on historical experience and on assumptions that management believes are reasonable. The Company’s actual results could differ materially from those estimates.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The full impact of current global events, including rising inflation, volatility in the financial and credit markets, the COVID-19 pandemic and the Ukrainian-Russian war, is unknown and cannot be reasonably estimated. However, where possible, management has considered the potential impact of rising inflation, volatility in the financial and credit markets, the COVID-19 pandemic, and the Ukrainian-Russian war, and their respective market impacts, on its estimates and assumptions, and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the nine months ended September 30, 2022. The Company’s future assessment of the impact of these events, as well as other factors, could result in material impacts to the Company’s financial statements in future reporting periods.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:10pt;padding-right:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Risks and Uncertainties</span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2013, Evolus and Daewoong Pharmaceutical Co. Ltd. (“Daewoong”) entered into an agreement (the “Daewoong Agreement”), pursuant to which the Company received an exclusive distribution license to Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> from Daewoong for aesthetic indications in the United States, European Union, United Kingdom, members of the European Economic Area, Switzerland, Canada, Australia, Russia, certain members of the Commonwealth of Independent States, and South Africa, as well as co-exclusive distribution rights with Daewoong in Japan. Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is manufactured by Daewoong in a facility in South Korea. The Company also has the option to negotiate first with Daewoong to secure a distribution license for any product that Daewoong directly or indirectly develops or commercializes that is classified as an injectable botulinum toxin (other than Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) in a territory covered by the Daewoong Agreement. The Company relies on Daewoong, its exclusive and sole supplier, to manufacture Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Any termination or loss of significant rights, including exclusivity, under the Daewoong Agreement would materially and adversely affect the Company’s commercialization of Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. See </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 9. Commitments and Contingencies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;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:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 11.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Medytox/Allergan Settlement Agreements and Daewoong Arrangement</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for additional information.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company commercially launched Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the United States in May 2019, in Canada through its distribution partner in October 2019, and in Great Britain in September 2022 and, as such, has a limited history of sales. If any previously granted approval is retracted or the Company is denied approval or approval is delayed by any other regulators, it may have a material adverse impact on the Company’s business and its consolidated financial statements.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is also subject to risks common to companies in the pharmaceutical industry including, but not limited to, dependency on the commercial success of Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the Company’s sole commercial product, significant competition within the medical aesthetics industry, its ability to maintain regulatory approval of Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, third party litigation and challenges to its intellectual property, uncertainty of broad adoption of its product by physicians and patients, its ability to in-license, </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">acquire or develop additional product candidates and to obtain the necessary approvals for those product candidates, and the need to scale manufacturing capabilities over time.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic continues to evolve, and the severity and magnitude of future outbreaks, or other similar public health crises, could result in a period of business disruption and in reduced sales and operations. In addition, any disruption and volatility in the global capital markets caused by these or other events, such as increased inflation and rising interest rates and the military conflict between Russia and Ukraine, may increase the Company’s cost of capital and adversely affect its ability to access financing when and on terms that the Company desires. Any of these events could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.</span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:9pt"><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 a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable. Substantially all of the Company’s cash is held by financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. To date, the Company has not experienced any losses associated with this credit risk and continues to believe that this exposure is not significant. The Company invests, or plans to soon invest, its excess cash, in line with its investment policy, primarily in money market funds and debt instruments of U.S. government agencies. </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s accounts receivable is derived from customers located principally in the United States. Concentrations of credit risk with respect to trade receivables are limited due to the Company’s credit evaluation process. The Company does not typically require collateral from its customers. Credit losses historically have not been material. The Company continuously monitors customer payments and maintains an allowance for doubtful accounts based on its assessment of various factors including historical experience, age of the receivable balances, and other current economic conditions or other factors that may affect customers’ ability to pay.</span></div>
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
25500000 usd
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 reporting_unit
us-gaap Goodwill Impairment Loss
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0 usd
CY2022Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2021Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 usd
CY2021Q3 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2022Q3 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
10188000 usd
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
7934000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7566000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2022Q3 us-gaap Amortization Of Intangible Assets
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CY2022Q3 us-gaap Debt Instrument Carrying Amount
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CY2022Q3 us-gaap Long Term Debt
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CY2022Q3 us-gaap Lessee Operating Lease Term Of Contract
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eols Lessee Operating Lease Termination Fee Period Of Rent Equivalent
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CY2022Q3 us-gaap Lessee Operating Lease Renewal Term
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CY2022Q3 us-gaap Operating Lease Cost
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CY2021Q3 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Variable Lease Cost
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CY2022Q3 us-gaap Lease Cost
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CY2021Q3 us-gaap Lease Cost
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CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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318000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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1320000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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115000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
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3130000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
332000 usd
CY2022Q3 us-gaap Operating Lease Liability
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2798000 usd
CY2022Q3 us-gaap Purchase Obligation
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1074000 usd
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CY2022Q3 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2022Q3 us-gaap Preferred Stock Shares Issued
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CY2022Q3 us-gaap Preferred Stock Shares Outstanding
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CY2022Q3 us-gaap Common Stock Shares Authorized
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CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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us-gaap Allocated Share Based Compensation Expense
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
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CY2022Q3 eols Payments For Inventory
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eols Payments For Inventory
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CY2021Q3 eols Payments For Inventory
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eols Payments For Inventory
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24576000 usd

Files In Submission

Name View Source Status
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