2018 Q2 Form 10-Q Financial Statement

#000142757018000031 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $2.732M $1.346M $1.472M
YoY Change 39.17% -8.56% 37.7%
Cost Of Revenue $1.732M $769.0K $823.0K
YoY Change 74.95% -6.56% 32.32%
Gross Profit $1.000M $577.0K $649.0K
YoY Change 2.77% -11.09% 45.19%
Gross Profit Margin 36.6% 42.87% 44.09%
Selling, General & Admin $7.250M $10.01M $5.940M
YoY Change 23.87% 68.45% 330.75%
% of Gross Profit 725.0% 1734.14% 915.25%
Research & Development $3.352M $2.639M $2.400M
YoY Change 21.45% 9.96% -4.46%
% of Gross Profit 335.2% 457.37% 369.8%
Depreciation & Amortization $1.390M $100.0K $30.00K
YoY Change 3375.0% 233.33% -25.0%
% of Gross Profit 139.0% 17.33% 4.62%
Operating Expenses $10.60M $12.65M $8.340M
YoY Change 23.09% 51.62% 114.34%
Operating Profit -$9.602M -$12.07M -$7.691M
YoY Change 25.68% 56.91% 123.32%
Interest Expense -$57.00K -$37.00K -$54.00K
YoY Change 62.86% -31.48% -63.27%
% of Operating Profit
Other Income/Expense, Net -$94.00K -$21.00K $0.00
YoY Change 70.91% -100.0%
Pretax Income -$20.52M -$8.760M -$7.370M
YoY Change 200.0% 18.86% -0.54%
Income Tax -$1.210M -$1.380M
% Of Pretax Income
Net Earnings -$9.753M -$12.13M -$7.745M
YoY Change 26.17% 56.57% 116.28%
Net Earnings / Revenue -356.99% -900.89% -526.15%
Basic Earnings Per Share
Diluted Earnings Per Share -$156.4B -$59.98B -$320.9B
COMMON SHARES
Basic Shares Outstanding 17.57M shares 17.61M shares 16.77M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.860M $840.0K $18.68M
YoY Change -83.39% -95.5% 67.53%
Cash & Equivalents $24.21M $33.48M $41.71M
Short-Term Investments $1.000M $0.00 $25.00M
Other Short-Term Assets $857.0K $1.187M $1.004M
YoY Change 21.56% 18.23% 15.4%
Inventory $1.842M $1.867M $928.0K
Prepaid Expenses $734.0K $1.006M $805.0K
Receivables $3.049M $2.553M $1.035M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.96M $39.09M $69.69M
YoY Change -51.58% -43.91% 399.55%
LONG-TERM ASSETS
Property, Plant & Equipment $1.514M $1.422M $903.0K
YoY Change 45.02% 57.48% 201.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.00K $230.0K $680.0K
YoY Change -89.04% -66.18% 11.48%
Total Long-Term Assets $1.514M $1.422M $903.0K
YoY Change 45.02% 57.48% -0.77%
TOTAL ASSETS
Total Short-Term Assets $30.96M $39.09M $69.69M
Total Long-Term Assets $1.514M $1.422M $903.0K
Total Assets $32.47M $40.51M $70.59M
YoY Change -50.03% -42.62% 375.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.445M $2.304M $530.0K
YoY Change 30.18% 334.72% 103.85%
Accrued Expenses $4.500M $5.870M $3.180M
YoY Change 32.35% 84.59% -8.62%
Deferred Revenue $302.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.965M $2.961M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $10.40M $9.110M $3.631M
YoY Change 115.82% 150.9% -61.29%
LONG-TERM LIABILITIES
Long-Term Debt $5.980M $6.973M $9.891M
YoY Change -39.6% -29.5% 93.18%
Other Long-Term Liabilities $0.00 $0.00 $50.00K
YoY Change -100.0% -100.0% -96.89%
Total Long-Term Liabilities $6.024M $6.973M $9.891M
YoY Change -39.4% -29.5% 46.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.40M $9.110M $3.631M
Total Long-Term Liabilities $6.024M $6.973M $9.891M
Total Liabilities $16.42M $16.08M $13.52M
YoY Change 11.27% 18.94% -16.06%
SHAREHOLDERS EQUITY
Retained Earnings -$133.3M -$123.5M -$84.35M
YoY Change 44.73% 46.41%
Common Stock $149.3M $147.9M $141.4M
YoY Change 4.9% 4.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.05M $24.42M $57.07M
YoY Change
Total Liabilities & Shareholders Equity $32.47M $40.51M $70.59M
YoY Change -50.03% -42.62% 375.03%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$9.753M -$12.13M -$7.745M
YoY Change 26.17% 56.57% 116.28%
Depreciation, Depletion And Amortization $1.390M $100.0K $30.00K
YoY Change 3375.0% 233.33% -25.0%
Cash From Operating Activities -$6.500M -$10.60M -$8.353M
YoY Change 15.04% 26.92% 67.66%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $358.0K $381.0K
YoY Change 0.0% -6.04% 746.67%
Acquisitions
YoY Change
Other Investing Activities -$990.0K $0.00 -$22.53M
YoY Change -46.49% -100.0% -694.46%
Cash From Investing Activities -$10.00K $22.94M -$22.91M
YoY Change -99.46% -200.15% -711.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.530M $28.00K $0.00
YoY Change 37550.0% -100.0%
NET CHANGE
Cash From Operating Activities -6.500M -$10.60M -$8.353M
Cash From Investing Activities -10.00K $22.94M -$22.91M
Cash From Financing Activities 7.530M $28.00K $0.00
Net Change In Cash 1.020M $12.37M -$31.26M
YoY Change -113.64% -139.57% 2435.52%
FREE CASH FLOW
Cash From Operating Activities -$6.500M -$10.60M -$8.353M
Capital Expenditures -$10.00K $358.0K $381.0K
Free Cash Flow -$6.490M -$10.96M -$8.734M
YoY Change 15.07% 25.49% 73.74%

