$PLSE
PULSE BIOSCIENCES, INC.

2022 Q1 Form 10-Q Financial Statement

#000162510122000033 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $444.0K $0.00
YoY Change
Cost Of Revenue $909.0K
YoY Change
Gross Profit -$465.0K
YoY Change
Gross Profit Margin -104.73%
Selling, General & Admin $10.04M $8.960M
YoY Change 12.04% 60.0%
% of Gross Profit
Research & Development $6.769M $9.063M
YoY Change -25.31% 46.63%
% of Gross Profit
Depreciation & Amortization $200.0K $100.0K
YoY Change 100.0% 0.0%
% of Gross Profit
Operating Expenses $6.769M $18.53M
YoY Change -63.46% 55.02%
Operating Profit -$17.27M -$18.53M
YoY Change -6.76%
Interest Expense $0.00 $114.0K
YoY Change -100.0% 42.5%
% of Operating Profit
Other Income/Expense, Net $0.00 -$114.0K
YoY Change -100.0%
Pretax Income -$17.27M -$18.64M
YoY Change -7.33% 57.03%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.30M -$18.64M
YoY Change -7.18% 57.0%
Net Earnings / Revenue -3896.4%
Basic Earnings Per Share -$0.58
Diluted Earnings Per Share -$580.7K -$715.0K
COMMON SHARES
Basic Shares Outstanding 29.80M 26.09M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.68M $59.88M
YoY Change -78.83% 276.84%
Cash & Equivalents $12.68M $59.88M
Short-Term Investments $0.00
Other Short-Term Assets $1.979M $960.0K
YoY Change 106.15% 74.55%
Inventory $7.487M $1.135M
Prepaid Expenses
Receivables $21.00K
Other Receivables $0.00
Total Short-Term Assets $22.16M $61.98M
YoY Change -64.24% 277.19%
LONG-TERM ASSETS
Property, Plant & Equipment $2.554M $2.430M
YoY Change 5.1% -7.71%
Goodwill $2.791M $2.791M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $365.0K $365.0K
YoY Change 0.0% -35.05%
Total Long-Term Assets $17.37M $18.58M
YoY Change -6.51% 20.58%
TOTAL ASSETS
Total Short-Term Assets $22.16M $61.98M
Total Long-Term Assets $17.37M $18.58M
Total Assets $39.53M $80.56M
YoY Change -50.92% 153.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.486M $2.164M
YoY Change 61.09% 78.25%
Accrued Expenses $4.604M $5.617M
YoY Change -18.03% 171.22%
Deferred Revenue $16.00K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $120.0K
YoY Change -100.0%
Total Short-Term Liabilities $8.905M $8.528M
YoY Change 4.42% 152.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $41.00M
YoY Change -100.0%
Other Long-Term Liabilities $9.833M $10.63M
YoY Change -7.5% 58.89%
Total Long-Term Liabilities $9.833M $51.63M
YoY Change -80.95% 671.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.905M $8.528M
Total Long-Term Liabilities $9.833M $51.63M
Total Liabilities $18.74M $60.16M
YoY Change -68.85% 497.24%
SHAREHOLDERS EQUITY
Retained Earnings -$253.5M -$191.2M
YoY Change 32.6% 42.08%
Common Stock $274.3M $211.6M
YoY Change 29.63% 35.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.80M $20.40M
YoY Change
Total Liabilities & Shareholders Equity $39.53M $80.56M
YoY Change -50.92% 153.0%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$17.30M -$18.64M
YoY Change -7.18% 57.0%
Depreciation, Depletion And Amortization $200.0K $100.0K
YoY Change 100.0% 0.0%
Cash From Operating Activities -$15.60M -$11.69M
YoY Change 33.48% 21.46%
INVESTING ACTIVITIES
Capital Expenditures $279.0K $51.00K
YoY Change 447.06% -70.18%
Acquisitions
YoY Change
Other Investing Activities $0.00 $8.000M
YoY Change -100.0% -23.74%
Cash From Investing Activities -$279.0K $7.949M
YoY Change -103.51% -23.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.892M
YoY Change 1818.43%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.00K 51.16M
YoY Change -100.13% 19278.03%
NET CHANGE
Cash From Operating Activities -15.60M -11.69M
Cash From Investing Activities -279.0K 7.949M
Cash From Financing Activities -65.00K 51.16M
Net Change In Cash -15.94M 47.42M
YoY Change -133.62% 4813.99%
FREE CASH FLOW
Cash From Operating Activities -$15.60M -$11.69M
Capital Expenditures $279.0K $51.00K
Free Cash Flow -$15.88M -$11.74M
YoY Change 35.28% 19.86%

