2019 Q3 Form 10-Q Financial Statement

#000162828019010189 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q4
Revenue $60.85M $53.98M $32.87M
YoY Change 180.51% 178.48%
Cost Of Revenue $18.51M $16.83M $13.95M
YoY Change 84.18% 68.98%
Gross Profit $42.33M $37.14M $18.93M
YoY Change 263.66% 294.27%
Gross Profit Margin 69.57% 68.81% 57.59%
Selling, General & Admin $35.24M $32.88M $29.66M
YoY Change 63.21% 59.82%
% of Gross Profit 83.26% 88.52% 156.68%
Research & Development $24.57M $19.53M $16.65M
YoY Change 72.38% 69.05%
% of Gross Profit 58.04% 52.59% 87.96%
Depreciation & Amortization $2.500M $2.200M $6.100M
YoY Change 47.06% 69.23% 335.71%
% of Gross Profit 5.91% 5.92% 32.22%
Operating Expenses $59.81M $52.41M $46.31M
YoY Change 66.86% 63.14%
Operating Profit -$17.48M -$15.27M -$27.38M
YoY Change -27.8% -32.75%
Interest Expense $280.0K $287.0K $2.240M
YoY Change -7.89% -9.46%
% of Operating Profit
Other Income/Expense, Net $179.0K -$51.00K -$90.00K
YoY Change 316.28% -112.91%
Pretax Income -$13.29M -$12.51M -$25.24M
YoY Change -43.46% -42.19%
Income Tax -$202.0K -$1.207M $40.00K
% Of Pretax Income
Net Earnings -$13.09M -$11.30M -$25.12M
YoY Change -46.48% -47.78%
Net Earnings / Revenue -21.51% -20.94% -76.42%
Basic Earnings Per Share
Diluted Earnings Per Share -$137.1K -$130.3K -$292.7K
COMMON SHARES
Basic Shares Outstanding 92.97M shares 87.11M shares 85.75M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $523.0M $545.6M $419.0M
YoY Change 92.78% 107.14%
Cash & Equivalents $147.2M $174.7M $140.5M
Short-Term Investments $375.8M $371.0M $278.4M
Other Short-Term Assets $5.700M $4.100M $5.200M
YoY Change 42.5% 36.67%
Inventory $14.76M $14.18M $9.136M
Prepaid Expenses
Receivables $39.69M $40.36M $35.69M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $583.1M $604.2M $469.0M
YoY Change 96.26% 112.91% 93.05%
LONG-TERM ASSETS
Property, Plant & Equipment $40.76M $34.81M $31.00M
YoY Change 34.44% 18.81% 93.33%
Goodwill $2.928M $0.00
YoY Change
Intangibles $8.755M $8.987M $0.00
YoY Change
Long-Term Investments $302.6M $277.3M $77.60M
YoY Change 9986.67% 633.6%
Other Assets $3.073M $3.159M $2.046M
YoY Change 58.73% -73.89% 3.65%
Total Long-Term Assets $365.3M $335.7M $118.4M
YoY Change 668.7% 324.99% 18.41%
TOTAL ASSETS
Total Short-Term Assets $583.1M $604.2M $469.0M
Total Long-Term Assets $365.3M $335.7M $118.4M
Total Assets $948.3M $940.0M $587.4M
YoY Change 175.2% 159.09% 71.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.05M $15.70M $10.64M
YoY Change -7.85% 82.56% 112.93%
Accrued Expenses $17.24M $11.09M $7.178M
YoY Change 130.41% -31.11% 12.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $67.82M $57.05M $46.94M
YoY Change 111.6% 91.44% 139.18%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $100.0K
YoY Change 0.0% -50.0%
Other Long-Term Liabilities $1.220M $1.303M $325.0K
YoY Change 492.23% -91.37%
Total Long-Term Liabilities $1.220M $1.303M $325.0K
YoY Change 492.23% -91.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.82M $57.05M $46.94M
Total Long-Term Liabilities $1.220M $1.303M $325.0K
Total Liabilities $86.44M $77.72M $62.45M
YoY Change 82.12% -9.74% 81.9%
SHAREHOLDERS EQUITY
Retained Earnings -$327.6M -$314.8M -$280.8M
YoY Change 28.13% 43.46%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $815.4M $815.5M $483.2M
YoY Change
Total Liabilities & Shareholders Equity $948.3M $940.0M $587.4M
YoY Change 175.2% 159.09% 71.29%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$13.09M -$11.30M -$25.12M
YoY Change -46.48% -47.78%
Depreciation, Depletion And Amortization $2.500M $2.200M $6.100M
YoY Change 47.06% 69.23% 335.71%
Cash From Operating Activities $1.350M -$13.84M -$26.54M
YoY Change -106.12% -18.78% 47.53%
INVESTING ACTIVITIES
Capital Expenditures -$8.450M -$3.040M -$2.930M
YoY Change 42.98% -58.58% -1.01%
Acquisitions
YoY Change
Other Investing Activities -$27.28M -$317.5M -$194.8M
YoY Change -189.83% -1764.81% 109.71%
Cash From Investing Activities -$35.73M -$320.5M -$197.7M
YoY Change -246.08% -2832.57% 106.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.870M 355.1M 250.4M
YoY Change 758.75% 771.77% 500620.0%
NET CHANGE
Cash From Operating Activities 1.350M -13.84M -26.54M
Cash From Investing Activities -35.73M -320.5M -197.7M
Cash From Financing Activities 6.870M 355.1M 250.4M
Net Change In Cash -27.51M 20.70M 26.13M
YoY Change -957.01% -41.56% -122.97%
FREE CASH FLOW
Cash From Operating Activities $1.350M -$13.84M -$26.54M
Capital Expenditures -$8.450M -$3.040M -$2.930M
Free Cash Flow $9.800M -$10.80M -$23.61M
YoY Change -160.72% 11.34% 57.09%