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CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1006000 USD
CY2017Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
2500000 USD
CY2018Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
23302000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
28000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2761000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2949000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1346000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1422000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2400000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2639000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-111374000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-123500000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-123500000 USD
CY2017Q1 us-gaap Revenues
Revenues
1500000 USD
CY2018Q1 us-gaap Revenues
Revenues
1300000 USD
CY2017Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
167000 USD
CY2018Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
61000 USD
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1472000 USD
CY2018Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1346000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5940000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10006000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
463000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1389000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
50000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
10.08
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
125000 shares
CY2018Q1 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
7.15
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
413000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
488000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
9.98
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
9.26
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
145369 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
800532 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1778000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2979285 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3613770 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.49
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.64
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
1235000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1196515 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
4.70
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1730000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3272697 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
6.54
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.35
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.48
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.02
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M12D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y
CY2017Q4 us-gaap Short Term Investments
ShortTermInvestments
23292000 USD
CY2018Q1 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
20678 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
35113000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
24424000 USD
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16562030 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16986656 shares
CY2018Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of Credit Risk </font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash equivalents and trade accounts receivable, which are generally not collateralized. The Company limits its exposure to credit loss by placing its cash equivalents with high credit quality financial institutions and investing in high quality short-term debt instruments. The Company&#8217;s customers consist of physicians and institutions in the United States and one international distributor. The Company establishes customer credit policies related to its accounts receivable based on historical collection experiences within the various markets in which the Company operates, historical past-due amounts, and any specific information that the Company becomes aware of such as bankruptcy or liquidity issues of customers. </font></div></div>
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">C</font><font style="font-family:inherit;font-size:10pt;">ertain immaterial reclassifications have been made to the prior years&#8217; consolidated financial statements to conform to the current year presentation. These reclassifications have not changed the results of operations.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. </font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</font></div></div>

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