2019 Q2 Form 10-Q Financial Statement

#000119312519133596 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $13.60M $13.56M $11.49M
YoY Change 107.92% 119.87% 166.45%
Cost Of Revenue $11.39M $11.79M $11.86M
YoY Change 51.86% 45.63% 58.14%
Gross Profit $2.206M $1.768M -$365.0K
YoY Change -329.31% -191.65% -88.54%
Gross Profit Margin 16.22% 13.04% -3.18%
Selling, General & Admin $21.32M $19.12M $15.26M
YoY Change 89.41% 91.66% 64.73%
% of Gross Profit 966.46% 1081.67%
Research & Development $9.007M $8.907M $7.273M
YoY Change 70.98% 89.07% 69.02%
% of Gross Profit 408.3% 503.79%
Depreciation & Amortization $1.580M $1.570M $1.472M
YoY Change -7.06% 11.35% 14.46%
% of Gross Profit 71.62% 88.8%
Operating Expenses $30.33M $28.03M $34.39M
YoY Change 83.53% 90.83% 63.26%
Operating Profit -$28.12M -$26.26M -$22.90M
YoY Change 60.82% 58.04% 36.69%
Interest Expense $318.0K $340.0K $348.0K
YoY Change -5.64% 7.26% 27.47%
% of Operating Profit
Other Income/Expense, Net -$227.0K -$21.00K -$15.00K
YoY Change 1521.43% -51.16% -21.05%
Pretax Income -$27.86M -$25.85M -$22.60M
YoY Change 58.73% 53.59% 33.82%
Income Tax $54.00K $84.00K $43.00K
% Of Pretax Income
Net Earnings -$27.92M -$25.93M -$22.64M
YoY Change 58.4% 53.7% 33.67%
Net Earnings / Revenue -205.26% -191.29% -197.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$921.8K -$929.7K -$1.180M
COMMON SHARES
Basic Shares Outstanding 28.04M shares 28.02M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $161.8M $104.3M $130.2M
YoY Change 74.92%
Cash & Equivalents $68.21M $28.69M $66.46M
Short-Term Investments $93.60M $75.60M $63.70M
Other Short-Term Assets $3.600M $4.200M $4.000M
YoY Change 33.33%
Inventory $5.496M $4.449M $5.561M
Prepaid Expenses
Receivables $11.70M $7.998M $6.978M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $182.6M $121.0M $146.7M
YoY Change 75.94%
LONG-TERM ASSETS
Property, Plant & Equipment $19.82M $14.94M $13.60M
YoY Change 54.82%
Goodwill $1.138M $1.138M $1.138M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.090M $1.912M $1.816M
YoY Change -50.24%
Total Long-Term Assets $24.18M $19.18M $17.79M
YoY Change 27.95%
TOTAL ASSETS
Total Short-Term Assets $182.6M $121.0M $146.7M
Total Long-Term Assets $24.18M $19.18M $17.79M
Total Assets $206.8M $140.2M $164.5M
YoY Change 68.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.835M $4.505M $6.725M
YoY Change 74.11%
Accrued Expenses $3.713M $2.412M $2.606M
YoY Change -38.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.333M $3.333M $3.333M
YoY Change 96.06%
Total Short-Term Liabilities $25.45M $18.58M $19.00M
YoY Change 40.59%
LONG-TERM LIABILITIES
Long-Term Debt $5.119M $5.828M $6.526M
YoY Change -98.22%
Other Long-Term Liabilities $236.0K $282.0K $333.0K
YoY Change -21.33%
Total Long-Term Liabilities $5.355M $6.110M $6.859M
YoY Change -98.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.45M $18.58M $19.00M
Total Long-Term Liabilities $5.355M $6.110M $6.859M
Total Liabilities $30.80M $24.69M $25.86M
YoY Change -89.91%
SHAREHOLDERS EQUITY
Retained Earnings -$287.3M -$259.4M -$233.5M
YoY Change
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $176.0M $115.5M $138.6M
YoY Change
Total Liabilities & Shareholders Equity $206.8M $140.2M $164.5M
YoY Change 68.55%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$27.92M -$25.93M -$22.64M
YoY Change 58.4% 53.7% 33.67%
Depreciation, Depletion And Amortization $1.580M $1.570M $1.472M
YoY Change -7.06% 11.35% 14.46%
Cash From Operating Activities -$22.08M -$20.82M -$21.68M
YoY Change 30.34% 26.11% 35.39%
INVESTING ACTIVITIES
Capital Expenditures -$5.170M -$3.770M $1.922M
YoY Change 720.63% 654.0% 27.2%
Acquisitions
YoY Change
Other Investing Activities -$17.53M -$11.39M -$63.84M
YoY Change -436.47% -178.01% -756.12%
Cash From Investing Activities -$22.70M -$15.16M -$65.76M
YoY Change -595.63% -207.52% -900.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $84.30M $69.60M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 84.28M -1.630M 73.00M
YoY Change 239.43% -102.98% 2642.26%
NET CHANGE
Cash From Operating Activities -22.08M -20.82M -21.68M
Cash From Investing Activities -22.70M -15.16M -65.76M
Cash From Financing Activities 84.28M -1.630M 73.00M
Net Change In Cash 39.50M -37.61M -14.44M
YoY Change 216.76% -171.86% 181.03%
FREE CASH FLOW
Cash From Operating Activities -$22.08M -$20.82M -$21.68M
Capital Expenditures -$5.170M -$3.770M $1.922M
Free Cash Flow -$16.91M -$17.05M -$23.61M
YoY Change 3.68% 6.5% 34.68%

