2019 Q1 Form 10-K Financial Statement

#000156459019007350 Filed on March 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 2017 Q4
Revenue $830.1K $2.444M $550.0K
YoY Change 165.05% 56.79% 22.22%
Cost Of Revenue $176.2K $728.3K $200.0K
YoY Change 63.02% 44.13% 100.0%
Gross Profit $653.9K $1.716M $340.0K
YoY Change 218.81% 62.86% -2.86%
Gross Profit Margin 78.77% 70.2% 61.82%
Selling, General & Admin $2.801M $10.41M $1.800M
YoY Change 25.31% 77.87% 73.08%
% of Gross Profit 428.43% 606.45% 529.41%
Research & Development $535.3K $1.839M $360.0K
YoY Change 43.75% 4.96% -12.2%
% of Gross Profit 81.86% 107.16% 105.88%
Depreciation & Amortization $21.63K $69.68K $0.00
YoY Change 48.14% 510.44%
% of Gross Profit 3.31% 4.06% 0.0%
Operating Expenses $3.337M $12.24M $2.160M
YoY Change 27.94% 61.07% 48.97%
Operating Profit -$2.683M -$10.53M -$1.820M
YoY Change 11.65% 60.79% 65.45%
Interest Expense $42.77K -$175.4K $50.00K
YoY Change 1.37% -51.13% -145.45%
% of Operating Profit
Other Income/Expense, Net $84.74K $211.7K
YoY Change 47.38% -103.81%
Pretax Income -$2.598M -$10.32M -$1.900M
YoY Change 10.56% -14.72% 57.02%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.598M -$10.32M -$1.900M
YoY Change 10.77% -14.72% 57.02%
Net Earnings / Revenue -312.99% -422.11% -345.45%
Basic Earnings Per Share
Diluted Earnings Per Share -$5.216M -$25.18M -$246.8K
COMMON SHARES
Basic Shares Outstanding 17.08M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.234M $6.541M $12.96M
YoY Change -34.61% -49.53%
Cash & Equivalents $9.309M $6.541M $12.96M
Short-Term Investments
Other Short-Term Assets $784.7K $695.3K $390.0K
YoY Change 112.09% 79.07%
Inventory $171.5K $256.2K $201.2K
Prepaid Expenses
Receivables $399.9K $382.3K $297.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.72M $7.874M $13.85M
YoY Change -27.96% -43.13% 1107.71%
LONG-TERM ASSETS
Property, Plant & Equipment $173.1K $187.5K $77.15K
YoY Change 11.44% 143.05% 257.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $207.0K $219.6K $50.00K
YoY Change 313.96% 322.27%
Total Long-Term Assets $380.1K $407.1K $129.2K
YoY Change 83.32% 215.21% -74.77%
TOTAL ASSETS
Total Short-Term Assets $10.72M $7.874M $13.85M
Total Long-Term Assets $380.1K $407.1K $129.2K
Total Assets $11.10M $8.282M $13.97M
YoY Change -26.43% -40.74% 742.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $525.6K $426.7K $1.280M
YoY Change 119.01% -66.59%
Accrued Expenses $784.8K $1.317M $0.00
YoY Change 10.54% -100.0%
Deferred Revenue $84.12K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.578M $1.856M $1.485M
YoY Change 41.35% 24.95% -50.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $40.00K
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $40.00K
YoY Change -100.0% -100.0% -98.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.578M $1.856M $1.485M
Total Long-Term Liabilities $0.00 $0.00 $40.00K
Total Liabilities $1.578M $1.856M $1.529M
YoY Change 35.82% 21.35% -76.53%
SHAREHOLDERS EQUITY
Retained Earnings -$45.41M -$34.97M
YoY Change 21.69% 52.88%
Common Stock $57.54M $47.43M
YoY Change 4639978.95% 42343675.89%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.464K $6.464K
YoY Change 0.0% 0.0%
Treasury Stock Shares $808.00
Shareholders Equity $9.436M $6.426M $12.45M
YoY Change
Total Liabilities & Shareholders Equity $11.10M $8.282M $13.97M
YoY Change -26.43% -40.74% 742.75%

