Re: From the 10Q released yesterday- for serious investors
Without the Laidlaw secondary, they would have just about 2 quarters of cash, at the current burn rate of ~$7m/quarter. That (very dilutive) $9m buys them just an extra quarter / quarter and a half. Yikes.
One other item that caught my attention - the $199k in product revenue went straight to A/R. They put out a press release on April 6 about a commercial sale to a hospital group w/ multiple campuses, so presumably this is the customer referenced in the 10Q. Impossible to know when the sale actually happened (remember that the PR for customer number one came in the quarter prior) or what the terms were, but in contrast to the Q1 sale, it appears they had to provide payment terms of some sort.
My best guess on the units sold is 2 at $99,500 per unit - COGS in Q1 were $99k for 3 units and $62k in Q2, which kind of suggests 2 unless there's something more to the COGS line that isn't obvious. If true, it would paint a little better picture for the unit economics for the devices sold this quarter ($100k device at a 70% gross margin). But selling a handful of devices to 1 customer each quarter isn't going to work no matter how high you can price it.