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Type
DocumentType
10-Q
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EarningsPerShareBasicAndDiluted
-2.06
us-gaap Income Tax Expense Benefit
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dei Entity Small Business
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dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
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EntityEmergingGrowthCompany
true
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true
dei Entity Filer Category
EntityFilerCategory
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Increase Decrease In Other Operating Liabilities
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InterestPaidNet
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Noncash Expense
OtherNoncashExpense
125000
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OtherNonoperatingIncomeExpense
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Property Plant And Equipment
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5692000
us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
During the three months ended March 31, 2018 and 2019, the Company purchased raw materials from a related party investor in the amount of $0.7 million and $0.9 million, respectively. During the six months ended March 31, 2018 and 2019, the Company purchased raw materials from a related party investor in the amount of $1.1 million and $2.1 million, respectively. Payable balances and cash receipts and receivable balances with the related party were immaterial as of September 30, 2018 and March 31, 2019.
us-gaap Related Party Transaction Purchases From Related Party
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us-gaap Profit Loss
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P9Y6M25D
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dei Trading Symbol
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24.67
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twst Deferred Offering Costs Incurred
DeferredOfferingCostsIncurred
1600000
twst Conversion Of Convertible Preferred Stock Warrant
ConversionOfConvertiblePreferredStockWarrant
631000
twst Stock Issued During Period Value Conversion Of Convertible Warrant
StockIssuedDuringPeriodValueConversionOfConvertibleWarrant
631000
twst Underwriting Discounts Commissions And Offering Expenses
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10903000
twst Share Based Compensation Arrangement By Share Based Payment Award Number Of Options Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfOptionsAvailableForGrant
1511842 shares
twst Share Based Compensation Arrangement By Share Based Payment Award Options Available For Grant Forfeited
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantForfeited
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twst Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Restricted Stock Units Forfeited
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantRestrictedStockUnitsForfeited
220 shares
twst Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Options Repurchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantOptionsRepurchased
442 shares
twst Share Based Compensation Arrangement By Share Based Payment Award Options Available For Grant Additional Shares Authorized In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantAdditionalSharesAuthorizedInPeriod
2494700 shares
twst Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Restricted Stock Units Granted In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantRestrictedStockUnitsGrantedInPeriod
486080 shares
twst Stock Issued During Period Shares Conversion Of Convertible Warrant
StockIssuedDuringPeriodSharesConversionOfConvertibleWarrant
0 shares
CY2018Q4 twst Net Exercise Of Common Stock Warrants Shares
NetExerciseOfCommonStockWarrantsShares
68901 shares
CY2018Q4 twst Common Stock Issued For Cashless Exercise
CommonStockIssuedForCashlessExercise
57122 shares
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ProceedsFromIssuanceOfCommonStock
69600000
CY2018Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
One-for-0.101
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StockholdersEquityNoteStockSplitConversionRatio1
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GoodwillPeriodIncreaseDecrease
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P8Y4M17D
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AllocatedShareBasedCompensationExpense
736000
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8095000
CY2018Q1 us-gaap Costs And Expenses
CostsAndExpenses
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EarningsPerShareBasicAndDiluted
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OtherComprehensiveIncomeLossNetOfTax
12000
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1000
CY2018Q1 us-gaap Related Party Transaction Purchases From Related Party
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4711000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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107000
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9978000
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2911000
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2911000
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84000
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InterestExpense
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20000
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RelatedPartyTransactionPurchasesFromRelatedParty
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19124000
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WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27891700000 shares

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