QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered | ||
Large Accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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PART I |
FINANCIAL INFORMATION |
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Item 1 |
Financial Statements (unaudited) |
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3 |
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4 |
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5 |
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6 |
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8 |
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Item 2 |
28 |
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Item 3 |
39 |
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Item 4 |
39 |
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PART II |
40 |
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Item 1A |
40 |
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Item 6 |
41 |
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42 |
(Unaudited) |
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September 30, |
December 31, |
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2021 |
2020 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Trade accounts receivable, net of allowance for doubtful accounts of $ |
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Inventory, net |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net of accumulated depreciation of $ |
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Operating lease assets |
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Other assets |
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Intangible assets, net of accumulated amortization of $ |
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Goodwill |
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Total assets |
$ | $ | ||||||
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued and other expenses |
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Lease payable — current portion |
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Deferred revenue |
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Total current liabilities |
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Lease payable, long-term portion |
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Notes payable, long-term portion |
— | |||||||
Deferred revenue, long-term portion |
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Deferred tax |
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Total liabilities |
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Commitments and Contingencies |
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Stockholders’ equity: |
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Preferred stock, $ |
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Common stock, $ |
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Outstanding September 30, 2021 and |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Treasury stock at cost, |
( |
) | ( |
) | ||||
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
$ | $ | ||||||
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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2021 |
2020 |
2021 |
2020 |
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Revenue: |
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Products |
$ | $ | $ | $ | ||||||||||||
Service and supplies |
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Total revenue |
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Cost of revenue: |
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Products |
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Service and supplies |
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Amortization and depreciation |
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Total cost of revenue |
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Gross profit |
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Operating expenses: |
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Engineering and product development |
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Marketing and sales |
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General and administrative |
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Amortization and depreciation |
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Total operating expenses |
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Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ||||||||||
Other income |
||||||||||||||||
Loss on extinguishment of debt |
— | ( |
) | ( |
) | |||||||||||
Loss on fair value of convertible debentures |
— | — | — | ( |
) | |||||||||||
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Other income (expense), net |
( |
) | ( |
) | ( |
) | ||||||||||
Loss before income tax expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Tax expense |
— | ( |
) | — | ( |
) | ||||||||||
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Net loss and comprehensive loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Net loss per share: |
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Basic |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Weighted average number of shares used in computing loss per share: |
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Basic |
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Diluted |
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For the Nine Months ended September 30, |
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2021 |
2020 |
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(in thousands) |
