2022 Q3 Form 10-Q Financial Statement

#000149315222022008 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $7.657M $6.152M $7.037M
YoY Change -15.92% -32.03% -18.39%
Cost Of Revenue $3.090M $1.482M $2.113M
YoY Change -29.32% -41.17% -18.94%
Gross Profit $4.567M $4.670M $4.924M
YoY Change -3.54% -28.51% -18.15%
Gross Profit Margin 59.64% 75.91% 69.97%
Selling, General & Admin $6.801M $6.956M $6.566M
YoY Change -0.78% -3.47% 26.83%
% of Gross Profit 148.92% 148.95% 133.35%
Research & Development $2.818M $2.893M $2.447M
YoY Change 12.73% 6.48% 3.38%
% of Gross Profit 61.7% 61.95% 49.7%
Depreciation & Amortization $104.0K $94.00K $100.0K
YoY Change 295.74% 255.39% 272.86%
% of Gross Profit 2.28% 2.01% 2.03%
Operating Expenses $9.619M $9.849M $9.013M
YoY Change 2.83% -0.75% 19.47%
Operating Profit -$5.052M -$5.179M -$4.089M
YoY Change 9.35% 52.73% 167.58%
Interest Expense $135.0K $45.00K $3.000K
YoY Change 10614.29% -1850.97% -170.09%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.917M -$5.134M -$4.086M
YoY Change 6.46% 324.16% 166.64%
Income Tax
% Of Pretax Income
Net Earnings -$4.917M -$5.134M -$4.086M
YoY Change 6.46% 323.95% 166.64%
Net Earnings / Revenue -64.22% -83.45% -58.06%
Basic Earnings Per Share -$0.07 -$0.07 -$0.06
Diluted Earnings Per Share -$0.07 -$0.07 -$53.85K
COMMON SHARES
Basic Shares Outstanding 74.79M shares 75.95M shares 75.88M shares
Diluted Shares Outstanding 76.10M shares 75.95M shares 75.88M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.94M $33.50M $35.10M
YoY Change -23.12% -20.35% -17.33%
Cash & Equivalents $30.94M $33.50M $35.10M
Short-Term Investments
Other Short-Term Assets $1.903M $1.609M $2.496M
YoY Change -55.11% -63.28% -23.47%
Inventory $8.161M $7.786M $4.850M
Prepaid Expenses
Receivables $5.077M $3.748M $4.693M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $46.08M $46.64M $47.13M
YoY Change -13.73% -15.56% -16.64%
LONG-TERM ASSETS
Property, Plant & Equipment $3.409M $3.260M $8.904M
YoY Change -54.89% 127.19% 369.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.108M $1.224M $1.391M
YoY Change 16.21% 83.81% 267.72%
Total Long-Term Assets $9.996M $10.04M $10.30M
YoY Change 17.47% 377.76% 352.24%
TOTAL ASSETS
Total Short-Term Assets $46.08M $46.64M $47.13M
Total Long-Term Assets $9.996M $10.04M $10.30M
Total Assets $56.08M $56.68M $57.43M
YoY Change -9.44% -1.15% -2.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.941M $4.244M $2.892M
YoY Change 0.1% 277.52% 27.38%
Accrued Expenses $3.211M $2.126M $2.063M
YoY Change 6.27% -44.91% -52.17%
Deferred Revenue $8.043M $6.959M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.55M $13.66M $11.49M
YoY Change 12.36% 1.65% -31.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $168.0K $202.0K $8.032M
YoY Change -97.88% -89.11% 422.11%
Total Long-Term Liabilities $168.0K $202.0K $8.032M
YoY Change 350.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.55M $13.66M $11.49M
Total Long-Term Liabilities $168.0K $202.0K $8.032M
Total Liabilities $22.72M $21.15M $19.52M
YoY Change 4.41% 38.33% 5.71%
SHAREHOLDERS EQUITY
Retained Earnings -$512.8M -$507.9M
YoY Change
Common Stock $75.00K $75.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.77M $29.94M $32.32M
YoY Change
Total Liabilities & Shareholders Equity $56.08M $56.68M $57.43M
YoY Change -9.44% -1.15% -2.36%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.917M -$5.134M -$4.086M
YoY Change 6.46% 323.95% 166.64%
Depreciation, Depletion And Amortization $104.0K $94.00K $100.0K
YoY Change 295.74% 255.39% 272.86%
Cash From Operating Activities -$2.533M -$1.137M -$2.193M
YoY Change 308.96% -3389.93% 618.62%
INVESTING ACTIVITIES
Capital Expenditures -$205.0K -$650.0K -$1.154M
YoY Change -76.91% 462.62% 3275.26%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$205.0K -$650.0K -$1.154M
YoY Change -76.91% 462.62% 3275.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 48.00K 57.00K 54.00K
YoY Change -64.11% -52.52% -80.84%
NET CHANGE
Cash From Operating Activities -2.533M -1.137M -2.193M
Cash From Investing Activities -205.0K -650.0K -1.154M
Cash From Financing Activities 48.00K 57.00K 54.00K
Net Change In Cash -2.690M -1.730M -3.293M
YoY Change 95.84% -4526.82% 5629.95%
FREE CASH FLOW
Cash From Operating Activities -$2.533M -$1.137M -$2.193M
Capital Expenditures -$205.0K -$650.0K -$1.154M
Free Cash Flow -$2.328M -$487.0K -$1.039M
YoY Change -966.88% -424.47% 283.42%

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us-gaap Net Income Loss
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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66000 usd
CY2022Q2 us-gaap Stockholders Equity
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us-gaap Net Income Loss
NetIncomeLoss
-9220000 usd
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Depreciation
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194000 usd
us-gaap Depreciation
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54000 usd
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63000 usd
STXS Operating Lease Expense Income
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us-gaap Share Based Compensation
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5211000 usd
us-gaap Share Based Compensation
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4156000 usd
us-gaap Gains Losses On Extinguishment Of Debt
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2183000 usd
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25000 usd
us-gaap Increase Decrease In Accounts Receivable
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-1658000 usd
us-gaap Increase Decrease In Accounts Receivable
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1137000 usd
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3353000 usd
us-gaap Increase Decrease In Inventories
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851000 usd
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
931000 usd
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us-gaap Increase Decrease In Other Operating Assets
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1037000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
75000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
4102000 usd
us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Increase Decrease In Other Operating Liabilities
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75000 usd
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NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
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150000 usd
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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111000 usd
us-gaap Proceeds From Issuance Of Common Stock
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402000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
111000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
402000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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
