$SSKN
STRATA Skin Sciences, Inc.

2020 Q1 Form 10-Q Financial Statement

#000105151420000030 Filed on May 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $6.730M $7.483M
YoY Change -10.06% 11.06%
Cost Of Revenue $2.331M $2.874M
YoY Change -18.89% -14.08%
Gross Profit $4.399M $4.609M
YoY Change -4.56% 35.84%
Gross Profit Margin 65.36% 61.59%
Selling, General & Admin $5.055M $5.546M
YoY Change -8.85% 16.64%
% of Gross Profit 114.91% 120.33%
Research & Development $292.0K $304.0K
YoY Change -3.95% -10.06%
% of Gross Profit 6.64% 6.6%
Depreciation & Amortization $586.0K $751.0K
YoY Change -21.97% -23.83%
% of Gross Profit 13.32% 16.29%
Operating Expenses $5.347M $5.850M
YoY Change -8.6% 14.86%
Operating Profit -$948.0K -$1.241M
YoY Change -23.61% -27.0%
Interest Expense $0.00 $135.0K
YoY Change -100.0% -62.81%
% of Operating Profit
Other Income/Expense, Net $1.000K -$135.0K
YoY Change -100.74% -60.41%
Pretax Income -$947.0K -$1.376M
YoY Change -31.18% -32.58%
Income Tax $88.00K -$43.00K
% Of Pretax Income
Net Earnings -$1.035M -$1.333M
YoY Change -22.36% -35.94%
Net Earnings / Revenue -15.38% -17.81%
Basic Earnings Per Share -$0.03 -$0.04
Diluted Earnings Per Share -$0.03 -$0.04
COMMON SHARES
Basic Shares Outstanding 33.16M 30.70M
Diluted Shares Outstanding 33.16M 30.70M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.150M $16.39M
YoY Change -50.27% 379.24%
Cash & Equivalents $8.150M $16.39M
Short-Term Investments
Other Short-Term Assets $7.970M $430.0K
YoY Change 1753.49% -68.84%
Inventory $3.471M $3.121M
Prepaid Expenses
Receivables $3.208M $3.575M
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.80M $23.52M
YoY Change -3.05% 127.95%
LONG-TERM ASSETS
Property, Plant & Equipment $5.379M $4.962M
YoY Change 8.4% -28.25%
Goodwill $8.803M $8.803M
YoY Change 0.0% 0.0%
Intangibles $7.503M $9.312M
YoY Change -19.43% -16.27%
Long-Term Investments
YoY Change
Other Assets $330.0K $392.0K
YoY Change -15.82% 716.67%
Total Long-Term Assets $23.25M $24.22M
YoY Change -4.02% -9.91%
TOTAL ASSETS
Total Short-Term Assets $22.80M $23.52M
Total Long-Term Assets $23.25M $24.22M
Total Assets $46.05M $47.74M
YoY Change -3.54% 28.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.102M $2.045M
YoY Change 2.79% -23.06%
Accrued Expenses $5.150M $4.724M
YoY Change 9.02% 33.41%
Deferred Revenue $1.934M $2.063M
YoY Change -6.25% 19.59%
Short-Term Debt $7.280M $0.00
YoY Change -100.0%
Long-Term Debt Due $1.010M
YoY Change -70.38%
Total Short-Term Liabilities $16.80M $10.14M
YoY Change 65.8% -12.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $6.421M
YoY Change -100.0% -6.52%
Other Long-Term Liabilities $119.0K $397.0K
YoY Change -70.03% -38.83%
Total Long-Term Liabilities $119.0K $6.818M
YoY Change -98.25% -9.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.80M $10.14M
Total Long-Term Liabilities $119.0K $6.818M
Total Liabilities $18.00M $17.50M
YoY Change 2.85% -10.63%
SHAREHOLDERS EQUITY
Retained Earnings -$215.6M -$212.1M
YoY Change 1.65% 2.85%
Common Stock $34.00K $31.00K
YoY Change 9.68% 675.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.05M $30.24M
YoY Change
Total Liabilities & Shareholders Equity $46.05M $47.74M
YoY Change -3.54% 28.31%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.035M -$1.333M
YoY Change -22.36% -35.94%
Depreciation, Depletion And Amortization $586.0K $751.0K
YoY Change -21.97% -23.83%
Cash From Operating Activities $598.0K $336.0K
YoY Change 77.98% 460.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$430.0K
YoY Change -100.0% 13.16%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$596.0K -$434.0K
YoY Change 37.33% 7.16%
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
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 598.0K 336.0K
Cash From Investing Activities -596.0K -434.0K
Cash From Financing Activities 0.000
Net Change In Cash 2.000K -98.00K
YoY Change -102.04% -84.97%
FREE CASH FLOW
Cash From Operating Activities $598.0K $336.0K
Capital Expenditures $0.00 -$430.0K
Free Cash Flow $598.0K $766.0K
YoY Change -21.93% 74.09%

