$MASS
908 Devices Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022007984 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $8.306M $5.543M
YoY Change 49.85% 38.54%
Cost Of Revenue $4.177M $2.635M
YoY Change 58.52% 38.47%
Gross Profit $4.129M $2.908M
YoY Change 41.99% 38.61%
Gross Profit Margin 49.71% 52.46%
Selling, General & Admin $9.745M $5.753M
YoY Change 69.39% 112.6%
% of Gross Profit 236.01% 197.83%
Research & Development $3.905M $2.965M
YoY Change 31.7% 37.52%
% of Gross Profit 94.57% 101.96%
Depreciation & Amortization $267.0K $137.0K
YoY Change 94.89% -33.17%
% of Gross Profit 6.47% 4.71%
Operating Expenses $13.65M $8.718M
YoY Change 56.57% 79.31%
Operating Profit -$9.521M -$5.810M
YoY Change 63.87% 110.2%
Interest Expense $20.00K $376.0K
YoY Change -94.68% 56.02%
% of Operating Profit
Other Income/Expense, Net $106.0K -$285.0K
YoY Change -137.19% 41.09%
Pretax Income -$9.415M -$6.100M
YoY Change 54.34%
Income Tax
% Of Pretax Income
Net Earnings -$9.415M -$6.095M
YoY Change 54.47% 105.5%
Net Earnings / Revenue -113.35% -109.96%
Basic Earnings Per Share -$0.30 -$0.22
Diluted Earnings Per Share -$0.30 -$0.22
COMMON SHARES
Basic Shares Outstanding 31.21M 27.29M
Diluted Shares Outstanding 31.21M 27.29M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $223.1M $149.0M
YoY Change 49.74%
Cash & Equivalents $223.1M $149.0M
Short-Term Investments
Other Short-Term Assets $3.908M $2.800M
YoY Change 39.57%
Inventory $9.632M $6.822M
Prepaid Expenses
Receivables $6.323M $4.367M
Other Receivables $0.00 $0.00
Total Short-Term Assets $243.0M $163.0M
YoY Change 49.11%
LONG-TERM ASSETS
Property, Plant & Equipment $2.177M $966.0K
YoY Change 125.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.180M $1.798M
YoY Change -34.37%
Total Long-Term Assets $8.243M $8.791M
YoY Change -6.23%
TOTAL ASSETS
Total Short-Term Assets $243.0M $163.0M
Total Long-Term Assets $8.243M $8.791M
Total Assets $251.2M $171.8M
YoY Change 46.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.162M $1.690M
YoY Change 27.93%
Accrued Expenses $4.350M $3.011M
YoY Change 44.47%
Deferred Revenue $5.779M $3.321M
YoY Change 74.01%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $13.66M $9.247M
YoY Change 47.77%
LONG-TERM LIABILITIES
Long-Term Debt $15.00M $15.00M
YoY Change 0.0%
Other Long-Term Liabilities $15.76M $194.0K
YoY Change 8023.71%
Total Long-Term Liabilities $15.00M $15.19M
YoY Change -1.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.66M $9.247M
Total Long-Term Liabilities $15.00M $15.19M
Total Liabilities $44.42M $38.44M
YoY Change 15.57%
SHAREHOLDERS EQUITY
Retained Earnings -$110.1M -$84.60M
YoY Change 30.14%
Common Stock $31.00K $27.00K
YoY Change 14.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $206.8M $133.3M
YoY Change
Total Liabilities & Shareholders Equity $251.2M $171.8M
YoY Change 46.27%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$9.415M -$6.095M
YoY Change 54.47% 105.5%
Depreciation, Depletion And Amortization $267.0K $137.0K
YoY Change 94.89% -33.17%
Cash From Operating Activities -$466.0K -$9.633M
YoY Change -95.16% 204.07%
INVESTING ACTIVITIES
Capital Expenditures $617.0K $9.000K
YoY Change 6755.56% -90.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$617.0K -$9.000K
YoY Change 6755.56% -90.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $15.00M
YoY Change
Cash From Financing Activities 130.0K -566.0K
YoY Change -122.97% -18966.67%
NET CHANGE
Cash From Operating Activities -466.0K -9.633M
Cash From Investing Activities -617.0K -9.000K
Cash From Financing Activities 130.0K -566.0K
Net Change In Cash -953.0K -10.21M
YoY Change -90.66% 213.51%
FREE CASH FLOW
Cash From Operating Activities -$466.0K -$9.633M
Capital Expenditures $617.0K $9.000K
Free Cash Flow -$1.083M -$9.642M
YoY Change -88.77% 195.86%

