$PLSE
Pulse Biosciences Inc

2019 Q3 Form 10-Q Financial Statement

#000162510119000029 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.610M $5.150M $5.170M
YoY Change -1.23% -0.39% 37.14%
% of Gross Profit
Research & Development $6.192M $6.337M $3.960M
YoY Change 22.91% 60.03% 85.92%
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 5.26%
% of Gross Profit
Operating Expenses $11.96M $11.65M $9.300M
YoY Change 9.97% 25.26% 49.49%
Operating Profit -$11.75M -$11.36M -$9.163M
YoY Change 9.15% 23.97% 48.27%
Interest Expense $220.0K $290.0K $140.0K
YoY Change 83.33% 107.14% 250.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$11.75M -$11.36M -$9.160M
YoY Change 9.2% 24.02% 48.22%
Income Tax
% Of Pretax Income
Net Earnings -$11.75M -$11.36M -$9.163M
YoY Change 9.15% 23.97% 48.27%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$565.7K -$548.0K -$542.7K
COMMON SHARES
Basic Shares Outstanding 20.77M 20.71M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.50M $42.64M $27.50M
YoY Change 64.13% 55.05% 78.57%
Cash & Equivalents $9.570M $10.78M $6.794M
Short-Term Investments $24.93M $31.86M $20.71M
Other Short-Term Assets $1.440M $1.910M $1.160M
YoY Change 30.91% 64.66% 61.11%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $35.94M $44.55M $28.66M
YoY Change 62.48% 55.44% 77.79%
LONG-TERM ASSETS
Property, Plant & Equipment $2.428M $1.985M $2.430M
YoY Change 3.81% -18.31% -10.99%
Goodwill $2.791M $2.791M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.645M $1.645M $100.0K
YoY Change 1528.71% 1545.0% 0.0%
Total Long-Term Assets $12.77M $12.48M $10.87M
YoY Change 20.33% 14.84% -8.11%
TOTAL ASSETS
Total Short-Term Assets $35.94M $44.55M $28.66M
Total Long-Term Assets $12.77M $12.48M $10.87M
Total Assets $48.70M $57.03M $39.53M
YoY Change 48.82% 44.28% 41.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.816M $1.577M $1.500M
YoY Change 41.76% 5.13% 76.47%
Accrued Expenses $2.054M $1.703M $1.160M
YoY Change 23.96% 46.81% 41.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.047M $3.448M $3.070M
YoY Change 20.88% 12.31% 55.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.670M $3.720M $1.410M
YoY Change 182.31% 163.83% -22.53%
Total Long-Term Liabilities $3.670M $3.720M $1.410M
YoY Change 182.31% 163.83% -22.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.047M $3.448M $3.070M
Total Long-Term Liabilities $3.670M $3.720M $1.410M
Total Liabilities $7.721M $7.172M $4.480M
YoY Change 65.97% 60.09% 18.21%
SHAREHOLDERS EQUITY
Retained Earnings -$108.9M -$97.16M
YoY Change 63.11%
Common Stock $149.9M $147.0M
YoY Change 58.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.98M $49.86M $35.05M
YoY Change
Total Liabilities & Shareholders Equity $48.70M $57.03M $39.53M
YoY Change 48.82% 44.28% 41.43%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$11.75M -$11.36M -$9.163M
YoY Change 9.15% 23.97% 48.27%
Depreciation, Depletion And Amortization $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 5.26%
Cash From Operating Activities -$7.970M -$9.690M -$5.720M
YoY Change 16.35% 69.41% 372.73%
INVESTING ACTIVITIES
Capital Expenditures -$540.0K -$60.00K -$140.0K
YoY Change 671.43% -57.14% -94.31%
Acquisitions
YoY Change
Other Investing Activities $7.090M $12.62M $2.050M
YoY Change 17.0% 515.61% -24.07%
Cash From Investing Activities $6.550M $12.55M $1.910M
YoY Change 9.35% 557.07% 730.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K -610.0K -60.00K
YoY Change -50.0% 916.67% -127.27%
NET CHANGE
Cash From Operating Activities -7.970M -9.690M -5.720M
Cash From Investing Activities 6.550M 12.55M 1.910M
Cash From Financing Activities 200.0K -610.0K -60.00K
Net Change In Cash -1.220M 2.250M -3.870M
YoY Change 165.22% -158.14% 409.21%
FREE CASH FLOW
Cash From Operating Activities -$7.970M -$9.690M -$5.720M
Capital Expenditures -$540.0K -$60.00K -$140.0K
Free Cash Flow -$7.430M -$9.630M -$5.580M
YoY Change 9.59% 72.58% -546.4%

Facts In Submission

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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
613000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
29110000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
55068000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
171000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
112000
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
779000
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1908000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Reclassifications</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Certain items in prior period financial statements have been reclassified to conform to the presentation in the current period financial statements. Such reclassifications did not impact the Company's previously reported net loss or financial position.</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
18315000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
32000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
24875000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
164000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
272000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
188000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
222000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3165000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3277000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2173000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1985000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7136000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3960000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12179000
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6337000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-75718000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-97155000
us-gaap Revenues
Revenues
CY2018Q2 us-gaap Revenues
Revenues
us-gaap Revenues
Revenues
CY2019Q2 us-gaap Revenues
Revenues
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1182000
CY2019Q2 us-gaap Security Deposit
SecurityDeposit
364937.68
us-gaap Share Based Compensation
ShareBasedCompensation
6595000
us-gaap Share Based Compensation
ShareBasedCompensation
5060000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
45995000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
41095000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
35047000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
66334000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
59114000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
49861000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
188000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
222000
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
164000
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
52000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
272000
us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:10pt 0pt 0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">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 Financial Statements. Estimates include, but are not limited to, the valuation of cash equivalents and investments, the valuation and recognition of share-based compensation and the useful lives assigned to long-lived assets.&nbsp;&nbsp;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.</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16861000
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16881000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20704000
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20728000

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