$MASS
908 Devices Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022017620 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $11.64M $15.80M $12.55M
YoY Change -26.5% 25.92% 107.42%
Cost Of Revenue $5.721M $6.459M $5.733M
YoY Change -14.7% 12.66% 159.18%
Gross Profit $5.922M $9.338M $6.812M
YoY Change -35.17% 37.08% 77.58%
Gross Profit Margin 50.86% 59.11% 54.3%
Selling, General & Admin $11.60M $11.83M $8.786M
YoY Change 30.07% 34.6% 176.46%
% of Gross Profit 195.85% 126.64% 128.98%
Research & Development $4.662M $4.666M $3.302M
YoY Change 24.49% 41.31% 69.25%
% of Gross Profit 78.72% 49.97% 48.47%
Depreciation & Amortization $577.0K $459.0K $261.0K
YoY Change 99.65% 75.86% 30.5%
% of Gross Profit 9.74% 4.92% 3.83%
Operating Expenses $16.26M $16.49M $12.09M
YoY Change 28.42% 36.43% 135.68%
Operating Profit -$10.34M -$7.154M -$5.276M
YoY Change 193.03% 35.6% 308.04%
Interest Expense $1.970M $33.00K $31.00K
YoY Change -5025.0% 6.45% -87.35%
% of Operating Profit
Other Income/Expense, Net $547.0K $895.0K $91.00K
YoY Change 431.07% 883.52% -121.21%
Pretax Income -$9.791M -$6.259M -$5.185M
YoY Change 182.57% 20.71% 201.45%
Income Tax
% Of Pretax Income
Net Earnings -$9.791M -$6.259M -$5.185M
YoY Change 182.57% 20.71% 201.1%
Net Earnings / Revenue -84.09% -39.62% -41.33%
Basic Earnings Per Share -$0.20 -$0.19
Diluted Earnings Per Share -$0.31 -$0.20 -$0.19
COMMON SHARES
Basic Shares Outstanding 31.71M 31.59M 27.71M
Diluted Shares Outstanding 31.61M 27.71M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $188.4M $193.7M $138.8M
YoY Change -15.91% 39.54% 604.64%
Cash & Equivalents $188.4M $193.7M $138.8M
Short-Term Investments
Other Short-Term Assets $4.658M $3.222M $2.002M
YoY Change 2.89% 60.94% 400.5%
Inventory $12.51M $11.73M $8.272M
Prepaid Expenses
Receivables $10.03M $15.23M $8.286M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $215.6M $223.9M $157.5M
YoY Change -14.74% 42.16% 357.81%
LONG-TERM ASSETS
Property, Plant & Equipment $3.083M $2.761M $1.591M
YoY Change 92.33% 73.54% -78.5%
Goodwill $10.05M $9.200M
YoY Change
Intangibles $8.488M $7.969M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.384M $1.198M $1.756M
YoY Change 12.7% -31.78% 9.75%
Total Long-Term Assets $26.96M $25.40M $8.818M
YoY Change 236.47% 188.04% -2.02%
TOTAL ASSETS
Total Short-Term Assets $215.6M $223.9M $157.5M
Total Long-Term Assets $26.96M $25.40M $8.818M
Total Assets $242.6M $249.3M $166.3M
YoY Change -7.02% 49.9% 283.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.397M $1.663M $1.985M
YoY Change 1.9% -16.22% 230.83%
Accrued Expenses $8.847M $8.564M $4.928M
YoY Change 27.09% 73.78% -17.87%
Deferred Revenue $7.514M $7.419M $4.843M
YoY Change 45.62% 53.19%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $19.23M $19.08M $13.06M
YoY Change 29.59% 46.06% 6.2%
LONG-TERM LIABILITIES
Long-Term Debt $15.00M $15.00M $15.00M
YoY Change 0.0% 0.0% 32.74%
Other Long-Term Liabilities $555.0K $542.0K $194.0K
YoY Change -96.63% 179.38% -98.64%
Total Long-Term Liabilities $15.56M $15.54M $15.19M
YoY Change 3.7% 2.29% -40.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.23M $19.08M $13.06M
Total Long-Term Liabilities $15.56M $15.54M $15.19M
Total Liabilities $51.99M $52.78M $43.53M
YoY Change 12.28% 21.26% 14.85%
SHAREHOLDERS EQUITY
Retained Earnings -$134.2M -$124.4M -$97.20M
YoY Change 33.35% 27.98%
Common Stock $32.00K $32.00K $28.00K
YoY Change 3.23% 14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $190.6M $196.5M $122.8M
YoY Change
Total Liabilities & Shareholders Equity $242.6M $249.3M $166.3M
YoY Change -7.02% 49.9% 283.19%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$9.791M -$6.259M -$5.185M
YoY Change 182.57% 20.71% 201.1%
Depreciation, Depletion And Amortization $577.0K $459.0K $261.0K
YoY Change 99.65% 75.86% 30.5%
Cash From Operating Activities -$5.116M -$4.938M -$2.924M
YoY Change -44.51% 68.88% -135.66%
INVESTING ACTIVITIES
Capital Expenditures $612.0K -$744.0K -$58.00K
YoY Change -1233.33% 1182.76% -134.12%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$13.76M
YoY Change
Cash From Investing Activities -$612.0K -$14.51M -$58.00K
YoY Change 1033.33% 24910.34% -134.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 411.0K 171.0K 483.0K
YoY Change -99.57% -64.6% 4730.0%
NET CHANGE
Cash From Operating Activities -5.116M -4.938M -2.924M
Cash From Investing Activities -612.0K -14.51M -58.00K
