$VTAK
Catheter Precision, Inc.

2019 Q4 Form 10-Q Financial Statement

#000156459019044815 Filed on November 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q2 2018 Q4
Revenue $1.390M $2.153M $1.988M
YoY Change -30.08% 74.19%
Cost Of Revenue $1.750M $2.733M $1.200M
YoY Change 45.83% 176.06%
Gross Profit -$360.0K -$580.0K $788.0K
YoY Change -145.69% -335.77%
Gross Profit Margin -25.9% -26.94% 39.64%
Selling, General & Admin $8.642M $13.79M $14.81M
YoY Change -41.66% 81.08%
% of Gross Profit 1879.95%
Research & Development $838.0K $979.0K $1.244M
YoY Change -32.64% -4.21%
% of Gross Profit 157.87%
Depreciation & Amortization $374.0K $400.0K $236.0K
YoY Change 58.47% 300.0% 237.14%
% of Gross Profit 29.95%
Operating Expenses $9.480M $14.77M $16.06M
YoY Change -40.96% 70.99%
Operating Profit -$9.840M -$15.35M -$15.27M
YoY Change -35.56% 82.91%
Interest Expense $104.0K $66.00K $340.0K
YoY Change -69.41% 6500.0%
% of Operating Profit
Other Income/Expense, Net $231.0K
YoY Change -23200.0%
Pretax Income -$9.736M -$15.12M -$14.93M
YoY Change -34.79% 80.14%
Income Tax $7.000K $5.000K $7.000K
% Of Pretax Income
Net Earnings -$9.743M -$15.12M -$14.94M
YoY Change -34.77% 80.13%
Net Earnings / Revenue -700.94% -702.37% -751.36%
Basic Earnings Per Share
Diluted Earnings Per Share -$18.02M -$1.163M -$1.178M
COMMON SHARES
Basic Shares Outstanding 13.41M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.58M $48.39M $64.32M
YoY Change -52.46% 395.27%
Cash & Equivalents $14.58M $11.79M $64.32M
Short-Term Investments $15.99M $36.60M $0.00
Other Short-Term Assets $1.860M $1.302M $1.501M
YoY Change 23.92% 382.22%
Inventory $2.777M $2.344M $2.097M
Prepaid Expenses
Receivables $786.0K $1.454M $1.320M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $36.00M $53.49M $69.23M
YoY Change -48.0% 343.52% 589.43%
LONG-TERM ASSETS
Property, Plant & Equipment $5.050M $5.767M $4.757M
YoY Change 6.16% 155.18% 310.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $196.0K $217.0K $45.00K
YoY Change 335.56% -90.52% -33.82%
Total Long-Term Assets $8.081M $8.986M $4.802M
YoY Change 68.28% 97.49% 291.36%
TOTAL ASSETS
Total Short-Term Assets $36.00M $53.49M $69.23M
Total Long-Term Assets $8.081M $8.986M $4.802M
Total Assets $44.08M $62.47M $74.04M
YoY Change -40.46% 276.12% 556.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.532M $1.515M $1.125M
YoY Change 36.18% -37.91% 164.08%
Accrued Expenses $2.642M $2.074M $2.809M
YoY Change -5.95% 24.19% 766.98%
Deferred Revenue $2.029M $2.039M $1.723M
YoY Change 17.76% 0.53%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $293.0K $367.0K $293.0K
YoY Change 0.0% 817.5%
Total Short-Term Liabilities $6.814M $6.295M $5.950M
YoY Change 14.52% 5.8% 125.98%
LONG-TERM LIABILITIES
Long-Term Debt $265.0K $510.0K $557.0K
YoY Change -52.42%
Other Long-Term Liabilities $3.852M $3.774M $56.00K
YoY Change 6778.57% 328.86% -30.86%
Total Long-Term Liabilities $4.117M $4.284M $56.00K
YoY Change 7251.79% 386.82% -30.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.814M $6.295M $5.950M
Total Long-Term Liabilities $4.117M $4.284M $56.00K
Total Liabilities $10.93M $10.58M $7.330M
YoY Change 49.13% 54.89% -61.18%
SHAREHOLDERS EQUITY
Retained Earnings -$117.2M -$60.22M
YoY Change 94.55% 104.91%
Common Stock $150.3M $126.9M
YoY Change 18.4% 482.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.15M $51.90M $66.73M
YoY Change
Total Liabilities & Shareholders Equity $44.08M $62.47M $74.04M
YoY Change -40.46% 276.12% 556.98%

