Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | EDAP TMS SA |
Entity Central Index Key | 1,041,934 |
Trading Symbol | edap |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding (in shares) | 28,997,866 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - EUR (€) € in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | € 18,554 | € 21,989 |
Current portion of net trade accounts and notes receivable | 10,333 | 9,143 |
Other receivables | 1,900 | 884 |
Inventories | 8,135 | 8,030 |
Deferred tax assets | 51 | 12 |
Other assets, current portion | 611 | 457 |
Short-term investment | ||
Total current assets | 39,583 | 40,514 |
Property and equipment, net | 3,026 | 2,770 |
Intangible assets, net | 104 | 149 |
Goodwill | 2,412 | 2,412 |
Deposits and other non-current assets | 455 | 448 |
Net trade accounts and notes receivable, non-current | 101 | 299 |
Total assets | 45,680 | 46,591 |
Current liabilities | ||
Trade accounts and notes payable | 5,249 | 5,960 |
Deferred revenues, current portion | 2,353 | 1,878 |
Social security and other payroll withholdings taxes | 1,039 | 1,214 |
Employee absences compensation | 622 | 574 |
Income taxes payable | 156 | 363 |
Other accrued liabilities | 3,429 | 2,733 |
Short-term borrowings | 1,253 | 1,629 |
Current portion of capital lease obligations | 216 | 222 |
Current portion of financial instruments carried at fair value | 640 | |
Current portion of long-term debt | 213 | 215 |
Total current liabilities | 13,372 | 15,010 |
Deferred revenues, non-current | 458 | 333 |
Capital lease obligations, non-current | 327 | 313 |
Financial instruments carried at fair value, non-current | 2,235 | 3,281 |
Long-term debt, non-current | 270 | 384 |
Other long-term liabilities | 3,634 | 2,818 |
Total liabilities | 20,297 | 22,140 |
Shareholders’ equity | ||
Common stock, €0.13 par value; 29,368,394 shares issued and 28,997,866 shares outstanding 29,098,144 shares issued and 28,727,616 shares outstanding, at June 30, 2017 and December 31, 2016, respectively | 3,818 | 3,783 |
Additional paid-in capital | 65,529 | 64,685 |
Retained earnings | (38,992) | (38,927) |
Cumulative other comprehensive loss | (3,829) | (3,948) |
Treasury stock, at cost; 370,528 shares at June 30, 2017 & at Dec. 31, 2016 | (1,142) | (1,142) |
Total shareholders’ equity | 25,383 | 24,451 |
Total liabilities and shareholders’ equity | € 45,680 | € 46,591 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - € / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock, par value (in EUR per share) | € 0.13 | € 0.13 |
Common stock, shares issued (in shares) | 29,368,394 | 29,098,144 |
Common stock, shares outstanding (in shares) | 28,997,866 | 28,727,616 |
Treasury stock, shares (in shares) | 370,528 | 370,528 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Sales of goods | € 11,478 | € 11,261 | |
Sales of RPPs & leases | 2,599 | 2,578 | |
Sales of spare parts and services | 3,879 | 3,078 | |
Total sales | 17,956 | 16,917 | |
Other revenues | 40 | 8 | |
Total revenues | 17,995 | 16,925 | |
Cost of goods | (6,464) | (5,561) | |
Cost of RPPs & leases | (1,364) | (1,513) | |
Cost of spare parts and services | (2,600) | (2,097) | |
Total cost of sales | (10,427) | (9,171) | |
Gross profit | 7,568 | 7,753 | |
Research and development expenses | (1,865) | (1,701) | |
Selling and marketing expenses | (4,863) | (4,066) | |
General and administrative expenses | (1,688) | (1,598) | |
Loss from operations | (848) | 388 | |
Financial (expense) income, net | 1,408 | 2,891 | |
Foreign currency exchange gain (loss), net | 450 | (671) | |
Income (loss) before taxes | 110 | 3,950 | |
Income tax (expense) benefit | (175) | (91) | |
Net income (loss) | € (65) | € 3,859 | |
Basic income (loss) per share (in EUR per share) | € 0 | € 0.14 | |
Diluted income (loss) per share (1) (in EUR per share) | [1] | € 0 | € 0.13 |
Basic weighted average shares outstanding (in shares) | 28,919,984 | 26,844,696 | |
Diluted weighted average shares outstanding (1) (in shares) | [1] | 28,919,984 | 28,615,172 |
[1] | Due to the net loss in the first six months of 2017, the assumed net exercise of stock options/warrants and stock relating to the convertible bonds in this year was excluded, as the effect would have been anti-dilutive. |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - EUR (€) € in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 28,727,616 | |||||
Balance at Dec. 31, 2016 | € 3,783 | € 64,685 | € (38,927) | € (3,948) | € (1,142) | € 24,451 |
Net income (loss) | (65) | (65) | ||||
Translation adjustment | 119 | 119 | ||||
Warrants and stock options granted | 217 | 217 | ||||
Capital increase or warrants and stock options exercised (in shares) | 270,250 | |||||
Capital increase or warrants and stock options exercised | € 35 | 627 | 663 | |||
