2017 Q4 Form 10-Q Financial Statement
#000162828017011022 Filed on November 07, 2017
Income Statement
Concept | 2017 Q4 | 2017 Q3 | 2016 Q4 |
---|---|---|---|
Revenue | $23.35M | $14.26M | $23.35M |
YoY Change | 0.0% | 30.48% | 51.43% |
Cost Of Revenue | $8.390M | $7.186M | $7.590M |
YoY Change | 10.54% | 4.81% | 4.98% |
Gross Profit | $14.96M | $7.074M | $14.96M |
YoY Change | 0.0% | 73.68% | 82.65% |
Gross Profit Margin | 64.07% | 49.61% | 64.07% |
Selling, General & Admin | $10.18M | $8.186M | $7.930M |
YoY Change | 28.37% | 16.78% | 38.15% |
% of Gross Profit | 68.04% | 115.72% | 53.0% |
Research & Development | $3.590M | $2.919M | $4.260M |
YoY Change | -15.73% | -15.22% | -42.43% |
% of Gross Profit | 24.0% | 41.26% | 28.47% |
Depreciation & Amortization | $420.0K | $410.0K | $500.0K |
YoY Change | -16.0% | -12.77% | 21.95% |
% of Gross Profit | 2.81% | 5.8% | 3.34% |
Operating Expenses | $13.77M | $11.11M | $12.18M |
YoY Change | 13.05% | 6.24% | -7.38% |
Operating Profit | $1.191M | -$4.031M | $1.191M |
YoY Change | 0.0% | -36.82% | -124.03% |
Interest Expense | $50.00K | $317.0K | -$310.0K |
YoY Change | -116.13% | 268.6% | |
% of Operating Profit | 4.2% | -26.03% | |
Other Income/Expense, Net | -$100.0K | -$1.376M | $0.00 |
YoY Change | 366.44% | -100.0% | |
Pretax Income | $290.0K | -$5.410M | -$6.200M |
YoY Change | -104.68% | -19.01% | 26.27% |
Income Tax | $0.00 | ||
% Of Pretax Income | 0.0% | ||
Net Earnings | $287.0K | -$5.407M | $287.0K |
YoY Change | 0.0% | -19.0% | -105.85% |
Net Earnings / Revenue | 1.23% | -37.92% | 1.23% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | $8.269K | -$160.7K | -$254.7K |
COMMON SHARES | |||
Basic Shares Outstanding | 34.91M shares | 32.82M shares | 24.11M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2017 Q4 | 2017 Q3 | 2016 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $26.90M | $15.50M | $23.00M |
YoY Change | 16.96% | 74.16% | 57.53% |
Cash & Equivalents | $26.86M | $15.50M | $22.98M |
Short-Term Investments | |||
Other Short-Term Assets | $1.581M | $1.366M | $1.164M |
YoY Change | 35.82% | 84.35% | 150.86% |
Inventory | $3.793M | $4.049M | $3.488M |
Prepaid Expenses | |||
Receivables | $18.27M | $15.43M | $17.09M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $50.51M | $36.31M | $44.72M |
YoY Change | 12.93% | 72.1% | 63.56% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $4.071M | $3.967M | $3.875M |
YoY Change | 5.06% | -5.88% | -4.3% |
Goodwill | |||
YoY Change | |||
Intangibles | $0.00 | ||
YoY Change | -100.0% | ||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $4.071M | $3.967M | $3.875M |
YoY Change | 5.06% | -42.7% | -44.37% |
TOTAL ASSETS | |||
Total Short-Term Assets | $50.51M | $36.31M | $44.72M |
Total Long-Term Assets | $4.071M | $3.967M | $3.875M |
Total Assets | $54.58M | $40.28M | $48.60M |
YoY Change | 12.3% | 43.74% | 41.65% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $5.552M | $5.972M | $6.535M |
YoY Change | -15.04% | 9.24% | -13.88% |
Accrued Expenses | $5.573M | $379.0K | $4.523M |
YoY Change | 23.21% | 1479.17% | 25.53% |
Deferred Revenue | $420.0K | ||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $400.0K | $2.600M | $800.0K |
YoY Change | -50.0% | ||
Total Short-Term Liabilities | $13.09M | $14.53M | $12.85M |
YoY Change | 1.84% | -5.42% | 6.15% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $16.89M | $7.400M | $9.318M |
YoY Change | 81.24% | 17519.05% | 13023.94% |
Other Long-Term Liabilities | $2.100M | $0.00 | $32.00K |
YoY Change | 6462.5% | -100.0% | |
Total Long-Term Liabilities | $2.059M | $7.400M | $1.687M |
YoY Change | 22.05% | 17519.05% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $13.09M | $14.53M | $12.85M |
Total Long-Term Liabilities | $2.059M | $7.400M | $1.687M |
Total Liabilities | $32.04M | $23.54M | $23.89M |
YoY Change | 34.1% | 41.57% | 96.16% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$360.9M | -$361.2M | -$343.6M |
YoY Change | 5.03% | 7.05% | 6.04% |
Common Stock | $383.0M | $377.7M | $329.7M |
YoY Change | 16.17% | 21.76% | 7.13% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $0.00 | ||
YoY Change | -100.0% | ||
Treasury Stock Shares | 0.000 shares | ||
Shareholders Equity | $22.54M | $16.74M | $24.71M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $54.58M | $40.28M | $48.60M |
YoY Change | 12.3% | 43.74% | 41.65% |
Cashflow Statement
Concept | 2017 Q4 | 2017 Q3 | 2016 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $287.0K | -$5.407M | $287.0K |
YoY Change | 0.0% | -19.0% | -105.85% |
Depreciation, Depletion And Amortization | $420.0K | $410.0K | $500.0K |
YoY Change | -16.0% | -12.77% | 21.95% |
Cash From Operating Activities | $840.0K | -$5.240M | -$9.310M |
YoY Change | -109.02% | 25.36% | 130.45% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$720.0K | -$520.0K | -$110.0K |
YoY Change | 554.55% | 116.67% | 10.0% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | |
YoY Change | |||
Cash From Investing Activities | -$720.0K | -$520.0K | -$110.0K |
