2023 Q1 Form 10-K Financial Statement

#000139770223000012 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $40.13M $40.07M $138.6M
YoY Change 43.22% 41.77% 36.62%
Cost Of Revenue $12.53M $10.98M $37.88M
YoY Change 46.04% 51.79% 48.85%
Gross Profit $27.61M $29.09M $100.8M
YoY Change 41.97% 38.32% 32.53%
Gross Profit Margin 68.79% 72.6% 72.68%
Selling, General & Admin $34.08M $32.52M $116.3M
YoY Change 24.96% 17.85% 20.68%
% of Gross Profit 123.46% 111.79% 115.44%
Research & Development $10.43M $9.200M $36.45M
YoY Change 28.44% 22.68% 34.45%
% of Gross Profit 37.79% 31.62% 36.17%
Depreciation & Amortization $699.0K $662.0K $2.127M
YoY Change 66.43% 114.24% 106.1%
% of Gross Profit 2.53% 2.28% 2.11%
Operating Expenses $44.52M $41.72M $152.8M
YoY Change 25.76% 18.89% 23.7%
Operating Profit -$16.91M -$12.63M -$52.00M
YoY Change 5.99% -10.18% 9.56%
Interest Expense $1.693M $44.00K $5.098M
YoY Change 172.62% -107.11% 102.46%
% of Operating Profit
Other Income/Expense, Net -$144.0K -$28.00K -$190.0K
YoY Change 24.14% 133.33% 726.09%
Pretax Income -$16.46M -$12.61M -$55.01M
YoY Change -1.31% -14.15% 10.44%
Income Tax $29.00K
% Of Pretax Income
Net Earnings -$16.46M -$12.61M -$55.01M
YoY Change -1.31% -14.15% 10.44%
Net Earnings / Revenue -41.02% -31.48% -39.68%
Basic Earnings Per Share -$0.43 -$1.54
Diluted Earnings Per Share -$0.43 -$0.34 -$1.54
COMMON SHARES
Basic Shares Outstanding 38.46M 38.12M 35.78M
Diluted Shares Outstanding 38.53M 35.78M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.1M $213.7M $213.7M
YoY Change 101.99% 93.84% 93.84%
Cash & Equivalents $50.43M $55.36M $55.36M
Short-Term Investments $138.6M $158.3M $158.3M
Other Short-Term Assets $4.049M $3.924M $3.924M
YoY Change 57.92% 15.01% 15.01%
Inventory $17.18M $19.29M $19.29M
Prepaid Expenses
Receivables $19.96M $18.01M $18.01M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $230.3M $254.9M $254.9M
YoY Change 80.21% 77.84% 77.84%
LONG-TERM ASSETS
Property, Plant & Equipment $8.897M $9.372M $14.45M
YoY Change -9.82% 21.76% 11.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.29M
YoY Change
Other Assets $4.996M $5.260M $334.0K
YoY Change -2.69% -2.05% -12.79%
Total Long-Term Assets $29.33M $14.79M $14.79M
YoY Change 92.57% 11.19% 11.19%
TOTAL ASSETS
Total Short-Term Assets $230.3M $254.9M $254.9M
Total Long-Term Assets $29.33M $14.79M $14.79M
Total Assets $259.6M $269.7M $269.7M
YoY Change 81.53% 72.19% 72.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.272M $2.523M $2.523M
YoY Change 80.18% 6.05% 6.05%
Accrued Expenses $15.60M $21.97M $21.71M
YoY Change -6.84% 10.92% 10.52%
Deferred Revenue $209.0K $253.0K
YoY Change -59.96% 61.15%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.87M $24.49M $24.49M
YoY Change -29.25% -6.13% -6.13%
LONG-TERM LIABILITIES
Long-Term Debt $74.85M $74.60M $74.60M
YoY Change 92.41% 66.56% 66.56%
Other Long-Term Liabilities $6.256M $6.726M $6.726M
YoY Change -9.24% 3.27% 3.27%
Total Long-Term Liabilities $81.10M $81.32M $81.32M
YoY Change 77.11% 58.53% 58.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.87M $24.49M $24.49M
Total Long-Term Liabilities $81.10M $81.32M $81.32M
Total Liabilities $102.0M $105.8M $105.8M
YoY Change 35.44% 36.73% 36.73%
SHAREHOLDERS EQUITY
Retained Earnings -$360.2M -$343.7M
YoY Change 17.94% 19.05%
Common Stock $39.00K $38.00K
YoY Change 11.43% 8.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $157.6M $163.9M $163.9M
YoY Change
Total Liabilities & Shareholders Equity $259.6M $269.7M $269.7M
YoY Change 81.53% 72.19% 72.19%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$16.46M -$12.61M -$55.01M
YoY Change -1.31% -14.15% 10.44%
Depreciation, Depletion And Amortization $699.0K $662.0K $2.127M
YoY Change 66.43% 114.24% 106.1%
Cash From Operating Activities -$12.15M -$2.724M -$32.58M
YoY Change -17.51% -76.17% -16.32%
INVESTING ACTIVITIES
Capital Expenditures $287.0K $1.567M $5.005M
YoY Change -86.15% -156.94% 5.19%
Acquisitions
YoY Change
Other Investing Activities $6.393M -$103.4M -$157.1M
YoY Change -708.07% -302.92%
Cash From Investing Activities $6.106M -$105.0M -$162.1M
YoY Change -394.69% -836.5% -323.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.796M
YoY Change -16.56%
Debt Paid & Issued, Net $49.00M
YoY Change
Cash From Financing Activities 1.110M 111.7M 139.7M
YoY Change 560.71% 6208.7% 1901.99%
NET CHANGE
Cash From Operating Activities -12.15M -2.724M -32.58M
Cash From Investing Activities 6.106M -105.0M -162.1M
Cash From Financing Activities 1.110M 111.7M 139.7M
Net Change In Cash -4.931M 4.052M -54.95M
YoY Change -70.35% -11.7% -235.06%
FREE CASH FLOW
Cash From Operating Activities -$12.15M -$2.724M -$32.58M
Capital Expenditures $287.0K $1.567M $5.005M
Free Cash Flow -$12.43M -$4.291M -$37.59M
YoY Change -25.97% -50.56% -13.98%

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CY2022 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
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CY2022 us-gaap Share Based Compensation
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CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2020 us-gaap Paid In Kind Interest
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2020 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2022 us-gaap Inventory Write Down
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CY2021 us-gaap Inventory Write Down
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2021 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2020 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2020 us-gaap Increase Decrease In Accounts Payable
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2020 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Other Operating Liabilities
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CY2021 us-gaap Increase Decrease In Other Operating Liabilities
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CY2020 us-gaap Increase Decrease In Other Operating Liabilities
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CY2020 silk Repayment Of Paid In Kind Interest
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Investments
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CY2020 us-gaap Payments To Acquire Investments