Balance (in shares) at Jun. 30, 2017 | 28,997,866 | |||||
Balance at Jun. 30, 2017 | € 3,818 | € 65,529 | € (38,992) | € (3,829) | € (1,142) | € 25,383 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | € (65) | € 3,859 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 591 | 481 |
Change in warrants fair value | (1,421) | (2,907) |
Other Non-cash compensation | 217 | 100 |
Change in allowances for doubtful accounts & slow-moving inventories | 89 | (7) |
Change in long-term provisions | 53 | (51) |
Net capital loss on disposals of assets | 24 | 213 |
Deferred tax expense/(benefit) | (40) | 49 |
Operating cash flow | (551) | 1,737 |
Increase/Decrease in operating assets and liabilities: | ||
Decrease/(Increase) in trade accounts and notes and other receivables | (644) | 2,187 |
Decrease/(Increase) in inventories | (361) | (1,728) |
Decrease/(Increase) in other assets | (1,033) | (240) |
(Decrease)/Increase in trade accounts and notes payable | (708) | 173 |
(Decrease)/Increase in accrued expenses, other current liabilities | 415 | (674) |
Net increase/decrease in operating assets and liabilities | (2,331) | (282) |
Net cash generated by (used in) operating activities | (2,883) | 1,454 |
Cash flows from investing activities: | ||
Additions to capitalized assets produced by the Company | (438) | (669) |
Acquisitions of property and equipment | (251) | (209) |
Acquisitions of intangible assets | (12) | (24) |
Decrease/(Increase) in deposits and guarantees | (9) | (32) |
Net cash used in investing activities | (710) | (934) |
Cash flow from financing activities: | ||
Proceeds from capital increase | 662 | 6,197 |
Proceeds from long term borrowings, net of financing costs | 3,168 | |
Repayment of long term borrowings | (114) | (113) |
Repayment of obligations under capital leases | (117) | (140) |
Increase/(decrease) in bank overdrafts and short-term borrowings | (378) | (1,718) |
Net cash generated by (used in) financing activities | 54 | 7,393 |
Net effect of exchange rate changes on cash and cash equivalents | 104 | (552) |
Net increase (decrease) in cash and cash equivalents | (3,435) | 7,362 |
Cash and cash equivalents at beginning of year | 21,989 | 13,578 |
Cash and cash equivalents at end of period | € 18,554 | € 20,940 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1—SUMMARY 1 1 EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, production, marketing, distribution and maintenance of a portfolio of minimally invasive medical devices for the treatment of urological diseases. The Company currently produces devices for treating stones of the urinary tract and localized prostate cancer. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third Moreover, the Company develops a novel HIFU treatment for liver cancer in cooperation with its long-term academic partner INSERM and leading cancer centers (the “HECAM” project). The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may 1 2 The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, stock price volatility, duration of standard warranty per market and cost of maintenance contract used to determine the amount of revenue to differ. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 1 3 The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries, which include EDAP TMS France SAS, EDAP Technomed Inc. (USA), Edap Technomed Sdn Bhd (Malaysia), Edap Technomed Italia S.R.L, EDAP Technomed Co. Ltd. (Japan) and EDAP TMS Gmbh (Germany). Edap Technomed Sdn Bhd was incorporated in early 1997. 1996. July 2006. 2008. 1 4 Sales of goods: For medical device sales with no one Sales of RPPs and leases: Revenues related to the sale of HIFU treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis. Sales of spare parts and services: Revenues related to spare parts are recognized when goods are delivered. Maintenance contracts rarely exceed one 1 5 The Company recognizes revenue from the shipping and handling of its products as a component of revenue. Shipping and handling costs are recorded as a component of cost of sales. 1 6 Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 Cash investments with a maturity higher than 90 1 7 Accounts receivables are stated at cost net of allowances for doubtful accounts. The Company makes judgments as to its ability to collect outstanding receivables and provides allowances for the portion of receivables when collection becomes doubtful. Provision is made based upon a specific review of all significant outstanding invoices. These estimates are based on our bad debt write-off experience, analysis of credit information, specific identification of probable bad debt based on our collection efforts, aging of accounts receivables and other known factors. Accounts receivables also include receivables factored for which the Company is supporting the collection risk. 1 8 Inventories are valued at the lower of manufacturing cost, which is principally comprised of components and labor costs, or market (net realizable value). Cost is determined on a first first first 1 9 Property and equipment is stated at historical cost. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful life of the related assets, as follows: Leasehold improvements 10 Equipment 3 10 Furniture, fixtures, fittings and other 2 10 Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions and devices subject to sale and leaseback transactions. This equipment is depreciated over a period of seven 1 10 The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not not 1 11 Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not 350, two first second second Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses. Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows: Patents 5 Licenses 5 Trade name and trademark 7 1 12 Treasury Stocks Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first first not 1 13 The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may 1 2 1 14 The Company accounts for income taxes in accordance with ASC 740, 740, not not ASC740, no As of January 1, 2007, FIN48 740 ASC740, not 1 15 Research and development costs are recorded as an expense in the period in which they are incurred. The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not 1 16 Advertising costs are recorded as an expense in the period in which they are incurred. 1 17 Translation of the financial statements of consolidated companies The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, • assets and liabilities are translated at year-end exchange rates; • shareholders’ equity is translated at historical exchange rates (as of the date of contribution); • statement of income items are translated at average exchange rates for the year; and • translation gains and losses are recorded in a separate component of shareholders’ equity. Foreign currencies transactions Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are carried to the statement of income. 1 18 Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period. 1 19 ASC 815 Gains and losses from derivative instruments are recorded in the income statement. 1 20 At June 30, 2017, four 718, January 1, 2006. 718 The Company granted 260,000 April 2017. The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 6-30-2017 12-31-2016 Weighted-average expected life (years) 6.25 6.25 Expected volatility rates 57.4 % 60.6 % Expected dividend yield — — Risk-free interest rate 0.02 % 0.01 % Weighted-average exercise price (€) 2.39 3.22 Weighted-average fair value of options granted during the year (€) 1.29 1.67 1 21 On March 28, 2012, March 22, 2012, “March 2012 “March 2012 “March 2012 March 2012 “March 2012 March 2012 2012. The Company used the Black-Scholes pricing model to value the March 2012 On May 28, 2013, May 20, 2013, “May 2013 “May 2013 “May 2013 May 2013 “May 2013 May 2013 March 2012 May 2013 The Company used the Black-Scholes pricing model to value the May 2013 On April 14, 2016, April 7, 2016, “April 2016 “April 2016 April 2016 March 2012 May 2013 April 2016 The Company used the Black-Scholes pricing model to value the April 2016 1 22 In accordance with ASC 840, one - Ownership is transferred to the lessee by the end of the lease term; - The lease contains a bargain purchase option; - The lease term is at least 75% - The present value of the minimum lease payments at the beginning of the lease term is 90% For sales type leases, the following two - Collectability of the minimum lease payment is reasonably predictable; - No The Company enters into sale and leaseback transactions from time to time. In accordance with ASC 840, |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents and Short Term Investments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2—CASH, Cash and cash equivalents and short terms investments are comprised of the following: 06-30-2017 12-31-2016 Total cash and cash equivalents 18,554 21,989 Short term investments - - Total cash and cash equivalent and short term investments 18,554 21,989 Short term investments are comprised of money market funds. The aggregate fair value of the short-term investments is consistent with their book value. |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3—INVENTORIES Inventories consist of the following: 06-30-2017 12-31-2016 Components, spare parts 4,415 4,683 Work-in-progress 883 809 Finished goods 3,660 3,342 Total gross inventories 8,958 8,834 Less: provision for slow-moving inventory (824 ) (804 ) Total 8,135 8,030 |
Note 4 - Short-term Borrowings
Note 4 - Short-term Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 4—SHORT As of June 30, 2017, €1,253 As of June 30, 2016, €1,096 |
Note 5 - Capital Lease Obligati