YoY Change | 554.55% | 57.58% | 22.22% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $18.00M | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 11.28M | 7.190M | 23.50M |
YoY Change | -52.0% | 101.97% | |
NET CHANGE | |||
Cash From Operating Activities | 840.0K | -5.240M | -9.310M |
Cash From Investing Activities | -720.0K | -520.0K | -110.0K |
Cash From Financing Activities | 11.28M | 7.190M | 23.50M |
Net Change In Cash | 11.40M | 1.430M | 14.08M |
YoY Change | -19.03% | -250.53% | -440.92% |
FREE CASH FLOW | |||
Cash From Operating Activities | $840.0K | -$5.240M | -$9.310M |
Capital Expenditures | -$720.0K | -$520.0K | -$110.0K |
Free Cash Flow | $1.560M | -$4.720M | -$9.200M |
YoY Change | -116.96% | 19.8% | 133.5% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
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Fair Value Adjustment Of Warrants
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Fair Value Adjustment Of Warrants
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Foreign Currency Transaction Gain Loss Before Tax
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|
-17000 | USD | |
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Depreciation Depletionand Amortization Excluding Intangible Assets
DepreciationDepletionandAmortizationExcludingIntangibleAssets
|
1200000 | USD | |
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400000 | USD |
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Depreciation Depletionand Amortization Excluding Intangible Assets
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Increase Decrease In Tenant Improvement Reimbursement
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|
898000 | USD | |
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Increase Decrease In Tenant Improvement Reimbursement
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|
89000 | USD | |
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|
779000 | USD |
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Lineof Creditand Term Loan Credit Agreement Current Netof Deferred Costs
LineofCreditandTermLoanCreditAgreementCurrentNetofDeferredCosts
|
2557000 | USD |
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Operatingand Capital Leasesand Purchase Commitments Future Minimum Payments Due
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|
23361000 | USD |
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Operatingand Capital Leasesand Purchase Commitments Future Minimum Payments Due Current
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|
1373000 | USD |
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Operatingand Capital Leasesand Purchase Commitments Future Minimum Payments Due In Four Years
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|
5021000 | USD |
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Operatingand Capital Leasesand Purchase Commitments Future Minimum Payments Due In Three Years
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|
5049000 | USD |
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Operatingand Capital Leasesand Purchase Commitments Future Minimum Payments Due In Two Years
OperatingandCapitalLeasesandPurchaseCommitmentsFutureMinimumPaymentsDueInTwoYears
|
5519000 | USD |
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Operatingand Capital Leasesand Purchase Commitments Future Minimum Payments Due Thereafter
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|
1307000 | USD |
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2017 | ||
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2017-09-30 | ||
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4523000 | USD |
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Accounts Payable And Accrued Liabilities Current
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Accounts Payable Current
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us-gaap |
Interest Expense
InterestExpense
|
878000 | USD | |
us-gaap |
Interest Paid
InterestPaid
|
73000 | USD | |
us-gaap |
Interest Paid
InterestPaid
|
691000 | USD | |
CY2016Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
17000 | USD |
CY2017Q3 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
43000 | USD |
CY2016Q4 | us-gaap |
Inventory Net
InventoryNet
|
3488000 | USD |
CY2017Q3 | us-gaap |
Inventory Net
InventoryNet
|
4049000 | USD |
CY2016Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
3214000 | USD |
CY2017Q3 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
3727000 | USD |
CY2016Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
257000 | USD |
CY2017Q3 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
279000 | USD |
us-gaap |
Inventory Write Down
InventoryWriteDown
|
98000 | USD | |
us-gaap |
Inventory Write Down
InventoryWriteDown
|
232000 | USD | |
CY2016Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
0 | USD |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
7000 | USD | |
CY2017Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
2000 | USD |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
