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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Symmetry Surgical Inc. | NASDAQ:SSRG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.18 | 12.95 | 13.17 | 0 | 01:00:00 |
Delaware
|
47-1523659
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
3034 Owen Drive, Antioch, TN
|
37013
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
(800) 251-3000
|
|
(Registrant’s telephone number, including area code)
|
|
|
Large accelerated filer
¨
|
|
Accelerated filer
ý
|
|
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
¨
|
PART I FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
Item 1
|
Financial Statements:
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets: As of April 2, 2016 and January 2, 2016
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations: Three Months Ended April 2, 2016 and April 4, 2015
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income: Three Months Ended April 2, 2016 and April 4, 2015
|
|
|
|
|
|
|
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Condensed Consolidated Statements of Cash Flows: Three Months Ended April 2, 2016 and April 4, 2015
|
|
|
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements
|
|
|
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|
|
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Item 2
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
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Item 3
|
Quantitative and Qualitative Disclosures about Market Risk
|
|
|
|
|
|
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Item 4
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Controls and Procedures
|
|
|
|
|
|
|
PART II OTHER INFORMATION
|
|
|
|
|
|
|
|
Item 1
|
Legal Proceedings
|
|
|
|
|
|
|
Item 1A
|
Risk Factors
|
|
|
|
|
|
|
Item 2
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
|
|
Item 3
|
Defaults Upon Senior Securities
|
|
|
|
|
|
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Item 4
|
Mine Safety Disclosures
|
|
|
|
|
|
|
Item 5
|
Other Information
|
|
|
|
|
|
|
Item 6
|
Exhibits
|
|
|
|
|
|
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Signatures
|
|
|
|
April 2, 2016
|
|
January 2, 2016
|
||||
|
|
(unaudited)
|
|
|
||||
ASSETS:
|
|
|
|
|
|
|
||
Current Assets:
|
|
|
|
|
|
|
||
Cash
|
|
$
|
11,242
|
|
|
$
|
8,072
|
|
Accounts receivable, net
|
|
9,045
|
|
|
10,922
|
|
||
Inventories
|
|
24,058
|
|
|
23,076
|
|
||
Other current assets
|
|
1,646
|
|
|
1,624
|
|
||
Total current assets
|
|
45,991
|
|
|
43,694
|
|
||
Property and equipment, net
|
|
2,117
|
|
|
2,258
|
|
||
Deferred income taxes
|
|
24,285
|
|
|
24,291
|
|
||
Goodwill
|
|
9,344
|
|
|
9,341
|
|
||
Intangible assets, net of accumulated amortization
|
|
72,377
|
|
|
73,719
|
|
||
Other assets
|
|
654
|
|
|
678
|
|
||
Total Assets
|
|
$
|
154,768
|
|
|
$
|
153,981
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY:
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
6,680
|
|
|
$
|
6,240
|
|
Accrued wages and benefits
|
|
1,734
|
|
|
1,785
|
|
||
Other accrued expenses
|
|
1,136
|
|
|
1,540
|
|
||
Contingent purchase liability, current
|
|
2,073
|
|
|
1,047
|
|
||
Accrued income taxes
|
|
119
|
|
|
201
|
|
||
|
|
|
|
|
||||
Total current liabilities
|
|
11,742
|
|
|
10,813
|
|
||
Contingent purchase liability, non-current
|
|
120
|
|
|
1,136
|
|
||
Other long-term liabilities
|
|
1,046
|
|
|
1,019
|
|
||
|
|
|
|
|
|
|||
Total Liabilities
|
|
12,908
|
|
|
12,968
|
|
||
|
