$PRPO
Precipio, Inc.

2014 Q4 Form 10-Q Financial Statement

#000104396114000012 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $7.696M $4.064M $6.646M
YoY Change 23.77% -38.85% -15.76%
Cost Of Revenue -$4.720M $2.347M $4.196M
YoY Change -214.01% -44.07% 2.62%
Gross Profit $2.619M $1.717M $2.450M
YoY Change 26.16% -29.92% -35.53%
Gross Profit Margin 34.03% 42.25% 36.86%
Selling, General & Admin -$7.470M $5.063M $7.226M
YoY Change -256.28% -29.93% 29.99%
% of Gross Profit -285.22% 294.87% 294.94%
Research & Development $80.00K $641.0K $630.0K
YoY Change -91.21% 1.75% -5.69%
% of Gross Profit 3.05% 37.33% 25.71%
Depreciation & Amortization -$1.000M $589.0K $671.0K
YoY Change -253.85% -12.22% 35.56%
% of Gross Profit -38.18% 34.3% 27.39%
Operating Expenses -$7.390M $5.704M $7.856M
YoY Change -229.88% -27.39% 26.16%
Operating Profit $10.01M -$3.987M -$5.406M
YoY Change -376.95% -26.25% 122.74%
Interest Expense $80.00K -$210.0K -$160.0K
YoY Change -116.67% 31.25% -23.81%
% of Operating Profit 0.8%
Other Income/Expense, Net $0.00 -$1.000K $1.000K
YoY Change -100.0% -200.0% -116.67%
Pretax Income $1.830M -$4.200M -$5.560M
YoY Change -144.74% -24.46% 110.61%
Income Tax $1.200M -$1.456M -$8.000K
% Of Pretax Income 65.57%
Net Earnings -$5.793M -$80.00K -$5.552M
YoY Change 45.48% -98.56% 101.6%
Net Earnings / Revenue -75.27% -1.97% -83.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$289.5M -$4.000M -$277.5M
COMMON SHARES
Basic Shares Outstanding 8.084M shares 7.354M shares 88.25M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.610M $880.0K $4.020M
YoY Change -1.23% -78.11% -54.06%
Cash & Equivalents $1.609M $880.0K $4.016M
Short-Term Investments
Other Short-Term Assets $385.0K $1.714M $1.290M
YoY Change -58.96% 32.87% 8.77%
Inventory $0.00 $3.590M $4.454M
Prepaid Expenses
Receivables $466.0K $7.506M $4.414M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.57M $13.69M $14.17M
YoY Change 141.37% -3.41% -36.99%
LONG-TERM ASSETS
Property, Plant & Equipment $485.0K $1.652M $2.120M
YoY Change -75.79% -22.08% 1.39%
Goodwill $6.918M $6.918M $6.918M
YoY Change 0.0% 0.0% 3.66%
Intangibles $751.0K $8.312M $9.563M
YoY Change -91.83% -13.08% -16.73%
Long-Term Investments
YoY Change
Other Assets $204.0K $276.0K $405.0K
YoY Change -37.61% -31.85% 183.22%
Total Long-Term Assets $1.440M $17.16M $19.01M
YoY Change -92.19% -9.72% -6.8%
TOTAL ASSETS
Total Short-Term Assets $28.57M $13.69M $14.17M
Total Long-Term Assets $1.440M $17.16M $19.01M
Total Assets $30.01M $30.85M $33.18M
YoY Change -0.9% -7.03% -22.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.898M $3.379M $1.907M
YoY Change 36.29% 77.19% 25.71%
Accrued Expenses $2.045M $1.960M $2.393M
YoY Change 0.39% -18.09% -34.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $462.0K $1.383M $1.091M
YoY Change 90.91% 26.76% -84.32%
Total Short-Term Liabilities $11.99M $9.810M $8.991M
YoY Change 38.97% 9.11% -45.84%
LONG-TERM LIABILITIES
Long-Term Debt $7.375M $5.611M $5.469M
YoY Change 16.73% 2.6% 1120.76%
Other Long-Term Liabilities $817.0K $1.969M $1.221M
YoY Change -37.3% 61.26% 4.99%
Total Long-Term Liabilities $8.192M $7.580M $6.690M
YoY Change 7.49% 13.3% 315.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.99M $9.810M $8.991M
Total Long-Term Liabilities $8.192M $7.580M $6.690M
Total Liabilities $23.45M $20.62M $17.79M
YoY Change 24.54% 15.91% -12.43%
SHAREHOLDERS EQUITY
Retained Earnings -$183.6M -$177.5M -$164.3M
YoY Change 8.95% 8.0% 10.06%
Common Stock $81.00K $73.00K $882.0K
YoY Change 10.96% -91.72% 22.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.553M $10.23M $15.39M
YoY Change
Total Liabilities & Shareholders Equity $30.01M $30.85M $33.18M
YoY Change -0.9% -7.03% -22.63%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$5.793M -$80.00K -$5.552M
YoY Change 45.48% -98.56% 101.6%
Depreciation, Depletion And Amortization -$1.000M $589.0K $671.0K
YoY Change -253.85% -12.22% 35.56%
Cash From Operating Activities -$2.490M -$3.950M -$640.0K
YoY Change 16.36% 517.19% -75.19%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$10.00K -$160.0K
YoY Change -88.89% -93.75% -95.65%
Acquisitions
YoY Change
Other Investing Activities $170.0K $3.650M -$80.00K
YoY Change -342.86% -4662.5% -101.67%
Cash From Investing Activities $160.0K $3.640M -$240.0K
