2022 Q1 Form 10-K Financial Statement

#000139770222000012 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $28.02M $28.27M $101.5M
YoY Change 27.06% 33.75% 34.89%
Cost Of Revenue $8.577M $7.233M $25.45M
YoY Change 54.88% 38.56% 19.52%
Gross Profit $19.44M $21.03M $76.03M
YoY Change 17.74% 32.14% 40.96%
Gross Profit Margin 69.39% 74.41% 74.92%
Selling, General & Admin $27.28M $27.60M $96.39M
YoY Change 28.69% 32.22% 27.62%
% of Gross Profit 140.27% 131.2% 126.78%
Research & Development $8.123M $7.499M $27.11M
YoY Change 48.12% -25.31% 27.45%
% of Gross Profit 41.78% 35.66% 35.66%
Depreciation & Amortization $420.0K $309.0K $1.032M
YoY Change 75.0% 34.35% 30.8%
% of Gross Profit 2.16% 1.47% 1.36%
Operating Expenses $35.40M $35.09M $123.5M
YoY Change 32.69% 13.54% 27.59%
Operating Profit -$15.95M -$14.06M -$47.47M
YoY Change 56.98% -6.22% 10.75%
Interest Expense $621.0K -$619.0K $2.518M
YoY Change -0.32% -3.28% -42.92%
% of Operating Profit
Other Income/Expense, Net -$116.0K -$12.00K -$23.00K
YoY Change 3766.67% 20.0% -71.25%
Pretax Income -$16.68M -$14.69M -$49.81M
YoY Change 56.02% -12.33% 5.16%
Income Tax $20.00K
% Of Pretax Income
Net Earnings -$16.68M -$14.69M -$49.81M
YoY Change 55.97% -12.31% 5.16%
Net Earnings / Revenue -59.52% -51.98% -49.09%
Basic Earnings Per Share -$0.48 -$1.44
Diluted Earnings Per Share -$476.2K -$420.6K -$1.438M
COMMON SHARES
Basic Shares Outstanding 35.01M 34.90M 34.64M
Diluted Shares Outstanding 35.02M 34.64M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.60M $110.2M $110.2M
YoY Change -31.23% -25.26% -25.27%
Cash & Equivalents $93.60M $110.2M $110.2M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $2.564M $3.412M $3.412M
YoY Change -46.58% -49.82% -49.82%
Inventory $17.73M $17.85M $17.85M
Prepaid Expenses
Receivables $13.88M $11.83M $11.83M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $127.8M $143.3M $143.3M
YoY Change -22.04% -17.31% -17.3%
LONG-TERM ASSETS
Property, Plant & Equipment $9.866M $7.697M $12.92M
YoY Change 255.28% 170.64% 130.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.134M $5.370M $383.0K
YoY Change 91.57% 89.62% 27.67%
Total Long-Term Assets $15.23M $13.30M $13.30M
YoY Change 164.12% 122.17% 121.65%
TOTAL ASSETS
Total Short-Term Assets $127.8M $143.3M $143.3M
Total Long-Term Assets $15.23M $13.30M $13.30M
Total Assets $143.0M $156.6M $156.6M
YoY Change -15.71% -12.65% -12.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.926M $2.379M $2.379M
YoY Change 0.1% -8.43% -8.5%
Accrued Expenses $16.74M $19.80M $19.65M
YoY Change 25.98% 16.78% 16.93%
Deferred Revenue $522.0K $157.0K
YoY Change -2.61% -23.79%
Short-Term Debt $9.829M $3.905M $3.905M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.50M $26.09M $26.09M
YoY Change 81.94% 33.4% 33.09%
LONG-TERM LIABILITIES
Long-Term Debt $38.90M $44.79M $44.79M
YoY Change -19.91% -7.72% -7.66%
Other Long-Term Liabilities $6.893M $6.513M $6.513M
YoY Change 85.3% 74.8% 76.03%
Total Long-Term Liabilities $45.79M $51.30M $51.30M
YoY Change -12.43% -1.84% -1.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.50M $26.09M $26.09M
Total Long-Term Liabilities $45.79M $51.30M $51.30M
Total Liabilities $75.29M $77.39M $77.39M
YoY Change 9.9% 7.76% 7.78%
SHAREHOLDERS EQUITY
Retained Earnings -$305.4M -$288.7M
YoY Change 22.36% 20.85%
Common Stock $35.00K $35.00K
YoY Change 2.94% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.71M $79.24M $79.24M
YoY Change
Total Liabilities & Shareholders Equity $143.0M $156.6M $156.6M
YoY Change -15.71% -12.65% -12.65%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$16.68M -$14.69M -$49.81M
YoY Change 55.97% -12.31% 5.16%
Depreciation, Depletion And Amortization $420.0K $309.0K $1.032M
YoY Change 75.0% 34.35% 30.8%
Cash From Operating Activities -$14.73M -$11.43M -$38.94M
YoY Change 23.0% -19.89% -7.45%
INVESTING ACTIVITIES
Capital Expenditures $2.072M -$2.752M $4.758M
YoY Change 2992.54% 1000.8% 465.08%
Acquisitions
YoY Change
Other Investing Activities $0.00 $17.00M $77.40M
YoY Change -100.0% 29.29% -1005.29%
Cash From Investing Activities -$2.072M $14.25M $72.64M
YoY Change -105.72% 10.47% -873.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $168.0K $6.946M
YoY Change -80.19% 34.4%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 168.0K 1.771M 6.978M
YoY Change -80.19% -78.84% -91.46%
NET CHANGE
Cash From Operating Activities -14.73M -11.43M -38.94M
Cash From Investing Activities -2.072M 14.25M 72.64M
Cash From Financing Activities 168.0K 1.771M 6.978M
Net Change In Cash -16.63M 4.589M 40.69M
YoY Change -166.23% -34.44% 34.35%
FREE CASH FLOW
Cash From Operating Activities -$14.73M -$11.43M -$38.94M
Capital Expenditures $2.072M -$2.752M $4.758M
Free Cash Flow -$16.80M -$8.680M -$43.69M
YoY Change 39.52% -38.09% 1.82%

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CY2021 us-gaap Use Of Estimates
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Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses judgment when making estimates related to provisions for accounts receivable and excess and obsolete inventories, the valuation of deferred tax assets, the reserves for sales returns, stock-based compensation, and for periods prior to the Company's IPO, the valuation of common stock and redeemable convertible preferred stock warrants. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Due to the coronavirus (“COVID-19”) pandemic, there has been continued uncertainty and disruption in the global economy, supply chain, financial markets and increased labor shortages. While some of the uncertainties began to lift throughout the first half of 2021, new virus variants, and increased infection rates during the second half of 2021 continue to make the current COVID-related environment highly volatile and uncertain. These challenges continued to impact the number of TCAR procedures in 2021, with procedure volumes impacted by increased COVID-19 hospitalizations and hospital capacity constraints due to the COVID-19 and its variants. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of December 31, 2021. The Company has also considered information available to it as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates.
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CY2021 us-gaap Concentration Risk Credit Risk
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