2019 Q4 Form 10-Q Financial Statement

#000142757019000120 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $4.050M $333.0K $386.0K
YoY Change 98.92% -88.85% -85.87%
Cost Of Revenue $1.935M $412.0K $679.0K
YoY Change 1077.72% -70.94% -60.8%
Gross Profit $2.115M -$79.00K -$293.0K
YoY Change 297.56% -105.04% -129.3%
Gross Profit Margin 52.22% -23.72% -75.91%
Selling, General & Admin $4.496M $2.489M $4.332M
YoY Change -76.66% -57.35% -40.25%
% of Gross Profit 212.58%
Research & Development $247.0K $1.174M $1.788M
YoY Change -95.68% -50.42% -46.66%
% of Gross Profit 11.68%
Depreciation & Amortization $421.0K $422.0K $430.0K
YoY Change -122.76% -47.25% -69.06%
% of Gross Profit 19.91%
Operating Expenses $4.743M $3.663M $6.120M
YoY Change -87.83% -55.35% -42.28%
Operating Profit -$2.628M -$3.742M -$6.413M
YoY Change -69.65% -43.6% -33.21%
Interest Expense -$43.00K $37.00K -$295.0K
YoY Change 247.33% -152.86% 417.54%
% of Operating Profit
Other Income/Expense, Net -$22.21M -$1.000K -$59.00K
YoY Change 14191.14% -97.5% -37.23%
Pretax Income -$25.36M -$28.75M -$16.51M
YoY Change -34.48% 443.86% -19.56%
Income Tax -$307.0K $0.00 -$586.0K
% Of Pretax Income
Net Earnings -$25.06M -$3.706M -$6.767M
YoY Change 186.17% -45.06% -30.62%
Net Earnings / Revenue -618.69% -1112.91% -1753.11%
Basic Earnings Per Share
Diluted Earnings Per Share -$63.96M -$106.4M -$150.2M
COMMON SHARES
Basic Shares Outstanding 7.695M shares 35.58M shares 24.00M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.935M $7.717M $4.355M
YoY Change -47.1% 1531.95% 134.14%
Cash & Equivalents $14.06M $19.40M $13.51M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $1.959M $683.0K $954.0K
YoY Change -20.43% -24.86% 11.32%
Inventory $1.936M $2.048M $2.107M
Prepaid Expenses $1.890M $656.0K $954.0K
Receivables $285.0K $238.0K $447.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.24M $22.35M $17.02M
YoY Change -36.35% -36.7% -45.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.081M $1.117M $1.038M
YoY Change -37.84% -28.94% -31.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $586.0K $563.0K
YoY Change -100.0% 616.73% 603.75%
Total Long-Term Assets $2.158M $2.308M $2.178M
YoY Change 24.09% 46.82% 43.86%
TOTAL ASSETS
Total Short-Term Assets $18.24M $22.35M $17.02M
Total Long-Term Assets $2.158M $2.308M $2.178M
Total Assets $20.39M $24.66M $19.20M
YoY Change -32.89% -33.14% -40.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $648.0K $732.0K $1.082M
YoY Change -44.09% -49.79% -25.12%
Accrued Expenses $4.112M $5.876M $343.0K
YoY Change -14.85% 33.28% -92.38%
Deferred Revenue $424.0K $283.0K $320.0K
YoY Change 20.45% -5.98% 5.96%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $5.000M
YoY Change -100.0% -100.0% 26.1%
Total Short-Term Liabilities $3.977M $3.905M $10.09M
YoY Change -76.92% -46.37% -2.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $4.579M $0.00
YoY Change -51.28% -100.0%
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $567.0K $687.0K $722.0K
YoY Change 1081.25% -92.73% -88.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.977M $3.905M $10.09M
Total Long-Term Liabilities $567.0K $687.0K $722.0K
Total Liabilities $4.544M $4.592M $10.81M
YoY Change -73.7% -72.55% -34.15%
SHAREHOLDERS EQUITY
Retained Earnings -$172.4M -$167.5M -$163.8M
YoY Change 15.92% 19.64% 22.88%
Common Stock $188.3M $187.6M $172.2M
YoY Change 16.32% 17.13% 15.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.11M $20.07M $8.376M
YoY Change
Total Liabilities & Shareholders Equity $20.39M $24.66M $19.20M
YoY Change -32.89% -33.14% -40.87%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$25.06M -$3.706M -$6.767M
YoY Change 186.17% -45.06% -30.62%
Depreciation, Depletion And Amortization $421.0K $422.0K $430.0K
YoY Change -122.76% -47.25% -69.06%
Cash From Operating Activities -$1.321M -$4.280M -$2.900M
YoY Change -81.37% -6.56% -55.38%
INVESTING ACTIVITIES
Capital Expenditures -$14.00K $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.014M $0.00 $0.00
YoY Change -80.49% -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.398M 7.651M 5.427M
YoY Change -106.22% 140.05% -27.93%
NET CHANGE
Cash From Operating Activities -1.321M -4.280M -2.900M
Cash From Investing Activities -2.014M 0.000 0.000
Cash From Financing Activities -1.398M 7.651M 5.427M
Net Change In Cash -4.733M 3.371M 2.527M
YoY Change -193.26% -342.46% 147.75%
FREE CASH FLOW
Cash From Operating Activities -$1.321M -$4.280M -$2.900M
Capital Expenditures -$14.00K $0.00 $0.00
Free Cash Flow -$1.307M -$4.280M -$2.900M
YoY Change -81.56% -6.76% -55.32%

Facts In Submission

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us-gaap Repayments Of Long Term Debt
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us-gaap Research And Development Expense
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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
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0.50
CY2019Q2 us-gaap Restructuring Charges
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1100000 USD
us-gaap Restructuring Charges
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1099000 USD
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2500000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2494000 USD
us-gaap Revenue Performance Obligation Description Of Timing
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three to six months
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SalesAndExciseTaxPayableCurrent
132000 USD
CY2019Q3 us-gaap Sales And Excise Tax Payable Current
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118000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
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5836000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23092000 USD
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13025000 USD
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1007000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3610000 USD
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
659000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2300000 USD
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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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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58.29
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45.00
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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0 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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254911 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
52.52
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
46.33
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.72
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
45.45
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
17.16
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y6M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y3M15D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y6M7D
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148000 USD
CY2018Q3 us-gaap Stock Issued During Period Value New Issues
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CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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0 USD
CY2018Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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3000 USD
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1000 USD
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
20153000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
6518000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.10
CY2018Q3 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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CY2019Q3 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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