40145000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43940000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35122000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43921000 usd
STXS Purchases Of Property And Equipment Included In Accounts Payable And Accrued Liabilities
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayableAndAccruedLiabilities
116000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
33498000 usd
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
42054000 usd
CY2022Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
618000 usd
CY2021Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
1484000 usd
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1006000 usd
CY2021Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
383000 usd
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
35122000 usd
CY2021Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
43921000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80E_eus-gaap--NatureOfOperations_zTTDC0FR9Hh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>1. <span id="xdx_827_zd5HzEqCtaha">Description of Business</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stereotaxis is a pioneer and global leader in surgical robotics for minimally invasive endovascular intervention. We design, manufacture and market robotic systems, instruments and information systems for the interventional laboratory. Our proprietary robotic technology, Robotic Magnetic Navigation, fundamentally transforms endovascular interventions using precise computer-controlled magnetic fields to directly control the tip of flexible interventional catheters or devices. Direct control of the tip of an interventional device, in contrast to all manual hand-held devices that are controlled from their handle, can improve the precision, stability, reach and safety of these devices during procedures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our primary clinical focus has been electrophysiology, specifically cardiac ablation procedures for the treatment of arrhythmias. Cardiac ablation has become a well-accepted therapy for arrhythmias and a multi-billion-dollar medical device market with expectations for substantial long-term growth. We have shared our aspiration and a product strategy to expand the clinical focus of our technology to several additional endovascular indications including coronary, neuro, and peripheral interventions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is substantial real-world evidence and clinical literature for Robotic Magnetic Navigation in electrophysiology. Hundreds of electrophysiologists at over one hundred hospitals globally have treated over 100,000 arrhythmia patients with our robotic technology. Clinical use of our technology has been documented in over 400 clinical publications. Robotic Magnetic Navigation is designed to enable physicians to complete more complex interventional procedures with greater success and safety by providing image-guided delivery of catheters through the blood vessels and chambers of the heart to treatment sites. This is achieved using externally applied computer-controlled magnetic fields that govern the motion of the working tip of the catheter, resulting in improved navigation. The more flexible atraumatic design of catheters driven using magnetic fields may reduce the risk of patient harm and other adverse events. Performing the procedure from a control cockpit enables physicians to complete procedures in a safe location protected from x-ray exposure, with greater ergonomics, and improved efficiency. We believe these benefits can be applicable in other endovascular indications where navigation through complex vasculature is often challenging or unsuccessful and generates significant x-ray exposure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our primary products include the <i>Genesis RMN </i>System, the <i>Odyssey </i>Solution, and other related devices. We also offer to our customers the Stereotaxis Imaging Model S x-ray System and other accessory devices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The <i>Genesis RMN System</i> is designed to enable physicians to complete more complex interventional procedures by providing image-guided delivery of catheters through the blood vessels and chambers of the heart to treatment sites. This is achieved using externally applied magnetic fields that govern the motion of the working tip of the catheter, resulting in improved navigation, efficient procedures, and reduced x-ray exposure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The <i>Odyssey Solution</i> consolidates lab information onto one large integrated display, enabling physicians to view and control all the key information in the operating room. This is designed to improve lab layout and procedure efficiency. The system also features a remote viewing and recording capability called <i>Odyssey Cinema,</i> which is an innovative solution that delivers synchronized content for optimized workflow, advanced care, and improved productivity. This tool includes an archiving capability that allows clinicians to store and replay entire procedures or segments of procedures. This information can be accessed from locations throughout the hospital local area network and over the global Odyssey Network providing physicians with a tool for clinical collaboration, remote consultation, and training.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We promote our full suite of products in a typical hospital implementation, subject to regulatory approvals or clearances. This implementation requires a hospital to agree to an upfront capital payment and recurring payments. The upfront capital payment typically includes equipment and installation charges. The recurring payments typically include disposable costs for each procedure, equipment service costs beyond warranty period, and ongoing software updates. In hospitals where our full suite of products has not been implemented, equipment upgrade or expansion can be implemented upon purchasing of the necessary upgrade or expansion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have received regulatory clearances and registration approvals necessary for us to market the <i>Genesis RMN</i> System in the U.S. and Europe, and we are in the process of obtaining necessary registrations for extending our markets in other countries. The <i>Niobe</i> System, <i>Odyssey</i> Solution, <i>Cardiodrive</i>, and various disposable interventional devices have received regulatory clearance in the U.S., Europe, Canada, China, Japan and various other countries. We have received the regulatory clearance, licensing and/or CE Mark approvals that allow us to market the <i>Vdrive</i> and <i>Vdrive Duo</i> Systems with the <i>V-CAS</i>, <i>V-Loop </i>and <i>V-Sono </i>devices in the U.S., Canada and Europe. Stereotaxis Imaging Model S x-ray System is CE marked and FDA cleared.