Facts In Submission

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-466000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9633000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
617000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-617000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9000
CY2021Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
15000000
CY2022Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
15000000
CY2022Q1 mass Payments For Withholding Taxes On Vested Awards
PaymentsForWithholdingTaxesOnVestedAwards
82000
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
324000
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
27000
CY2022Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
112000
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
576000
CY2022Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
15000000
CY2021Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
15000000
CY2021Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
17000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
130000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-566000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-953000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10208000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
224133000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
159227000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
223180000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
149019000
CY2022Q1 mass Transfers Of Inventory To Property And Equipment
TransfersOfInventoryToPropertyAndEquipment
224000
CY2021Q1 mass Transfers Of Inventory To Property And Equipment
TransfersOfInventoryToPropertyAndEquipment
244000
CY2021Q1 mass Debt Issuance Costs In Accounts Payable And Accrued Expenses
DebtIssuanceCostsInAccountsPayableAndAccruedExpenses
22000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
223120000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
148959000
CY2022Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
60000
CY2021Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
60000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
223180000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
149019000
CY2022Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2012-02-10
CY2021Q4 mass Proceeds From Issuance Secondary Public Offering
ProceedsFromIssuanceSecondaryPublicOffering
94400000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-9400000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-22200000
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-110100000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:28.8pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition and accounts receivable, the valuation of inventory and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require further updates to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of these condensed consolidated financial statements. These estimates may change, as new events occur and additional information is obtained. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.</p>
CY2022Q1 mass Concentrations Of Credit Risk And Of Significant Customers
ConcentrationsOfCreditRiskAndOfSignificantCustomers
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk and of Significant Customers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:28.8pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with two financial institutions that management believes to be of high credit quality. The Company has not experienced any other-than-temporary losses with respect to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:28.8pt;margin:0pt 0pt 12pt 0pt;">Significant customers are those that accounted for 10%<span style="white-space:pre-wrap;"> or more of the Company’s total revenue or accounts receivable. For the three months ended March 31, 2022, one customer represented 17% of total revenue. For the three months ended March 31, 2021, two customers represented 19% and 10% of total revenue, respectively. As of March 31, 2022, one customer accounted for 21% of gross accounts receivable. As of December 31, 2021, two customers accounted for 63% and 11%, respectively, of gross accounts receivable. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:28.8pt;margin:0pt 0pt 12pt 0pt;">The credit and economic conditions within countries in Europe, Middle East and Africa that the Company does business with have been weak in recent years. These conditions have continued to deteriorate as a result of COVID-19 and may continue to increase the average length of time that it takes to collect on the accounts receivables outstanding in these countries. As of March 31, 2022, the gross accounts receivable balance from these countries amounted to $2.8 million, of which $1.7 million is more than 90 days past due and for which the Company has provided for an allowance for doubtful accounts of $1.7 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:28.8pt;margin:0pt 0pt 12pt 0pt;">Certain of the components included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those limited sources of suppliers and manufacturers, the partial or complete loss of certain of these sources, or the requirement to establish a new supplier for the components, could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships.</p>
CY2021Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1700000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5726000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3126000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3869000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1964000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5242000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4008000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
14837000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
9098000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8306000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5543000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8306000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5543000
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6666000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6242000
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2102000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
551000
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
864000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1125000
CY2022Q1 us-gaap Inventory Net
InventoryNet
9632000
CY2021Q4 us-gaap Inventory Net
InventoryNet
7918000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1362000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3271000
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1329000
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1593000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
733000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
710000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
926000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1387000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4350000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6961000

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