$RSLS
ReShape Lifesciences Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022009259 Filed on May 23, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $2.440M $3.221M
YoY Change -24.25% 302.63%
Cost Of Revenue $1.222M $937.0K
YoY Change 30.42% 73.2%
Gross Profit $1.218M $2.284M
YoY Change -46.67% 855.65%
Gross Profit Margin 49.92% 70.91%
Selling, General & Admin $4.707M $1.250M
YoY Change 276.56% -67.89%
% of Gross Profit 386.45% 54.73%
Research & Development $748.0K $571.0K
YoY Change 31.0% -54.57%
% of Gross Profit 61.41% 25.0%
Depreciation & Amortization $94.00K $7.000K
YoY Change 1242.86% -93.2%
% of Gross Profit 7.72% 0.31%
Operating Expenses $9.618M $4.541M
YoY Change 111.8% -11.83%
Operating Profit -$8.400M -$2.257M
YoY Change 272.18% -54.04%
Interest Expense $1.000K -$599.0K
YoY Change -100.17% -1811.43%
% of Operating Profit
Other Income/Expense, Net $11.00K $0.00
YoY Change -100.0%
Pretax Income -$8.372M -$4.849M
YoY Change 72.65% -7.83%
Income Tax -$200.0K $25.00K
% Of Pretax Income
Net Earnings -$8.215M -$4.874M
YoY Change 68.55% -7.36%
Net Earnings / Revenue -336.68% -151.32%
Basic Earnings Per Share -$0.44 -$1.24
Diluted Earnings Per Share -$0.44 -$1.24
COMMON SHARES
Basic Shares Outstanding 18.55M 3.938M
Diluted Shares Outstanding 18.55M 3.938M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.41M $8.972M
YoY Change 71.76% 0.64%
Cash & Equivalents $15.41M $1.946M
Short-Term Investments
Other Short-Term Assets $215.0K $672.0K
YoY Change -68.01% -85.96%
Inventory $3.998M
Prepaid Expenses
Receivables $2.410M
Other Receivables $0.00
Total Short-Term Assets $23.63M $12.79M
YoY Change 84.67% -17.83%
LONG-TERM ASSETS
Property, Plant & Equipment $1.371M $1.312M
YoY Change 4.5% -39.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.377M $3.237M
YoY Change -57.46%
Total Long-Term Assets $23.64M $4.549M
YoY Change 419.74% 24.32%
TOTAL ASSETS
Total Short-Term Assets $23.63M $12.79M
Total Long-Term Assets $23.64M $4.549M
Total Assets $47.27M $17.34M
YoY Change 172.56% -9.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.598M $582.0K
YoY Change 518.21% -45.61%
Accrued Expenses $3.463M $5.851M
YoY Change -40.81% 3.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $430.0K
YoY Change
Total Short-Term Liabilities $8.151M $6.863M
YoY Change 18.77% -4.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $127.0K $382.0K
YoY Change -66.75% -60.58%
Total Long-Term Liabilities $127.0K $382.0K
YoY Change -66.75% -60.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.151M $6.863M
Total Long-Term Liabilities $127.0K $382.0K
Total Liabilities $8.645M $7.245M
YoY Change 19.32% -11.18%
SHAREHOLDERS EQUITY
Retained Earnings -$586.1M
YoY Change
Common Stock $19.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.63M $12.71M
YoY Change
Total Liabilities & Shareholders Equity $47.27M $17.34M
YoY Change 172.56% -9.81%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$8.215M -$4.874M
YoY Change 68.55% -7.36%
Depreciation, Depletion And Amortization $94.00K $7.000K
YoY Change 1242.86% -93.2%
Cash From Operating Activities -$7.378M -$1.961M
YoY Change 276.24% -59.26%
INVESTING ACTIVITIES
Capital Expenditures -$7.000K -$119.0K
YoY Change -94.12% -136.5%
Acquisitions
YoY Change
Other Investing Activities $9.000K $0.00
YoY Change
Cash From Investing Activities $2.000K -$119.0K
YoY Change -101.68% -63.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 1.000M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -7.378M -1.961M
Cash From Investing Activities 2.000K -119.0K
Cash From Financing Activities 0.000 1.000M
Net Change In Cash -7.355M -1.061M
YoY Change 593.21% -79.36%
FREE CASH FLOW
Cash From Operating Activities -$7.378M -$1.961M
Capital Expenditures -$7.000K -$119.0K
Free Cash Flow -$7.371M -$1.842M
YoY Change 300.16% -64.16%

Facts In Submission

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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
141000
CY2021Q1 rsls Fair Value Of Warrants Included In Loss On Extinguishment Of Debt
FairValueOfWarrantsIncludedInLossOnExtinguishmentOfDebt
2974000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15500000
CY2021Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2022Q1 rsls Working Capital
WorkingCapital
15500000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15500000
CY2022Q1 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
2400000
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1028000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
829000
CY2022Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
1231000
CY2021Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
682000
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1739000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1492000
CY2022Q1 us-gaap Inventory Net
InventoryNet
3998000
CY2021Q4 us-gaap Inventory Net
InventoryNet
3003000
CY2022Q1 us-gaap Prepaid Insurance
PrepaidInsurance
597000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
736000
CY2022Q1 rsls Prepaid Advertising And Marketing Expenses
PrepaidAdvertisingAndMarketingExpenses
947000
CY2021Q4 rsls Prepaid Advertising And Marketing Expenses
PrepaidAdvertisingAndMarketingExpenses
698000
CY2022Q1 us-gaap Other Assets Current
OtherAssetsCurrent
215000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
188000
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1759000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1622000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1858000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1527000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
596000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
549000
CY2022Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
299000
CY2021Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
307000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000
CY2022Q1 rsls Employee Retention Credit Cares Act
EmployeeRetentionCreditCaresAct
300000
CY2021Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
100000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
200000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
524000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
441000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
301000
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
396000
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
300000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
314000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
185000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3463000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3169000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
86000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
527000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
451000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
87000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
538000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
527000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2022Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
765647
CY2021Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
0
CY2021Q3 rsls Class Of Warrant Or Right Exercise Price As Percentage Of Common Stock Price
ClassOfWarrantOrRightExercisePriceAsPercentageOfCommonStockPrice
0.95
CY2021Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
100000
CY2021Q2 rsls Number Of Institutional Investors Healthcare
NumberOfInstitutionalInvestorsHealthcare
2
CY2021Q2 rsls Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
200000
CY2021Q2 rsls Number Of Institutional Investors Healthcare
NumberOfInstitutionalInvestorsHealthcare
2
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2440000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3221000
CY2021Q1 rsls Number Of Products In Development Stage
NumberOfProductsInDevelopmentStage
2
CY2022Q1 rsls Number Of Products In Development Stage
NumberOfProductsInDevelopmentStage
2
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25000
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
747000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
101000
CY2021Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1350000
CY2021Q3 rsls Loss Contingency Fees Sought Percent
LossContingencyFeesSoughtPercent
0.080

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