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have strategic relationships with technology leaders and innovators in the global interventional market. Through these strategic relationships we provide compatibility between our robotic magnetic navigation system and digital imaging and 3D catheter location sensing technology, as well as disposable interventional devices. The maintenance of these strategic relationships, or the establishment of equivalent alternatives, is critical to our commercialization efforts. There are no guarantees that any existing strategic relationships will continue, and efforts are ongoing to ensure the availability of integrated systems and devices and/or equivalent alternatives. We cannot provide assurance as to the timeline of the ongoing availability of such compatible systems or our ability to obtain equivalent alternatives on competitive terms or at all.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_z1HTYK90b5b5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zp6BIUiG2FB2">Risks and Uncertainties</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The novel coronavirus COVID-19 (“COVID-19”) pandemic has resulted, and is likely to continue to result, in significant disruptions to the economy, as well as business and capital markets around the world. The full extent of the impact of the COVID-19 pandemic on our business, results of operations and financial condition will depend on numerous evolving factors that we may not be able to accurately predict.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the COVID-19 outbreak, we have experienced business disruptions, including travel restrictions on us and our third-party distributors, which have negatively affected our complex sales, marketing, installation, distribution and service network relating to our products and services. The COVID-19 pandemic may continue to negatively affect demand for both our systems and our disposable products by limiting the ability of our sales personnel to maintain their customary contacts with customers as governmental authorities institute prolonged quarantines, travel restrictions, and shelter-in-place orders, or as our customers impose limitations on contacts and in-person meetings that go beyond those imposed by governmental authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, many of our hospital customers, for whom the purchase of our system involves a significant capital purchase which may be part of a larger construction project at the customer site (typically the construction of a new building), may themselves be under economic pressures. This may cause delays or cancellations of current purchase orders and other commitments, and may exacerbate the long and variable sales and installation cycles for our robotic magnetic navigation systems. We may also experience significant reductions in demand for our disposable products as our healthcare customers (physicians and hospitals) continue to re-prioritize the treatment of patients and divert resources away from non-coronavirus areas, which we anticipate will lead to the performance of fewer procedures in which our disposable products are used. In addition, patients may consider foregoing or deferring procedures utilizing our products, even if physicians and hospitals are willing to perform them, which could also reduce demand for, and sales of, our disposable products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date of the filing of this Quarterly Report on Form 10-Q, we believe our manufacturing operations and supply chains have been manageably impacted, but we cannot guarantee that they will not be impacted more severely in the future. If our manufacturing operations or supply chains are materially interrupted, it may not be possible for us to timely manufacture relevant products at required levels, or at all. Changes in economic conditions and supply chain constraints could lead to higher inflation than previously experienced or expected, which could, in turn, lead to an increase in costs. We may be unable to raise the prices of our products sufficiently to keep up with the rate of inflation. A material reduction or interruption to any of our manufacturing processes or a substantial increase in costs would have a material adverse effect on our business, operating results, and financial condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As governmental authorities around the world continue to institute prolonged mandatory closures, social distancing protocols and shelter-in-place orders, or as private parties on whom we rely to operate our business put in place their own protocols that go beyond those instituted by relevant governmental authorities, our ability to adequately staff and maintain our operations or further our product development could be negatively impacted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any disruption to the capital markets could negatively impact our ability to raise capital. If the capital markets are disrupted for an extended period of time and we need to raise additional capital, such capital may not be available on acceptable terms, or at all. Continued disruptions to the capital markets and other financing sources could also negatively impact our hospital customers’ ability to raise capital or otherwise obtain financing to fund their operations and capital projects. Such could result in delayed spending on current projects, a longer sales cycle for new projects where a large capital commitment is required, and decreased demand for our disposable products as well as an increased risk of customer defaults or delays in payments for our systems installation, service contracts and disposable products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We continue to evaluate and, where appropriate, take actions to reduce costs and spending across our organization. We will continue to actively monitor the situation and may take further actions that alter our business operations that may be required by federal, state, or local governmental authorities that may be implemented by our vendors, supplier or customers, or that we determine are in the best interests of our employees, customers, suppliers and stockholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/></span></p>
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CY2022Q2 us-gaap Restricted Cash
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CY2021Q4 us-gaap Restricted Cash
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2022Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
200000 usd
CY2021Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
200000 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-5134000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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CY2021Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
335000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
666000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
668000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5469000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1546000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9886000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3411000 usd
