$MYO
MYOMO, INC.

2018 Q3 Form 10-Q Financial Statement

#000156459018020451 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $609.0K $632.4K $306.7K
YoY Change 24.65% 106.2% 22.67%
Cost Of Revenue $193.6K $200.4K $98.64K
YoY Change 55.99% 103.21% 97.28%
Gross Profit $415.4K $431.9K $208.0K
YoY Change 13.98% 107.61% 4.02%
Gross Profit Margin 68.21% 68.3% 67.84%
Selling, General & Admin $2.674M $2.627M $1.430M
YoY Change 81.91% 83.71% 126.98%
% of Gross Profit 643.75% 608.21% 687.36%
Research & Development $449.7K $487.0K $708.6K
YoY Change 36.26% -31.28% 172.55%
% of Gross Profit 108.25% 112.75% 340.61%
Depreciation & Amortization $18.83K $20.00K $0.00
YoY Change 88.3%
% of Gross Profit 4.53% 4.63% 0.0%
Operating Expenses $3.124M $3.114M $2.141M
YoY Change 73.6% 45.41% 140.62%
Operating Profit -$2.708M -$2.682M -$1.933M
YoY Change 88.74% 38.72% 180.21%
Interest Expense $45.30K $49.84K -$5.450M
YoY Change -204.49% -100.91% 7685.71%
% of Operating Profit
Other Income/Expense, Net $58.61K
YoY Change -66.71%
Pretax Income -$2.650M -$2.630M -$7.380M
YoY Change 110.3% -64.36% 871.05%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.650M -$2.630M -$7.382M
YoY Change 110.48% -64.38% 871.3%
Net Earnings / Revenue -435.12% -415.83% -2407.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$6.403M -$211.9K -$3.195M
COMMON SHARES
Basic Shares Outstanding 12.41M 12.41M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.093M $11.68M $7.110M
YoY Change 83.33% 64.28%
Cash & Equivalents $9.093M $11.68M $7.110M
Short-Term Investments
Other Short-Term Assets $720.9K $460.0K $270.0K
YoY Change 53.38% 70.37%
Inventory $272.7K $247.6K $120.0K
Prepaid Expenses
Receivables $352.8K $385.0K $250.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.44M $12.78M $7.760M
YoY Change 80.93% 64.68%
LONG-TERM ASSETS
Property, Plant & Equipment $198.9K $163.8K $20.00K
YoY Change 894.33% 719.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $192.3K $120.0K $50.00K
YoY Change 20.17% 140.0%
Total Long-Term Assets $391.1K $287.9K $80.00K
YoY Change 105.86% 259.86%
TOTAL ASSETS
Total Short-Term Assets $10.44M $12.78M $7.760M
Total Long-Term Assets $391.1K $287.9K $80.00K
Total Assets $10.83M $13.07M $7.840M
YoY Change 81.73% 66.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $438.9K $340.0K $1.310M
YoY Change -61.16% -74.05%
Accrued Expenses $1.252M $1.060M $10.00K
YoY Change 10500.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $590.0K
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.882M $1.570M $1.980M
YoY Change -0.44% -20.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.450M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $250.00 $50.00K $480.0K
YoY Change -99.87% -89.58%
Total Long-Term Liabilities $250.00 $50.00K $1.930M
YoY Change -99.98% -97.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.882M $1.570M $1.980M
Total Long-Term Liabilities $250.00 $50.00K $1.930M
Total Liabilities $1.882M $1.616M $3.910M
YoY Change -44.32% -58.67%
SHAREHOLDERS EQUITY
Retained Earnings -$42.60M -$39.95M
YoY Change
Common Stock $51.55M $1.241K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.464K
YoY Change
Treasury Stock Shares $808.00 $808.00
Shareholders Equity $8.949M $11.45M $3.920M
YoY Change
Total Liabilities & Shareholders Equity $10.83M $13.07M $7.840M
YoY Change 81.73% 66.67%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$2.650M -$2.630M -$7.382M
YoY Change 110.48% -64.38% 871.3%
Depreciation, Depletion And Amortization $18.83K $20.00K $0.00
YoY Change 88.3%
Cash From Operating Activities -$2.483M -$2.340M -$1.590M
YoY Change 26.06% 47.17% 62.24%
INVESTING ACTIVITIES
Capital Expenditures -$37.37K -$20.00K $0.00
YoY Change 273.7%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$37.37K -$20.00K $0.00
YoY Change 273.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -72.29K -50.00K 7.300M
YoY Change -59.84% -100.68% 1137.29%
NET CHANGE
Cash From Operating Activities -2.483M -2.340M -1.590M
Cash From Investing Activities -37.37K -20.00K 0.000
Cash From Financing Activities -72.29K -50.00K 7.300M
Net Change In Cash -2.593M -2.410M 5.710M
YoY Change 20.04% -142.21% -1564.1%
FREE CASH FLOW
Cash From Operating Activities -$2.483M -$2.340M -$1.590M
Capital Expenditures -$37.37K -$20.00K $0.00
Free Cash Flow -$2.446M -$2.320M -$1.590M
YoY Change 24.79% 45.91% 62.24%

