2023 Q1 Form 10-K Financial Statement

#000158897823000009 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $24.40M $23.78M $75.01M
YoY Change 71.9% 134.53% 117.6%
Cost Of Revenue $11.91M $13.10M $37.93M
YoY Change 83.14% 133.03% 103.83%
Gross Profit $12.49M $10.68M $37.09M
YoY Change 62.39% 136.4% 133.75%
Gross Profit Margin 51.18% 44.9% 49.44%
Selling, General & Admin $30.13M $26.03M $88.83M
YoY Change 63.89% 60.0% 74.05%
% of Gross Profit 241.22% 243.86% 239.53%
Research & Development $10.74M $9.682M $28.98M
YoY Change 114.27% 90.74% 52.59%
% of Gross Profit 85.96% 90.69% 78.15%
Depreciation & Amortization $793.0K $663.0K $2.841M
YoY Change 4.62% -13.11% -14.53%
% of Gross Profit 6.35% 6.21% 7.66%
Operating Expenses $40.87M $35.72M $117.8M
YoY Change 74.68% 67.31% 68.23%
Operating Profit -$28.38M -$25.04M -$80.72M
YoY Change 80.7% 48.77% 49.04%
Interest Expense $886.0K $126.0K $5.183M
YoY Change -37.65% -108.38% -10.79%
% of Operating Profit
Other Income/Expense, Net $0.00 -$203.0K
YoY Change -100.0% 31.82%
Pretax Income -$28.48M -$28.17M -$87.15M
YoY Change 65.75% 53.54% 45.61%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$28.48M -$28.17M -$87.15M
YoY Change 65.75% 53.54% 45.61%
Net Earnings / Revenue -116.72% -118.48% -116.18%
Basic Earnings Per Share -$0.63 -$1.96
Diluted Earnings Per Share -$0.63 -$0.63 -$1.96
COMMON SHARES
Basic Shares Outstanding 44.87M shares 44.72M shares 44.40M shares
Diluted Shares Outstanding 45.07M shares 44.40M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.0M $221.9M $221.9M
YoY Change -36.34% -27.1% -27.1%
Cash & Equivalents $181.0M $221.9M $213.0M
Short-Term Investments
Other Short-Term Assets $5.040M $6.952M $6.952M
YoY Change 42.74% 103.75% 103.75%
Inventory $38.93M $28.54M $28.54M
Prepaid Expenses
Receivables $20.64M $15.27M $15.27M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $245.6M $272.6M $272.6M
YoY Change -20.26% -16.42% -16.42%
LONG-TERM ASSETS
Property, Plant & Equipment $11.93M $8.656M $32.14M
YoY Change 161.71% 71.58% 286.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.00K $51.00K $3.089M
YoY Change -98.66% 297.55%
Total Long-Term Assets $38.88M $36.70M $36.70M
YoY Change 200.61% 238.25% 238.25%
TOTAL ASSETS
Total Short-Term Assets $245.6M $272.6M $272.6M
Total Long-Term Assets $38.88M $36.70M $36.70M
Total Assets $284.5M $309.3M $309.3M
YoY Change -11.36% -8.22% -8.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.34M $9.391M $9.391M
YoY Change 293.49% 362.84% 362.84%
Accrued Expenses $10.41M $20.68M $20.68M
YoY Change 20.79% 84.58% 84.58%
Deferred Revenue $3.943M $2.855M
YoY Change 188.23% 178.54%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $32.50M $35.29M $35.29M
YoY Change 120.26% 117.28% 117.28%
LONG-TERM LIABILITIES
Long-Term Debt $51.24M $51.21M $51.21M
YoY Change 1.96% 2.42% 2.42%
Other Long-Term Liabilities $27.59M $0.00 $25.75M
YoY Change 13693.5% -100.0% 598.51%
Total Long-Term Liabilities $51.24M $51.21M $76.97M
YoY Change 1.56% 2.01% 43.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.50M $35.29M $35.29M
Total Long-Term Liabilities $51.24M $51.21M $76.97M
Total Liabilities $111.3M $112.3M $112.3M
YoY Change 63.33% 60.52% 60.52%
SHAREHOLDERS EQUITY
Retained Earnings -$377.2M -$348.7M
YoY Change 35.33% 33.34%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $173.1M $197.1M $197.1M
YoY Change
Total Liabilities & Shareholders Equity $284.5M $309.3M $309.3M
YoY Change -11.36% -8.22% -8.22%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$28.48M -$28.17M -$87.15M
YoY Change 65.75% 53.54% 45.61%
Depreciation, Depletion And Amortization $793.0K $663.0K $2.841M
YoY Change 4.62% -13.11% -14.53%
Cash From Operating Activities -$35.93M -$25.17M -$80.38M
YoY Change 97.07% 52.79% 40.2%
INVESTING ACTIVITIES
Capital Expenditures $5.339M $866.0K $2.653M
YoY Change 9607.27% -360.84% 348.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.339M -$866.0K -$2.653M
YoY Change 9607.27% 160.84% 348.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.409M
YoY Change
Debt Paid & Issued, Net $50.00M
YoY Change
Cash From Financing Activities $380.0K -1.318M $3.612M
YoY Change -70.57% -304.66% -98.62%
NET CHANGE
Cash From Operating Activities -$35.93M -25.17M -$80.38M
Cash From Investing Activities -$5.339M -866.0K -$2.653M
Cash From Financing Activities $380.0K -1.318M $3.612M
Net Change In Cash -$40.89M -27.36M -$79.42M
YoY Change 140.58% 69.25% -138.9%
FREE CASH FLOW
Cash From Operating Activities -$35.93M -$25.17M -$80.38M
Capital Expenditures $5.339M $866.0K $2.653M
Free Cash Flow -$41.27M -$26.04M -$83.04M
YoY Change 125.68% 61.3% 43.35%

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CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2841000 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3324000 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
10337000 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
3796000 usd
CY2022 prct Fair Value Adjustment Of Warrants And Gain Loss On Derivative Instruments Net Pretax
FairValueAdjustmentOfWarrantsAndGainLossOnDerivativeInstrumentsNetPretax
283000 usd
CY2021 prct Fair Value Adjustment Of Warrants And Gain Loss On Derivative Instruments Net Pretax
FairValueAdjustmentOfWarrantsAndGainLossOnDerivativeInstrumentsNetPretax
-199000 usd
CY2022 prct Non Cash Lease Accretion Expense
NonCashLeaseAccretionExpense
-1478000 usd
CY2021 prct Non Cash Lease Accretion Expense
NonCashLeaseAccretionExpense
345000 usd
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
62000 usd