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Cash flow from operating activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used for operating activities: |
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Amortization |
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Depreciation |
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Bad debt provision |
( |
) | ||||||
Stock-based compensation |
||||||||
Amortization of debt discount and debt costs |
||||||||
Loss on extinguishment of debt |
||||||||
Deferred tax expense |
— | |||||||
Change in fair value of convertible debentures |
— | |||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
( |
) | ||||||
Inventory |
( |
) | ( |
) | ||||
Prepaid and other assets |
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Accounts payable |
( |
) | ||||||
Accrued expenses |
( |
) | ( |
) | ||||
Deferred revenue |
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Total adjustments |
( |
) | ||||||
Net cash used for operating activities |
( |
) | ( |
) | ||||
Cash flow from investing activities: |
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Additions to patents, technology and other |
( |
) | ( |
) | ||||
Additions to property and equipment |
( |
) | ( |
) | ||||
Net cash used for investing activities |
( |
) | ( |
) | ||||
Cash flow from financing activities: |
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Issuance of common stock pursuant to stock option plans |
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Issuance of common stock pursuant to Employee Stock Purchase Plan |
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Proceeds from issuance of common stock, net |
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Taxes paid related to restricted stock issuance |
( |
) |
( |
) | ||||
Principal payments of capital lease obligations |
— | ( |
) | |||||
Repayment of debt financing |
( |
) | ||||||
Repayment on line of credit |
— | ( |
) | |||||
Proceeds from notes payable |
— | |||||||
Debt issuance costs |
— | |||||||
Net cash provided by financing activities |
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Increase in cash and equivalents |
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Cash and cash equivalents, beginning of period |
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Cash and cash equivalents, end of period |
$ | $ | ||||||
Supplemental disclosure of cash flow information: |
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Interest paid |
$ | $ | ||||||
Taxes paid |
$ | — | $ | |||||
Issuance of common stock upon conversion of debentures |
— | |||||||
Right-of-use |
$ | — | $ | |||||
Common Stock |
Additional Paid-in Capital |
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Number of Shares Issued |
Par Value |
Accumulated Deficit |
Treasury Stock |
Stockholders’ Equity |
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Balance at December 31, 2020 |
( |
) | ( |
$ | ||||||||||||||||||||
Issuance of common stock relative to vesting of restricted stock |
( |
) | — | — | ( |
) | ||||||||||||||||||
Issuance of common stock, net |
— | — | ||||||||||||||||||||||
Issuance of common stock pursuant to stock option plans |
— | — | ||||||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan |
— | — | — | |||||||||||||||||||||
Stock-based compensation |
— | — | — | — | ||||||||||||||||||||
Net loss |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
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Balance at September 30, 2021 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
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|
Common Stock |
Additional Paid-in Capital |
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Number of Shares Issued |
Par Value |
Accumulated Deficit |
Treasury Stock |
Stockholders’ Equity |
||||||||||||||||||||
Balance at June 30, 2021 |
( |
) | ( |
) | $ | |||||||||||||||||||
Issuance of common stock relative to vesting of restricted stock |
( |
) | — | — | ( |
) | ||||||||||||||||||
Issuance of common stock, net |
— | — | ||||||||||||||||||||||
Issuance of common stock pursuant to stock option plans |
— | — | — | — | — | — | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan |
— | — | — | |||||||||||||||||||||
Stock-based compensation |
— | — | — | — | ||||||||||||||||||||
Net loss |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
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Balance at September 30, 2021 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
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Common Stock |
Additional Paid-in Capital |
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Number of Shares Issued |
Par Value |
Accumulated Deficit |
Treasury Stock |
Stockholders’ Equity |
||||||||||||||||||||
Balance at December 31, 2019 |
$ | $ | $ | ( |
) | $ | ( |
$ | ||||||||||||||||
Issuance of common stock relative to vesting of restricted stock, net |
— | ( |
) | — | — | ( |
) | |||||||||||||||||
Issuance of common stock pursuant to stock option plans |
— | — | ||||||||||||||||||||||
Stock Issuance Net |
— | — | ||||||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan |
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Issuance of stock upon conversion of Debentures |
— | — | ||||||||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||
Net loss |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
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Balance at September 30, 2020 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
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Common Stock |
Additional Paid-in Capital |
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Number of Shares Issued |
