2019 Q4 Form 10-Q Financial Statement

#000162828019013718 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $62.90M $60.85M $21.69M
YoY Change 91.36% 180.51% 94.86%
Cost Of Revenue $21.84M $18.51M $10.05M
YoY Change 56.56% 84.18% 16.05%
Gross Profit $41.06M $42.33M $11.64M
YoY Change 116.9% 263.66% 371.26%
Gross Profit Margin 65.28% 69.57% 53.66%
Selling, General & Admin $41.15M $35.24M $21.59M
YoY Change 38.74% 63.21% -9.66%
% of Gross Profit 100.22% 83.26% 185.51%
Research & Development $25.88M $24.57M $14.25M
YoY Change 55.44% 72.38% 96.7%
% of Gross Profit 63.03% 58.04% 122.45%
Depreciation & Amortization $3.450M $2.500M $1.700M
YoY Change -43.44% 47.06% 54.55%
% of Gross Profit 8.4% 5.91% 14.6%
Operating Expenses $67.02M $59.81M $35.85M
YoY Change 44.72% 66.86% 15.08%
Operating Profit -$25.96M -$17.48M -$24.21M
YoY Change -5.19% -27.8% -15.6%
Interest Expense -$231.5M $280.0K $304.0K
YoY Change -10432.59% -7.89% 0.33%
% of Operating Profit
Other Income/Expense, Net $234.8M $179.0K $43.00K
YoY Change -261000.0% 316.28% -116.17%
Pretax Income -$22.60M -$13.29M -$23.51M
YoY Change -10.46% -43.46% -17.78%
Income Tax -$490.0K -$202.0K $0.00
% Of Pretax Income
Net Earnings -$25.21M -$13.09M -$24.46M
YoY Change 0.36% -46.48% -14.45%
Net Earnings / Revenue -40.08% -21.51% -112.75%
Basic Earnings Per Share
Diluted Earnings Per Share -$268.1K -$137.1K -$292.7K
COMMON SHARES
Basic Shares Outstanding 93.91M shares 92.97M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $522.8M $523.0M $271.3M
YoY Change 24.77% 92.78%
Cash & Equivalents $143.2M $147.2M $114.0M
Short-Term Investments $379.6M $375.8M $157.4M
Other Short-Term Assets $11.40M $5.700M $4.000M
YoY Change 119.23% 42.5%
Inventory $15.18M $14.76M $7.075M
Prepaid Expenses
Receivables $47.99M $39.69M $14.64M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $597.4M $583.1M $297.1M
YoY Change 27.37% 96.26%
LONG-TERM ASSETS
Property, Plant & Equipment $43.67M $40.76M $30.32M
YoY Change 40.85% 34.44%
Goodwill $3.290M $2.928M
YoY Change
Intangibles $8.524M $8.755M
YoY Change
Long-Term Investments $268.8M $302.6M $3.000M
YoY Change 246.39% 9986.67%
Other Assets $4.882M $3.073M $1.936M
YoY Change 138.61% 58.73%
Total Long-Term Assets $365.2M $365.3M $47.52M
YoY Change 208.4% 668.7%
TOTAL ASSETS
Total Short-Term Assets $597.4M $583.1M $297.1M
Total Long-Term Assets $365.2M $365.3M $47.52M
Total Assets $962.5M $948.3M $344.6M
YoY Change 63.86% 175.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.20M $12.05M $13.08M
YoY Change 52.2% -7.85%
Accrued Expenses $25.70M $17.24M $7.482M
YoY Change 258.08% 130.41%
Deferred Revenue $12.28M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change 0.0%
Total Short-Term Liabilities $72.73M $67.82M $32.05M
YoY Change 54.94% 111.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $100.0K $100.0K
YoY Change -100.0% 0.0%
Other Long-Term Liabilities $1.672M $1.220M $206.0K
YoY Change 414.46% 492.23%
Total Long-Term Liabilities $1.672M $1.220M $206.0K
YoY Change 414.46% 492.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.73M $67.82M $32.05M
Total Long-Term Liabilities $1.672M $1.220M $206.0K
Total Liabilities $114.5M $86.44M $47.46M
YoY Change 83.41% 82.12%
SHAREHOLDERS EQUITY
Retained Earnings -$352.8M -$327.6M -$255.7M
YoY Change 25.64% 28.13%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $798.4M $815.4M $255.2M
YoY Change
Total Liabilities & Shareholders Equity $962.5M $948.3M $344.6M
YoY Change 63.86% 175.2%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$25.21M -$13.09M -$24.46M
YoY Change 0.36% -46.48% -14.45%
Depreciation, Depletion And Amortization $3.450M $2.500M $1.700M
YoY Change -43.44% 47.06% 54.55%
Cash From Operating Activities -$30.34M $1.350M -$22.05M
YoY Change 14.32% -106.12% -17.54%
INVESTING ACTIVITIES
Capital Expenditures -$7.020M -$8.450M -$5.910M
YoY Change 139.59% 42.98% 113.36%
Acquisitions
YoY Change
Other Investing Activities $30.38M -$27.28M $30.37M
YoY Change -115.6% -189.83% 68.72%
Cash From Investing Activities $23.36M -$35.73M $24.46M
YoY Change -111.82% -246.08% 60.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.070M 6.870M 800.0K
YoY Change -98.77% 758.75% -99.54%
NET CHANGE
Cash From Operating Activities -30.34M 1.350M -22.05M
Cash From Investing Activities 23.36M -35.73M 24.46M
Cash From Financing Activities 3.070M 6.870M 800.0K
Net Change In Cash -3.910M -27.51M 3.210M
YoY Change -114.96% -957.01% -98.04%
FREE CASH FLOW
Cash From Operating Activities -$30.34M $1.350M -$22.05M
Capital Expenditures -$7.020M -$8.450M -$5.910M
Free Cash Flow -$23.32M $9.800M -$16.14M
YoY Change -1.23% -160.72% -32.67%

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P3Y0M7D
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Profit Loss
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us-gaap Research And Development Expense
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us-gaap Royalty Expense
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us-gaap Royalty Expense
RoyaltyExpense
3100000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13464000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
36351000 USD
CY2019Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
18802000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
56048000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4288000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
11882000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3556507 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2806659 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.52
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
352459 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
306958 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.45
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.65
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
55.16
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
53.02
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
250495000 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
271740000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7588405 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4915418 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.58
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.23
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1851781 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.72
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.17
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
89.37
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
109974000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y5M12D
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
P7Y11M15D
CY2019Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
71.00
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2627486 shares
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1933000 USD
CY2019Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
3185000 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
CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
839000 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
CY2019Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4265000 USD
CY2018Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
172000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
308606000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
296848000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
276781000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
255187000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
483152000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
468134000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
815474000 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
815396000 USD
CY2018Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.7378
CY2019Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
5700000 USD
CY2019Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
4900000 USD
CY2018Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
48300000 USD
CY2019Q3 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
CY2019Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
3000000 USD
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12582000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12300000 shares
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
93303000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
89452000 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 (benefit from) 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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