$MASS
908 Devices Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023017879 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $14.35M $14.30M
YoY Change 23.26% -9.5%
Cost Of Revenue $7.076M $6.428M
YoY Change 23.68% -0.48%
Gross Profit $7.275M $7.869M
YoY Change 22.85% -15.73%
Gross Profit Margin 50.69% 55.04%
Selling, General & Admin $11.43M $11.42M
YoY Change -1.43% -3.42%
% of Gross Profit 157.14% 145.14%
Research & Development $5.444M $5.537M
YoY Change 16.77% 18.67%
% of Gross Profit 74.83% 70.36%
Depreciation & Amortization $405.0K $740.0K
YoY Change -29.81% 61.22%
% of Gross Profit 5.57% 9.4%
Operating Expenses $16.99M $16.96M
YoY Change 4.48% 2.83%
Operating Profit -$9.713M -$9.089M
YoY Change -6.05% 27.05%
Interest Expense $2.325M -$350.0K
YoY Change 18.02% -1160.61%
% of Operating Profit
Other Income/Expense, Net -$43.00K $1.909M
YoY Change -107.86% 113.3%
Pretax Income -$7.431M -$7.180M
YoY Change -24.1% 14.71%
Income Tax -$2.000K -$87.00K
% Of Pretax Income
Net Earnings -$7.429M -$7.093M
YoY Change -24.12% 13.32%
Net Earnings / Revenue -51.77% -49.61%
Basic Earnings Per Share -$0.22
Diluted Earnings Per Share -$0.23 -$0.22
COMMON SHARES
Basic Shares Outstanding 32.38M 32.33M
Diluted Shares Outstanding 32.35M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.7M $147.9M
YoY Change -22.68% -23.64%
Cash & Equivalents $121.0M $118.2M
Short-Term Investments $24.64M $29.70M
Other Short-Term Assets $4.181M $3.100M
YoY Change -10.24% -3.79%
Inventory $14.94M $15.93M
Prepaid Expenses
Receivables $8.989M $12.89M
Other Receivables $0.00 $0.00
Total Short-Term Assets $173.8M $179.8M
YoY Change -19.4% -19.68%
LONG-TERM ASSETS
Property, Plant & Equipment $3.342M $2.854M
YoY Change 8.4% 3.37%
Goodwill $10.37M $9.928M
YoY Change 3.15% 7.91%
Intangibles $7.860M $7.742M
YoY Change -7.4% -2.85%
Long-Term Investments
YoY Change
Other Assets $1.389M $1.447M
YoY Change 0.36% 20.78%
Total Long-Term Assets $29.19M $28.65M
YoY Change 8.27% 12.79%
TOTAL ASSETS
Total Short-Term Assets $173.8M $179.8M
Total Long-Term Assets $29.19M $28.65M
Total Assets $203.0M $208.5M
YoY Change -16.33% -16.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.191M $2.581M
YoY Change -14.75% 55.2%
Accrued Expenses $8.713M $7.267M
YoY Change -1.51% -15.14%
Deferred Revenue $10.63M $10.52M
YoY Change 41.46% 41.81%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.55M $22.32M
YoY Change 17.28% 17.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $12.50M $13.80M
YoY Change 2152.25% 2446.13%
Total Long-Term Liabilities $12.50M $13.80M
YoY Change -19.64% -11.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.55M $22.32M
Total Long-Term Liabilities $12.50M $13.80M
Total Liabilities $37.49M $38.55M
YoY Change -27.89% -26.97%
SHAREHOLDERS EQUITY
Retained Earnings -$170.6M -$163.2M
YoY Change 27.12% 31.19%
Common Stock $33.00K $32.00K
YoY Change 3.13% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $165.5M $169.9M
YoY Change
Total Liabilities & Shareholders Equity $203.0M $208.5M
YoY Change -16.33% -16.37%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$7.429M -$7.093M
YoY Change -24.12% 13.32%
Depreciation, Depletion And Amortization $405.0K $740.0K
YoY Change -29.81% 61.22%
Cash From Operating Activities -$1.930M -$4.600M
YoY Change -62.28% -6.84%
INVESTING ACTIVITIES
Capital Expenditures $333.0K $200.0K
YoY Change -45.59% -126.88%
Acquisitions
YoY Change
Other Investing Activities $4.969M -$9.700M
YoY Change -29.52%
Cash From Investing Activities $4.636M -$9.920M
YoY Change -857.52% -31.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 95.00K -250.0K
YoY Change -76.89% -246.2%
NET CHANGE
Cash From Operating Activities -1.930M -4.600M
Cash From Investing Activities 4.636M -9.920M
Cash From Financing Activities 95.00K -250.0K
Net Change In Cash 2.801M -14.77M
YoY Change -152.68% -23.36%
FREE CASH FLOW
Cash From Operating Activities -$1.930M -$4.600M
Capital Expenditures $333.0K $200.0K
Free Cash Flow -$2.263M -$4.800M
YoY Change -60.49% 14.45%

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dei Entity Incorporation Date Of Incorporation
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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:18pt;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 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>
us-gaap Concentration Risk Credit Risk
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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;">Risk of Concentrations of Credit, Significant Customers and Significant Suppliers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;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 the majority of its cash and cash equivalents with three 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:18pt;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, 2023, two customers represented 41% and 17% of total revenue. For the comparable three months ended September 30, 2022, one customer represented 41% of total revenue. For the nine months ended September 30, 2023, two customers represented 22% and 11%<span style="white-space:pre-wrap;"> of total revenue, respectively. For the comparable nine months ended September 30, 2022, </span>one customer represented 29% of total revenue. As of September 30, 2023, one customer accounted for 47% of gross accounts receivable. As of December 31, 2022, two customers accounted for 20% and 12% of gross accounts receivable, respectively. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;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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677000
CY2023Q3 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
728000
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
1243000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
714000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
899000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7267000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8847000
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1119000
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1593000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
367000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1194000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
477000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1433000
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1009000
CY2022Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1354000
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q3 mass Number Of Vote For Each Share Of Common Stock
NumberOfVoteForEachShareOfCommonStock
1
CY2022Q3 us-gaap Lease Cost
LeaseCost
600000
us-gaap Lease Cost
LeaseCost
1694000
us-gaap Lease Cost
LeaseCost
1789000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4541439
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3599629
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2704000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2020000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7448000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5203000
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
579000
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
587000
us-gaap Operating Lease Cost
OperatingLeaseCost
1548000
us-gaap Operating Lease Cost
OperatingLeaseCost
1752000
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
17000
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
49000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
30000
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
43000
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
3000
us-gaap Variable Lease Cost
VariableLeaseCost
97000
us-gaap Variable Lease Cost
VariableLeaseCost
7000
CY2023Q3 us-gaap Lease Cost
LeaseCost
639000
us-gaap Operating Lease Payments
OperatingLeasePayments
1513000
us-gaap Operating Lease Payments
OperatingLeasePayments
1342000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3003000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.079
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.095
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
602000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2429000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1999000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
578000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
592000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1347000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7547000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1147000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
6400000
CY2023Q3 mass Number Of Parties With Royalty Arrangements
NumberOfPartiesWithRoyaltyArrangements
2
CY2023Q3 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
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q3 us-gaap Noncurrent Assets
NoncurrentAssets
9531000
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
7915000

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Financial_Report.xlsx Edgar Link pending
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