Par Value |
Accumulated Deficit |
Treasury Stock |
Stockholders’ Equity |
||||||||||||||||||||
Balance at June 30, 2020 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
Issuance of common stock relative to vesting of restricted stock |
— | ( |
) | — | — | ( |
) | |||||||||||||||||
Issuance of common stock pursuant to stock option plans |
— | — | — | |||||||||||||||||||||
Stock Issuance Net |
— | — | — | — | — | — | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan |
— | — | — | |||||||||||||||||||||
Issuance of stock upon conversion of Debentures |
— | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation |
— | — | — | — | ||||||||||||||||||||
Net loss |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
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Balance at September 30, 2020 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
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Three months ended September 30, 2021 |
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Reportable Segments |
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Detection |
Therapy |
Total |
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Major Goods/Service Lines |
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Products |
$ | $ | $ | |||||||||
Service contracts |
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Supply and source usage agreements |
— | |||||||||||
Professional services |
— | |||||||||||
Other |
— | — | — | |||||||||
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$ | $ | $ | ||||||||||
Timing of Revenue Recognition |
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Goods transferred at a point in time |
$ | $ | $ | |||||||||
Services transferred over time |
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$ | $ | $ | ||||||||||
Sales Channels |
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Direct sales force |
$ | $ | $ | |||||||||
OEM partners |
— | |||||||||||
Channel partners |
— | |||||||||||
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$ | $ | $ | ||||||||||
Nine months ended September 30, 2021 |
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Reportable Segments |
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Detection |
Therapy |
Total |
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Major Goods/Service Lines |
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Products |
$ | $ | $ | |||||||||
Service contracts |
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Supply and source usage agreements |
— | |||||||||||
Professional services |
— | |||||||||||
Other |
— | — | — | |||||||||
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$ | $ | $ | ||||||||||
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Timing of Revenue Recognition |
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Goods transferred at a point in time |
$ | $ | $ | |||||||||
Services transferred over time |
$ | |||||||||||
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$ | $ | $ | ||||||||||
Sales Channels |
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Direct sales force |
$ | $ | $ | |||||||||
OEM partners |
— | |||||||||||
Channel partners |
— | |||||||||||
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$ | $ | $ |
Three months ended September 30, 2020 |
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Reportable Segments |
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Detection |
Therapy |
Total |
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Major Goods/Service Lines |
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Products |
$ | $ | $ | |||||||||
Service contracts |
||||||||||||
Supply and source usage agreements |
— | |||||||||||
Professional services |
— | |||||||||||
Other |
— | |||||||||||
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$ | $ | $ | ||||||||||
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Timing of Revenue Recognition |
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Goods transferred at a point in time |
$ | $ | $ | |||||||||
Services transferred over time |
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$ | $ | $ | ||||||||||
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Sales Channels |
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Direct sales force |
$ | $ | $ |
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OEM partners |
— | |||||||||||
Channel partners |
— | |||||||||||
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$ | $ | $ | ||||||||||
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Nine months ended September 30, 2020 |
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Reportable Segments |
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Detection |
Therapy |
Total |
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Major Goods/Service Lines |
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Products |
$ | $ | $ | |||||||||
Service contracts |
||||||||||||
Supply and source usage agreements |
— | |||||||||||
Professional services |
— | |||||||||||
Other |
— | |||||||||||
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$ | $ | $ | ||||||||||
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Timing of Revenue Recognition |
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Goods transferred at a point in time |
$ | $ | $ | |||||||||
Services transferred over time |
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$ | $ | $ | ||||||||||
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Sales Channels |
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Direct sales force |
$ | $ | $ | |||||||||
OEM partners |
— | |||||||||||
Channel partners |
— | |||||||||||