Facts In Submission

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DebtDiscountOnConvertibleNotes
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<div> <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;">Note 1 &#8212; Description of Business</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;">Myomo Inc. (&#8220;Myomo&#8221; or the Company&#8221;) is a wearable medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro &#174; myoelectric upper limb orthosis product is registered with the Food and Drug Administration as a Class&#160;II medical device. The Company sells the product to orthotics and prosthetics practices and clinics, the Veterans Health Administration, other hospitals in the United States, and, through a distribution agreement with OttoBock SE&#160;&amp;Co. KGaA, formerly known as Otto Bock Healthcare L.P. (&#8220;Ottobock&#8221;). The Company was incorporated in the State of Delaware on September&#160;1, 2004 and is headquartered in Cambridge, Massachusetts.</p></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</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;">Certain prior period amounts included in the statement of cash flows for the six months ending June 30, 2017 have been reclassified to conform to the current year&#8217;s presentation in accordance with ASU 2016-18. See &#8220; <font style="font-style:italic;">Recent Accounting Pronouncements&#8221;.</font></p></div>
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of 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 financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going basis and updated as appropriate. Actual results could differ from those estimates. The Company&#8217;s significant estimates include the allowance for doubtful accounts, deferred tax valuation allowances, warranty obligations and reserves for slow-moving and consigned inventory.</p></div>
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1732571
CY2018Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
164700
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
122000
CY2018Q2 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
115848
CY2017Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
97980
CY2018Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
38318
CY2017Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
23530
CY2018Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
318866
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
243510
CY2018Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
34242
CY2017Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
23739
CY2018Q2 myo Inventory Reserves Under Consignment
InventoryReservesUnderConsignment
37000
CY2017Q4 myo Inventory Reserves Under Consignment
InventoryReservesUnderConsignment
18616
CY2018Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
11191431
CY2018Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
21962
CY2017Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
39930
us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
-17968
us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0273
us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P3Y11M8D
us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.6088
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
30500
us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00
CY2018Q2 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
808
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
237000
CY2017Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
808
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
69600
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6045
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6045
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0294
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0294
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0058
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.14
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.05
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
238500
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
24400
CY2018Q2 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
155000
CY2017Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
77600
us-gaap Cost Of Services
CostOfServices
231800
us-gaap Cost Of Services
CostOfServices
118200
CY2018Q2 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
72800
CY2017Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
65800
CY2018Q2 us-gaap Product Warranty Expense
ProductWarrantyExpense
25500
CY2017Q2 us-gaap Product Warranty Expense
ProductWarrantyExpense
8800
us-gaap Product Warranty Expense
ProductWarrantyExpense
37900
us-gaap Product Warranty Expense
ProductWarrantyExpense
15100

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