6000 | USD | |
CY2016Q4 | us-gaap |
Liabilities
Liabilities
|
23890000 | USD |
CY2017Q3 | us-gaap |
Liabilities
Liabilities
|
23541000 | USD |
CY2016Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
48598000 | USD |
CY2017Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
40278000 | USD |
CY2016Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
12853000 | USD |
CY2017Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
14528000 | USD |
CY2016Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
9318000 | USD |
CY2017Q3 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
7400000 | USD |
CY2017Q3 | us-gaap |
Minimum Lease Payments Sale Leaseback Transactions Due In Rolling After Year Five
MinimumLeasePaymentsSaleLeasebackTransactionsDueInRollingAfterYearFive
|
5092000 | USD |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
6197000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
7297000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1314000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-792000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-10584000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-14017000 | USD | |
CY2016Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6675000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-13369000 | USD | |
CY2017Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5407000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-17573000 | USD | |
CY2016Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-8606000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-18960000 | USD | |
CY2017Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-5407000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-17573000 | USD | |
CY2016Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-295000 | USD |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-13000 | USD | |
CY2017Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-1376000 | USD |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-1398000 | USD | |
us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | segment | |
CY2016Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
10453000 | USD |
us-gaap |
Operating Expenses
OperatingExpenses
|
30500000 | USD | |
CY2017Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
11105000 | USD |
us-gaap |
Operating Expenses
OperatingExpenses
|
34784000 | USD | |
CY2016Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-6380000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-13356000 | USD | |
CY2017Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4031000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-16175000 | USD | |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
20378000 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
4546000 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
4475000 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
4473000 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
4806000 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
|
761000 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
1317000 | USD |
CY2016Q3 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
1200000 | USD |
us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
3600000 | USD | |
CY2017Q3 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
1500000 | USD |
us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
4100000 | USD | |
CY2016Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
1164000 | USD |
CY2017Q3 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
1366000 | USD |
CY2016Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
259000 | USD |
CY2017Q3 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
216000 | USD |
CY2016Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
32000 | USD |
CY2017Q3 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
0 | USD |
CY2016Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
0 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-10000 | USD | |
CY2017Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
5000 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
6000 | USD | |
us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
244000 | USD | |
us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
0 | USD | |
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
300000 | USD | |
us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
1314000 | USD | |
us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
792000 | USD | |
us-gaap |
Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
|
36000 | USD | |
us-gaap |
Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
|
486000 | USD | |
CY2016Q3 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
1931000 | USD |
us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
5591000 | USD | |
CY2017Q3 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
0 | USD |
us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
0 | USD | |
us-gaap |
Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
|