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$ | $ | $ | ||||||||||
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Contract balances |
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Balance at |
Balance at |
|||||||
September 30, 2021 |
December 31, 2020 |
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Receivables, which are included in ‘Trade accounts receivable’ |
$ | |
$ | |
||||
Current other assets” |
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Non-current contract assets, which are included in “other assets” |
||||||||
Contract liabilities, which are included in “Deferred revenue” |
Contract liabilities |
September 30, 2021 |
December 31, 2020 |
||||||
Short term |
$ | |
$ | |
||||
Long term |
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Total |
$ | $ | ||||||
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Nine Months Ended September 30, 2021 |
||||
Balance at beginning of period |
$ | |||
Deferral of revenue |
||||
Recognition of deferred revenue |
( |
) | ||
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|
|||
Balance at end of period |
$ | |||
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Three Months Ended |
Nine Months Ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
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Shares used in the calculation of basic and diluted net loss per share |
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Diluted shares used in the calculation of net loss per share |
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Net loss per share—basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
As of September 30, |
||||||||
2021 |
2020 |
|||||||
Stock options |
||||||||
Restricted stock |
||||||||
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|||||
Total |
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September 30, 2021 |
December 31, 2020 |
|||||||
Raw materials |
$ |
$ |
||||||
Work in process |
||||||||
Finished Goods |
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|||||
Inventory Gross |
||||||||
Inventory Reserve |
( |
) |
( |
) | ||||
|
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Inventory Net |
$ |
$ |
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Input |
December 31, 2019 |
February 21, 2020 |
||||||
Company’s stock price |
$ | $ | ||||||
Conversion price |
||||||||
Remaining term (years) |
||||||||
Equity volatility |
% | N/A | ||||||
Risk free rate |
% | N/A | ||||||
Probability of default event 1 |
% | N/A | ||||||
Utilization of Forced Conversion (if available) 1 |
% | % | ||||||
Exercise of Default Redemption (if available) 1 |
% | N/A | ||||||
Effective discount rate 1 |
% | N/A |
1 |
Represents a Level 3 unobservable input, as defined in Note 8—Fair Value Measurements, below. |
Convertible Debentures |
December 31, 2019 |
February 21, 2020 |
||||||
Fair value, in accordance with fair value option |
$ | $ | ||||||
|
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|
|||||
Principal value outstanding |
$ | $ | ||||||
|
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|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Cash interest expense |
$ | |
$ | $ | |
$ | |
|||||||||
Interest on convertible debentures |
— | — | — | |||||||||||||
Accrual of notes payable final payment |
— | — | ||||||||||||||
Amortization of debt costs |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest expense |
$ | $ | |
$ | $ | |||||||||||
|
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|
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|
|
|
Lease Cost |
Classification |
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
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Operating lease cost—Right of Use Asset |
Operating expenses |
$ | |
$ | |
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Operating lease cost—Variable |
Operating expenses |
$ | ||||||||
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Total |
$ | $ | ||||||||
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|
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
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Cash paid from operating cash flows for operating leases |
$ |
$ |
As of September 30, 2021 |
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Weighted-average remaining lease term of operating leases (in years) |
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Weighted-average discount rate for operating leases |
% |
As of September 30, 2021: |
Operating Leases |
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2021 |
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2022 |
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2023 |
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2024 |
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Total lease payments |
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Less: imputed interest |
( |
) | ||
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Total lease liabilities |
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Less: current portion of lease liabilities |
( |
) | ||
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Long-term lease liabilities |
$ |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
2020 |
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Average risk-free interest rate |
% | |
% | |
% | % | ||||||
Expected dividend yield |
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Expected life |
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Expected volatility |
% | |
% |
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% | % | ||||||
Weighted average exercise price |
$ |
|
$ |
|
$ |
$ |
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Weighted average fair value |