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75953916 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75547574 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75915864 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75362521 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
5554000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
3642000 usd
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
1405000 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
133000 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2981000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2823000 usd
CY2022Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2154000 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2165000 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
7786000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
4433000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
220000 usd
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
539000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
654000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1170000 usd
CY2022Q2 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
338000 usd
CY2021Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1012000 usd
CY2022Q2 STXS Prepaid Commissions Current And Noncurrent
PrepaidCommissionsCurrentAndNoncurrent
204000 usd
CY2021Q4 STXS Prepaid Commissions Current And Noncurrent
PrepaidCommissionsCurrentAndNoncurrent
229000 usd
CY2022Q2 us-gaap Deposits Assets
DepositsAssets
584000 usd
CY2021Q4 us-gaap Deposits Assets
DepositsAssets
1276000 usd
CY2022Q2 us-gaap Other Assets
OtherAssets
83000 usd
CY2021Q4 us-gaap Other Assets
OtherAssets
117000 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
1209000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
2634000 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
218000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
278000 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
991000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2356000 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2126000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2528000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6554000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5843000 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3294000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3211000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3260000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2632000 usd
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
800000 usd
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5900000 usd
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5900000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y6M
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
226000 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
583000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
451000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1165000 usd
CY2022Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10000 usd
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
14000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
20000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
31000 usd
CY2021Q2 us-gaap Sublease Income
SubleaseIncome
247000 usd
us-gaap Sublease Income
SubleaseIncome
493000 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
236000 usd
CY2021Q2 us-gaap Lease Cost
LeaseCost
350000 usd
us-gaap Lease Cost
LeaseCost
471000 usd
us-gaap Lease Cost
LeaseCost
703000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
413000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
871000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
891000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
912000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
933000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4986000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9006000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3015000 usd
CY2022Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
1213000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
1516000 usd
CY2022Q2 STXS Accrued Licenses And Maintenance Fees Current And Noncurrent
AccruedLicensesAndMaintenanceFeesCurrentAndNoncurrent
484000 usd
CY2021Q4 STXS Accrued Licenses And Maintenance Fees Current And Noncurrent
AccruedLicensesAndMaintenanceFeesCurrentAndNoncurrent
484000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
209000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
242000 usd
CY2022Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
165000 usd
CY2021Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
177000 usd
CY2022Q2 STXS Accrued Investigational Sites
AccruedInvestigationalSites
102000 usd
CY2021Q4 STXS Accrued Investigational Sites
AccruedInvestigationalSites
123000 usd
CY2022Q2 STXS Accrued Lease Deposit Payable
AccruedLeaseDepositPayable
5000 usd
CY2021Q4 STXS Accrued Lease Deposit Payable
AccruedLeaseDepositPayable
124000 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
150000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
81000 usd
CY2022Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2328000 usd
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2747000 usd
CY2022Q2 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
202000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
219000 usd
us-gaap Common Stock Voting Rights
CommonStockVotingRights
The holders of common stock are entitled to one vote for each share held
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
6200000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4Y
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2818012000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
760500000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.80
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
40523 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.11
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
152863000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.89
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3385126000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.26
CY2021 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
199000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
125000 usd
CY2021 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
115000 usd
CY2022Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
209000 usd
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
242000 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
100000 usd
CY2021 us-gaap Investment Income Interest
InvestmentIncomeInterest
100000 usd
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
242000 usd
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
158000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
92000 usd

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