$LNSR
LENSAR, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021041908 Filed on August 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $7.922M $4.577M
YoY Change 73.08%
Cost Of Revenue $3.464M $5.439M
YoY Change -36.31%
Gross Profit $4.458M $5.514M
YoY Change -19.15%
Gross Profit Margin 56.27% 120.47%
Selling, General & Admin $5.518M $8.820M
YoY Change -37.44%
% of Gross Profit 123.78% 159.96%
Research & Development $3.006M $3.005M
YoY Change 0.03%
% of Gross Profit 67.43% 54.5%
Depreciation & Amortization $652.0K $1.440M
YoY Change -54.72% -31.1%
% of Gross Profit 14.63% 26.12%
Operating Expenses $8.524M $12.46M
YoY Change -31.57%
Operating Profit -$4.375M -$6.942M
YoY Change -36.98%
Interest Expense $13.00K -$1.275M
YoY Change -101.02%
% of Operating Profit
Other Income/Expense, Net $13.00K $34.00K
YoY Change -61.76%
Pretax Income -$4.362M -$8.183M
YoY Change -46.69%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.362M -$4.497M
YoY Change -3.0%
Net Earnings / Revenue -55.06% -98.25%
Basic Earnings Per Share -$0.47
Diluted Earnings Per Share -$0.47 -$769.5K
COMMON SHARES
Basic Shares Outstanding 9.296M
Diluted Shares Outstanding 9.296M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.55M $4.720M
YoY Change 632.08%
Cash & Equivalents $34.55M
Short-Term Investments
Other Short-Term Assets $1.432M $420.0K
YoY Change 240.95%
Inventory $12.45M $12.63M
Prepaid Expenses
Receivables $2.695M $2.570M
Other Receivables $436.0K $510.0K
Total Short-Term Assets $51.57M $20.84M
YoY Change 147.44%
LONG-TERM ASSETS
Property, Plant & Equipment $5.671M $2.990M
YoY Change 89.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.485M $820.0K
YoY Change 325.0%
Total Long-Term Assets $20.92M $17.18M
YoY Change 21.76%
TOTAL ASSETS
Total Short-Term Assets $51.57M $20.84M
Total Long-Term Assets $20.92M $17.18M
Total Assets $72.48M $38.02M
YoY Change 90.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.858M $1.520M
YoY Change 88.03%
Accrued Expenses $3.292M $3.260M
YoY Change 0.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.723M $6.200M
YoY Change 24.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $67.81M
YoY Change -100.0%
Other Long-Term Liabilities $3.133M $280.0K
YoY Change 1018.93%
Total Long-Term Liabilities $3.133M $68.09M
YoY Change -95.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.723M $6.200M
Total Long-Term Liabilities $3.133M $68.09M
Total Liabilities $10.86M $74.30M
YoY Change -85.39%
SHAREHOLDERS EQUITY
Retained Earnings -$67.54M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.63M -$36.28M
YoY Change
Total Liabilities & Shareholders Equity $72.48M $38.02M
YoY Change 90.65%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$4.362M -$4.497M
YoY Change -3.0%
Depreciation, Depletion And Amortization $652.0K $1.440M
YoY Change -54.72% -31.1%
Cash From Operating Activities -$1.461M -$11.74M
YoY Change -87.56% 259.02%
INVESTING ACTIVITIES
Capital Expenditures -$24.00K -$260.0K
YoY Change -90.77% -85.06%
Acquisitions
YoY Change
Other Investing Activities $0.00 $20.00K
YoY Change -100.0%
Cash From Investing Activities -$24.00K -$240.0K
YoY Change -90.0% -86.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 170.0K 12.07M
YoY Change -98.59% 145.33%
NET CHANGE
Cash From Operating Activities -1.461M -11.74M
Cash From Investing Activities -24.00K -240.0K
Cash From Financing Activities 170.0K 12.07M
Net Change In Cash -1.315M 90.00K
YoY Change -1561.11% -200.0%
FREE CASH FLOW
Cash From Operating Activities -$1.461M -$11.74M
Capital Expenditures -$24.00K -$260.0K
Free Cash Flow -$1.437M -$11.48M
YoY Change -87.48% 650.33%

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accounting Estimates </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes to the condensed financial </p> <p style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">statements. The accounting estimates that require management’s most significant, difficult and subjective judgments include, but are not limited to, cost allocations from </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PDL</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (prior to the Spin-Off)</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, revenue recognition and allowance for </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">expected credit losses</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, the valuation of notes receivable and inventory, the assessment of recoverability of intangible assets and their estimated useful lives, the valuation and recognition of stock-based compensation, operating lease right-of-use assets and liabilities, and the recognition and measurement of current and deferred income tax assets and liabilities. Management evaluates its estimates on an ongoing basis as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates. </span></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s future business, results of operations and financial condition, including revenue, expenses, reserves and allowances, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on domestic and international customers and markets. The Company has made estimates of the impact of COVID-19 within its condensed financial statements and there may be changes to those estimates in future periods. </p>As of the date of issuance of these unaudited condensed interim financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities.
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
41000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3750000
us-gaap Common Stock Voting Rights
CommonStockVotingRights
The Company has a single class of common stock in which stockholders are entitled to one vote for each share of common stock
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2020Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2021Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.59
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.81
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
59
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
99
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2721000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.011
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1430000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
88000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4362000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4497000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9544000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8183000
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9296000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1070000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9242000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1070000
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.47
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.20
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.03
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-7.65
CY2021Q2 lnsr Cumulative Dividends In Excess Of Interest Expense
CumulativeDividendsInExcessOfInterestExpense
0
CY2020Q2 lnsr Cumulative Dividends In Excess Of Interest Expense
CumulativeDividendsInExcessOfInterestExpense
0
lnsr Cumulative Dividends In Excess Of Interest Expense
CumulativeDividendsInExcessOfInterestExpense
0
lnsr Cumulative Dividends In Excess Of Interest Expense
CumulativeDividendsInExcessOfInterestExpense
0

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