10-Q Filing

908 DEVICES INC. CIK: 1555279 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-007984`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	mass-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 31 Cash Flow Statement 66 Stockholders Equity 15

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.75M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.75M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$148.96M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$224.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$223.12M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,750	`AccountsReceivableNetCurrent`	$16.38M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,750	`AccountsReceivableNetCurrent`	$6.32M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$9.63M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$7.92M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.53M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.91M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$242.98M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$252.89M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$5.18M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.08M	shares	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.89M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.33M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.08M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.60M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.18M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.33M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$1.18M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$1.23M	USD	Point-in-time
Total assets	`Assets`	$251.23M	USD	Point-in-time
Total assets	`Assets`	$260.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.16M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.37M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$6.96M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.35M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$5.16M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$5.78M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.37M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.84M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$15.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$15.00M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$4.51M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$4.16M	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$11.96M	USD	Point-in-time
Deferred revenue, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$11.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$46.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$44.42M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding at March 31, 2022 and December 31, 2021, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding at March 31, 2022 and December 31, 2021, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 31,333,782 shares and 31,077,004 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$31.00K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 31,333,782 shares and 31,077,004 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$31.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$316.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$315.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-110.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-100.64M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$206.80M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$214.60M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$139.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$133.31M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$260.91M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$251.23M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.31M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.54M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$2.63M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$4.18M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.13M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.91M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.90M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.96M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.75M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.74M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$13.65M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.72M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.52M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.81M	USD	1 Quarter
Interest expense	`InterestExpense`	$20.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$376.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$126.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$91.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-285.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$106.00K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-6.09M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-9.41M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-22.20M	USD	Annual
Net loss per share, basic	`EarningsPerShareBasic`	$-0.22	USD	1 Quarter
Net loss per share, basic	`EarningsPerShareBasic`	$-0.30	USD	1 Quarter
Net loss per share, diluted	`EarningsPerShareDiluted`	$-0.22	USD	1 Quarter
Net loss per share, diluted	`EarningsPerShareDiluted`	$-0.30	USD	1 Quarter
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	31.21M	shares	1 Quarter
Weighted average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	27.29M	shares	1 Quarter
Weighted average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.21M	shares	1 Quarter
Weighted average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.29M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-6.09M	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$148.96M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$224.07M	USD	Point-in-time
Net loss	`ProfitLoss`	$-9.41M	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$223.12M	USD	Point-in-time
Restricted cash included in prepaid expenses and other current assets	`RestrictedCashCurrent`	$60.00K	USD	Point-in-time
Restricted cash included in prepaid expenses and other current assets	`RestrictedCashCurrent`	$60.00K	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.23M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.02M	USD	Point-in-time
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$267.00K	USD	1 Quarter
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$224.13M	USD	Point-in-time
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$137.00K	USD	1 Quarter
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$223.18M	USD	Point-in-time
Stock-based compensation expense	`ShareBasedCompensation`	$339.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.29M	USD	1 Quarter
Noncash interest expense and loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-168.00K	USD	1 Quarter
Noncash interest expense and loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-3.00K	USD	1 Quarter
Provision for inventory obsolescence	`InventoryWriteDown`	$20.00K	USD	1 Quarter
Provision for inventory obsolescence	`InventoryWriteDown`	$-29.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-10.05M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-2.46M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.47M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.96M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-619.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.40M	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.04M	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-45.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.63M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-787.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$265.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$101.00K	USD	1 Quarter
Right-of-use operating lease assets	`IncreaseDecreaseInRightOfUseOperatingAssets`	$-296.00K	USD	1 Quarter
Right-of-use operating lease assets	`IncreaseDecreaseInRightOfUseOperatingAssets`	$-276.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-292.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-323.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-466.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.63M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$617.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-617.00K	USD	1 Quarter
Payments for withholding taxes on vested awards	`PaymentsForWithholdingTaxesOnVestedAwards`	$82.00K	USD	1 Quarter
Proceeds from issuance of common stock upon option exercise	`ProceedsFromStockOptionsExercised`	$324.00K	USD	1 Quarter
Proceeds from issuance of common stock upon option exercise	`ProceedsFromStockOptionsExercised`	$27.00K	USD	1 Quarter
Payments of public offering costs	`PaymentsOfStockIssuanceCosts`	$576.00K	USD	1 Quarter
Payments of public offering costs	`PaymentsOfStockIssuanceCosts`	$112.00K	USD	1 Quarter
Proceeds from borrowings on revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$15.00M	USD	1 Quarter
Proceeds from borrowings on revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$15.00M	USD	1 Quarter
Repayment of notes payable	`RepaymentsOfUnsecuredDebt`	$15.00M	USD	1 Quarter
Repayment of notes payable	`RepaymentsOfUnsecuredDebt`	$15.00M	USD	1 Quarter
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$17.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$130.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-566.00K	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-953.00K	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-10.21M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.02M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$224.13M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$223.18M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.02M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$224.13M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$223.18M	USD	Point-in-time
Transfers of inventory to property and equipment	`TransfersOfInventoryToPropertyAndEquipment`	$224.00K	USD	1 Quarter
Transfers of inventory to property and equipment	`TransfersOfInventoryToPropertyAndEquipment`	$244.00K	USD	1 Quarter
Debt issuance costs in accounts payable and accrued expenses	`DebtIssuanceCostsInAccountsPayableAndAccruedExpenses`	$22.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$206.80M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$214.60M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$139.04M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$133.31M	USD	Point-in-time
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$324.00K	USD	1 Quarter
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$27.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.29M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$339.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.41M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-22.20M	USD	Annual
Ending balance	`StockholdersEquity`	$206.80M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$214.60M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$139.04M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$133.31M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.