$LNSR
LENSAR Inc

2022 Q1 Form 10-Q Financial Statement

#000156459022018879 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $7.941M $7.043M
YoY Change 12.75% 19.25%
Cost Of Revenue $4.648M $3.149M
YoY Change 47.6% 34.69%
Gross Profit $4.692M $3.894M
YoY Change 20.49% 9.14%
Gross Profit Margin 59.09% 55.29%
Selling, General & Admin $6.278M $6.035M
YoY Change 4.03% 26.28%
% of Gross Profit 133.8% 154.98%
Research & Development $4.788M $2.746M
YoY Change 74.36% 74.79%
% of Gross Profit 102.05% 70.52%
Depreciation & Amortization $541.0K $328.0K
YoY Change 64.94% -31.24%
% of Gross Profit 11.53% 8.42%
Operating Expenses $11.38M $8.781M
YoY Change 29.54% 38.28%
Operating Profit -$6.683M -$5.200M
YoY Change 28.52% 67.8%
Interest Expense $9.000K $20.00K
YoY Change -55.0% -96.69%
% of Operating Profit
Other Income/Expense, Net $9.000K $18.00K
YoY Change -50.0% 5.88%
Pretax Income -$6.674M -$5.180M
YoY Change 28.84%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.674M -$5.182M
YoY Change 28.79% 40.59%
Net Earnings / Revenue -84.04% -73.58%
Basic Earnings Per Share -$0.67
Diluted Earnings Per Share -$669.6K -$563.7K
COMMON SHARES
Basic Shares Outstanding 9.967M
Diluted Shares Outstanding 9.967M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.98M $35.87M
YoY Change -19.2%
Cash & Equivalents $28.98M $35.87M
Short-Term Investments
Other Short-Term Assets $1.508M $1.820M
YoY Change -17.14%
Inventory $4.279M $13.02M
Prepaid Expenses
Receivables $3.585M $2.105M
Other Receivables $194.0K $420.0K
Total Short-Term Assets $38.55M $53.24M
YoY Change -27.6%
LONG-TERM ASSETS
Property, Plant & Equipment $755.0K $744.0K
YoY Change 1.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.082M $3.622M
YoY Change -14.91%
Total Long-Term Assets $21.75M $20.30M
YoY Change 7.14%
TOTAL ASSETS
Total Short-Term Assets $38.55M $53.24M
Total Long-Term Assets $21.75M $20.30M
Total Assets $60.30M $73.54M
YoY Change -18.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.852M $1.702M
YoY Change 67.57%
Accrued Expenses $3.406M $2.761M
YoY Change 23.36%
Deferred Revenue $989.0K $967.0K
YoY Change 2.28%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.763M $5.928M
YoY Change 30.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $52.00K $97.00K
YoY Change -46.39%
Total Long-Term Liabilities $52.00K $97.00K
YoY Change -46.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.763M $5.928M
Total Long-Term Liabilities $52.00K $97.00K
Total Liabilities $10.49M $9.214M
YoY Change 13.82%
SHAREHOLDERS EQUITY
Retained Earnings -$84.27M -$63.18M
YoY Change 33.39%
Common Stock $134.1M $127.5M
YoY Change 5.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.81M $64.33M
YoY Change
Total Liabilities & Shareholders Equity $60.30M $73.54M
YoY Change -18.01%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$6.674M -$5.182M
YoY Change 28.79% 40.59%
Depreciation, Depletion And Amortization $541.0K $328.0K
YoY Change 64.94% -31.24%
Cash From Operating Activities -$2.607M -$4.619M
YoY Change -43.56% -27.42%
INVESTING ACTIVITIES
Capital Expenditures -$46.00K $114.0K
YoY Change -140.35% 10.68%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$46.00K -$114.0K
YoY Change -59.65% 22.58%
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
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.607M -4.619M
Cash From Investing Activities -46.00K -114.0K
Cash From Financing Activities 0.000
Net Change In Cash -2.653M -4.733M
YoY Change -43.95% 128.32%
FREE CASH FLOW
Cash From Operating Activities -$2.607M -$4.619M
Capital Expenditures -$46.00K $114.0K
Free Cash Flow -$2.561M -$4.733M
YoY Change -45.89% -26.81%

Facts In Submission

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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="text-align:justify;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 statements. The accounting estimates that require management’s most significant, difficult and subjective judgments include, but are not limited to, revenue recognition and allowance for expected credit losses, 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. </p> <p style="text-align:justify;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 COVID-19 pandemic continues to directly and indirectly impact the Company’s business, results of operations and financial condition, including revenue, expenses, reserves and allowances. The Company continues to monitor developments that are highly uncertain, including supply chain disruptions and price increases, as well as the economic impact on domestic and international suppliers, customers, and markets. The Company assessed certain accounting matters that require consideration of forecasted financial information, including, but not limited to, its current expected credit losses, the carrying value of the Company's intangible assets and other long-lived assets, and valuation allowances in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of March 31, 2022 and through the date of this report. As a result of these assessments, there were no impairments or material increases in expected credit losses or valuation allowances that impacted the Company's condensed financial statements as of and for the three months ended March 31, 2022 and 2021. However, the Company's future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the condensed financial statements in future reporting periods. </p> <p style="text-align:justify;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;">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.</p>
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EmployeeRelatedLiabilitiesCurrent
1993000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3375000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
542000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
526000
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
34000
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
45000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
837000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
658000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3406000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4604000
CY2022Q1 lnsr Contingent Milestone Payments
ContingentMilestonePayments
2400000
CY2022Q1 lnsr Additional Royalty Payments Percentage
AdditionalRoyaltyPaymentsPercentage
0.03
CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q1 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
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.79
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
534
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3471000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.70
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1746000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1607000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2320000
CY2022Q1 lnsr Employee Service Share Based Compensation Non Vested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Future Amortization Remainder Of Fiscal Year
EmployeeServiceShareBasedCompensationNonVestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptionsFutureAmortizationRemainderOfFiscalYear
4498000
CY2022Q1 lnsr Employee Service Share Based Compensation Non Vested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Future Amortization Next Twelve Months
EmployeeServiceShareBasedCompensationNonVestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptionsFutureAmortizationNextTwelveMonths
3988000
CY2022Q1 lnsr Employee Service Share Based Compensation Non Vested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Future Amortization Year Two
EmployeeServiceShareBasedCompensationNonVestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptionsFutureAmortizationYearTwo
984000
CY2022Q1 lnsr Employee Service Share Based Compensation Non Vested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Future Amortization Year Three
EmployeeServiceShareBasedCompensationNonVestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptionsFutureAmortizationYearThree
625000
CY2022Q1 lnsr Employee Service Share Based Compensation Non Vested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Future Amortization Year Four
EmployeeServiceShareBasedCompensationNonVestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptionsFutureAmortizationYearFour
13000
CY2022Q1 lnsr Employee Service Share Based Compensation Non Vested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Future Amortization
EmployeeServiceShareBasedCompensationNonVestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptionsFutureAmortization
10108000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6674000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5182000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9967000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9187000
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.67
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.56
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2125000

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