$ |
|
$ |
|
$ |
$ |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2021 |
2020 |
2021 |
2020 |
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Cost of revenue |
$ | $ | $ | $ | ||||||||||||
Engineering and product development |
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Marketing and sales |
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General and administrative |
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$ | |
$ | |
$ | |
$ | |
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|
Remaining expense |
$ | |||
Weighted average term |
As of September 30, |
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Aggregate intrinsic value |
2021 |
2020 |
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Stock options |
$ | |
$ | |
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Restricted stock |
• |
Level 1 - Quoted prices in active markets for identical assets or liabilities. |
• |
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
• |
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value. |
Fair Value Measurements as of December 31, 2020 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets |
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Money market accounts |
$ | |
— | — | $ | |
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Total Assets |
$ | — | — | $ | ||||||||||||
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Fair Value Measurements (in thousands) as of September 30, 2021 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets |
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Money market accounts |
$ | |
— | — | $ | |
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Total Assets |
$ | — | — | $ | ||||||||||||
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Consolidated reporting unit |
Detection | Therapy | Total | |||||||||||||
Accumulated Goodwill |
$ | $ | — | $ | — | $ | ||||||||||
Accumulated impairment |
( |
) | — | — | ( |
) | ||||||||||
Fair value allocation |
( |
) | — | |||||||||||||
Acquisition of DermEbx and Radion |
— | — | ||||||||||||||
Acquisition measurement period adjustments |
— | — | ||||||||||||||
Acquisition of VuComp |
— | — | ||||||||||||||
Sale of MRI assets |
— | ( |
) | ( |
) | |||||||||||
Impairment |
— | — | ( |
) | ( |
) | ||||||||||
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Balance at December 31, 2020 and September 30, 2021 |
— | — |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2021 |
2020 |
2021 |
2020 |
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Segment revenues: |
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Detection |
$ | $ | $ | $ | ||||||||||||
Therapy |
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Total Revenue |
$ | $ | $ | $ | ||||||||||||
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Segment gross profit: |
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Detection |
$ | $ | $ | $ | ||||||||||||
Therapy |
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Segment gross profit |
$ | $ | $ | $ | ||||||||||||
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Segment operating income (loss): |
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Detection |
$ | $ | $ | $ | ||||||||||||
Therapy |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
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Segment operating income (loss) |
$ | $ | $ | $ | ( |
) | ||||||||||
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General, administrative, depreciation and amortization expense |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Interest expense |
— | ( |
) | ( |
) | ( |
) | |||||||||
Other income |
||||||||||||||||
Loss on extinguishment of debt |
— | — | ( |
) | ( |
) | ||||||||||
Fair value of convertible debentures |
— | — | — | ( |
) | |||||||||||
|
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Loss before income tax |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended September 30, |
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2021 |
2020 |
Change |
% Change |
|||||||||||||
Detection revenue |
||||||||||||||||
Product revenue |
$ | 4,454 | $ | 3,889 | $ | 565 | 14.5 | % | ||||||||
Service and supplies revenue |
1,554 | 1,402 | 152 | 10.8 | % | |||||||||||
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|
|
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|
|
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Subtotal |
6,008 | 5,291 | 717 | 13.6 | % | |||||||||||
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Therapy revenue |
||||||||||||||||
Product revenue |
1,866 | 649 | 1,217 | 187.5 | % | |||||||||||
Service and supplies revenue |
1,487 | 1,189 | 298 | 25.1 | % | |||||||||||
|
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|
|
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Subtotal |
3,353 | 1,838 | 1,515 | 82.4 | % | |||||||||||
|
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|
|
|
|
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Total revenue |
$ | 9,361 | $ | 7,129 | $ | 2,232 | 31.3 | % | ||||||||
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|
|
|
Nine months ended September 30, |
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2021 |
2020 |
Change |
% Change |
|||||||||||||
Detection revenue |
||||||||||||||||
Product revenue |
$ | 11,779 | $ | 9,691 | $ | 2,088 | 21.5 | % | ||||||||
Service revenue |
$ | 4,736 | 4,194 | 542 | 12.9 | % | ||||||||||
|
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|
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|
|
|
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Subtotal |
16,515 | 13,885 | 2,630 | 18.9 | % | |||||||||||
|
