2019 Q3 Form 10-Q Financial Statement

#000142757019000083 Filed on July 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $333.0K $386.0K $2.732M
YoY Change -88.85% -85.87% 39.17%
Cost Of Revenue $412.0K $679.0K $1.732M
YoY Change -70.94% -60.8% 74.95%
Gross Profit -$79.00K -$293.0K $1.000M
YoY Change -105.04% -129.3% 2.77%
Gross Profit Margin -23.72% -75.91% 36.6%
Selling, General & Admin $2.489M $4.332M $7.250M
YoY Change -57.35% -40.25% 23.87%
% of Gross Profit 725.0%
Research & Development $1.174M $1.788M $3.352M
YoY Change -50.42% -46.66% 21.45%
% of Gross Profit 335.2%
Depreciation & Amortization $422.0K $430.0K $1.390M
YoY Change -47.25% -69.06% 3375.0%
% of Gross Profit 139.0%
Operating Expenses $3.663M $6.120M $10.60M
YoY Change -55.35% -42.28% 23.09%
Operating Profit -$3.742M -$6.413M -$9.602M
YoY Change -43.6% -33.21% 25.68%
Interest Expense $37.00K -$295.0K -$57.00K
YoY Change -152.86% 417.54% 62.86%
% of Operating Profit
Other Income/Expense, Net -$1.000K -$59.00K -$94.00K
YoY Change -97.5% -37.23% 70.91%
Pretax Income -$28.75M -$16.51M -$20.52M
YoY Change 443.86% -19.56% 200.0%
Income Tax $0.00 -$586.0K -$1.210M
% Of Pretax Income
Net Earnings -$3.706M -$6.767M -$9.753M
YoY Change -45.06% -30.62% 26.17%
Net Earnings / Revenue -1112.91% -1753.11% -356.99%
Basic Earnings Per Share
Diluted Earnings Per Share -$106.4M -$150.2M -$156.4B
COMMON SHARES
Basic Shares Outstanding 35.58M shares 24.00M shares 17.57M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.717M $4.355M $1.860M
YoY Change 1531.95% 134.14% -83.39%
Cash & Equivalents $19.40M $13.51M $24.21M
Short-Term Investments $0.00 $0.00 $1.000M
Other Short-Term Assets $683.0K $954.0K $857.0K
YoY Change -24.86% 11.32% 21.56%
Inventory $2.048M $2.107M $1.842M
Prepaid Expenses $656.0K $954.0K $734.0K
Receivables $238.0K $447.0K $3.049M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.35M $17.02M $30.96M
YoY Change -36.7% -45.02% -51.58%
LONG-TERM ASSETS
Property, Plant & Equipment $1.117M $1.038M $1.514M
YoY Change -28.94% -31.44% 45.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $586.0K $563.0K $80.00K
YoY Change 616.73% 603.75% -89.04%
Total Long-Term Assets $2.308M $2.178M $1.514M
YoY Change 46.82% 43.86% 45.02%
TOTAL ASSETS
Total Short-Term Assets $22.35M $17.02M $30.96M
Total Long-Term Assets $2.308M $2.178M $1.514M
Total Assets $24.66M $19.20M $32.47M
YoY Change -33.14% -40.87% -50.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $732.0K $1.082M $1.445M
YoY Change -49.79% -25.12% 30.18%
Accrued Expenses $5.876M $343.0K $4.500M
YoY Change 33.28% -92.38% 32.35%
Deferred Revenue $283.0K $320.0K $302.0K
YoY Change -5.98% 5.96%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $5.000M $3.965M
YoY Change -100.0% 26.1%
Total Short-Term Liabilities $3.905M $10.09M $10.40M
YoY Change -46.37% -2.94% 115.82%
LONG-TERM LIABILITIES
Long-Term Debt $4.579M $0.00 $5.980M
YoY Change -51.28% -100.0% -39.6%
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $687.0K $722.0K $6.024M
YoY Change -92.73% -88.01% -39.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.905M $10.09M $10.40M
Total Long-Term Liabilities $687.0K $722.0K $6.024M
Total Liabilities $4.592M $10.81M $16.42M
YoY Change -72.55% -34.15% 11.27%
SHAREHOLDERS EQUITY
Retained Earnings -$167.5M -$163.8M -$133.3M
YoY Change 19.64% 22.88% 44.73%
Common Stock $187.6M $172.2M $149.3M
YoY Change 17.13% 15.33% 4.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.07M $8.376M $16.05M
YoY Change
Total Liabilities & Shareholders Equity $24.66M $19.20M $32.47M
YoY Change -33.14% -40.87% -50.03%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$3.706M -$6.767M -$9.753M
YoY Change -45.06% -30.62% 26.17%
Depreciation, Depletion And Amortization $422.0K $430.0K $1.390M
YoY Change -47.25% -69.06% 3375.0%
Cash From Operating Activities -$4.280M -$2.900M -$6.500M
YoY Change -6.56% -55.38% 15.04%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$990.0K
YoY Change -100.0% -46.49%
Cash From Investing Activities $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0% -99.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.651M 5.427M 7.530M
YoY Change 140.05% -27.93% 37550.0%
NET CHANGE
Cash From Operating Activities -4.280M -2.900M -6.500M
Cash From Investing Activities 0.000 0.000 -10.00K
Cash From Financing Activities 7.651M 5.427M 7.530M
Net Change In Cash 3.371M 2.527M 1.020M
YoY Change -342.46% 147.75% -113.64%
FREE CASH FLOW
Cash From Operating Activities -$4.280M -$2.900M -$6.500M
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$4.280M -$2.900M -$6.490M
YoY Change -6.76% -55.32% 15.07%

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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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CY2019Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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49 employee
CY2019Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.50
CY2019Q2 us-gaap Restructuring Charges
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CY2019Q2 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
2161000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2200000 USD
us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
three to six months
CY2018Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
132000 USD
CY2019Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
119000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7250000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5.83
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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4.98
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
0 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2485077 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.09
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.87
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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2.15
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2018Q4 us-gaap Stockholders Equity
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CY2018Q2 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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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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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>
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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