2022 Q3 Form 10-Q Financial Statement

#000156459022027757 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $25.68M $20.52M $15.88M
YoY Change 378.27% 151.14% 125.15%
Cost Of Revenue $7.568M $6.171M $3.776M
YoY Change 373.89% 139.0% 68.42%
Gross Profit $18.12M $14.35M $12.10M
YoY Change 380.12% 156.75% 151.59%
Gross Profit Margin 70.53% 69.93% 76.22%
Selling, General & Admin $16.85M $17.38M $13.94M
YoY Change 63.05% 89.71% 105.41%
% of Gross Profit 93.02% 121.12% 115.16%
Research & Development $6.808M $6.714M $7.534M
YoY Change 31.86% 6.66% 66.24%
% of Gross Profit 37.58% 46.79% 62.24%
Depreciation & Amortization $891.0K $795.0K $507.0K
YoY Change 95.82% 78.25% 13.93%
% of Gross Profit 4.92% 5.54% 4.19%
Operating Expenses $23.66M $24.10M $21.47M
YoY Change 52.66% 55.88% 89.72%
Operating Profit -$5.544M -$9.745M -$9.369M
YoY Change -52.72% -1.25% 43.98%
Interest Expense $787.0K $972.0K $960.0K
YoY Change -164.09% 0.73% 0.84%
% of Operating Profit
Other Income/Expense, Net -$1.863M -$1.756M -$1.187M
YoY Change 51.71% 121.16% -15.58%
Pretax Income -$7.407M -$11.50M -$10.56M
YoY Change -42.82% 7.87% 33.4%
Income Tax $19.00K $22.00K $6.000K
% Of Pretax Income
Net Earnings -$7.426M -$11.52M -$10.56M
YoY Change -42.71% 8.01% 33.41%
Net Earnings / Revenue -28.91% -56.15% -66.51%
Basic Earnings Per Share -$0.25 -$0.41 -$0.38
Diluted Earnings Per Share -$0.25 -$0.41 -$0.38
COMMON SHARES
Basic Shares Outstanding 28.09M 27.98M 27.95M
Diluted Shares Outstanding 30.23M 27.98M 27.95M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $204.5M $58.08M $72.00M
YoY Change 98.79% -48.26% -39.03%
Cash & Equivalents $204.5M $30.39M $17.90M
Short-Term Investments $0.00 $27.70M $54.10M
Other Short-Term Assets $5.514M $6.583M $5.356M
YoY Change 48.91% 86.75% 67.38%
Inventory $18.58M $17.47M $16.71M
Prepaid Expenses
Receivables $22.04M $12.98M $11.72M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $250.6M $95.11M $105.8M
YoY Change 99.55% -29.57% -24.7%
LONG-TERM ASSETS
Property, Plant & Equipment $18.47M $16.18M $17.71M
YoY Change 264.84% 226.54% 276.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K $500.0K $500.0K
YoY Change -1.19% -1.19% 0.0%
Total Long-Term Assets $24.29M $22.17M $18.21M
YoY Change 336.11% 306.08% 243.64%
TOTAL ASSETS
Total Short-Term Assets $250.6M $95.11M $105.8M
Total Long-Term Assets $24.29M $22.17M $18.21M
Total Assets $274.9M $117.3M $124.0M
YoY Change 109.59% -16.53% -14.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.080M $5.711M $2.934M
YoY Change 14.84% 139.05% 125.69%
Accrued Expenses $17.38M $16.79M $17.08M
YoY Change 36.13% 38.78% 72.47%
Deferred Revenue $226.0K $238.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.69M $22.74M $20.26M
YoY Change 29.93% 50.81% 71.66%
LONG-TERM LIABILITIES
Long-Term Debt $58.54M $35.50M $35.33M
YoY Change 66.98% 1.66% 1.53%
Other Long-Term Liabilities $7.787M $8.150M $8.508M
YoY Change 381.87% 433.03% 431.75%
Total Long-Term Liabilities $58.54M $35.50M $35.33M
YoY Change 66.98% 1.66% -2.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.69M $22.74M $20.26M
Total Long-Term Liabilities $58.54M $35.50M $35.33M
Total Liabilities $87.02M $66.37M $64.10M
YoY Change 65.44% 28.79% 33.26%
SHAREHOLDERS EQUITY
Retained Earnings -$472.0M -$464.5M -$453.0M
YoY Change 9.82% 11.44%
Common Stock $660.1M $515.8M
YoY Change 1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $187.9M $50.92M $59.91M
YoY Change
Total Liabilities & Shareholders Equity $274.9M $117.3M $124.0M
YoY Change 109.59% -16.53% -14.95%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$7.426M -$11.52M -$10.56M
YoY Change -42.71% 8.01% 33.41%
Depreciation, Depletion And Amortization $891.0K $795.0K $507.0K
YoY Change 95.82% 78.25% 13.93%
Cash From Operating Activities -$14.28M -$9.094M -$18.41M
YoY Change 52.75% 64.27% 151.11%
INVESTING ACTIVITIES
Capital Expenditures -$2.930M -$4.260M $1.953M
YoY Change 4208.82% 1583.79% 9665.0%
Acquisitions
YoY Change
Other Investing Activities $27.68M $26.28M $12.47M
YoY Change 341.65% 547.33% 34.2%
Cash From Investing Activities $24.75M $22.02M $10.51M
YoY Change 299.23% 478.43% 13.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 164.2M 237.0K 405.0K
YoY Change 29650.0% 9.72% -30.53%
NET CHANGE
Cash From Operating Activities -14.28M -9.094M -18.41M
Cash From Investing Activities 24.75M 22.02M 10.51M
Cash From Financing Activities 164.2M 237.0K 405.0K
Net Change In Cash 174.7M 13.16M -7.683M
YoY Change -6821.28% -969.09% -458.01%
FREE CASH FLOW
Cash From Operating Activities -$14.28M -$9.094M -$18.41M
Capital Expenditures -$2.930M -$4.260M $1.953M
Free Cash Flow -$11.35M -$4.834M -$20.36M
YoY Change 22.3% -8.5% 176.99%

