2021 Q1 Form 10-Q Financial Statement

#000138410121000082 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $36.70M $31.12M
YoY Change 17.93% 5.39%
Cost Of Revenue $12.40M $12.24M
YoY Change 1.31% 43.78%
Gross Profit $24.30M $18.88M
YoY Change 28.71% -10.16%
Gross Profit Margin 66.21% 60.66%
Selling, General & Admin $62.58M $25.40M
YoY Change 146.4% 31.04%
% of Gross Profit 257.52% 134.52%
Research & Development $5.336M $4.407M
YoY Change 21.08% 28.3%
% of Gross Profit 21.96% 23.34%
Depreciation & Amortization $2.550M $1.972M
YoY Change 29.31% 108.68%
% of Gross Profit 10.49% 10.44%
Operating Expenses $67.91M $29.80M
YoY Change 127.87% 30.63%
Operating Profit -$45.42M -$12.20M
YoY Change 272.25% 490.23%
Interest Expense $53.00K $55.00K
YoY Change -3.64% -81.85%
% of Operating Profit
Other Income/Expense, Net -$248.0K $539.0K
YoY Change -146.01% 18.98%
Pretax Income -$45.66M -$11.72M
YoY Change 289.75% 510.21%
Income Tax -$3.800M $0.00
% Of Pretax Income
Net Earnings -$41.87M -$11.72M
YoY Change 257.36% 511.16%
Net Earnings / Revenue -114.07% -37.65%
Basic Earnings Per Share -$0.66
Diluted Earnings Per Share -$0.66 -$235.4K
COMMON SHARES
Basic Shares Outstanding 63.33M shares 49.74M shares
Diluted Shares Outstanding 63.33M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $324.1M $153.1M
YoY Change 111.69% 125.81%
Cash & Equivalents $324.1M $153.1M
Short-Term Investments
Other Short-Term Assets $3.800M $3.000M
YoY Change 26.67% 25.0%
Inventory $6.308M $6.094M
Prepaid Expenses
Receivables $27.88M $19.09M
Other Receivables $0.00 $0.00
Total Short-Term Assets $362.1M $181.4M
YoY Change 99.65% 100.14%
LONG-TERM ASSETS
Property, Plant & Equipment $10.56M $8.788M
YoY Change 20.19% 8.31%
Goodwill $474.8M $2.725M
YoY Change 17325.25% 157.81%
Intangibles $159.4M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.286M $1.302M
YoY Change 75.58% 24.12%
Total Long-Term Assets $663.0M $85.74M
YoY Change 673.34% 160.44%
TOTAL ASSETS
Total Short-Term Assets $362.1M $181.4M
Total Long-Term Assets $663.0M $85.74M
Total Assets $1.025B $267.1M
YoY Change 283.8% 116.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.137M $7.665M
YoY Change -6.89% 88.61%
Accrued Expenses $16.25M $10.08M
YoY Change 61.27% 14.69%
Deferred Revenue $454.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.71M $19.19M
YoY Change 70.41% 33.95%
LONG-TERM LIABILITIES
Long-Term Debt $863.0K $748.0K
YoY Change 15.37% -94.18%
Other Long-Term Liabilities $16.60M $16.70M
YoY Change -0.6% 32.54%
Total Long-Term Liabilities $863.0K $748.0K
YoY Change 15.37% -94.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.71M $19.19M
Total Long-Term Liabilities $863.0K $748.0K
Total Liabilities $50.91M $36.68M
YoY Change 38.79% -7.76%
SHAREHOLDERS EQUITY
Retained Earnings -$323.5M -$258.4M
YoY Change 25.18% 9.49%
Common Stock $1.298B $488.8M
YoY Change 165.47% 52.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $974.2M $230.4M
YoY Change
Total Liabilities & Shareholders Equity $1.025B $267.1M
YoY Change 283.8% 116.21%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$41.87M -$11.72M
YoY Change 257.36% 511.16%
Depreciation, Depletion And Amortization $2.550M $1.972M
YoY Change 29.31% 108.68%
Cash From Operating Activities -$40.56M -$5.301M
YoY Change 665.16% 424.33%
INVESTING ACTIVITIES
Capital Expenditures $1.196M $665.0K
YoY Change 79.85% -13.07%
Acquisitions $574.4M $0.00
YoY Change
Other Investing Activities -$574.4M $0.00
YoY Change -100.0%
Cash From Investing Activities -$575.6M -$665.0K
YoY Change 86457.44% -11.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $0.00
YoY Change -100.0%
Cash From Financing Activities $591.0M -$219.0K
YoY Change -269968.49% -97.39%
NET CHANGE
Cash From Operating Activities -$40.56M -$5.301M
Cash From Investing Activities -$575.6M -$665.0K
Cash From Financing Activities $591.0M -$219.0K
Net Change In Cash -$25.16M -$6.185M
YoY Change 306.73% -39.09%
FREE CASH FLOW
Cash From Operating Activities -$40.56M -$5.301M
Capital Expenditures $1.196M $665.0K
Free Cash Flow -$41.76M -$5.966M
YoY Change 599.92% 235.92%

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CY2020Q1 vcyt Increase Decrease In Accrued Liabilities And Deferred Revenue
IncreaseDecreaseInAccruedLiabilitiesAndDeferredRevenue
-3650000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-40561000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5301000 USD
CY2021Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
574411000 USD
CY2020Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1196000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
665000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-575607000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-665000 USD
CY2021Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
593821000 USD
CY2020Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
6774000 USD
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2304000 USD
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3965000 USD
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2085000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
591012000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-219000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-25156000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6185000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
349967000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
159920000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
324811000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153735000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
357000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
113000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
0 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
1000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
324062000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
349364000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
749000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
603000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
324811000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
349967000 USD
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Items subject to such estimates include: revenue recognition; write-down of supplies; the useful lives of property and equipment; the recoverability of long-lived assets; the incremental borrowing rate for leases; accounting for acquisitions; the estimation of the fair value of intangible assets and contingent consideration; variable interest entity assessment; impairment of equity investment, at cost; stock options; income tax uncertainties, including a valuation allowance for deferred tax assets; reserve on accounts receivable and contingencies. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses that are not readily apparent from other sources. Actual results could differ from those estimates and assumptions.</span></div>
CY2021Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
8547297 shares
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
593800000 USD
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
38700000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
749000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
603000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10496000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
2725000 USD
CY2021Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
472113000 USD
CY2021Q1 us-gaap Goodwill
Goodwill
474838000 USD
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4847191 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5716509 shares
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
164420000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12297000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
152123000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
70420000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
59924000 USD
CY2021Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P11Y7M6D
CY2021Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7300000 USD
CY2021Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7300000 USD
CY2021Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
171720000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12297000 USD
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
159423000 USD
CY2020Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
70420000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10496000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
59924000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1300000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
11129000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
14837000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6040000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
14837000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
14797000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
14351000 USD
CY2021Q1 vcyt Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
82172000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
152123000 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10214000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9201000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2504000 USD
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
16254000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11705000 USD
CY2021Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-3500000 USD
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.067
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2760000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3770000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3880000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3991000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4103000 USD
CY2021Q1 vcyt Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
1661000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
20165000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3251000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
16914000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2878000 USD
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14036000 USD
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000 USD
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
600000 USD
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9500287 shares
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
600000 USD
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11339969 shares

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