Cashflow Statement

Concept 2019 Q4 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$9.743M -$15.12M -$14.94M
YoY Change -34.77% 80.13%
Depreciation, Depletion And Amortization $374.0K $400.0K $236.0K
YoY Change 58.47% 300.0% 237.14%
Cash From Operating Activities -$9.572M -$6.803M -$8.399M
YoY Change 13.97% 92.18% 459.93%
INVESTING ACTIVITIES
Capital Expenditures -$48.00K -$31.00K -$158.0K
YoY Change -69.62% -76.15% -41.48%
Acquisitions
YoY Change
Other Investing Activities $10.00M -$36.46M $0.00
YoY Change
Cash From Investing Activities $9.952M -$36.49M -$158.0K
YoY Change -6398.73% 27970.77% -41.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -308.0K -47.00K 67.96M
YoY Change -100.45% -100.74% 650.91%
NET CHANGE
Cash From Operating Activities -9.572M -6.803M -8.399M
Cash From Investing Activities 9.952M -36.49M -158.0K
Cash From Financing Activities -308.0K -47.00K 67.96M
Net Change In Cash 72.00K -43.34M 59.40M
YoY Change -99.88% -1711.23% 715.93%
FREE CASH FLOW
Cash From Operating Activities -$9.572M -$6.803M -$8.399M
Capital Expenditures -$48.00K -$31.00K -$158.0K
Free Cash Flow -$9.524M -$6.772M -$8.241M
YoY Change 15.57% 98.59% 570.0%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">Use of estimates<font style="font-weight:normal;font-style:normal;">&#8212;The </font><font style="color:#000000;font-weight:normal;font-style:normal;">financial statements of the Company have been prepared by management in accordance with accounting principles generally accepted in the United States of America. </font><font style="font-weight:normal;font-style:normal;">The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and reported disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. The Company&#8217;s financial statements are based upon a number of estimates, including but not limited to, allowance for doubtful accounts, reserves for warranty costs including product recalls, evaluation of probable loss contingencies, fair value of stock option awards granted and revenue recognition for multiple performance obligations.</font></p>
CY2018Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2018Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000
CY2018 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
287000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
344000
CY2018 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
262000
CY2019Q2 us-gaap Product Warranty Expense
ProductWarrantyExpense
500000
us-gaap Product Warranty Expense
ProductWarrantyExpense
800000
us-gaap Product Warranty Expense
ProductWarrantyExpense
100000
CY2018Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000
rmed Operating Lease Number Of Leases
OperatingLeaseNumberOfLeases
2
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2800000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1200000
CY2019Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
600000
rmed Revenue Remaining Service Period To Recognize Deferred Revenue
RevenueRemainingServicePeriodToRecognizeDeferredRevenue
2024
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1333000
CY2019Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
88000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
88000
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
72000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
676000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7621000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6070000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1854000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1313000
CY2019Q2 us-gaap Depreciation
Depreciation
400000
CY2018Q2 us-gaap Depreciation
Depreciation
100000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
644000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1734000
CY2019Q2 rmed Accrued Services Current
AccruedServicesCurrent
911000
CY2018Q4 rmed Accrued Services Current
AccruedServicesCurrent
963000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
751000
CY2019Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.07
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2018Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
CY2019Q2 rmed Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
459000
CY2019Q2 rmed Lessee Operating Lease Liability Payments Due After Year Six
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearSix
1459000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4087000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1005000
us-gaap Revenues
Revenues
3901000
us-gaap Revenues
Revenues
2205000
CY2019Q2 us-gaap Cost Of Revenue
CostOfRevenue
2733000
CY2018Q2 us-gaap Cost Of Revenue
CostOfRevenue
990000
us-gaap Cost Of Revenue
CostOfRevenue
4675000
us-gaap Cost Of Revenue
CostOfRevenue
1726000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
250000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3082000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
500000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
514000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
528000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
432000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
445000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1918000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
4337000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6640000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4419000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13869000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4867000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y10M24D
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019Q2 us-gaap Revenues
Revenues
2153000
CY2018Q2 us-gaap Revenues
Revenues
1236000

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