2023 Q2 Form 10-Q Financial Statement

#000143774923013952 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $444.0K
YoY Change -100.0% -100.0%
Cost Of Revenue $0.00 $0.00 $909.0K
YoY Change -100.0% -100.0%
Gross Profit $0.00 $0.00 -$465.0K
YoY Change -100.0% -100.0%
Gross Profit Margin -104.73%
Selling, General & Admin $3.530M $3.733M $10.04M
YoY Change -52.79% -62.82% 12.04%
% of Gross Profit
Research & Development $6.697M $5.829M $6.769M
YoY Change 22.7% -13.89% -25.31%
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 100.0%
% of Gross Profit
Operating Expenses $6.697M $5.829M $6.769M
YoY Change 22.7% -13.89% -63.46%
Operating Profit -$10.23M -$9.562M -$17.27M
YoY Change -27.02% -44.64% -6.76%
Interest Expense $317.0K -$239.0K $0.00
YoY Change 1661.11% -100.0%
% of Operating Profit
Other Income/Expense, Net $317.0K -$239.0K $0.00
YoY Change 1661.11% -100.0%
Pretax Income -$9.910M -$9.801M -$17.27M
YoY Change -29.19% -43.26% -7.33%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.910M -$9.801M -$17.30M
YoY Change -29.19% -43.35% -7.18%
Net Earnings / Revenue -3896.4%
Basic Earnings Per Share -$0.22 -$0.26 -$0.58
Diluted Earnings Per Share -$0.22 -$0.26 -$580.7K
COMMON SHARES
Basic Shares Outstanding 37.64M 37.59M 29.80M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.75M $54.10M $12.68M
YoY Change 296.99% 326.78% -78.83%
Cash & Equivalents $58.75M $54.10M $12.68M
Short-Term Investments
Other Short-Term Assets $1.211M $849.0K $1.979M
YoY Change 14.03% -57.1% 106.15%
Inventory $7.487M
Prepaid Expenses
Receivables $21.00K
Other Receivables $0.00
Total Short-Term Assets $59.96M $54.95M $22.16M
YoY Change 152.57% 147.92% -64.24%
LONG-TERM ASSETS
Property, Plant & Equipment $1.755M $1.865M $2.554M
YoY Change -26.45% -26.98% 5.1%
Goodwill $2.791M $2.791M $2.791M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $365.0K $365.0K $365.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $14.80M $15.27M $17.37M
YoY Change -12.21% -12.07% -6.51%
TOTAL ASSETS
Total Short-Term Assets $59.96M $54.95M $22.16M
Total Long-Term Assets $14.80M $15.27M $17.37M
Total Assets $74.76M $70.22M $39.53M
YoY Change 84.14% 77.62% -50.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.794M $2.160M $3.486M
YoY Change -7.91% -38.04% 61.09%
Accrued Expenses $2.844M $3.091M $4.604M
YoY Change -40.21% -32.86% -18.03%
Deferred Revenue $4.000K $16.00K
YoY Change -75.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $801.0K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $5.613M $6.991M $8.905M
YoY Change -25.79% -21.49% 4.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $65.00M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $8.644M $8.898M $9.833M
YoY Change -10.13% -9.51% -7.5%
Total Long-Term Liabilities $8.644M $73.90M $9.833M
YoY Change -10.13% 651.53% -80.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.613M $6.991M $8.905M
Total Long-Term Liabilities $8.644M $73.90M $9.833M
Total Liabilities $14.26M $80.89M $18.74M
YoY Change -17.02% 331.68% -68.85%
SHAREHOLDERS EQUITY
Retained Earnings -$314.4M -$304.5M -$253.5M
YoY Change 17.54% 20.12% 32.6%
Common Stock $374.9M $293.8M $274.3M
YoY Change 28.89% 7.13% 29.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.50M -$10.67M $20.80M
YoY Change
Total Liabilities & Shareholders Equity $74.76M $70.22M $39.53M
YoY Change 84.14% 77.62% -50.92%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$9.910M -$9.801M -$17.30M
YoY Change -29.19% -43.35% -7.18%
Depreciation, Depletion And Amortization $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 100.0%
Cash From Operating Activities -$9.202M -$6.570M -$15.60M
YoY Change -28.23% -57.88% 33.48%
INVESTING ACTIVITIES
Capital Expenditures $16.00K $39.00K $279.0K
YoY Change -184.21% -86.02% 447.06%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$16.00K -$39.00K -$279.0K
YoY Change -15.79% -86.02% -103.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.87M -$432.0K -65.00K
YoY Change -7.32% 564.62% -100.13%
NET CHANGE
Cash From Operating Activities -9.202M -$6.570M -15.60M
Cash From Investing Activities -16.00K -$39.00K -279.0K
Cash From Financing Activities 13.87M -$432.0K -65.00K
Net Change In Cash 4.649M -$7.041M -15.94M
YoY Change 119.09% -55.84% -133.62%
FREE CASH FLOW
Cash From Operating Activities -$9.202M -$6.570M -$15.60M
Capital Expenditures $16.00K $39.00K $279.0K
Free Cash Flow -$9.218M -$6.609M -$15.88M
YoY Change -28.0% -58.38% 35.28%

