2022 Q1 Form 10-Q Financial Statement

#000181833122000046 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $53.94M $64.20M
YoY Change -15.98% 37.61%
Cost Of Revenue $48.32M $68.52M
YoY Change -29.49% 84.51%
Gross Profit $5.625M -$4.323M
YoY Change -230.12% -145.42%
Gross Profit Margin 10.43% -6.73%
Selling, General & Admin $72.33M $137.4M
YoY Change -47.36% 554.37%
% of Gross Profit 1285.88%
Research & Development $21.32M $53.13M
YoY Change -59.88% 305.72%
% of Gross Profit 378.93%
Depreciation & Amortization $5.803M $4.902M
YoY Change 18.38% 104.25%
% of Gross Profit 103.16%
Operating Expenses $93.65M $190.5M
YoY Change -50.85% 458.86%
Operating Profit -$89.31M -$196.7M
YoY Change -54.59% 634.56%
Interest Expense $808.0K $723.0K
YoY Change 11.76% -401.25%
% of Operating Profit
Other Income/Expense, Net $12.41M $4.882M
YoY Change 154.18% -2339.45%
Pretax Income -$76.90M -$191.8M
YoY Change -59.9% 610.54%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$76.90M -$191.8M
YoY Change -59.9% 610.54%
Net Earnings / Revenue -142.56% -298.71%
Basic Earnings Per Share -$0.31 -$348.80
Diluted Earnings Per Share -$0.31 -$348.80
COMMON SHARES
Basic Shares Outstanding 244.4M shares 549.8K shares
Diluted Shares Outstanding 244.4M shares 549.8K shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $315.0M $58.65M
YoY Change 437.07%
Cash & Equivalents $315.0M $58.65M
Short-Term Investments
Other Short-Term Assets $4.096M $15.07M
YoY Change -72.82%
Inventory $36.32M $32.97M
Prepaid Expenses $17.24M $14.93M
Receivables $37.64M $33.34M
Other Receivables $125.0K $349.0K
Total Short-Term Assets $410.4M $140.2M
YoY Change 192.66%
LONG-TERM ASSETS
Property, Plant & Equipment $99.39M $64.63M
YoY Change 53.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.953M $3.596M
YoY Change 93.35%
Total Long-Term Assets $107.2M $79.06M
YoY Change 35.66%
TOTAL ASSETS
Total Short-Term Assets $410.4M $140.2M
Total Long-Term Assets $107.2M $79.06M
Total Assets $517.7M $219.3M
YoY Change 136.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.88M $42.10M
YoY Change 63.6%
Accrued Expenses $2.458M
YoY Change
Deferred Revenue $100.0K $2.810M
YoY Change -96.44%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.377M
YoY Change -100.0%
Total Short-Term Liabilities $100.6M $68.70M
YoY Change 46.49%
LONG-TERM LIABILITIES
Long-Term Debt $11.00M $18.50M
YoY Change -40.55%
Other Long-Term Liabilities $500.0K $22.53M
YoY Change -97.78%
Total Long-Term Liabilities $11.50M $41.03M
YoY Change -71.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.6M $68.70M
Total Long-Term Liabilities $11.50M $41.03M
Total Liabilities $188.2M $406.7M
YoY Change -53.72%
SHAREHOLDERS EQUITY
Retained Earnings -$652.3M -$521.8M
YoY Change 25.01%
Common Stock $24.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $329.4M -$521.8M
YoY Change
Total Liabilities & Shareholders Equity $517.7M $219.3M
YoY Change 136.06%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$76.90M -$191.8M
YoY Change -59.9% 610.54%
Depreciation, Depletion And Amortization $5.803M $4.902M
YoY Change 18.38% 104.25%
Cash From Operating Activities -$81.49M -$42.21M
YoY Change 93.08% 86.68%
INVESTING ACTIVITIES
Capital Expenditures $1.378M $2.075M
YoY Change -33.59% -61.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.913M -$4.994M
YoY Change -21.65% -6.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $394.0K
YoY Change -100.0%
Cash From Financing Activities -$160.0K -$2.278M
YoY Change -92.98% -148.88%
NET CHANGE
Cash From Operating Activities -$81.49M -$42.21M
Cash From Investing Activities -$3.913M -$4.994M
Cash From Financing Activities -$160.0K -$2.278M
Net Change In Cash -$85.57M -$49.48M
YoY Change 72.93% 112.63%
FREE CASH FLOW
Cash From Operating Activities -$81.49M -$42.21M
Capital Expenditures $1.378M $2.075M
Free Cash Flow -$82.87M -$44.28M
YoY Change 87.14% 58.55%

