$SSKN
STRATA Skin Sciences, Inc.

2021 Q1 Form 10-Q Financial Statement

#000105151421000028 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $5.827M $6.730M
YoY Change -13.42% -10.06%
Cost Of Revenue $2.114M $2.331M
YoY Change -9.31% -18.89%
Gross Profit $3.713M $4.399M
YoY Change -15.59% -4.56%
Gross Profit Margin 63.72% 65.36%
Selling, General & Admin $5.721M $5.055M
YoY Change 13.18% -8.85%
% of Gross Profit 154.08% 114.91%
Research & Development $384.0K $292.0K
YoY Change 31.51% -3.95%
% of Gross Profit 10.34% 6.64%
Depreciation & Amortization $481.0K $586.0K
YoY Change -17.92% -21.97%
% of Gross Profit 12.95% 13.32%
Operating Expenses $6.105M $5.347M
YoY Change 14.18% -8.6%
Operating Profit -$2.392M -$948.0K
YoY Change 152.32% -23.61%
Interest Expense $30.00K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$22.00K $1.000K
YoY Change -2300.0% -100.74%
Pretax Income -$2.414M -$947.0K
YoY Change 154.91% -31.18%
Income Tax $4.000K $88.00K
% Of Pretax Income
Net Earnings -$2.418M -$1.035M
YoY Change 133.62% -22.36%
Net Earnings / Revenue -41.5% -15.38%
Basic Earnings Per Share -$0.07 -$0.03
Diluted Earnings Per Share -$0.07 -$0.03
COMMON SHARES
Basic Shares Outstanding 33.80M 33.16M
Diluted Shares Outstanding 33.80M 33.16M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.04M $8.150M
YoY Change 23.19% -50.27%
Cash & Equivalents $10.04M $8.150M
Short-Term Investments
Other Short-Term Assets $7.890M $7.970M
YoY Change -1.0% 1753.49%
Inventory $3.312M $3.471M
Prepaid Expenses
Receivables $2.853M $3.208M
Other Receivables $0.00 $0.00
Total Short-Term Assets $24.10M $22.80M
YoY Change 5.73% -3.05%
LONG-TERM ASSETS
Property, Plant & Equipment $5.788M $5.379M
YoY Change 7.6% 8.4%
Goodwill $8.803M $8.803M
YoY Change 0.0% 0.0%
Intangibles $5.993M $7.503M
YoY Change -20.13% -19.43%
Long-Term Investments
YoY Change
Other Assets $265.0K $330.0K
YoY Change -19.7% -15.82%
Total Long-Term Assets $21.75M $23.25M
YoY Change -6.45% -4.02%
TOTAL ASSETS
Total Short-Term Assets $24.10M $22.80M
Total Long-Term Assets $21.75M $23.25M
Total Assets $45.85M $46.05M
YoY Change -0.42% -3.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.151M $2.102M
YoY Change 49.9% 2.79%
Accrued Expenses $5.286M $5.150M
YoY Change 2.64% 9.02%
Deferred Revenue $2.208M $1.934M
YoY Change 14.17% -6.25%
Short-Term Debt $7.280M $7.280M
YoY Change 0.0%
Long-Term Debt Due $1.811M
YoY Change
Total Short-Term Liabilities $20.11M $16.80M
YoY Change 19.65% 65.8%
LONG-TERM LIABILITIES
Long-Term Debt $717.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $24.00K $119.0K
YoY Change -79.83% -70.03%
Total Long-Term Liabilities $741.0K $119.0K
YoY Change 522.69% -98.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.11M $16.80M
Total Long-Term Liabilities $741.0K $119.0K
Total Liabilities $21.72M $18.00M
YoY Change 20.66% 2.85%
SHAREHOLDERS EQUITY
Retained Earnings -$221.4M -$215.6M
YoY Change 2.69% 1.65%
Common Stock $34.00K $34.00K
YoY Change 0.0% 9.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.14M $28.05M
YoY Change
Total Liabilities & Shareholders Equity $45.85M $46.05M
YoY Change -0.42% -3.54%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$2.418M -$1.035M
YoY Change 133.62% -22.36%
Depreciation, Depletion And Amortization $481.0K $586.0K
YoY Change -17.92% -21.97%
Cash From Operating Activities $153.0K $598.0K
YoY Change -74.41% 77.98%
INVESTING ACTIVITIES
Capital Expenditures $86.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$740.0K -$596.0K
YoY Change 24.16% 37.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities 153.0K 598.0K
Cash From Investing Activities -740.0K -596.0K
Cash From Financing Activities
Net Change In Cash -587.0K 2.000K
YoY Change -29450.0% -102.04%
FREE CASH FLOW
Cash From Operating Activities $153.0K $598.0K
Capital Expenditures $86.00K $0.00
Free Cash Flow $67.00K $598.0K
YoY Change -88.8% -21.93%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">Reclassifications</div><div style="text-align: justify;">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>
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ProductWarrantyAccrualClassifiedCurrent
143000
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
32000
CY2020Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
54000
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
113000
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
232000
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
181000
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
85000
CY2020Q1 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
3000
CY2021Q1 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
4000
CY2020Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
38000
CY2021Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
22000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23374000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24114000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5529000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5788000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2000
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-54000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
292000
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
384000
CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
7508000
CY2021Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
7482000
CY2020Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
7481000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-221391000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-218973000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6730000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5827000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
79000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
81000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y4M17D
CY2020Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
3105000
CY2021Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
3150000
CY2020Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2953000
CY2021Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2932000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
430000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
662000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
173000
CY2021Q1 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
7275000
CY2020Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
7275000
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
25892000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
24136000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
28653000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
28048000
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">Use of Estimates</div><div style="text-align: justify;">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, 2021, 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>&#160;</div><div style="text-align: justify;">Additionally, the full impact of the ongoing COVID-19 outbreak is unknown and cannot be reasonably estimated. However, management has made appropriate accounting estimates on certain accounting matters, which include the allowance for doubtful accounts, inventory valuation, carrying value of the goodwill and other long-lived assets, based on the facts and circumstances available as of the reporting date. The Company&#8217;s future assessment of the magnitude and duration of the ongoing COVID-19 outbreak, as well as other factors, could result in material impacts to the Company&#8217;s financial statements in future reporting periods.</div></div>
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33802129
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33164321
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33164321
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33802129
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
PA
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
STRATA Skin Sciences, Inc.
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001051514
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
33889239
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 sskn Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-91000
CY2020Q1 sskn Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-60000
CY2021Q1 sskn Payment For Lasers Placed In Service Net
PaymentForLasersPlacedInServiceNet
654000
CY2020Q1 sskn Payment For Lasers Placed In Service Net
PaymentForLasersPlacedInServiceNet
596000
CY2020Q1 sskn Earnings Per Share Basic And Diluted Preferred Share
EarningsPerShareBasicAndDilutedPreferredShare
-11.42
CY2021Q1 sskn Earnings Per Share Basic And Diluted Preferred Share
EarningsPerShareBasicAndDilutedPreferredShare
0
CY2021Q1 sskn Weighted Average Number Of Share Outstanding Basic And Diluted Preferred Stock
WeightedAverageNumberOfShareOutstandingBasicAndDilutedPreferredStock
0
CY2020Q1 sskn Weighted Average Number Of Share Outstanding Basic And Diluted Preferred Stock
WeightedAverageNumberOfShareOutstandingBasicAndDilutedPreferredStock
1480
CY2021Q1 sskn Contract With Customer Liability Current Advance Consideration
ContractWithCustomerLiabilityCurrentAdvanceConsideration
79000
CY2021Q1 sskn Co Pay Reimbursements Recorded As Reduction Of Revenue
CoPayReimbursementsRecordedAsReductionOfRevenue
-157000
CY2020Q1 sskn Co Pay Reimbursements Recorded As Reduction Of Revenue
CoPayReimbursementsRecordedAsReductionOfRevenue
-168000
CY2020Q1 sskn Conversion Of Convertible Preferred Stock Amount
ConversionOfConvertiblePreferredStockAmount
0
CY2020Q1 sskn Percentage Of Gross Profit
PercentageOfGrossProfit
0.654
CY2021Q1 sskn Percentage Of Gross Profit
PercentageOfGrossProfit
0.637
CY2021Q1 sskn Accrued Professional Fees Other Accrued Liabilities
AccruedProfessionalFeesOtherAccruedLiabilities
582000
CY2020Q4 sskn Accrued Professional Fees Other Accrued Liabilities
AccruedProfessionalFeesOtherAccruedLiabilities
607000
CY2021Q1 sskn Operating Lease Incremental Borrowing Rate Percent
OperatingLeaseIncrementalBorrowingRatePercent
0.0976
CY2021Q1 sskn Delayed Payment To Vendors
DelayedPaymentToVendors
785000

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0001051514-21-000028.txt Edgar Link pending
0001051514-21-000028-xbrl.zip Edgar Link pending
ex_3-1.htm Edgar Link pending
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sskn-20210331.xml Edgar Link completed
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sskn-20210331_pre.xml Edgar Link unprocessable