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CY2022 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
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CY2021 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
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CY2020 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
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71355000
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
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108992000
CY2020 us-gaap Proceeds From Issuance Initial Public Offering
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CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2020 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Proceeds From Issuance Of Common Stock
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CY2022 us-gaap Repayments Of Long Term Debt
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CY2020 us-gaap Repayments Of Long Term Debt
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CY2020 us-gaap Payments Of Debt Extinguishment Costs
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CY2021 us-gaap Proceeds From Minority Shareholders
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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6978000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Earnings Per Share Basic
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CY2021 us-gaap Earnings Per Share Diluted
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-1.44
CY2020 us-gaap Earnings Per Share Basic
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-1.44
CY2020 us-gaap Earnings Per Share Diluted
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-1.44
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110463000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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39491000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55513000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110463000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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69776000
CY2022 us-gaap Interest Paid Net
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3843000
CY2021 us-gaap Interest Paid Net
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2360000
CY2020 us-gaap Interest Paid Net
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
117000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1138000
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
108000
CY2020 silk Stock Issuance Costs Incurred But Not Yet Paid
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25000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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903000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3307000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-343712000
CY2022Q4 silk Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
213674000
CY2022Q4 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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2674419
CY2022Q4 us-gaap Sale Of Stock Price Per Share
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CY2022Q4 us-gaap Sale Of Stock Consideration Received On Transaction
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108992000
CY2022Q4 silk Payment Of Stock Issuance Underwriting Discounts And Commissions
PaymentOfStockIssuanceUnderwritingDiscountsAndCommissions
5750000
CY2022Q4 us-gaap Payments Of Stock Issuance Costs
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CY2020Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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6808154
CY2020Q2 us-gaap Sale Of Stock Price Per Share
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39.00
CY2020Q2 us-gaap Sale Of Stock Consideration Received On Transaction
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70543000
CY2020Q2 silk Payment Of Stock Issuance Underwriting Discounts And Commissions
PaymentOfStockIssuanceUnderwritingDiscountsAndCommissions
3750000
CY2020Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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CY2022Q4 silk Cash And Cash Equivalents Fair Value Disclosure Maturing Within One Year
CashAndCashEquivalentsFairValueDisclosureMaturingWithinOneYear
213474000
CY2021Q4 silk Cash And Cash Equivalents Fair Value Disclosure Maturing Within One Year
CashAndCashEquivalentsFairValueDisclosureMaturingWithinOneYear
21062000
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
213474000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
21062000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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, and stock-based compensation. 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.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Due to the coronavirus, or COVID-19, pandemic, there has been continued uncertainty and disruption in the global economy, supply chain, financial markets and labor markets. </span><span style="white-space:pre-wrap; background: #FFFFFF;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">New virus variants and varying infection rates continue to make the current COVID-related environment highly volatile and uncertain. T</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">hese challenges continued to impact the number of TCAR procedures in 2022, with </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">procedure volumes impacted </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">by increased COVID-19 hospitalizations and </span></p><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">hospital capacity and staffing constraints due to </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">COVID-19 and its variants</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">. </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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, 2022. 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.</span>
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55358000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