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CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Reclassifications</div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. These reclassifications did not have a material impact on the Company&#8217;s equity, results of operations, or cash flows.</div></div>
CY2020Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
143000
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
170000
CY2019Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
183000
CY2019Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
34000
CY2020Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
54000
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
232000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
238000
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
272000
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
181000
CY2020Q1 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
3000
CY2019Q1 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
68000
CY2019Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
89000
CY2020Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
38000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21917000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21331000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5369000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5379000
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-7000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
292000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
304000
CY2020Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
7481000
CY2019Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
7500000
CY2019Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
0
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-214561000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-215596000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
267000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
186000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6730000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7483000
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y0M18D
CY2019Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
3193000
CY2020Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
3191000
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3066000
CY2020Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2953000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
323000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
430000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
0
CY2019Q1 sskn Payment For Lasers Placed In Service Net
PaymentForLasersPlacedInServiceNet
434000
CY2020Q1 sskn Payment For Lasers Placed In Service Net
PaymentForLasersPlacedInServiceNet
596000
CY2020Q1 sskn Increase Decrease Of Lease Liabilities Arising From Obtaining Right Of Use Assets
IncreaseDecreaseOfLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
0
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
28653000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
28048000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
31248000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
30238000
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Use of Estimates</div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates and be based on events different from those assumptions. As of March 31, 2020, the more significant estimates include (1) revenue recognition, in regards to deferred revenues and the contract term and valuation allowances of accounts receivable, (2) the inputs used in the impairment analyses of goodwill, (3) the estimated useful lives of intangible assets and property and equipment, (4) the inputs used in determining the fair value of equity-based awards, (5) the valuation allowance related to deferred tax assets, (6) the inventory reserves, (7) state sales and use tax accruals and (8) warranty claims.</div></div>
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30703501
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33164321
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33164321
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30703501
CY2019Q1 sskn Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-76000
CY2020Q1 sskn Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-60000
CY2019Q1 sskn Increase Decrease Of Lease Liabilities Arising From Obtaining Right Of Use Assets
IncreaseDecreaseOfLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
848000
CY2019Q1 sskn Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
93000
CY2020Q1 sskn Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
79000
CY2019Q1 sskn Net Income Loss Available To Preferred Stock
NetIncomeLossAvailableToPreferredStock
-117000
CY2020Q1 sskn Net Income Loss Available To Preferred Stock
NetIncomeLossAvailableToPreferredStock
-17000
CY2019Q1 sskn Earnings Per Share Basic And Diluted Preferred Share
EarningsPerShareBasicAndDilutedPreferredShare
-14.72
CY2020Q1 sskn Earnings Per Share Basic And Diluted Preferred Share
EarningsPerShareBasicAndDilutedPreferredShare
-11.42
CY2020Q1 sskn Weighted Average Number Of Share Outstanding Basic And Diluted Preferred Stock
WeightedAverageNumberOfShareOutstandingBasicAndDilutedPreferredStock
1480
CY2019Q1 sskn Weighted Average Number Of Share Outstanding Basic And Diluted Preferred Stock
WeightedAverageNumberOfShareOutstandingBasicAndDilutedPreferredStock
7944
CY2020Q1 sskn Contract With Customer Liability Current Advance Consideration
ContractWithCustomerLiabilityCurrentAdvanceConsideration
186000
CY2020Q1 sskn Co Pay Reimbursements Recorded As Reduction Of Revenue
CoPayReimbursementsRecordedAsReductionOfRevenue
-168000
CY2019Q1 sskn Co Pay Reimbursements Recorded As Reduction Of Revenue
CoPayReimbursementsRecordedAsReductionOfRevenue
-155000
CY2020Q1 sskn Conversion Of Convertible Preferred Stock Amount
ConversionOfConvertiblePreferredStockAmount
0
CY2019Q1 sskn Conversion Of Convertible Preferred Stock Amount
ConversionOfConvertiblePreferredStockAmount
0
CY2020Q1 sskn Accrued Professional Fees Other Accrued Liabilities
AccruedProfessionalFeesOtherAccruedLiabilities
558000
CY2019Q4 sskn Accrued Professional Fees Other Accrued Liabilities
AccruedProfessionalFeesOtherAccruedLiabilities
578000
CY2020Q1 sskn Delayed Payment To Vendors
DelayedPaymentToVendors
400000
CY2019Q1 sskn Percentage Of Gross Profit
PercentageOfGrossProfit
0.616
CY2020Q1 sskn Percentage Of Gross Profit
PercentageOfGrossProfit
0.654
CY2020Q1 sskn Operating Lease Incremental Borrowing Rate Percent
OperatingLeaseIncrementalBorrowingRatePercent
0.0976

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