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1052000 USD
CY2022Q1 us-gaap Repayments Of Long Term Debt
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0 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt
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394000 USD
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
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702000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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315902000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69480000 USD
CY2022Q1 us-gaap Interest Paid Net
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CY2021Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Income Taxes Paid
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168000 USD
CY2021Q1 us-gaap Income Taxes Paid
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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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1325000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1164000 USD
CY2022Q1 cmlf Software Development Costs Incurred But Not Yet Paid
SoftwareDevelopmentCostsIncurredButNotYetPaid
717000 USD
CY2021Q1 cmlf Software Development Costs Incurred But Not Yet Paid
SoftwareDevelopmentCostsIncurredButNotYetPaid
1570000 USD
CY2022Q1 cmlf Deferred Transaction Costs Incurred But Not Yet Paid
DeferredTransactionCostsIncurredButNotYetPaid
227000 USD
CY2021Q1 cmlf Deferred Transaction Costs Incurred But Not Yet Paid
DeferredTransactionCostsIncurredButNotYetPaid
4228000 USD
CY2022Q1 us-gaap Nature Of Operations
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Organization and Description of Business <div style="margin-top:10pt;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%">Sema4 Holdings Corp. (“Sema4 Holdings”) through its subsidiary Sema4 OpCo, Inc.,, formerly Mount Sinai Genomics Inc., a Delaware corporation (“Legacy Sema4”), as discussed further below, provides genomics-related diagnostic and information services and pursues genomics medical research. Legacy Sema4 utilizes an integrated portfolio of laboratory processes, software tools and informatics capabilities to process DNA-containing samples, analyze information about patient-specific genetic variation and generate test reports for clinicians and their patients. Legacy Sema4 provides a variety of genetic diagnostic tests and information with a focus on reproductive health, including pediatric, oncology and other conditions. Legacy Sema4 primarily serves healthcare professionals who work with their patients and bills third-party payors across the United States, with a substantial portion of its diagnostic testing volume occurring in New York, California, Florida, Connecticut and New Jersey. </span></div><div style="margin-top:10pt;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%">On July 22, 2021 (the “Closing Date”), CM Life Sciences, Inc. (“CMLS”) completed the acquisition of Legacy Sema4, pursuant to that certain Agreement and Plan of Merger (as amended, the “Prior Merger Agreement”), dated February 9, 2021. On the Closing Date, S-IV Sub, Inc. (“Prior Merger Sub”) merged with and into the Legacy Sema4, with Legacy Sema4 surviving the merger as a wholly-owned subsidiary of CMLS (the “Prior Merger” and, together with the other transactions contemplated by the Prior Merger Agreement, the “Business Combination”). In connection with the consummation of the Business Combination, CMLS changed its name to “Sema4 Holdings Corp.” and Legacy Sema4 changed its name to “Sema4 OpCo, Inc.” All equity securities of Legacy Sema4 were converted into the right to receive the applicable portion of the merger consideration.</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Prior Merger was accounted for as a reverse recapitalization with Legacy Sema4 as the accounting acquirer and CMLS as the acquired company for accounting purposes. The shares and net loss per common share, prior to the Prior Merger, have been retroactively restated as shares reflecting the exchange ratio established in the Prior Merger (1 share of Legacy Sema4 Class A common stock for 123.8339 shares of Sema4 Holdings Class A common stock (the “Class A common stock”)) (the “Conversion Ratio”).</span></div><div style="margin-top:10pt;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%">Prior to the Prior Merger, shares of CMLS Class A common stock, CMLS’s public warrants, and CMLS’s public units were traded on the Nasdaq Capital Market under the ticker symbols “CMLF”, “CMFLW”, and “CMLFU” respectively. On July 23, 2021, shares of Sema4 Holdings Class A common stock and Sema4 Holdings’ public warrants began trading on the Nasdaq Global Select Market (the “Nasdaq”) under the ticker symbols “SMFR” and “SMFRW,” respectively. See Note 3, “Business Combination,” for additional details.</span></div><div style="margin-top:10pt;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%">Unless otherwise stated herein or unless the context otherwise requires, references in these notes to the “Company,” or “Sema4” refer to (i) Legacy Sema4 prior to the consummation of the Business Combination; and (ii) Sema4 Holdings and its subsidiaries following the consummation of the Business Combination.</span></div>
CY2022Q1 us-gaap Number Of Reportable Segments
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CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-top:10pt"><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="margin-top:10pt;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 condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the unaudited condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. The Company bases these estimates on current facts, historical and anticipated results, trends and various other assumptions that it believes are reasonable in the circumstances, including assumptions as to future events. These estimates include, but are not limited to, the transaction price for certain contracts with customers, the capitalization of software costs and the valuation of stock-based awards, inventory, earn-out contingent liability and earn-out Restricted Stock Units (“RSUs”). Actual results could differ materially from those estimates, judgments and assumptions.</span></div>
CY2022Q1 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk and Other Risks and Uncertainties </span></div><div style="margin-top:10pt;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%">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.</span></div><div style="margin-top:10pt;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 Company’s cash and cash equivalents are deposited with high-quality financial institutions. The Company has balances in financial institutions that exceed federal depository insurance limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Company has not experienced any losses on its deposits of cash and cash equivalents. </span></div><div style="margin-top:10pt;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 Company assesses both the self-pay patient and, if applicable, the third-party payor that reimburses the Company on the patient’s behalf when evaluating the concentration of credit risk. Significant customers and payors are those that represent more than 10% of the Company’s total revenues for the period or accounts receivable balance at each respective balance sheet date. The significant concentrations of accounts receivable as of March 31, 2022 and December 31, 2021 were primarily from large managed care insurance companies and a reference laboratory. There was no individual patient that accounted for 10% or more of the Company’s revenue or accounts receivable for any of the periods presented. The Company does not require collateral as a means to mitigate customer credit risk.</span></div>
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3600000 USD
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82028603 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
201143931 shares

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ceocertificationfor-ex311x.htm Edgar Link pending
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