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
650000 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3258000 usd
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10809000 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2914000 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
15251000 usd
CY2021 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2479000 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6124000 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1880000 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2631000 usd
CY2022 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
51000 usd
CY2021 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
0 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3959000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
812000 usd
CY2022 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
6972000 usd
CY2021 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
1834000 usd
CY2022 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
757000 usd
CY2021 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1045000 usd
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1830000 usd
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
792000 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
327000 usd
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
0 usd
CY2022 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2659000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-80382000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-57334000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2653000 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
592000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2653000 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-592000 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2409000 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4008000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4184000 usd
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 usd
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
172364000 usd
CY2022 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
51195000 usd
CY2021 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
0 usd
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 usd
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
858000 usd
CY2022 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
50000000 usd
CY2021 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
CY2022 prct Payment For Debt Extinguishment Or Debt Prepayment Cost Final Payment Fee
PaymentForDebtExtinguishmentOrDebtPrepaymentCostFinalPaymentFee
3000000 usd
CY2021 prct Payment For Debt Extinguishment Or Debt Prepayment Cost Final Payment Fee
PaymentForDebtExtinguishmentOrDebtPrepaymentCostFinalPaymentFee
0 usd
CY2022 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1000000 usd
CY2021 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3612000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
262116000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-79423000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
204190000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
305097000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
100907000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
225674000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
305097000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
221859000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
304320000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
3815000 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
777000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
225674000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
305097000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
4291000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
4750000 usd
CY2022 prct Transfer From Inventory To Property And Equipment Net
TransferFromInventoryToPropertyAndEquipmentNet
124000 usd
CY2021 prct Transfer From Inventory To Property And Equipment Net
TransferFromInventoryToPropertyAndEquipmentNet
-679000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3544000 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
210000 usd
CY2022 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0 usd
CY2021 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
329534000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
22854000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2021Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2900000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
221900000 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-348700000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements. Management uses significant judgment when making estimates related to its common stock valuation in periods before the Company’s IPO and related stock-based compensation expense, right-of-use lease asset, lease liability, the valuations of the redeemable convertible preferred stock warrant liability and loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. </span></div>While many restrictions associated with COVID-19 have more recently been relaxed, the longevity and extent of the various COVID-19 pandemic remains uncertain, including due to the emergence and impact of the COVID-19 variants and continued economic disruptions. Due to significant uncertainty surrounding the pandemic, management's judgments could change.
