2023 Q3 Form 10-Q Financial Statement

#000155837023014526 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $6.097M $4.126M $3.714M
YoY Change 31.91% 11.09% 12.92%
Cost Of Revenue $4.925M $3.709M $2.890M
YoY Change 27.39% 28.34% -0.24%
Gross Profit $1.200M $400.0K $824.0K
YoY Change 58.73% -51.46% 110.2%
Gross Profit Margin 19.68% 9.69% 22.19%
Selling, General & Admin $7.425M $7.455M $8.561M
YoY Change 1.16% -12.92% -6.69%
% of Gross Profit 618.75% 1863.75% 1038.96%
Research & Development $12.77M $12.83M $9.299M
YoY Change 16.24% 37.97% 30.84%
% of Gross Profit 1064.08% 3207.5% 1128.52%
Depreciation & Amortization $187.0K $218.0K $257.0K
YoY Change -19.05% -15.18% -13.18%
% of Gross Profit 15.58% 54.5% 31.19%
Operating Expenses $20.19M $20.29M $17.86M
YoY Change 10.2% 13.58% 9.69%
Operating Profit -$19.02M -$19.87M -$17.04M
YoY Change 8.27% 16.62% 7.21%
Interest Expense $2.425M $2.310M $120.5M
YoY Change -49.49% -98.08% 2887.18%
% of Operating Profit
Other Income/Expense, Net -$5.081M -$555.0K -$52.00K
YoY Change -88.13% 967.31% -99.97%
Pretax Income -$24.10M -$20.42M $104.2M
YoY Change -60.09% -119.59% -157.81%
Income Tax
% Of Pretax Income
Net Earnings -$24.10M -$20.42M $104.2M
YoY Change -60.09% -119.59% -157.81%
Net Earnings / Revenue -395.33% -494.98% 2806.44%
Basic Earnings Per Share -$0.04 -$0.04 $0.22
Diluted Earnings Per Share -$0.04 -$0.04 $173.3K
COMMON SHARES
Basic Shares Outstanding 492.9M 479.9M 463.3M
Diluted Shares Outstanding 592.5M 567.1M 601.3M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $125.4M $125.1M $139.2M
YoY Change -23.09% -10.14% -35.27%
Cash & Equivalents $55.76M $28.55M $45.43M
Short-Term Investments $69.65M $96.52M $93.76M
Other Short-Term Assets $5.546M $5.708M $7.499M
YoY Change 3.76% -23.88% 65.43%
Inventory $9.726M $9.194M $7.251M
Prepaid Expenses
Receivables $3.450M $3.675M $4.044M
Other Receivables $2.011M $2.034M $319.0K
Total Short-Term Assets $146.1M $138.2M $158.3M
YoY Change -13.68% -12.68% -11.68%
LONG-TERM ASSETS
Property, Plant & Equipment $934.0K $925.0K $1.263M
YoY Change -21.05% -26.76% -9.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $7.453M $11.33M
YoY Change -100.0% -34.24% -78.17%
Other Assets $1.730M $1.415M $4.432M
YoY Change -48.23% -68.07% 71.52%
Total Long-Term Assets $7.925M $15.13M $17.03M
YoY Change -40.75% -11.13% -69.53%
TOTAL ASSETS
Total Short-Term Assets $146.1M $138.2M $158.3M
Total Long-Term Assets $7.925M $15.13M $17.03M
Total Assets $154.1M $153.4M $175.3M
YoY Change -15.66% -12.53% -25.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.669M $975.0K $1.734M
YoY Change 290.2% -43.77% -42.81%
Accrued Expenses $14.63M $14.89M $14.41M
YoY Change 9.85% 3.32% 29.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $14.87M
YoY Change -100.0% -100.0% 158.09%
Total Short-Term Liabilities $17.30M $15.86M $31.47M
YoY Change -69.99% -49.6% 57.19%
LONG-TERM LIABILITIES
Long-Term Debt $40.49M $39.11M $50.65M
YoY Change -24.23% -22.79% -7.34%
Other Long-Term Liabilities $6.312M $6.408M $77.27M
YoY Change 120.78% -91.71% 7265.59%
Total Long-Term Liabilities $6.312M $6.408M $127.9M
YoY Change 120.78% -94.99% 12093.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.30M $15.86M $31.47M
Total Long-Term Liabilities $6.312M $6.408M $127.9M
Total Liabilities $64.34M $63.17M $159.4M
YoY Change -67.46% -60.37% -70.9%
SHAREHOLDERS EQUITY
Retained Earnings -$852.1M -$828.0M
YoY Change 3.86%
Common Stock $528.0K $493.0K
YoY Change 10.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.07M $52.54M $15.94M
YoY Change
Total Liabilities & Shareholders Equity $154.1M $153.4M $175.3M
YoY Change -15.66% -12.53% -25.43%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$24.10M -$20.42M $104.2M
YoY Change -60.09% -119.59% -157.81%
Depreciation, Depletion And Amortization $187.0K $218.0K $257.0K
YoY Change -19.05% -15.18% -13.18%
Cash From Operating Activities -$17.26M -$17.98M -$14.18M
YoY Change 18.38% 26.81% 0.23%
INVESTING ACTIVITIES
Capital Expenditures $123.0K $0.00 -$74.00K
YoY Change -379.55% -100.0% 105.56%
Acquisitions
YoY Change
Other Investing Activities $27.77M -$4.076M $22.52M
YoY Change -223.25% -118.1% -115.5%
Cash From Investing Activities $27.65M -$4.076M $22.44M
YoY Change -222.46% -118.16% -115.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.83M 5.526M -1.846M
YoY Change -38.19% -399.35% -103.65%
NET CHANGE
Cash From Operating Activities -17.26M -17.98M -14.18M
Cash From Investing Activities 27.65M -4.076M 22.44M
Cash From Financing Activities 16.83M 5.526M -1.846M
Net Change In Cash 27.21M -16.53M 6.414M
YoY Change -373.69% -357.78% -105.89%
FREE CASH FLOW
Cash From Operating Activities -$17.26M -$17.98M -$14.18M
Capital Expenditures $123.0K $0.00 -$74.00K
Free Cash Flow -$17.39M -$17.98M -$14.11M
YoY Change 19.58% 27.47% -0.04%

Facts In Submission

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sens Fair Value Adjustment Derivative Liability
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, recoverability of long-lived assets, deferred taxes and valuation allowances, fair value of investments, derivative assets and liabilities, obsolete inventory, warranty obligations, variable consideration related to revenue, bad debts, depreciable lives of property and equipment, and accruals for clinical study costs, which are accrued based on estimates of work performed under contract. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenues and expenses. Actual results could differ from those estimates; however, management does not believe that such differences would be material.</p>
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OperatingLeaseLiabilityCurrent
725000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6408000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2689000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
6891000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3414000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
594000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
912000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
939000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
967000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
996000
CY2023Q2 sens Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
5934000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10342000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3451000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
6891000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y8M12D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
sens Product Warranty Term
ProductWarrantyTerm
P1Y
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
500000
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
800000
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
781000
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
723000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
62000
CY2022 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
166000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
349000
CY2022 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
108000
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
494000
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
781000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2113000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
4708000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
141000
us-gaap Interest Expense Debt
InterestExpenseDebt
6962000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
3279000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5545000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
181000
us-gaap Interest Expense Debt
InterestExpenseDebt
9005000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
51199000
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
51199000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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