Cash From Financing Activities 411.0K 171.0K 483.0K
Net Change In Cash -5.317M -19.27M -2.499M
YoY Change -106.24% 671.23% -129.82%
FREE CASH FLOW
Cash From Operating Activities -$5.116M -$4.938M -$2.924M
Capital Expenditures $612.0K -$744.0K -$58.00K
Free Cash Flow -$5.728M -$4.194M -$2.866M
YoY Change -37.51% 46.34% -135.69%

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mass Increase Decrease In Right Of Use Operating Assets
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dei Entity Incorporation Date Of Incorporation
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us-gaap Net Income Loss
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us-gaap Use Of Estimates
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<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, fair value of assets acquired and liabilities assumed in acquisitions 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, rising inflation and higher interest rates, 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>
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% or more of the Company’s total revenue or accounts receivable. For the three months ended September 30, 2022 and 2021, one customer represented 41% and 58% of total revenue, respectively. For the nine months ended September 30, 2022 and 2021, one customer represented 29% and 36% of total revenue, respectively. As of September 30, 2022, two customers accounted for 47%<span style="white-space:pre-wrap;"> and </span>11%, respectively, of gross accounts receivable. As of December 31, 2021, two customers accounted for 63% and 11%, respectively, of gross accounts receivable. </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, rising inflation and higher interest rates, 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 September 30, 2022, the gross accounts receivable balance from these countries amounted to $3.9 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>
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ProvisionForDoubtfulAccounts
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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InventoryRawMaterialsNetOfReserves
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CY2022Q3 us-gaap Goodwill
Goodwill
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2022Q3 mass Finite Lived Intangible Assets Amortization Expense After Year Four
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CY2022Q3 us-gaap Finite Lived Intangible Assets Net
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CY2022Q3 us-gaap Product Warranty Accrual Classified Current
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CY2021Q4 us-gaap Accrued Professional Fees Current
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CY2022Q3 us-gaap Accrued Liabilities Current
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CY2021Q4 us-gaap Accrued Liabilities Current
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CY2021Q4 us-gaap Standard Product Warranty Accrual
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1550000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1265000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1194000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1028000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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CY2022Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2021Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2022Q3 mass Number Of Vote For Each Share Of Common Stock
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3027977
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
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2020000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18400000
CY2022Q3 mass Number Of Parties With Royalty Arrangements
NumberOfPartiesWithRoyaltyArrangements
2
CY2022Q3 mass Royalty Liabilities Future Minimum Royalty Payments Annual
RoyaltyLiabilitiesFutureMinimumRoyaltyPaymentsAnnual
100000
CY2021Q4 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1
CY2021Q4 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03
CY2021Q4 mass Defined Contribution Plan Employer Matching Contribution Annual Maximum Per Employee
DefinedContributionPlanEmployerMatchingContributionAnnualMaximumPerEmployee
3500
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000

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