CY2021Q3 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
13200000 usd
CY2021Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
29912264 shares
CY2021Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
29912264 shares
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk </span></div><div style="margin-top:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and, to a lesser extent, accounts receivable. The Company believes that credit risk in its accounts </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">receivable is mitigated by its credit evaluation process, relatively short collection terms and diversity of its customer base. The Company generally does not require collateral and losses on accounts receivable have historically been within management’s expectations. </span></div><div style="margin-top:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No customers accounted for more than 10% of revenue during the year ended December 31, 2022 and 2021. No customers accounted for more than 10% of accounts receivable at December 31, 2022. One customer accounted for 11% of accounts receivable at December 31, 2021. </span></div>The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies, and institutions with investment-grade credit ratings, as well as corporate debt or commercial paper issued by the highest quality financial and non-financial companies, and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent recorded on the balance sheets. The Company has limited its credit risk associated with cash and cash equivalents by placing its investments with banks it believes are highly creditworthy and with highly rated investments.
CY2022 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment and intangible assets, net, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company determines fair value using the income approach based on the present value of expected future cash flows or other appropriate measures of estimated fair value. The Company’s cash flow assumptions consider historical and forecasted revenue and operating costs and other relevant factors. During the years ended December 31, 2022 and 2021, the Company has not recorded impairment charges on its long-lived assets.
CY2022 prct Product Warranty Term
ProductWarrantyTerm
P1Y
CY2022 prct Product Warranty Term
ProductWarrantyTerm
P1Y
CY2022 prct Service Agreement Amortization Period
ServiceAgreementAmortizationPeriod
P1Y
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
12417000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
6740000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1738000 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
905000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
14388000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5502000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
28543000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
13147000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17660000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11739000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9004000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6694000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8656000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5045000 usd
CY2022Q4 prct Accrued Purchases
AccruedPurchases
2006000 usd
CY2021Q4 prct Accrued Purchases
AccruedPurchases
1105000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1739000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
600000 usd
CY2022Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
829000 usd
CY2021Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
515000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
532000 usd
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
405000 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000 usd
CY2022Q4 prct Accrued Travel Expenses Current
AccruedTravelExpensesCurrent
429000 usd
CY2021Q4 prct Accrued Travel Expenses Current
AccruedTravelExpensesCurrent
281000 usd
CY2022Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
200000 usd
CY2021Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
0 usd
CY2022Q4 prct Accrued Clinical Trial Expenses Current
AccruedClinicalTrialExpensesCurrent
175000 usd
CY2021Q4 prct Accrued Clinical Trial Expenses Current
AccruedClinicalTrialExpensesCurrent
183000 usd
CY2022Q4 prct Contract With Customer Deposit Liability Current
ContractWithCustomerDepositLiabilityCurrent
0 usd
CY2021Q4 prct Contract With Customer Deposit Liability Current
ContractWithCustomerDepositLiabilityCurrent
741000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1558000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
778000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
7468000 usd
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4608000 usd
CY2022 us-gaap Investment Income Interest
InvestmentIncomeInterest
2497000 usd
CY2021 us-gaap Investment Income Interest
InvestmentIncomeInterest
76000 usd
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 usd
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-64000 usd
CY2022 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-283000 usd
CY2021 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
135000 usd
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-203000 usd
CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-154000 usd
CY2022 prct Interest And Other Income Expense
InterestAndOtherIncomeExpense
2011000 usd
CY2021 prct Interest And Other Income Expense
InterestAndOtherIncomeExpense
121000 usd
CY2019Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2500000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1000000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1000000 usd
CY2022Q4 prct Finite Lived Intangible Assets Amortization Expense Expected Annual Rate Per Year
FiniteLivedIntangibleAssetsAmortizationExpenseExpectedAnnualRatePerYear
300000 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000 usd
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2021Q1 prct Line Of Credit Facility Gain Loss On Amendment Of Debt Terms
LineOfCreditFacilityGainLossOnAmendmentOfDebtTerms
0 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10670000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3796000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
126300000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
185300000 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
29800000 usd
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10900000 usd
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
4800000 usd
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3400000 usd
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
8500000 usd