YoY Change -194.12% -1616.67% -122.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.080M 10.00K -1.540M
YoY Change -3950.0% -100.65% 1440.0%
NET CHANGE
Cash From Operating Activities -2.490M -3.950M -640.0K
Cash From Investing Activities 160.0K 3.640M -240.0K
Cash From Financing Activities 3.080M 10.00K -1.540M
Net Change In Cash 750.0K -300.0K -2.420M
YoY Change -131.38% -87.6% 52.2%
FREE CASH FLOW
Cash From Operating Activities -$2.490M -$3.950M -$640.0K
Capital Expenditures -$10.00K -$10.00K -$160.0K
Free Cash Flow -$2.480M -$3.940M -$480.0K
YoY Change 20.98% 720.83% -143.64%

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CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
241000 USD
us-gaap Payments Of Financing Costs
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0 USD
CY2012Q1 us-gaap Payments Of Stock Issuance Costs
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Property Plant And Equipment
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121000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Notes Payable
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us-gaap Proceeds From Notes Payable
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us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Provision For Doubtful Accounts
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us-gaap Repayments Of Long Term Capital Lease Obligations
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us-gaap Repayments Of Notes Payable
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us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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0
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2013Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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StockholdersEquity
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CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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0 USD
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements 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 the reported amounts of net sales and expenses during the reporting period. In addition, estimates and assumptions associated with the determination of the fair value of certain assets and related impairments require considerable judgment by management. Actual results could differ from the estimates and assumptions used in preparing these condensed consolidated financial statements.</font></div></div>
CY2013Q4 us-gaap Warrants And Rights Outstanding
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600000 USD
CY2014Q3 us-gaap Warrants And Rights Outstanding
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400000 USD
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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7353695 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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7353695 shares
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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7237266 shares
tbio Accounts Receivable General Payment Terms1
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P30D
tbio Accounts Receivable International Extended Payment Terms Greaterthan1
AccountsReceivableInternationalExtendedPaymentTermsGreaterthan1
P90D
tbio Class Of Warrant Or Right Number Of Issued Warrants Or Rights
ClassOfWarrantOrRightNumberOfIssuedWarrantsOrRights
115065 shares
tbio Class Of Warrant Or Right Number Of Issued Warrants Or Rights
ClassOfWarrantOrRightNumberOfIssuedWarrantsOrRights
840928 shares
CY2013Q1 tbio Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Price Per Share
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsPricePerShare
9.00
CY2012Q1 tbio Classof Warrantor Right Exercise Term1
ClassofWarrantorRightExerciseTerm1
P5Y
tbio Effective Tax Rate Reconciliation Permanent Differences Goodwill Amortization
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600000 USD
tbio Fair Value Assumptions Percentage Of Simulated Equity Values Below Down Round Financing Cut Off Point
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0.25
CY2014Q3 tbio Finite Lived Intangible Assets Amortization Expense Current Fiscal Year
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1400000 USD
CY2014Q3 tbio Furniture Fixtures And Leasehold Improvements Gross