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us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the valuation of inventory and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. <span style="Background-color:#FFFFFF;color:#212529;">The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. </span>As of the date of issuance of these unaudited consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities.<span style="Background-color:#FFFFFF;color:#212529;"> </span>Actual results may differ from those estimates or assumptions. </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Risk of Concentrations of Credit, Significant Customers and Significant Suppliers </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. As of June 30, 2022 and December 31, 2021, the Company had no allowance for credit losses. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Significant customers are those that accounted for 10% or more of the Company’s net revenue or accounts receivable. <span style="Background-color:#FFFFFF;color:#000000;">For the three months ended June 30, 2022, one customer accounted for</span> 17<span style="Background-color:#FFFFFF;color:#000000;">% of net revenue. For the six months ended June 30, 2022, one customer accounted for 17% of net revenue. For the three months ended June 30, 2021, no customer accounted for 10% or more of net revenue. For the six months ended June 30, 2021, one customer accounted for 10% of net revenue. As of June 30, 2022, two customers accounted for 13% and 11% of accounts receivable, respectively. As of December 31, 2021, two customers accounted for 21% and 15% of accounts receivable, respectively.</span> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain of the components and subassemblies included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those limited sources of suppliers and manufacturers, the partial or complete loss of certain of these sources could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships. </p>
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
The Company generally satisfies performance obligations within one year of the contract inception date.
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3581302
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2785641
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
27797000
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
100000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
27697000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
66908000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
36000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
66872000
CY2022Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
43600000
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
78041000
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
8974000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7274000
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1685000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1932000
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
6809000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5653000
CY2022Q2 us-gaap Inventory Net
InventoryNet
17468000
CY2021Q4 us-gaap Inventory Net
InventoryNet
14859000
tmdx Inventory Transfer To Property Plant And Equipment
InventoryTransferToPropertyPlantAndEquipment
1400000
tmdx Inventory Transfer To Property Plant And Equipment
InventoryTransferToPropertyPlantAndEquipment
800000
CY2022Q2 tmdx Accrued Research Development And Clinical Trials Expenses Current
AccruedResearchDevelopmentAndClinicalTrialsExpensesCurrent
4200000
CY2021Q4 tmdx Accrued Research Development And Clinical Trials Expenses Current
AccruedResearchDevelopmentAndClinicalTrialsExpensesCurrent
4567000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5327000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5173000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
936000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1973000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4957000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4624000
CY2022Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
15420000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
16337000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
35475000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
35197000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
35500000
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
35000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
35000000
CY2022Q2 tmdx Long Term Debt Noncurrent Before Debt Discount And Accrued Payments
LongTermDebtNoncurrentBeforeDebtDiscountAndAccruedPayments
35000000
CY2021Q4 tmdx Long Term Debt Noncurrent Before Debt Discount And Accrued Payments
LongTermDebtNoncurrentBeforeDebtDiscountAndAccruedPayments
35000000
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
344000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
511000
CY2022Q2 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
819000
CY2021Q4 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
708000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2316000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1808000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4626000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2920000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
23400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2021Q1 us-gaap Recorded Unconditional Purchase Obligation
RecordedUnconditionalPurchaseObligation
9500000
CY2021Q1 tmdx Recorded Unconditional Purchase Commitment Maturity Year And Month
RecordedUnconditionalPurchaseCommitmentMaturityYearAndMonth
2029-12
CY2022Q2 tmdx Unconditional Purchase Obligation Remaining Amount
UnconditionalPurchaseObligationRemainingAmount
8000000.0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q2 us-gaap Revenues
Revenues
8171000
us-gaap Revenues
Revenues
36401000
us-gaap Revenues
Revenues
15224000
CY2022Q2 us-gaap Noncurrent Assets
NoncurrentAssets
16177000
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
9841000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20521000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8667000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36401000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16304000
CY2021Q2 tmdx Clinical Trial Expense
ClinicalTrialExpense
496000
tmdx Clinical Trial Expense
ClinicalTrialExpense
1080000
CY2022Q2 us-gaap Revenues
Revenues
20521000
CY2021Q2 us-gaap Revenues
Revenues
8171000
us-gaap Revenues
Revenues
36401000
us-gaap Revenues
Revenues
15224000
CY2022Q2 tmdx Customer Payments Recorded As Operating Expenses
CustomerPaymentsRecordedAsOperatingExpenses
200000
tmdx Customer Payments Recorded As Operating Expenses
CustomerPaymentsRecordedAsOperatingExpenses
500000
CY2021Q2 tmdx Customer Payments Recorded As Operating Expenses
CustomerPaymentsRecordedAsOperatingExpenses
700000
tmdx Customer Payments Recorded As Operating Expenses
CustomerPaymentsRecordedAsOperatingExpenses
1200000
CY2022Q2 us-gaap Revenues
Revenues
20521000
CY2021Q2 us-gaap Revenues
Revenues
8171000
us-gaap Revenues
Revenues
36401000
us-gaap Revenues
Revenues
15224000
CY2022Q2 us-gaap Revenues
Revenues
20521000

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