CY2022 prct Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Released In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsReleasedInPeriod
12000 shares
CY2022 prct Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Released Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsReleasedWeightedAverageGrantDateFairValue
31.28
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
51000 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
34.78
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.02
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.02
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.02
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.25
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.23
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
65197000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
52832000 usd
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
847000 usd
CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
555000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
7346000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
5209000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2082000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
717000 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
12971000 usd
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
6268000 usd
CY2022Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
2279000 usd
CY2021Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
909000 usd
CY2022Q4 prct Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
6404000 usd
CY2021Q4 prct Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
1003000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
2758000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
1418000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
99884000 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
68911000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
94056000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
68046000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
5828000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
865000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
5828000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
865000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
5828000 usd
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
865000 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
26000000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1917000 usd
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1407000 usd
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
783000 usd
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
510000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2700000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1917000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2700000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-87154000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-59853000 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44400000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44400000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16480000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16480000 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.96
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.96
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.63
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.63
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6205000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6593000 shares
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75014000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34473000 usd
CY2021Q4 prct Lessee Operating Lease Number Of Renewal Options
LesseeOperatingLeaseNumberOfRenewalOptions
2 renewaloption
CY2021Q4 prct Operating Lease Number Of Buildings
OperatingLeaseNumberOfBuildings
2 building
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y4M24D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M18D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.087
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.108
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
5100000 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
2700000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5610000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 usd
CY2022Q4 prct Operating Lease Liability And Long Term Debt Maturity Year One
OperatingLeaseLiabilityAndLongTermDebtMaturityYearOne
5610000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4183000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0 usd
CY2022Q4 prct Operating Lease Liability And Long Term Debt Maturity Year Two
OperatingLeaseLiabilityAndLongTermDebtMaturityYearTwo
4183000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4297000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
4333000 usd
CY2022Q4 prct Operating Lease Liability And Long Term Debt Maturity Year Three
OperatingLeaseLiabilityAndLongTermDebtMaturityYearThree
8630000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4426000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
26000000 usd
CY2022Q4 prct Operating Lease Liability And Long Term Debt Maturity Year Four
OperatingLeaseLiabilityAndLongTermDebtMaturityYearFour
30426000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4808000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
21667000 usd
CY2022Q4 prct Operating Lease Liability And Long Term Debt Maturity Year Five
OperatingLeaseLiabilityAndLongTermDebtMaturityYearFive
26475000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
27250000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
0 usd
CY2022Q4 prct Operating Lease Liability And Long Term Debt Maturity Thereafter
OperatingLeaseLiabilityAndLongTermDebtMaturityThereafter
27250000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
50574000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
52000000 usd
CY2022Q4 prct Operating Lease Liability And Long Term Debt Maturity Gross
OperatingLeaseLiabilityAndLongTermDebtMaturityGross
102574000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
24470000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
787000 usd
CY2022Q4 prct Operating Lease Liability And Long Term Debt Maturity Unamortized Debt Discount
OperatingLeaseLiabilityAndLongTermDebtMaturityUnamortizedDebtDiscount
25257000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
26104000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
51213000 usd
CY2022Q4 prct Operating Lease Liability And Long Term Debt
OperatingLeaseLiabilityAndLongTermDebt
77317000 usd

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prct-20221231_htm.xml Edgar Link completed
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prct-20221231_lab.xml Edgar Link unprocessable