2023 Q2 Form 10-Q Financial Statement

#000095017023020100 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.279M $6.407M $6.137M
YoY Change -2.24% -5.54% -2.66%
% of Gross Profit
Research & Development $13.84M $15.07M $15.03M
YoY Change 20.77% 27.35% 23.49%
% of Gross Profit
Depreciation & Amortization $369.0K $171.0K $75.00K
YoY Change 350.0% 103.57% -2.6%
% of Gross Profit
Operating Expenses $20.12M $21.48M $21.16M
YoY Change 12.51% 15.37% 14.56%
Operating Profit -$20.12M -$21.48M
YoY Change 12.51% 15.37%
Interest Expense $2.696M $2.325M $1.797M
YoY Change 346.36% 915.28% 1595.28%
% of Operating Profit
Other Income/Expense, Net $2.690M $2.352M $20.00K
YoY Change 369.46% 1151.06% 185.71%
Pretax Income -$17.43M -$19.13M -$19.35M
YoY Change 0.69% 3.78% 5.37%
Income Tax $4.000K $0.00 $0.00
% Of Pretax Income
Net Earnings -$17.44M -$19.13M -$19.35M
YoY Change 0.73% 3.77% 5.37%
Net Earnings / Revenue
Basic Earnings Per Share -$0.38 -$0.42
Diluted Earnings Per Share -$0.38 -$0.42 -$0.42
COMMON SHARES
Basic Shares Outstanding 45.78M 45.77M 45.67M
Diluted Shares Outstanding 45.81M 45.77M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $218.8M $229.4M $243.5M
YoY Change -21.12% -22.16% -22.45%
Cash & Equivalents $68.21M $142.9M $108.3M
Short-Term Investments $150.6M $86.49M $135.3M
Other Short-Term Assets $3.326M $3.844M $5.952M
YoY Change -24.94% -23.84% 44.36%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $190.4M $233.3M $247.0M
YoY Change -32.45% -19.01% -18.02%
LONG-TERM ASSETS
Property, Plant & Equipment $11.14M $11.24M $10.96M
YoY Change 27.69% 114.55% 254.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $31.76M $0.00 $2.495M
YoY Change -100.0% -85.25%
Other Assets $181.0K $314.0K $313.0K
YoY Change -41.23% 42.08% 41.63%
Total Long-Term Assets $51.80M $20.68M $23.30M
YoY Change 177.04% -23.31% -23.05%
TOTAL ASSETS
Total Short-Term Assets $190.4M $233.3M $247.0M
Total Long-Term Assets $51.80M $20.68M $23.30M
Total Assets $242.2M $254.0M $270.3M
YoY Change -19.41% -19.38% -18.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.489M $1.774M $2.996M
YoY Change 4.21% -63.53% -6.05%
Accrued Expenses $7.940M $8.535M $7.308M
YoY Change 3.76% 30.05% -15.29%
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 $11.45M $10.59M $10.83M
YoY Change 0.56% -9.37% -11.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.96M $13.20M $13.45M
YoY Change 6.13% 14.96% 24.63%
Total Long-Term Liabilities $12.96M $13.20M $13.45M
YoY Change 6.13% 14.96% 24.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.45M $10.59M $10.83M
Total Long-Term Liabilities $12.96M $13.20M $13.45M
Total Liabilities $24.41M $23.79M $24.28M
YoY Change 3.45% 2.69% 5.52%
SHAREHOLDERS EQUITY
Retained Earnings -$277.6M -$260.2M -$241.0M
YoY Change 36.44% 39.76% 43.71%
Common Stock $495.7M $490.5M $487.5M
YoY Change 2.97% 2.46% 2.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $217.8M $230.2M $246.0M
YoY Change
Total Liabilities & Shareholders Equity $242.2M $254.0M $270.3M
YoY Change -19.41% -19.38% -18.48%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$17.44M -$19.13M -$19.35M
YoY Change 0.73% 3.77% 5.37%
Depreciation, Depletion And Amortization $369.0K $171.0K $75.00K
YoY Change 350.0% 103.57% -2.6%
Cash From Operating Activities -$12.90M -$15.01M -$15.32M
YoY Change -5.69% -16.59% 27.4%
INVESTING ACTIVITIES
Capital Expenditures $565.0K $156.0K $1.638M
YoY Change -116.14% -80.4% -725.19%
Acquisitions
YoY Change
Other Investing Activities -$63.40M $49.80M $24.86M
YoY Change 438.23% -230.96% 217.87%
Cash From Investing Activities -$63.96M $49.65M $23.22M
YoY Change 318.63% -227.87% 207.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.131M 12.00K 548.0K
YoY Change 672.1% -90.63% 85.76%
NET CHANGE
Cash From Operating Activities -12.90M -15.01M -15.32M
Cash From Investing Activities -63.96M 49.65M 23.22M
Cash From Financing Activities 2.131M 12.00K 548.0K
Net Change In Cash -74.73M 34.65M 8.447M
YoY Change 160.56% -161.11% -302.37%
FREE CASH FLOW
Cash From Operating Activities -$12.90M -$15.01M -$15.32M
Capital Expenditures $565.0K $156.0K $1.638M
Free Cash Flow -$13.47M -$15.17M -$16.96M
YoY Change 32.29% -19.29% 44.16%

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CY2023Q1 us-gaap Use Of Estimates
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<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates.</span></p>
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
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CY2018Q3 pmvp Number Of Noncancelable Operating Leases
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q1 pmvp Net Cash Paid Received For Amounts Included In The Measurement Of Lease Liabilities
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 pmvp Lessee Operating Lease Liability Payments Net Of Reimbursements Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsNetOfReimbursementsRemainderOfFiscalYear
532000
CY2023Q1 pmvp Lessee Operating Lease Liability Payments Net Of Reimbursements Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsNetOfReimbursementsDueNextTwelveMonths
1814000
CY2023Q1 pmvp Lessee Operating Lease Liability Payments Net Of Reimbursements Due Year Two
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1869000
CY2023Q1 pmvp Lessee Operating Lease Liability Payments Net Of Reimbursements Due Year Three
LesseeOperatingLeaseLiabilityPaymentsNetOfReimbursementsDueYearThree
1925000
CY2023Q1 pmvp Lessee Operating Lease Liability Payments Net Of Reimbursements Due Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfReimbursementsDueYearFour
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CY2023Q1 pmvp Lessee Operating Lease Liability To Be Paid Net Of Repayments After Year Four
LesseeOperatingLeaseLiabilityToBePaidNetOfRepaymentsAfterYearFour
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CY2023Q1 pmvp Lessee Operating Lease Liability Payments Net Of Repayments Due
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Operating Lease Expense
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CY2022Q1 us-gaap Operating Lease Expense
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CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q1 us-gaap Common Stock Shares Issued
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CY2023Q1 us-gaap Common Stock Shares Outstanding
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CY2022Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q1 us-gaap Dividends Common Stock
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CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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P6Y9M25D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q1 pmvp Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Shares Reserved For Issuance
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1830853
CY2023Q1 pmvp Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantGrantsInPeriod
50000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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50000
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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8.05
CY2023Q1 pmvp Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantForfeituresInPeriod
15331
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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15331
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
16.31
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.29
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
6414476
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.37
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5612000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
10.37
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y7M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y6M
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y3M
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.7990
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.7700
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
374899
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.60
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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374899
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.60
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2932000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2177000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2932000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2177000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5732884
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5262365

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