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders' Equity:
|
|
|
|
|
||||
Common Stock, $.0001 par value; 50,000 shares authorized; shares issued April 2, 2016-10,740; January 2, 2016-10,535
|
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
|
140,906
|
|
|
140,460
|
|
||
Retained earnings
|
|
1,358
|
|
|
1,084
|
|
||
Accumulated other comprehensive loss
|
|
(405
|
)
|
|
(532
|
)
|
||
Total Stockholders' Equity
|
|
141,860
|
|
|
141,013
|
|
||
Total Liabilities and Equity
|
|
$
|
154,768
|
|
|
$
|
153,981
|
|
|
Three Months Ended
|
|
||||||
|
April 2, 2016
|
|
April 4, 2015
|
|
||||
|
|
|
|
|
||||
Revenue
|
$
|
21,240
|
|
|
$
|
20,774
|
|
|
Cost of revenue
|
10,861
|
|
|
10,889
|
|
|
||
Gross profit
|
10,379
|
|
|
9,885
|
|
|
||
Sales and marketing expenses
|
4,699
|
|
|
4,473
|
|
|
||
General and administrative expenses
|
5,138
|
|
|
4,561
|
|
|
||
Operating income
|
542
|
|
|
851
|
|
|
||
|
|
|
|
|
|
|
||
Other (income) expense:
|
|
|
|
|
|
|
||
Interest expense
|
46
|
|
|
64
|
|
|
||
Other
|
188
|
|
|
(263
|
)
|
|
||
Income before income taxes
|
308
|
|
|
1,050
|
|
|
||
Income tax expense
|
34
|
|
|
294
|
|
|
||
Net income
|
$
|
274
|
|
|
$
|
756
|
|
|
|
|
|
|
|
|
|
||
Net income per share:
|
|
|
|
|
|
|
||
Basic
|
$
|
0.03
|
|
|
$
|
0.08
|
|
|
Diluted
|
$
|
0.03
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
||||
Weighted average common shares and equivalent shares outstanding:
|
|
|
|
|
|
|
||
Basic
|
9,733
|
|
|
9,587
|
|
|
||
Diluted
|
9,821
|
|
|
9,603
|
|
|
|
Three Months Ended
|
|
||||||
|
April 2, 2016
|
|
April 4, 2015
|
|
||||
|
|
|
|
|
||||
Net income
|
$
|
274
|
|
|
$
|
756
|
|
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
||
Foreign currency translation adjustments
|
131
|
|
|
(307
|
)
|
|
||
Pension plan actuarial gain (loss), net of taxes
|
(4
|
)
|
|
29
|
|
|
||
Comprehensive income (loss)
|
$
|
401
|
|
|
$
|
478
|
|
|
|
Three Months Ended
|
||||||
|
April 2, 2016
|
|
April 4, 2015
|
||||
Operating activities
|
|
|
|
|
|
||
Net income
|
$
|
274
|
|
|
$
|
756
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation
|
218
|
|
|
241
|
|
||
Amortization
|
1,359
|
|
|
1,400
|
|
||
Amortization of debt issuance costs
|
22
|
|
|
22
|
|
||
Net (gain) loss on sale of assets
|
—
|
|
|
2
|
|
||
Deferred income tax provision
|
12
|
|
|
121
|
|
||
Stock-based compensation
|
446
|
|
|
298
|
|
||
Unrealized foreign currency transaction (gain) loss
|
49
|
|
|
(26
|
)
|
||
Change in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
1,925
|
|
|
(167
|
)
|
||
Other assets
|
8
|
|
|
183
|
|
||
Inventories
|
(982
|
)
|
|
(1,022
|
)
|
||
Current income taxes
|
(85
|
)
|
|
156
|
|
||
Accounts payable
|
420
|
|
|
1,149
|
|
||
Accrued expenses and other
|
(521
|
)
|
|
76
|
|
||
Net cash provided by operating activities
|
3,145
|
|
|
3,189
|
|
||
|
|
|
|
|
|
||
Investing activities
|
|
|
|
|
|
||
Purchases of property and equipment
|
(76
|
)
|
|
(53
|
)
|
||
Proceeds from sale of property and equipment
|
—
|
|
|
3
|
|
||
Net cash used in investing activities
|
(76
|
)
|
|
(50
|
)
|
||
|
|
|
|
|
|
||
Financing activities
|
|
|
|
|
|
||
Proceeds from Revolving Loan
|
—
|
|
|
69
|
|
||
Payments on Revolving Loan
|
—
|
|
|
(2,445
|
)
|
||
Net cash provided by (used in) financing activities
|
—
|
|
|
(2,376
|
)
|
||
Effect of exchange rate changes on cash
|
101
|
|
|
(337
|
)
|
||
Net increase in cash
|
3,170
|
|
|
426
|
|
||
Cash at beginning of period
|
8,072
|
|
|
2,994
|
|
||
|
|
|
|
|
|
||
Cash at end of period
|
$
|
11,242
|
|
|
$
|
3,420
|
|
|
|
|
|
|
|
1.