Cashflow Statement

Concept 2019 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$2.598M -$10.32M -$1.900M
YoY Change 10.77% -14.72% 57.02%
Depreciation, Depletion And Amortization $21.63K $69.68K $0.00
YoY Change 48.14% 510.44%
Cash From Operating Activities -$3.120M -$9.606M -$1.430M
YoY Change 37.72% 56.11% 58.89%
INVESTING ACTIVITIES
Capital Expenditures $5.404K $126.9K -$60.00K
YoY Change -91.68% 89.35%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.404K -$126.9K -$60.00K
YoY Change -91.68% 89.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.600M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.818M 3.338M 9.490M
YoY Change 66.83% -81.84% 684.3%
NET CHANGE
Cash From Operating Activities -3.120M -9.606M -1.430M
Cash From Investing Activities -5.404K -126.9K -60.00K
Cash From Financing Activities 5.818M 3.338M 9.490M
Net Change In Cash 2.693M -6.396M 8.000M
YoY Change 132.73% -152.59% 2480.65%
FREE CASH FLOW
Cash From Operating Activities -$3.120M -$9.606M -$1.430M
Capital Expenditures $5.404K $126.9K -$60.00K
Free Cash Flow -$3.125M -$9.733M -$1.370M
YoY Change 34.12% 56.47% 52.22%

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<p style="margin-bottom:0pt;margin-top:12pt;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-bottom:0pt;margin-top:6pt;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 (O&amp;P) providers, the Veterans Health Administration (VA), rehabilitation hospitals, and through distributors. Recently, the Company has begun providing devices directly to patients and billing their insurance companies directly, utilizing the clinical services of O&amp;P providers for which they are paid a fee. The Company was incorporated in the State of Delaware on September&#160;1, 2004 and is headquartered in Cambridge, Massachusetts.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Initial Public Offering under Regulation A and Private Placement under Regulation D</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June&#160;9, 2017, the Company completed its initial public offering (&#8220;IPO&#8221;) under Regulation A of the Securities Act of 1933, as amended, raising $4,991,235, before selling agent and other offering expenses of $1,061,157, through the sale of 665,498 shares of its common stock at a price to the public of $7.50 per share. On June&#160;9, 2017, concurrent with the closing of the IPO, the Company also closed on a private placement under Regulation D Rule 506(b) pursuant to which it sold to accredited investors an aggregate of 557,216 units at $5.25 per unit, for aggregate proceeds of $2,925,385, before offering expenses of $2,500. Each unit consisted of one share of common stock and a three-year warrant to purchase one share of common stock exercisable for $7.50 per share. The combined aggregate gross proceeds raised were $7,916,620.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the closing of the Company&#8217;s IPO on June&#160;9, 2017, the Company filed an amended and restated certificate of incorporation and restated bylaws, both of which were approved by the Company&#8217;s board of directors and stockholders on October&#160;23, 2016. Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue up to 125,000,000 shares of stock, consisting of 100,000,000 shares of common stock, par value $0.0001 and 25,000,000 shares of undesignated Preferred Stock, par value of $0.0001.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Follow-on Public Offering</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December&#160;4, 2017, the Company completed a follow-on public offering (&#8220;FPO&#8221;) in which the Company sold 4,175,000 shares of its common stock and 4,175,000 warrants to purchase shares of its common stock, at a price to the public of $2.40. The warrants, of which warrants to purchase 3,560,894 shares of common stock were outstanding as of December 31, 2018, are exercisable at an exercise price of $2.95 per share of common stock, and they expire on December&#160;4, 2022. See Note 14 &#8211; Subsequent Events. On December&#160;6, 2017, the Company&#8217;s underwriters on the FPO exercised in full its option to purchase 626,250 shares of common stock and accompanying warrant at a combined price to the public of $2.40 per combination. After giving effect to the full exercise of the over-allotment, the Company sold an aggregate of 4,801,250 shares of common stock and accompanying warrants to purchase an aggregate of 4,801,250 shares of common stock, raising $11,523,000 before underwriting discounts and other offering expenses of $1,115,000.</p>
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<p style="margin-bottom:0pt;margin-top:6pt;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-bottom:0pt;margin-top:6pt;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 inventory.</p>
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CY2017 us-gaap Product Warranty Accrual Warranties Issued
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14867
CY2018 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
38382
CY2017 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
570
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20559
CY2017 us-gaap Product Warranty Accrual Payments
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CY2018Q4 us-gaap Product Warranty Accrual
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CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2018 myo Federal State And Local Income Tax Expense Benefit
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CY2017 myo Federal State And Local Income Tax Expense Benefit
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-1072000
CY2017 us-gaap Deferred Income Tax Expense Benefit
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CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements State And Local
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CY2017 myo Effective Income Tax Rate Reconciliation Nondeductible Interest
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CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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190000
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27000
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2018Q4 us-gaap Deferred Tax Assets Other
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CY2017Q4 us-gaap Deferred Tax Assets Other
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CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
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CY2017Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
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CY2018Q4 myo Operating Loss Carryforwards Limitations
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1559000
CY2018Q4 myo Operating Loss Carryforwards Unutilized
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CY2017 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2016 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2018 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2017Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
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CY2018Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0

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