2022 Q2 Form 10-Q Financial Statement

#000095017022008496 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $9.116M $7.578M $9.460M
YoY Change 4.81% -25.2% 8.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.20M $9.037M $8.692M
YoY Change 39.84% 35.49% 49.09%
% of Gross Profit
Research & Development $61.00M $56.49M $53.68M
YoY Change 32.8% 38.26% 45.04%
% of Gross Profit
Depreciation & Amortization $1.198M $901.0K $1.083M
YoY Change 12.07% 34.28% 15.21%
% of Gross Profit
Operating Expenses $71.21M $65.53M $62.37M
YoY Change 55.01% 37.87% 45.63%
Operating Profit -$62.09M -$57.95M
YoY Change 39.42% 54.96%
Interest Expense $867.0K $0.00 $237.0K
YoY Change 267.37% -100.0% -1.25%
% of Operating Profit
Other Income/Expense, Net $867.0K $302.0K
YoY Change 267.37% 36.65%
Pretax Income -$61.22M -$57.65M -$52.68M
YoY Change 38.2% 55.07% 55.66%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$61.22M -$57.65M -$52.68M
YoY Change 38.2% 55.07% 54.01%
Net Earnings / Revenue -671.59% -760.72% -556.83%
Basic Earnings Per Share -$0.82 -$0.78
Diluted Earnings Per Share -$824.2K -$777.3K -$713.6K
COMMON SHARES
Basic Shares Outstanding 74.25M 74.19M
Diluted Shares Outstanding 74.28M 74.16M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $461.4M $518.8M $577.1M
YoY Change -28.61% -23.89% 30.94%
Cash & Equivalents $105.8M $97.67M $108.5M
Short-Term Investments $355.7M $421.1M $468.6M
Other Short-Term Assets $15.99M $10.21M $6.790M
YoY Change 95.9% 24.46% -3.0%
Inventory
Prepaid Expenses
Receivables $5.624M $5.383M $5.929M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $483.0M $534.3M $589.8M
YoY Change -26.92% -23.38% 29.87%
LONG-TERM ASSETS
Property, Plant & Equipment $73.34M $13.06M $11.54M
YoY Change 582.65% -65.28% 29.68%
Goodwill $14.61M $14.61M
YoY Change 0.0%
Intangibles $59.61M $59.88M
YoY Change -1.75%
Long-Term Investments
YoY Change
Other Assets $2.462M $851.0K $758.0K
YoY Change 82.64% -39.21% 148.52%
Total Long-Term Assets $149.8M $148.4M $148.2M
YoY Change 32.49% 29.86% 30.84%
TOTAL ASSETS
Total Short-Term Assets $483.0M $534.3M $589.8M
Total Long-Term Assets $149.8M $148.4M $148.2M
Total Assets $632.8M $682.8M $738.0M
YoY Change -18.25% -15.88% 30.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.07M $14.17M $14.06M
YoY Change 34.81% 46.12% 11.48%
Accrued Expenses $39.14M $31.57M $33.62M
YoY Change 45.34% 31.55% 50.11%
Deferred Revenue $11.43M $12.36M
YoY Change 14.74% 2.04%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $63.54M $57.46M $60.35M
YoY Change 38.73% 31.31% 27.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $62.98M $1.634M $634.0K
YoY Change 75.94% 13.55% 0.32%
Total Long-Term Liabilities $62.98M $1.634M $634.0K
YoY Change 75.94% 13.55% 0.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.54M $57.46M $60.35M
Total Long-Term Liabilities $62.98M $1.634M $634.0K
Total Liabilities $134.0M $131.8M $135.4M
YoY Change 50.45% 47.95% 46.04%
SHAREHOLDERS EQUITY
Retained Earnings -$510.3M -$452.6M
YoY Change 68.57% 70.46%
Common Stock $1.063B $1.056B
YoY Change 3.64% 42.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $498.8M $551.0M $602.6M
YoY Change
Total Liabilities & Shareholders Equity $632.8M $682.8M $738.0M
YoY Change -18.25% -15.88% 30.06%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$61.22M -$57.65M -$52.68M
YoY Change 38.2% 55.07% 54.01%
Depreciation, Depletion And Amortization $1.198M $901.0K $1.083M
YoY Change 12.07% 34.28% 15.21%
Cash From Operating Activities -$55.72M -$55.16M -$39.27M
YoY Change 63.5% 48.1% 56.87%
INVESTING ACTIVITIES
Capital Expenditures -$2.526M $1.889M -$1.183M
YoY Change 92.68% -47.22% 1.11%
Acquisitions
YoY Change
Other Investing Activities $64.93M $45.91M $9.716M
YoY Change -153.45% 679.52% -84.85%
Cash From Investing Activities $62.40M $44.03M $8.533M
YoY Change -150.82% 1806.67% -86.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.429M 305.0K 10.73M
YoY Change 63.88% -99.89% 620.0%
NET CHANGE
Cash From Operating Activities -55.72M -55.16M -39.27M
Cash From Investing Activities 62.40M 44.03M 8.533M
Cash From Financing Activities 1.429M 305.0K 10.73M
Net Change In Cash 8.114M -10.83M -20.00M
YoY Change -105.2% -104.38% -150.76%
FREE CASH FLOW
Cash From Operating Activities -$55.72M -$55.16M -$39.27M
Capital Expenditures -$2.526M $1.889M -$1.183M
Free Cash Flow -$53.19M -$57.05M -$38.08M
YoY Change 62.33% 39.74% 59.61%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, the incremental borrowing rate for determining operating lease assets and liabilities and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, financial condition and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2022. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">.</span>
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