2022 Q3 Form 10-Q Financial Statement

#000112414022000061 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $523.1M $521.6M $486.6M
YoY Change 14.61% 19.97% 21.01%
Cost Of Revenue $147.9M $144.6M $134.7M
YoY Change 27.82% 26.88% 22.47%
Gross Profit $375.1M $377.0M $351.9M
YoY Change 17.44% 25.82% 29.59%
Gross Profit Margin 71.72% 72.28% 72.32%
Selling, General & Admin $379.7M $397.6M $402.0M
YoY Change -0.91% 9.69% -11.44%
% of Gross Profit 101.21% 105.45% 114.23%
Research & Development $90.81M $106.1M $102.2M
YoY Change 20.51% -0.14% -11.52%
% of Gross Profit 24.21% 28.14% 29.06%
Depreciation & Amortization $25.00M $25.50M $22.99M
YoY Change 12.11% 18.6% 12.12%
% of Gross Profit 6.66% 6.76% 6.53%
Operating Expenses $470.5M $503.7M $504.2M
YoY Change -2.28% 6.86% -11.86%
Operating Profit -$138.1M -$159.6M -$177.0M
YoY Change -14.79% -7.04% -41.11%
Interest Expense -$13.82M -$8.230M -$5.965M
YoY Change 57.52% 572.94% -122.45%
% of Operating Profit
Other Income/Expense, Net -$13.82M -$8.230M -$5.965M
YoY Change 57.52% 572.94% -122.45%
Pretax Income -$151.9M -$167.8M -$183.0M
YoY Change -11.08% -2.93% -33.22%
Income Tax -$3.100M -$1.800M -$2.000M
% Of Pretax Income
Net Earnings -$148.8M -$166.1M -$180.9M
YoY Change -10.89% -6.13% 480.6%
Net Earnings / Revenue -28.44% -31.83% -37.19%
Basic Earnings Per Share -$0.84 -$0.94 -$1.04
Diluted Earnings Per Share -$0.84 -$0.94 -$1.04
COMMON SHARES
Basic Shares Outstanding 177.0M shares 176.4M shares 174.4M shares
Diluted Shares Outstanding 177.0M shares 176.4M shares 174.4M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $669.1M $728.0M $817.0M
YoY Change -45.09% -44.32% -40.71%
Cash & Equivalents $235.3M $213.4M $189.8M
Short-Term Investments $433.8M $514.6M $627.2M
Other Short-Term Assets $75.49M $71.88M $79.58M
YoY Change 44.1% 58.72% 52.54%
Inventory $114.7M $115.2M $113.0M
Prepaid Expenses
Receivables $189.2M $186.5M $205.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.049B $1.102B $1.215B
YoY Change -35.1% -34.0% -31.55%
LONG-TERM ASSETS
Property, Plant & Equipment $857.3M $855.6M $622.6M
YoY Change 63.54% 70.48% 28.98%
Goodwill $2.345B $2.346B $2.335B
YoY Change 4.58% 4.61% 6.93%
Intangibles $1.978B $2.047B $2.070B
YoY Change -3.29% -2.03% -0.2%
Long-Term Investments
YoY Change
Other Assets $88.74M $96.68M $77.48M
YoY Change 49.79% 76.88% 36.07%
Total Long-Term Assets $5.258B $5.336B $5.275B
YoY Change 4.35% 5.55% 6.38%
TOTAL ASSETS
Total Short-Term Assets $1.049B $1.102B $1.215B
Total Long-Term Assets $5.258B $5.336B $5.275B
Total Assets $6.307B $6.437B $6.491B
YoY Change -5.23% -4.27% -3.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.58M $84.17M $66.47M
YoY Change 52.42% 130.01% 91.54%
Accrued Expenses $308.0M $308.2M $365.9M
YoY Change 1.08% 15.87% 70.87%
Deferred Revenue $2.300M $1.200M $1.300M
YoY Change -87.7% -95.82% -96.73%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.100M $2.600M $6.400M
YoY Change -99.03% -99.19% -97.96%
Total Short-Term Liabilities $423.7M $443.3M $481.0M
YoY Change -40.35% -34.39% -23.53%
LONG-TERM LIABILITIES
Long-Term Debt $2.243B $2.240B $2.193B
YoY Change 18.02% 17.96% 16.35%
Other Long-Term Liabilities $355.0M $364.1M $389.1M
YoY Change -18.69% -17.09% -6.07%
Total Long-Term Liabilities $355.0M $364.1M $389.1M
YoY Change -18.69% -17.09% -6.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $423.7M $443.3M $481.0M
Total Long-Term Liabilities $355.0M $364.1M $389.1M
Total Liabilities $3.198B $3.228B $3.232B
YoY Change 0.03% 1.98% 4.76%
SHAREHOLDERS EQUITY
Retained Earnings -$3.137B -$2.989B -$2.822B
YoY Change 29.59% 32.59% 35.89%
Common Stock $6.257B $6.207B $6.087B
YoY Change 6.44% 6.77% 6.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.109B $3.209B $3.258B
YoY Change
Total Liabilities & Shareholders Equity $6.307B $6.437B $6.491B
YoY Change -5.23% -4.27% -3.62%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$148.8M -$166.1M -$180.9M
YoY Change -10.89% -6.13% 480.6%
Depreciation, Depletion And Amortization $25.00M $25.50M $22.99M
YoY Change 12.11% 18.6% 12.12%
Cash From Operating Activities -$40.93M -$60.92M -$173.8M
YoY Change 0.37% -251.02% 124.99%
INVESTING ACTIVITIES
Capital Expenditures -$44.64M -$63.33M $33.62M
YoY Change 14.84% 9.83% 160.24%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $109.6M $84.99M $7.000K
YoY Change -1156.99% -111.55% -95.04%
Cash From Investing Activities $65.00M $21.66M $45.56M
YoY Change -232.01% -102.73% -114.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 235.0K 63.41M $2.735M
YoY Change 190.12% 375.28% -62.25%
NET CHANGE
Cash From Operating Activities -40.93M -60.92M -$173.8M
Cash From Investing Activities 65.00M 21.66M $45.56M
Cash From Financing Activities 235.0K 63.41M $2.735M
Net Change In Cash 24.31M 24.16M -$125.7M
YoY Change -127.03% -103.26% -67.56%
FREE CASH FLOW
Cash From Operating Activities -$40.93M -$60.92M -$173.8M
Capital Expenditures -$44.64M -$63.33M $33.62M
Free Cash Flow $3.711M $2.410M -$207.4M
YoY Change -294.91% -97.54% 130.04%