FurnitureFixturesAndLeaseholdImprovementsGross
3874000 USD
CY2013Q4 tbio Furniture Fixtures And Leasehold Improvements Gross
FurnitureFixturesAndLeaseholdImprovementsGross
3874000 USD
tbio Interest Income And Expense Net
InterestIncomeAndExpenseNet
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CY2013Q3 tbio Interest Income And Expense Net
InterestIncomeAndExpenseNet
-155000 USD
tbio Interest Income And Expense Net
InterestIncomeAndExpenseNet
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CY2014Q3 tbio Interest Income And Expense Net
InterestIncomeAndExpenseNet
-162000 USD
tbio Inventory Additions
InventoryAdditions
61000 USD
CY2013Q3 tbio Inventory Additions
InventoryAdditions
19000 USD
CY2014Q3 tbio Inventory Additions
InventoryAdditions
6000 USD
tbio Inventory Additions
InventoryAdditions
19000 USD
CY2013Q3 tbio Inventory Provision Write Offs
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3000 USD
tbio Inventory Provision Write Offs
InventoryProvisionWriteOffs
222000 USD
tbio Inventory Provision Write Offs
InventoryProvisionWriteOffs
26000 USD
CY2014Q3 tbio Inventory Provision Write Offs
InventoryProvisionWriteOffs
211000 USD
tbio Issuance Of Warrants Expected Exercise Period
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P2Y4M10D
tbio Other Income Expense
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195000 USD
tbio Numberof Independent Six Month Periods
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10 six_month_period
CY2014Q3 tbio Other Income Expense
OtherIncomeExpense
3901000 USD
CY2013Q3 tbio Other Income Expense
OtherIncomeExpense
-154000 USD
tbio Other Income Expense
OtherIncomeExpense
3823000 USD
CY2012Q1 tbio Proceedsfromissuanceofcommonstockandconvertiblenotes
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22000000 USD
tbio Preferred Stock Revaluation
PreferredStockRevaluation
600000 USD
CY2014Q3 tbio Proceeds From Sale Of Inventory
ProceedsFromSaleOfInventory
200000 USD
tbio Proceeds From Sale Of Inventory
ProceedsFromSaleOfInventory
200000 USD
CY2011Q4 tbio Proceedsfromissuanceofcommonstockandconvertiblenotes
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3000000 USD
CY2012Q1 tbio Payments Of Stock Issuance Costs Reduction To Equity
PaymentsOfStockIssuanceCostsReductionToEquity
1500000 USD
CY2012Q1 tbio Paymentsof Stock Issuance Costs Percentageof Gross Offering Proceeds
PaymentsofStockIssuanceCostsPercentageofGrossOfferingProceeds
0.07
CY2012Q1 tbio Paymentsof Stock Issuance Costs Warrant Right To Purchase Common Stock Shares
PaymentsofStockIssuanceCostsWarrantRightToPurchaseCommonStockShares
31666 shares
CY2012Q1 tbio Paymentsof Stock Issuance Costs Warrant Right To Purchase Common Stock Shares Percentageof Sharesin Offering
PaymentsofStockIssuanceCostsWarrantRightToPurchaseCommonStockSharesPercentageofSharesinOffering
0.02
tbio Preferred Stock Issued During Period Value New Issues
PreferredStockIssuedDuringPeriodValueNewIssues
6905000 USD
tbio Preferred Stock Revaluation
PreferredStockRevaluation
200000 USD
tbio Provisionfor Doubtful Accounts Excluding Amounts Not Includedin Provision
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2652000 USD
CY2013Q3 tbio Provisionfor Doubtful Accounts Excluding Amounts Not Includedin Provision
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2769000 USD
CY2014Q3 tbio Provisionfor Doubtful Accounts Excluding Amounts Not Includedin Provision
ProvisionforDoubtfulAccountsExcludingAmountsNotIncludedinProvision
1129000 USD
tbio Provisionfor Doubtful Accounts Excluding Amounts Not Includedin Provision
ProvisionforDoubtfulAccountsExcludingAmountsNotIncludedinProvision
4966000 USD
CY2012Q1 tbio Stock Issuance Costs Reimbursable Expenses
StockIssuanceCostsReimbursableExpenses
125000 USD
tbio Stock Warrants Revaluation
StockWarrantsRevaluation
200000 USD
CY2013Q3 tbio Stock Warrants Revaluation
StockWarrantsRevaluation
0 USD
tbio Stock Warrants Revaluation
StockWarrantsRevaluation
600000 USD
CY2014Q3 tbio Stock Warrants Revaluation
StockWarrantsRevaluation
-50000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001043961
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
8084471 shares
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
TRANSGENOMIC INC

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