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P2Y8M21D
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us-gaap General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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276781000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
483152000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
51.94
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
43.35
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
250495000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
458782000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7588405 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5677472 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.58
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.54
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2370282 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.28
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.08
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
70.53
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
194852000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y7M27D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y0M25D
CY2019Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
71.00
CY2019Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
1106 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1677990 shares
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1933000 USD
CY2019Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
349709000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1103000 USD
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
424000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
538000 USD
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4992000 USD
CY2018Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
172000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
308606000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
468134000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
815474000 USD
CY2018Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.7378
CY2019Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
5200000 USD
CY2019Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
4900000 USD
CY2018Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
48300000 USD
CY2019Q2 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
45100000 USD
CY2018Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
1200000 USD
CY2019Q2 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
984000 USD
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12388000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12155000 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
89036000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
87494000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Risk</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is subject to credit risk from its portfolio of cash equivalents held at one commercial bank and investments in marketable securities. The Company limits its exposure to credit losses by investing in money market funds through a U.S. bank with high credit ratings. The Company&#8217;s cash may consist of deposits held with banks that may at times exceed federally insured limits, however, its exposure to credit risk in the event of default by the financial institution is limited to the extent of amounts recorded on the condensed consolidated balance sheets. The Company performs evaluations of the relative credit standing of these financial institutions to limit the amount of credit exposure.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company also invests in investment&#8209;grade debt instruments and has policy limits for the amount it can invest in any one type of security, except for securities issued or guaranteed by the U.S. government. The goals of the Company&#8217;s investment policy, in order of priority, are as follows: safety and preservation of principal and diversification of risk; liquidity of investments sufficient to meet cash flow requirements; and a competitive after&#8209;tax rate of return. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, investment type and issuer, as a result, the Company is not exposed to any significant concentrations of credit risk from these financial instruments.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is also subject to credit risk from its accounts receivable. The majority of the Company&#8217;s accounts receivable arises from the provision of precision oncology services in the United States and are primarily with biopharmaceutical companies with high credit ratings. The Company has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company does not require collateral. Accounts receivable are recorded at the invoiced amount and do not bear interest.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:justify;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-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the periods presented. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Estimates are used in several areas including, but not limited to, estimation of variable consideration, standalone selling price allocation included in contracts with multiple performance obligations, estimation of potential credit losses on accounts receivable, the valuation of inventory, the fair value of assets acquired and liabilities assumed for business combinations,&#160;goodwill and identifiable intangible assets, stock-based compensation, contingencies, certain inputs into the provision for income taxes, including related reserves, valuation of redeemable noncontrolling interest, among others. These estimates generally involve complex issues and require judgments, involve the analysis of historical results and prediction of future trends, can require extended periods of time to resolve and are subject to change from period to period. Actual results may differ materially from management&#8217;s estimates.</font></div></div>

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