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PostCombinationExpenseForAccelerationOfUnvestedEquity
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us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain
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us-gaap Research And Development In Process
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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BusinessCombinationContingentConsiderationArrangementsIncreaseDueToAcquisition
350348000 usd
us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Critical accounting policies are those that affect the Company’s financial statements materially and involve difficult, subjective or complex judgments by management, and actual results could differ from those estimates. These estimates include revenue recognition, valuation of intangible assets and goodwill, and accounting for income taxes among others. The Company’s critical accounting policies and estimates are explained further in the notes to the condensed consolidated financial statements in this Quarterly Report and the 2021 Form 10-K.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The spread of the coronavirus (“COVID-19”) has affected many segments of the global economy, including the cancer screening and diagnostics industry. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of June 30, 2022 and through the date of the filing of this Quarterly Report on Form 10-Q. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts and credit losses, marketable and non-marketable investments, software, and the carrying value of the goodwill and other long-lived assets. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in additional material impacts to the Company’s consolidated financial statements in future reporting periods.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The pandemic and related precautionary measures began to materially disrupt the Company's operations in March 2020 and may continue to disrupt the business for an unknown period of time. As a result, the pandemic had an impact on the Company’s revenues and operating results. </span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ultimate impact of COVID-19 depends on factors beyond the Company’s knowledge or control, including the duration and severity of the outbreak, as well as third-party actions taken to contain its spread and mitigate its public health effects. As a result, the Company is unable to estimate the extent to which COVID-19 will negatively impact its financial results or liquidity.</span></div>
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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform to the current year presentation in the condensed consolidated financial statements and accompanying notes to the condensed consolidated financial statements.</span></div>
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2021Q4 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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Goodwill
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Goodwill
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us-gaap Goodwill Impairment Loss
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BusinessCombinationContingentConsiderationLiability
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exas Business Combination Contingent Consideration Purchase Price
BusinessCombinationContingentConsiderationPurchasePrice
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BusinessCombinationContingentConsiderationGainLossChangeInFairValue
51759000 usd
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BusinessCombinationContingentConsiderationAdditionalPayment
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BusinessCombinationContingentConsiderationLiability
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CY2022Q2 exas Financing Receivable Amount Elected To Collateralize
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CY2021Q2 us-gaap Amortization Of Financing Costs
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InterestExpenseDebt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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InterestExpenseOther
480000 usd
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InterestExpenseOther
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InterestExpenseOther
943000 usd
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1222000 usd
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CY2021Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
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us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
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CY2021Q4 us-gaap Operating Lease Liability Current
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19700000 usd
us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
58900000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
56300000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
111400000 usd
us-gaap Allocated Share Based Compensation Expense
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219700000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5000000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11600000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2845000 usd
us-gaap Finance Lease Principal Payments
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2443000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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22158000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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54451000 usd
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P8Y5M4D
us-gaap Operating Lease Payments
OperatingLeasePayments
15899000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
12309000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
56000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
480000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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6033000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2308000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y3M29D
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2021Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.0609
CY2021Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0554
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8100000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
182500000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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174200000 usd
CY2022Q2 us-gaap Operating Lease Liability
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213000000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
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25800000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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182200000 usd
CY2022Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
9500000 usd
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
18200000 usd
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
9700000 usd
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2600000 usd
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
7100000 usd
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
18700000 usd
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6200000 usd
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12500000 usd
CY2022Q2 us-gaap Finance Lease Right Of Use Asset
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10300000 usd
CY2022Q2 us-gaap Finance Lease Liability
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10800000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
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8100000 usd
CY2022Q2 us-gaap Operating Lease Liability
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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434819000 usd
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CY2022Q2 us-gaap Income Tax Expense Benefit
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-1800000 usd
CY2021Q2 us-gaap Income Tax Expense Benefit
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CY2022Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
27400000 usd
CY2022Q2 us-gaap Unrecognized Tax Benefits
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24400000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
21800000 usd

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