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-17300000
CY2022Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.34in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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 not limited to, the valuation of cash equivalents and investments, the valuation and recognition of share-based compensation, inventory valuation, warranty obligations, 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. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p>
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0
CY2021Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
80000
CY2022Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
17000
CY2022Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
97000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5558884
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5588541
CY2022Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
7675000
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
23675000
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2022Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2022Q1 plse Fair Value Equity Level12 And3 Transfers Amount
FairValueEquityLevel12And3TransfersAmount
0
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3073000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2010000
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1676000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1371000
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2738000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2443000
CY2022Q1 us-gaap Inventory Net
InventoryNet
7487000
CY2021Q4 us-gaap Inventory Net
InventoryNet
5824000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5110000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4858000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2556000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2396000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2554000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2462000
CY2022Q1 us-gaap Depreciation
Depreciation
200000
CY2021Q1 us-gaap Depreciation
Depreciation
100000
CY2022Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
7985000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
7985000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4935000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4769000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3050000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3216000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
499000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
665000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
665000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
665000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
556000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3050000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3588000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2932000
CY2022Q1 plse Controlled Launch
ControlledLaunch
414000
CY2021Q4 plse Controlled Launch
ControlledLaunch
534000
CY2022Q1 plse Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
121000
CY2021Q4 plse Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
245000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
89000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
85000
CY2022Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
97000
CY2021Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
80000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
295000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
513000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4604000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4389000
CY2022Q1 us-gaap Restructuring Reserve
RestructuringReserve
700000
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2007000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6965000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2007000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6965000
CY2021Q2 plse Director And Officer Insurance Premium Payable
DirectorAndOfficerInsurancePremiumPayable
2600000
CY2021Q2 plse Insurance Down Payment
InsuranceDownPayment
700000
CY2021Q2 plse Financed Insurance Policy Balance
FinancedInsurancePolicyBalance
1900000
CY2021Q2 plse Financed Insurance Policy Interest Rate
FinancedInsurancePolicyInterestRate
0.0369
CY2022Q1 plse Program Expenses
ProgramExpenses
300000
CY2021Q1 plse Program Expenses
ProgramExpenses
100000
CY2022Q1 plse Controlled Launch Revenue Recognized
ControlledLaunchRevenueRecognized
300000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
400000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1359000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1845000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1910000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1977000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2046000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6191000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15328000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4696000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10632000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
799000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9833000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10632000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
447000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y7M2D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
CY2022Q1 plse Number Of Kols
NumberOfKols
70
CY2022Q1 plse Number Of Patients Participating In Procedure
NumberOfPatientsParticipatingInProcedure
40 or 50
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
444000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
444000
CY2022Q1 us-gaap Restructuring Reserve
RestructuringReserve
700000
CY2022Q1 us-gaap Restructuring Reserve
RestructuringReserve
700000
CY2022Q2 plse Common Stock Offering Number Of Common Shares Per Unit
CommonStockOfferingNumberOfCommonSharesPerUnit
1
CY2022Q2 plse Common Stock Offering Number Of Common Shares Per Warrant
CommonStockOfferingNumberOfCommonSharesPerWarrant
1

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