110231000
CY2022Q4 us-gaap Restricted Cash Noncurrent
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155000
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
232000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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55513000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110463000
CY2020 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Writeoff
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0
CY2021 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Writeoff
DebtSecuritiesAvailableForSaleAllowanceForCreditLossWriteoff
0
CY2022 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Writeoff
DebtSecuritiesAvailableForSaleAllowanceForCreditLossWriteoff
0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Concentration of Credit Risk, and Other Risks and Uncertainties</span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; background: #FFFFFF;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company is subject to risks related to public health crises such as the global pandemic associated with COVID-19. The COVID-19 outbreak has negatively impacted, and may continue to negatively impact the Company’s operations, its revenue and overall financial condition by significantly decreasing the expected number of TCAR procedures performed. </span><span style="white-space:pre-wrap; background: #FFFFFF;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The total number of TCAR procedures performed, similar to other surgical procedures, has been significantly depressed </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; background: #FFFFFF;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">during certain periods of time as health care organizations globally prioritized the treatment of patients with COVID-19 and managed through capacity and staffing issues. In the past governmental or hospital authorities have recommended, and in certain cases required, that elective, specialty and other procedures and appointments, be suspended or canceled to focus limited resources and personnel and hospital capacity toward the treatment of COVID-19 and to avoid exposing patients and certain staff to COVID-19. These measures and challenges will likely continue for the duration of the pandemic, which is uncertain, and may continue to negatively impact the Company’s revenue while the pandemic continues. New virus variants, and varying infection rates continue to make the current COVID-related environment highly volatile and uncertain.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, investments and accounts receivable to the extent of the amounts recorded on the balance sheet. Cash, cash equivalents, and investments are deposited in financial institutions which, at times, may be in excess of federally insured limits. Cash equivalents are invested in highly rated money market funds. The Company invests in a variety of financial instruments, such as, but not limited to, commercial paper, corporate bonds/notes, United States Government securities, United States Treasury bills, agency notes, asset-backed securities and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. The Company has not experienced any material losses on its deposits of cash and cash equivalents or investments during the years ended December 31, 2022, 2021 and 2020.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company’s accounts receivable are due from a variety of hospitals and medical centers in the United States. As of December 31, 2022 and 2021, no customer represented 10% or more of the Company’s accounts receivable. For the years ended December 31, 2022, 2021 and 2020, there were no customers that represented 10% or more of revenue.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company provides for uncollectible amounts when specific credit problems are identified. In doing so, the Company analyzes historical bad debt trends, customer credit worthiness, current economic trends and changes in customer payment patterns when evaluating the adequacy of the allowance for expected credit losses on customer accounts.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company manufactures certain of its commercial products in-house. Certain of the Company’s product components and sub-assemblies continue to be manufactured by sole suppliers, the most significant of which is the ENROUTE Transcarotid Stent System, manufactured by Cordis Corporation, or Cordis. Disruption in component or sub-assembly supply from these manufacturers or from in-house production would have a negative impact on the Company’s financial position and results of operations.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company is subject to certain risks, including that its devices may not be approved or cleared for marketing by governmental authorities or be successfully marketed. There can be no assurance that the Company’s products will achieve widespread adoption in the marketplace, nor can there be any assurance that existing devices or any future devices can be developed or manufactured at an acceptable cost and with appropriate performance characteristics. The Company is also subject to risks common to companies in the medical device industry, including, but not limited to, new technological innovations, dependence upon government and third-party payers to provide adequate coverage and reimbursement, dependence on key personnel and suppliers, protection of proprietary technology, product liability claims, and compliance with government regulations.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Existing or future devices developed by the Company may require approvals or clearances from the U.S. Food and Drug Administration, or FDA, or international regulatory agencies. 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CY2022 us-gaap Income Tax Reconciliation Tax Credits
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CY2021 us-gaap Income Tax Reconciliation Tax Credits
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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