2013 Q4 Form 10-Q Financial Statement

#000110465913086891 Filed on November 25, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $6.838M $5.594M $3.224M
YoY Change 53.42% 73.51%
Cost Of Revenue $3.470M $3.132M $1.984M
YoY Change 33.46% 57.86%
Gross Profit $3.370M $2.462M $1.240M
YoY Change 81.18% 98.55%
Gross Profit Margin 49.28% 44.01% 38.46%
Selling, General & Admin $7.260M $6.535M $4.450M
YoY Change 38.29% 46.85%
% of Gross Profit 215.43% 265.43% 358.87%
Research & Development $1.870M $2.028M $1.729M
YoY Change 8.72% 17.29%
% of Gross Profit 55.49% 82.37% 139.44%
Depreciation & Amortization $280.0K $290.0K $180.0K
YoY Change 55.56% 61.11%
% of Gross Profit 8.31% 11.78% 14.52%
Operating Expenses $9.130M $11.70M $8.163M
YoY Change 30.99% 43.27%
Operating Profit -$5.760M -$6.101M -$4.939M
YoY Change 12.72% 23.53%
Interest Expense -$100.0K $126.0K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$30.00K -$76.00K $1.000K
YoY Change -110.71% -7700.0%
Pretax Income -$5.890M -$6.300M -$4.940M
YoY Change 21.69% 27.53%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.892M -$6.303M -$4.938M
YoY Change 21.81% 27.64%
Net Earnings / Revenue -86.17% -112.67% -153.16%
Basic Earnings Per Share
Diluted Earnings Per Share -$281.4K -$301.0K -$238.8K
COMMON SHARES
Basic Shares Outstanding 21.04M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.20M $15.40M
YoY Change
Cash & Equivalents $71.22M $15.43M $3.441M
Short-Term Investments
Other Short-Term Assets $1.500M $2.900M
YoY Change
Inventory $2.567M $1.392M
Prepaid Expenses
Receivables $1.143M $714.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $76.41M $20.47M
YoY Change 366.44%
LONG-TERM ASSETS
Property, Plant & Equipment $2.952M $2.826M
YoY Change 20.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $153.0K $157.0K
YoY Change 25.41%
Total Long-Term Assets $3.223M $3.101M
YoY Change 19.99%
TOTAL ASSETS
Total Short-Term Assets $76.41M $20.47M
Total Long-Term Assets $3.223M $3.101M
Total Assets $79.63M $23.57M
YoY Change 317.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.294M $5.604M
YoY Change 180.4%
Accrued Expenses $7.594M $4.416M
YoY Change 88.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.39M $12.52M
YoY Change 71.15%
LONG-TERM LIABILITIES
Long-Term Debt $4.899M $4.863M
YoY Change
Other Long-Term Liabilities $2.900M $3.700M
YoY Change
Total Long-Term Liabilities $4.899M $4.863M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $15.39M $12.52M
Total Long-Term Liabilities $4.899M $4.863M
Total Liabilities $23.19M $21.12M
YoY Change 63.68%
SHAREHOLDERS EQUITY
Retained Earnings -$85.65M -$79.76M
YoY Change 42.58%
Common Stock $142.1M $3.182M
YoY Change 8791.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $56.44M -$76.58M
YoY Change
Total Liabilities & Shareholders Equity $79.63M $23.57M
YoY Change 317.63%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$5.892M -$6.303M -$4.938M
YoY Change 21.81% 27.64%
Depreciation, Depletion And Amortization $280.0K $290.0K $180.0K
YoY Change 55.56% 61.11%
Cash From Operating Activities -$3.300M -$5.240M -$5.270M
YoY Change -15.17% -0.57%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K -$120.0K -$270.0K
YoY Change -50.91% -55.56%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$270.0K -$120.0K -$270.0K
YoY Change -50.91% -55.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.36M 100.0K 0.000
YoY Change 295.73%
NET CHANGE
Cash From Operating Activities -3.300M -5.240M -5.270M
Cash From Investing Activities -270.0K -120.0K -270.0K
Cash From Financing Activities 59.36M 100.0K 0.000
Net Change In Cash 55.79M -5.260M -5.540M
YoY Change 428.31% -5.05%
FREE CASH FLOW
Cash From Operating Activities -$3.300M -$5.240M -$5.270M
Capital Expenditures -$270.0K -$120.0K -$270.0K
Free Cash Flow -$3.030M -$5.120M -$5.000M
YoY Change -9.28% 2.4%

Facts In Submission

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CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-76000 USD
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2146000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000 USD
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6303000 USD
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4938000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19688000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13812000 USD
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-6.59
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-7.49
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-22.87
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-21.40
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
955890 shares
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
659129 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
860957 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
645306 shares
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
526000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1875000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1761000 USD
vcyt Share Based Compensation Non Bonus Related
ShareBasedCompensationNonBonusRelated
851000 USD
vcyt Share Based Compensation Non Bonus Related
ShareBasedCompensationNonBonusRelated
458000 USD
vcyt Share Based Compensation Bonus Related
ShareBasedCompensationBonusRelated
203000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
28000 USD
us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
-2070000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
329000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
482000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
342000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
488000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2183000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
287000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-32000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
58000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3813000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
747000 USD
vcyt Increase Decrease In Accrued Liabilities And Deferred Rent
IncreaseDecreaseInAccruedLiabilitiesAndDeferredRent
763000 USD
vcyt Increase Decrease In Accrued Liabilities And Deferred Rent
IncreaseDecreaseInAccruedLiabilitiesAndDeferredRent
1531000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
10000000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-15861000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3279000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1061000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
912000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-50000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1011000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-912000 USD
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
12945000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
474000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
66000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
18296000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
66000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
1424000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-4125000 USD
CY2012Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3441000 USD
vcyt Preferred Stock Warrants Issued
PreferredStockWarrantsIssued
175000 USD
CY2013Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
5000000 USD
CY2013Q1 vcyt Income Taxes Period For Which Research Tax Credit Extended For Qualified Research Expenditures Incurred Through End Of Specified Period
IncomeTaxesPeriodForWhichResearchTaxCreditExtendedForQualifiedResearchExpendituresIncurredThroughEndOfSpecifiedPeriod
P2Y
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17377692 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13466803 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 item
us-gaap Interest Expense Debt
InterestExpenseDebt
21000 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
77000 USD
CY2013Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
700000 USD
CY2013Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 USD

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