469000 | USD | |
us-gaap |
Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
|
7549000 | USD | |
us-gaap |
Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
|
8400000 | USD | |
us-gaap |
Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
|
0 | USD | |
CY2016Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
10968000 | USD |
CY2017Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
12246000 | USD |
CY2016Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3875000 | USD |
CY2017Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3967000 | USD |
CY2017Q3 | us-gaap |
Purchase Obligation
PurchaseObligation
|
2940000 | USD |
CY2017Q3 | us-gaap |
Purchase Obligation Due After Fifth Year
PurchaseObligationDueAfterFifthYear
|
546000 | USD |
CY2017Q3 | us-gaap |
Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
|
546000 | USD |
CY2017Q3 | us-gaap |
Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
|
546000 | USD |
CY2017Q3 | us-gaap |
Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
|
45000 | USD |
CY2017Q3 | us-gaap |
Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
|
681000 | USD |
CY2017Q3 | us-gaap |
Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
|
576000 | USD |
us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
28000 | USD | |
us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
252000 | USD | |
us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
2400000 | USD | |
us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
0 | USD | |
CY2016Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
3443000 | USD |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
11037000 | USD | |
CY2017Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
2919000 | USD |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
9357000 | USD | |
CY2016Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-343591000 | USD |
CY2017Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-361164000 | USD |
CY2016Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
10929000 | USD |
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
37860000 | USD | |
CY2017Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
14260000 | USD |
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
40574000 | USD | |
CY2016Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
7010000 | USD |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
19463000 | USD | |
CY2017Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
8186000 | USD |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
25427000 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1973000 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2053000 | USD | |
us-gaap |
Stock Issued1
StockIssued1
|
0 | USD | |
us-gaap |
Stock Issued1
StockIssued1
|
38389000 | USD | |
CY2016Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
24708000 | USD |
CY2017Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
16737000 | USD |
CY2016Q4 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
190000 | USD |
CY2017Q3 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
190000 | USD |
CY2016Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
22744000 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
22678000 | shares | |
CY2017Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
33667000 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
32783000 | shares | |
us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements included herein have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC).  The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) requires management to make estimates, judgments, and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary to state fairly the financial position and results of operations as of and for the periods indicated.  The results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, are not necessarily indicative of the results to be expected for the full year or for any other period. The </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;"> condensed consolidated balance sheet data was derived from the Company’s audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, as filed with the SEC on March 13, 2017 (Annual Report).</font></div></div> | ||
us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vericel Corporation, a Michigan corporation (the Company, Vericel, we, us or our), was incorporated in March 1989 and began employee-based operations in 1991. On May 30, 2014, Vericel completed the acquisition of certain assets and assumed certain liabilities of Sanofi, a French société anonyme (Sanofi), including all of the outstanding equity interests of Genzyme Biosurgery ApS (Genzyme Denmark or the Danish subsidiary) (now known as Vericel Denmark ApS), a wholly-owned subsidiary of Sanofi, and over </font><font style="font-family:inherit;font-size:10pt;">250</font><font style="font-family:inherit;font-size:10pt;"> patent applications of Sanofi and certain of its subsidiaries for purposes of acquiring the portion of the cell therapy and regenerative