|
Description of Operations
|
Net cash consideration
|
|
$
|
3,860
|
|
Contingent purchase liability No. 1
|
|
1,034
|
|
|
Contingent purchase liability No. 2
|
|
1,013
|
|
|
Pre-existing ownership interest
|
|
186
|
|
|
Gain on pre-existing ownership interest
|
|
67
|
|
|
Fair value of total consideration
|
|
$
|
6,160
|
|
|
|
|
||
Inventory
|
|
$
|
962
|
|
Property and equipment
|
|
252
|
|
|
Acquired customers
|
|
1,010
|
|
|
Trademarks
|
|
280
|
|
|
Acquired technology and patents
|
|
800
|
|
|
Other assets, non-current
|
|
637
|
|
|
Non-compete
|
|
25
|
|
|
Net identifiable assets acquired
|
|
$
|
3,966
|
|
|
|
|
||
Goodwill
|
|
$
|
2,194
|
|
Cash consideration
|
|
$
|
400
|
|
Contingent purchase liability No. 3, non-current
|
|
107
|
|
|
Fair value of total consideration
|
|
$
|
507
|
|
|
|
|
||
Inventory
|
|
$
|
102
|
|
Property and equipment
|
|
30
|
|
|
Acquired technology and patents
|
|
341
|
|
|
Non-compete
|
|
5
|
|
|
Net identifiable assets acquired
|
|
$
|
478
|
|
|
|
|
||
Goodwill
|
|
$
|
29
|
|
|
April 2,
2016 |
|
January 2,
2016 |
||||
|
(unaudited)
|
|
|
|
|||
Raw material
|
$
|
951
|
|
|
$
|
1,032
|
|
Work-in-process
|
54
|
|
|
141
|
|
||
Finished goods
|
23,053
|
|
|
21,903
|
|
||
|
$
|
24,058
|
|
|
$
|
23,076
|
|
|
April 2,
2016 |
|
January 2,
2016 |
||||
|
(unaudited)
|
|
|
|
|||
Buildings and improvements (20 to 40 years)
|
$
|
572
|
|
|
$
|
560
|
|
Machinery and equipment (5 to 15 years)
|
1,827
|
|
|
1,816
|
|
||
Office equipment (3 to 5 years)
|
3,730
|
|
|
3,686
|
|
||
Construction-in-progress
|
22
|
|
|
10
|
|
||
|
6,151
|
|
|
6,072
|
|
||
Less accumulated depreciation
|
(4,034
|
)
|
|
(3,814
|
)
|
||
|
$
|
2,117
|
|
|
$
|
2,258
|
|
|
Weighted-Average Amortization Period
|
Gross Intangible Assets
|
|
Accumulated Amortization
|
|
Net Intangible Assets
|
||||||
|
(unaudited)
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
||||||
|
|
|
|
|
|
|
||||||
Acquired customers
|
19
|
$
|
92,380
|
|
|
$
|
(24,215
|
)
|
|
$
|
68,165
|
|
Trademarks
|
13
|
4,014
|
|
|
(944
|
)
|
|
3,070
|
|
|||
Acquired technology, patents and other
|
13
|
1,521
|
|
|
(379
|
)
|
|
1,142
|
|
|||
Intangible assets subject to amortization
|
19
|
$
|
97,915
|
|
|
$
|
(25,538
|
)
|
|
$
|
72,377
|
|
|
Weighted-Average Amortization Period
|
Gross Intangible Assets
|
|
Accumulated Amortization
|
|
Net Intangible Assets
|
||||||
|
|
|
|
|
|
|
||||||
Acquired customers
|
19
|
$
|
92,355
|
|
|
$
|
(22,961
|
)
|
|
$
|
69,394
|
|
Trademarks
|
13
|
4,014
|
|
|
(866
|
)
|
|
3,148
|
|
|||
Acquired technology, patents and other
|
13
|
$
|
1,521
|
|
|
$
|
(344
|
)
|
|
1,177
|
|
|
Intangible assets subject to amortization
|
19
|
$
|
97,890
|
|
|
$
|
(24,171
|
)
|
|
$
|
73,719
|
|
|
April 2, 2016
|
|
January 2, 2016
|
||||||||||||||||||||||||||||
|
Fair Value Measurements
|
|
Fair Value Measurements
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
|
(unaudited)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contingent purchase liability #1
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,047
|
|
|
$
|
1,047
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,047
|
|
|
$
|
1,047
|
|
Contingent purchase liability #2
|
—
|
|
|
—
|
|
|
1,026
|
|
|
1,026
|
|
|
—
|
|
|
—
|
|
|
1,029
|
|
|
1,029
|
|
||||||||
Contingent purchase liability #3
|
—
|
|
|
—
|
|
|
120
|
|
|
120
|
|
|
—
|
|
|
—
|
|
|
107
|
|
|
107
|
|
||||||||
Total liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,193
|
|
|
$
|
2,193
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,183
|
|
|
$
|
2,183
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
April 2, 2016
|
|
April 4, 2015
|
||||
|
(unaudited)
|
||||||
Net income for basic earnings per share:
|
|
|
|
|
|
||
Income available to common shares - Basic
|
$
|
274
|
|
|
$
|
756
|
|
Basic weighted average common shares outstanding
|
9,733
|
|
|
9,587
|
|
||
Net income attributable to common shareholders
|
$
|
0.03
|
|
|
$
|
0.08
|
|
Net income for diluted earnings per share:
|
|
|
|
||||
Income available to common shares - Diluted
|
$
|
274
|
|
|
$
|
756
|
|
Basic weighted average common shares outstanding
|
9,733
|
|
|
9,587
|
|
||
Effect of dilution
|
88
|
|
|
16
|
|
||
Diluted weighted average common shares outstanding
|
9,821
|
|
|
9,603
|
|
||
Net income attributable to common shareholders
|
$
|
0.03
|
|
|
$
|
0.08
|
|
|
Three Months Ended
|
|
||||||
Revenue by Geography
|
April 2, 2016
|
|
April 4, 2015
|
|
||||
|
(unaudited)
|
|
||||||
United States
|
$
|
18,815
|
|
|
$
|
17,854
|
|
|
International
|
2,425
|
|
|
2,920
|
|
|
||
Total revenues
|
$
|
21,240
|
|
|
$
|
20,774
|
|
|
|
Three Months Ended
|
|
||||||
|
April 2, 2016
|
|
April 4, 2015
|
|
||||
|
(unaudited)
|
|
||||||
Symmetry Surgical branded
|
$
|
19,374
|
|
|
$
|
19,034
|
|
|
Alliance Partners
|
1,866
|
|
|
1,740
|
|
|
||
Total revenues
|
$
|
21,240
|
|
|
$
|
20,774
|
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
Revenue by product
|
April 2, 2016
|
|
April 4, 2015
|
|
Dollar Change
|
|
Percent Change
|
|||||||
|
(unaudited)
|
|||||||||||||
Symmetry Surgical branded
|
$
|
19,374
|
|
|
$
|
19,034
|
|
|
$
|
340
|
|
|
1.8
|
%
|
Alliance Partners
|
1,866
|
|
|
1,740
|
|
|
126
|
|
|
7.2
|
%
|
|||
Total revenues
|
$
|
21,240
|
|
|
$
|
20,774
|
|
|
$
|
466
|
|
|
2.2
|
%
|
|
Three Months Ended
|
|
|
|||||||||||
Revenue by Geography
|
April 2, 2016
|
|
April 4, 2015
|
|
Dollar Change
|
|
Percent Change
|
|||||||
|
(unaudited)
|
|||||||||||||
United States
|
$
|
18,815
|
|
|
$
|
17,854
|
|
|
$
|
961
|
|
|
5.4
|
%
|
International
|
2,425
|
|
|
2,920
|
|
|
(495
|
)
|
|
(17.0
|
)%
|
|||
Total revenues
|
$
|
21,240
|
|
|
$
|
20,774
|
|
|
$
|
466
|
|
|
2.2
|
%
|
|
Three Months Ended April 2, 2016
|
|||||
|
Dollars
|
|
As a %
of Revenue |
|||
|
(unaudited)
|
|||||
2015 period reported General &Administrative expenses
|
$
|
4,561
|
|
|
22.0
|
%
|
Employee compensation and benefit costs, excluding stock compensation
|
152
|
|
|
|
|
|
Amortization of intangible assets
|
(42
|
)
|
|
|
|
|
Medical device excise tax expense
|
(111
|
)
|
|
|
||
Research and development
|
178
|
|
|
|
|
|
Stock compensation
|
147
|
|
|
|
||
Other
|
253
|
|
|
|
|
|
2016 period reported General & Administrative expenses
|
$
|
5,138
|
|
|
24.2
|
%
|
|
|
Three Months Ended
|
||||||
|
|
April 2, 2016
|
|
April 4, 2015
|
||||
|
|
(unaudited)
|
||||||
Net cash flow provided by (used in):
|
|
|
|
|
|
|||
Operating activities
|
|
$
|
3,145
|
|
|
$
|
3,189
|
|
Investing activities
|
|
(76
|
)
|
|
(50
|
)
|
||
Financing activities
|
|
—
|
|
|
(2,376
|
)
|
||
Effect of exchange rate changes on cash
|
|
101
|
|
|
(337
|
)
|
||
Net increase in cash
|
|
$
|
3,170
|
|
|
$
|
426
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to the Section 302 of the Sarbanes-Oxley Act.*
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to the Section 302 of the Sarbanes-Oxley Act.*
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.*
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
SYMMETRY SURGICAL INC.
|
|
|
|
|
|
By
|
/s/ Thomas J. Sullivan
|
|
|
Thomas J. Sullivan,
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
By
|
/s/ Scott Kunkel
|
|
|
Scott Kunkel,
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
May 9, 2016
|
|
|
1 Year Symmetry Surgical Inc. Chart |
1 Month Symmetry Surgical Inc. Chart |
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