$ESMC
ESCALON MEDICAL CORP

2017 Q2 Form 10-K Financial Statement

#000086266817000014 Filed on September 28, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2 2016
Revenue $2.890M $2.710M $11.58M
YoY Change 6.64% -19.82% -11.87%
Cost Of Revenue $1.570M $1.640M $6.198M
YoY Change -4.27% -15.03% -11.55%
Gross Profit $1.320M $1.070M $5.379M
YoY Change 23.36% -26.21% -12.25%
Gross Profit Margin 45.67% 39.48% 46.46%
Selling, General & Admin $1.140M $1.230M $5.069M
YoY Change -7.32% -27.22% -13.79%
% of Gross Profit 86.36% 114.95% 94.24%
Research & Development $180.0K $340.0K $1.450M
YoY Change -47.06% 13.33% 11.39%
% of Gross Profit 13.64% 31.78% 26.96%
Depreciation & Amortization $20.00K $0.00 $24.65K
YoY Change 72.36%
% of Gross Profit 1.52% 0.0% 0.46%
Operating Expenses $1.320M $1.570M $6.519M
YoY Change -15.92% -21.11% -9.23%
Operating Profit $0.00 -$500.0K -$1.140M
YoY Change -100.0% -7.41% 8.37%
Interest Expense -$30.00K -$10.00K $11.40K
YoY Change 200.0%
% of Operating Profit -3221225472000000.0%
Other Income/Expense, Net -$11.22K
YoY Change -10786.67%
Pretax Income -$160.0K -$510.0K -$1.152M
YoY Change -68.63% -5.56% 9.45%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$160.0K -$510.0K -$1.152M
YoY Change -68.63% 750.0% 112.75%
Net Earnings / Revenue -5.54% -18.82% -9.95%
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share -$21.19K -$67.28K -$0.15
COMMON SHARES
Basic Shares Outstanding 7.526M shares 7.526M shares 7.541M shares
Diluted Shares Outstanding 7.541M shares

Balance Sheet

Concept 2017 Q2 2016 Q2 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $540.0K $540.0K $538.1K
YoY Change 0.0% -64.47% -64.52%
Cash & Equivalents $544.1K $538.1K $538.1K
Short-Term Investments
Other Short-Term Assets $209.5K $281.3K $281.3K
YoY Change -25.52% 14.59% 14.59%
Inventory $1.918M $2.107M $2.107M
Prepaid Expenses
Receivables $1.484M $1.615M $1.615M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.155M $4.541M $4.541M
YoY Change -8.49% -21.27% -21.27%
LONG-TERM ASSETS
Property, Plant & Equipment $54.89K $81.21K $81.21K
YoY Change -32.4% 69.13% 69.15%
Goodwill $0.00 $125.0K
YoY Change -100.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $828.8K $989.2K $989.2K
YoY Change -16.22% 26.62% 26.62%
TOTAL ASSETS
Total Short-Term Assets $4.155M $4.541M $4.541M
Total Long-Term Assets $828.8K $989.2K $989.2K
Total Assets $4.984M $5.530M $5.530M
YoY Change -9.88% -15.55% -15.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.047M $1.092M $1.092M
YoY Change -4.07% 4.57% 4.57%
Accrued Expenses $577.3K $1.227M $1.227M
YoY Change -52.94% -19.78% -19.78%
Deferred Revenue
YoY Change
Short-Term Debt $250.0K $0.00 $275.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.001M $2.784M $2.784M
YoY Change 7.79% 0.82% 0.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $800.0K $840.0K $835.6K
YoY Change -4.76% 5.0% 4.79%
Total Long-Term Liabilities $799.3K $835.6K $835.6K
YoY Change -4.34% 4.79% 4.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.001M $2.784M $2.784M
Total Long-Term Liabilities $799.3K $835.6K $835.6K
Total Liabilities $3.801M $3.620M $3.620M
YoY Change 4.99% 1.71% 1.71%
SHAREHOLDERS EQUITY
Retained Earnings -$68.53M -$67.80M
YoY Change 1.07% 1.73%
Common Stock $7.551K $7.551K
YoY Change 0.0% 0.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.184M $1.910M $1.910M
YoY Change
Total Liabilities & Shareholders Equity $4.984M $5.530M $5.530M
YoY Change -9.88% -15.55% -15.55%

Cashflow Statement

Concept 2017 Q2 2016 Q2 2016
OPERATING ACTIVITIES
Net Income -$160.0K -$510.0K -$1.152M
YoY Change -68.63% 750.0% 112.75%
Depreciation, Depletion And Amortization $20.00K $0.00 $24.65K
YoY Change 72.36%
Cash From Operating Activities $120.0K -$40.00K -$1.197M
YoY Change -400.0% -113.33% 162.19%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$160.0K -$232.6K
YoY Change -93.75% 1500.0% 541.59%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$160.0K -$232.6K
YoY Change -93.75% 1500.0% 541.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 130.0K 275.0K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 120.0K -40.00K -$1.197M
Cash From Investing Activities -10.00K -160.0K -232.6K
Cash From Financing Activities 0.000 130.0K 275.0K
Net Change In Cash 110.0K -70.00K -$1.197M
YoY Change -257.14% -124.14% 162.19%
FREE CASH FLOW
Cash From Operating Activities $120.0K -$40.00K -$1.197M
Capital Expenditures -$10.00K -$160.0K -$232.6K
Free Cash Flow $130.0K $120.0K -$964.4K
YoY Change 8.33% -61.29% 129.46%

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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2.27
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CY2017 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Description of Business</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;The Company is a Pennsylvania corporation initially incorporated in California in 1987, and reincorporated in Pennsylvania in November 2001. Within this document, the &#8220;Company&#8221; collectively shall mean Escalon and its wholly owned subsidiaries: Sonomed, Inc. (&#8220;Sonomed&#8221;), Trek, Inc. (&#8220;Trek&#8221;), Escalon Medical Europe GmbH (inactive), Escalon Digital Solutions, Inc. (&#8220;EMI&#8221;), Escalon Pharmaceutical, Inc. (&#8220;Pharmaceutical&#8221; inactive), Escalon Holdings, Inc. (&#8220;EHI&#8221;), Escalon IP Holdings, Inc., Sonomed IP Holdings, Inc., Drew Scientific Holdings, Inc. (discontinued), Drew Scientific Inc. (discontinued), and Drew Scientific Group, Plc (&#8220;Drew&#8221;) and its subsidiaries (discontinued). All intercompany accounts and transactions have been eliminated. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:9pt;"></font><font style="font-family:inherit;font-size:10pt;">The Company operates in the healthcare market, specializing in the development, manufacture, marketing and distribution of medical devices and pharmaceuticals in the area of ophthalmology. The Company and its products are subject to regulation and inspection by the United States Food and Drug Administration (the &#8220;FDA&#8221;). The FDA requires extensive testing of new products prior to sale and has jurisdiction over the safety, efficacy and manufacture of products, as well as product labeling and marketing.</font></div><div style="line-height:174%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification</font></div><div style="line-height:174%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain items in the June 30, 2016 consolidated balance sheet have been reclassified to conform to the current period presentation.</font></div></div>
CY2017 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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