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|
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|
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Therapy revenue |
||||||||||||||||
Product revenue |
$ | 4,650 | 1,529 | 3,121 | 204.1 | % | ||||||||||
Service revenue |
$ | 4,665 | 3,833 | 832 | 21.7 | % | ||||||||||
|
|
|
|
|
|
|
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Subtotal |
9,315 | 5,362 | 3,953 | 73.7 | % | |||||||||||
|
|
|
|
|
|
|
|
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Total revenue |
$ | 25,830 | $ | 19,247 | $ | 6,583 | 34.2 | % | ||||||||
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|
|
|
|
|
|
Three months ended September 30, |
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2021 |
2020 |
Change |
% Change |
|||||||||||||
Products |
$ | 1,807 | $ | 1,345 | $ | 462 | 34.3 | % | ||||||||
Service and supplies |
763 | 667 | 96 | 14.4 | % | |||||||||||
Amortization and depreciation |
79 | 92 | (13 | ) | (14.1 | )% | ||||||||||
|
|
|
|
|
|
|
|
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Total cost of revenue |
$ | 2,649 | $ | 2,104 | $ | 545 | 25.9 | % | ||||||||
|
|
|
|
|
|
|
|
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Gross profit |
$ | 6,712 | $ | 5,025 | $ | 1,687 | 33.6 | % |
Three months ended September 30, |
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2021 |
2020 |
Change |
% Change |
|||||||||||||
Detection gross profit |
$ | 5,058 | $ | 4,227 | $ | 831 | 19.7 | % | ||||||||
Therapy gross profit |
1,654 | 798 | 856 | 107.3 | % | |||||||||||
|
|
|
|
|
|
|
|
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Gross profit |
6,712 | 5,025 | 1,687 | 33.6 | % | |||||||||||
|
|
|
|
|
|
|
|
2021 |
2020 |
Change |
% Change |
|||||||||||||
Products |
$ | 4,592 | $ | 2,899 | $ | 1,693 | 58.4 | % | ||||||||
Service and supplies |
2,462 | 2,169 | 293 | 13.5 | % | |||||||||||
Amortization and depreciation |
237 | 287 | (50 | ) | (17.4 | )% | ||||||||||
|
|
|
|
|
|
|
|
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Total cost of revenue |
$ | 7,291 | $ | 5,355 | $ | 1,936 | 36.2 | % | ||||||||
|
|
|
|
|
|
|
|
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Gross profit |
$ | 18,539 | $ | 13,892 | $ | 4,647 | 33.5 | % |
Nine months ended September 30, |
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2021 |
2020 |
Change |
% Change |
|||||||||||||
Detection gross profit |
$ | 13,788 | $ | 11,227 | $ | 2,561 | 22.8 | % | ||||||||
Therapy gross profit |
4,751 | 2,665 | 2,086 | 78.3 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
18,539 | 13,892 | 4,647 | 33.5 | % | |||||||||||
|
|
|
|
|
|
|
|
Three months ended September 30, |
||||||||||||||||
2021 | 2020 | Change | Change % | |||||||||||||
Operating expenses: |
||||||||||||||||
Engineering and product development |
$ | 2,285 | $ | 1,849 | $ | 436 | 23.6 | % | ||||||||
Marketing and sales |
3,886 | 2,979 | 907 | 30.4 | % | |||||||||||
General and administrative |
2,658 | 1,834 | 824 | 44.9 | % | |||||||||||
Amortization and depreciation |
64 | 52 | 12 | 23.1 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses |
$ | 8,893 | $ | 6,714 | $ | 2,179 | 32.5 | % | ||||||||
|
|
|
|
|
|
|
|
Three months ended September 30, |
||||||||||||||||
2021 | 2020 | Change | Change % | |||||||||||||
Interest expense |
$ | — | $ | (115 | ) | $ | 115 | (100.0 | )% | |||||||
Other income |
5 | 10 | (5 | ) | (50.0 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 5 | $ | (105 | ) | $ | 110 | (104.8 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Tax benefit (expense) |
$ | — | $ | (3 | ) | $ | 3 | (100.0 | )% |
Nine months ended September 30, |
||||||||||||||||
2021 | 2020 | Change | Change % | |||||||||||||
Operating expenses: |
||||||||||||||||
Engineering and product development |
$ | 6,745 | $ | 5,938 | $ | 807 | 13.6 | % | ||||||||
Marketing and sales |
10,739 | 9,218 | 1,521 | 16.5 | % | |||||||||||
General and administrative |
7,461 | 6,476 | 985 | 15.2 | % | |||||||||||
Amortization and depreciation |
178 | 153 | 25 | 16.3 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses |
$ | 25,123 | $ | 21,785 | $ | 3,338 | 15.3 | % | ||||||||
|
|
|
|
|
|
|
|
Nine months ended September 30, |
||||||||||||||||
2021 | 2020 | Change | Change % | |||||||||||||
Interest expense |
$ | (141 | ) | $ | (360 | ) | $ | 219 | (60.8 | )% | ||||||
Other income |
12 | 85 | (73 | ) | (85.9 | )% | ||||||||||
Loss on extinguishment of debt |
(386 | ) | (341 | ) | (45 | ) | 13.2 | % | ||||||||
Loss on fair value of debentures |
— | (7,464 | ) | 7,464 | (100.0 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | (515) | $ | (8,080 | ) | $ | 7,565 | (93.6 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Tax benefit (expense) |
$ | — | $ | (34 | ) | $ | 34 | (100.0 | )% |
For the nine months ended September 30, |
||||||||
2021 |
2020 |
|||||||
(in thousands) | ||||||||
Net cash used for operating activities |
$ | (7,861 | ) | $ | (6,083 | ) | ||
Net cash used for investing activities |
(450 | ) | (286 | ) | ||||
Net cash provided by financing activities |
16,930 | 13,689 | ||||||
|
|
|
|
|||||
Increase in cash and equivalents |
$ | 8,619 | $ | 7,320 | ||||
|
|
|
|
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
Item 4. |
Controls and Procedures |
Item 1A. |
Risk Factors: |
Item 6. |
Exhibits |
* | Filed herewith |
** | Furnished herewith |
iCAD, Inc. |
(Registrant) |
Date: November 10, 2021 |
||||||
By: |
/s/ Michael Klein | |||||
Name: |
Michael Klein | |||||
Title: |
Chief Executive Officer (Principal Executive Officer) |
Date: November 10, 2021 |
||||||
By: |
/s/ Charles R. Carter | |||||
Name: |
Charles R. Carter | |||||
Title: |
Chief Financial Officer (Principal Financial Officer) |