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7041000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-15938000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
61139000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
28614000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
54098000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12676000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
-0 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
27000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-2248000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
291000 usd
CY2023Q1 plse Stock Issued During Period Value Exercise Of Warrants
StockIssuedDuringPeriodValueExerciseOfWarrants
194000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
896000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-9801000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-10668000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
35690000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
372000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2007000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-17273000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
20796000 usd
CY2022Q4 plse Accrued Clinical Trial Fees And Costs
AccruedClinicalTrialFeesAndCosts
64000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
351000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
318000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
50000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Use of Estimates</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes to the condensed consolidated financial statements. Estimates include, but are <em style="font: inherit;">not</em> limited to, the valuation of cash equivalents, the valuation and recognition of share-based compensation, income taxes, and the useful lives assigned to long-lived assets. The Company evaluates its estimates and assumptions based on historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from these estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1615000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1377000 usd
CY2023Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
815000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
50000 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
80000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
0 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
17000 usd
CY2023Q1 plse Adjustment For Inventory At Cost
AdjustmentForInventoryAtCost
0 usd
CY2022Q1 plse Adjustment For Inventory At Cost
AdjustmentForInventoryAtCost
0 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
50000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
97000 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12816403
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5558884
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
571000 usd
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
50700000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
57973000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4953000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4914000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3088000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2953000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1865000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1961000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
100000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
200000 usd
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5601000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5434000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2384000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2551000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
498000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
665000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
665000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
556000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2384000 usd
CY2023Q1 plse Accrued Clinical Trial Fees And Costs
AccruedClinicalTrialFeesAndCosts
49000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
50000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
211000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
215000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3091000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2595000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
896000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2007000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
896000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2007000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7869000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8062000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
935000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
896000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8898000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9144000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
9833000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10040000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
453000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
447000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1392000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1910000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1977000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2046000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2117000 usd
CY2023Q1 plse Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
4075000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13517000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3684000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
9833000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y7M2D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000 usd
CY2021Q1 plse Number Of Ko Ls
NumberOfKOLs
70 pure
CY2022Q1 plse Controlled Launch Program Expenses
ControlledLaunchProgramExpenses
300000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
400000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
444000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
444000 usd

Files In Submission

Name View Source Status
plse-20230331_lab.xml Edgar Link unprocessable
plse-20230331_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0001437749-23-013952-index-headers.html Edgar Link pending
0001437749-23-013952-index.html Edgar Link pending
0001437749-23-013952.txt Edgar Link pending
0001437749-23-013952-xbrl.zip Edgar Link pending
ex_504219.htm Edgar Link pending
ex_504221.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
plse-20230331.xsd Edgar Link pending
plse20230331_10q.htm Edgar Link pending
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plse-20230331_def.xml Edgar Link unprocessable
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plse20230331_10q_htm.xml Edgar Link completed
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