medicine business (the CTRM Business), which researches, develops, manufactures, markets and sells the Carticel</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;">, MACI</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;">, and Epicel</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> products. The Company is a fully integrated, commercial-stage biopharmaceutical company dedicated to the identification, development and commercialization of innovative therapies that enable the body to repair and regenerate damaged tissues and organs to restore normal structure and function. Vericel has marketed products and developmental stage product candidates, and the Company’s goal is to become the leader in cell therapy and regenerative medicine by developing, manufacturing and marketing best-in-class therapies for patients with significant unmet medical needs. </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates its business primarily in the U.S. in </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> reportable segment — the research, product development, manufacture and distribution of patient-specific, expanded cellular therapies for use in the treatment of specific diseases.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#222222;">The accompanying consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business.  As of </font><font style="font-family:inherit;font-size:10pt;color:#222222;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;color:#222222;">, the Company has an accumulated deficit of </font><font style="font-family:inherit;font-size:10pt;color:#222222;">$361.2 million</font><font style="font-family:inherit;font-size:10pt;color:#222222;"> and had a net loss of </font><font style="font-family:inherit;font-size:10pt;color:#222222;">$5.4 million</font><font style="font-family:inherit;font-size:10pt;color:#222222;"> during the quarter ended </font><font style="font-family:inherit;font-size:10pt;color:#222222;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;color:#222222;">.  The Company had cash of </font><font style="font-family:inherit;font-size:10pt;color:#222222;">$15.5 million</font><font style="font-family:inherit;font-size:10pt;color:#222222;"> as of </font><font style="font-family:inherit;font-size:10pt;color:#222222;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;color:#222222;">.  The Company expects that existing cash together with its </font><font style="font-family:inherit;font-size:10pt;">term loan and revolving line of credit agreement with Silicon Valley Bank (SVB) and MidCap Financial Services (MidCap) (the</font><font style="font-family:inherit;font-size:10pt;color:#222222;"> SVB-MidCap facility), will be sufficient to support the Company's </font><font style="font-family:inherit;font-size:10pt;">current operations through at least twelve months following the filing of this Form 10-Q</font><font style="font-family:inherit;font-size:10pt;color:#222222;">.  In connection with the SVB-MidCap facility, </font><font style="font-family:inherit;font-size:10pt;">the Company must remain in compliance with minimum monthly net revenue covenants (determined in accordance with U.S. GAAP), measured on a trailing twelve month basis. </font><font style="font-family:inherit;font-size:10pt;color:#222222;">SVB and MidCap also have the ability to call debt based on material adverse change clauses which are subjectively determinable and result in a </font><font style="font-family:inherit;font-size:10pt;">subjective acceleration clause. </font><font style="font-family:inherit;font-size:10pt;color:#222222;">If the Company's cash requirements exceed its current expectations, or if it is not in compliance with the monthly net revenue covenants or the subjective acceleration clauses are triggered under the SVB-MidCap facility, then SVB may call the debt resulting in the Company immediately needing additional funds.  As of </font><font style="font-family:inherit;font-size:10pt;color:#222222;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;color:#222222;">, the Company was in compliance with the minimum revenue covenant set forth in the Second Loan Modification Agreement between the Company, SVB and MidCap. The Company may seek additional funding through debt or equity financings including the at-the-market sales agreement in place with </font><font style="font-family:inherit;font-size:10pt;">Cowen and Company, LLC</font><font style="font-family:inherit;font-size:10pt;color:#222222;">.  However, the Company may not be able to obtain financing on acceptable terms or at all. The terms of any financing may adversely affect the holdings or the rights of the Company's shareholders.  If the Company needs additional funds and is unable to obtain funding on a timely basis, the Company may need to significantly curtail its operations including its research and development programs in an effort to provide sufficient funds to continue its operations, which could adversely affect its business prospects.</font></div></div> |