Note 5 - Capital Lease Obligations | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 5—CAPITAL The Company leases certain of its equipment under capital leases. At June 30, 2017, €91 €452 |
Note 6 - Long Term Debt, and Fi
Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6— 6 1 06-30-2017 12-31-2016 Japanese yen term loan 73 119 Germany term loan 307 352 Italy term loan 103 128 Total long term debt 483 599 Less current portion (213 ) (215 ) Total long-term portion 270 384 As of June 30, 2017, 2 Initial Amount Maturation Interest rate EDAP Technomed Co. Ltd 55,000,000 June 30, 2018 1.80 % 10,000,000 June 30, 2018 2.10 % As of December 31, 2016, 2 Amount Maturation Interest rate EDAP Technomed Co. Ltd 55,000,000 June 30, 2018 1.80 % 10,000,000 June 30, 2018 2.10 % As of June 30, 2017 2016, €450 2.49% November 30, 2020. €450 €391 As of June 30, 2017 2016, €242 1 4.5% June 6, 2019. 6 2 06-30-2017 12-31-2016 Investor Warrants 2,235 3,921 Total 2,235 3,921 Less current portion - (640 ) Total long-term portion 2,235 3,281 On March 28, 2012, March 22, 2012, 2,812,500 “March 2012 $2.00 “March 2012 March 2012 1,406,250 $2.75. March 2012 March 28, 2017. 168,750 $2.50 “March 2012 “March 2012 March 2012 September 24, 2012 October 21, 2016. $5.625 4.214 $2.429 €1.821 $3.196 €2.393 The form of the securities purchase agreement and the form of Investor Warrant were furnished to the SEC on our report on Form 6 March 28, 2012. The Company determined that the March 2012 1,575,000 1,406,250 March 2012 168,750 March 2012 On May 28, 2013, May 20, 2013, 3,000,000 “May 2013 $4.00 “May 2013 May 2013 1,500,000 $4.25. May 2013 November 29, 2013 November 29, 2018. 180,000 $5.00 “May 2013 “May 2013 May 2013 November 29, 2013 May 28, 2016. May 2013 March 2012 May 2013 $12.0 9.270 $3.817 €2.950 $8.183 €6.320 6 May 28, 2013. The Company used the Black-Scholes pricing model to value the May 2013 On April 14, 2016, April 7, 2016, 3,283,284 “April 2016 $3.50 “April 2016 April 2016 3,283,284 $4.50. April 2016 October 14, 2016 October 14, 2018. April 2016 March 2012 May 2013 April 2016 $11.5 10.2 $3.578 €3.168 $7.913 €7.006 6 April 14, 2016. The Company used the Black-Scholes pricing model to value the April 2016 Fair Value of the March 2012 The valuation model of the Investor Warrants uses the following main assumptions and parameters based on a Black-Scholes model. Note that Warrant’s maturity is assumed to be their legal duration as per Warrant contract. At inception June 30, December 31, Share price at closing date $ 1.95 - $ 3.28 Strike price of warrants $ 2.75 - $ 2.75 Risk free interest rate at 5 years 1,05 % - 0 % Share price volatility 120 % - 60.2 % Dividend rates 0 % - 0 % Unit fair value $ 1.55 - $ 0.69 Total fair value (in thousand) $ 2.17 - $ 675 Total equivalent amount (in thousand €) € 1,629 - € 1,640 As of June 30, 2017, March 2012 Fair Value of the May 2013 The valuation model of the Investor Warrants uses the following main assumptions and parameters based on a Black-Scholes model. Note that Warrant’s maturity is assumed to be their legal duration as per Warrant contract. At inception June 30, December 31, Share price at closing date $ 3.96 $ 3.30 $ 3.28 Strike price of warrants $ 4.25 $ 4.25 $ 4.25 Risk free interest rate at 5.5 years 1.07 % 0 % 0 % Share price volatility 71 % 57.4 % 60.2 % Dividend rates 0 % 0 % 0 % Unit fair value $ 2.35 $ 0.60 $ 0.79 Total fair value (in thousand) $ 3.525 $ 899 $ 1,179 Total equivalent amount (in thousand €) € 2,725 € 788 € 1,119 Fair Value of the April 2016 At inception June 30, December 31, Share price at closing date 3.64 3.30 3.28 Strike price of warrants $ 4.50 $ 4.50 $ 4.50 Risk free interest rate at 2.5 years 0 % 0 % 0 % Share price volatility 60.20 % 57.4 % 60.20 % Dividend rates 0 % - 0 % Unit fair value $ 1.09 0.50 $ 0.69 Total fair value (in thousand) $ 3.579 $ 1,651 $ 2,279 Total equivalent amount (in thousand €) € 3,168 € 1,447 € 2,162 Long-term debt and financial instruments carried at fair value at June 30, 2016 2017 100 2018 2,419 2019 116 2020 83 Total 2,718 |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7—SHAREHOLDERS’ 7 1 As of June 30, 2017, 29,368,394 €0.13 28,997,866 7 2 Shareholders have preemptive rights to subscribe on a pro rata may not 7 3 Dividends may not 7 4 As of June 30, 2017, 370,528 190,238 August December 1998 €649 180,290 June July 2001 €493 370,528 7 5 7 5 As of June 30, 2017, 370,528 127,100 may €2.38 June 25, 2010. As of June 30 2017, four On May 22, 2007, 600,000 600,000 504,088 October 29, 2007, 95,912 June 25, 2010. 337,088 June 30, 2017. On June 24, 2010, 229,100 229,100 229,100 June 25, 2010. 120,100 June 30, 2017. On December 19, 2012, 500,000 500,000 500,000 January 18, 2013. 302,500 June 30, 2017. On February 18, 2016, 1,000,000 1,000,000 575,000 April 26, 2016 260,000 April 25, 2017. 770,000 June 30, 2017. As of June 30, 2017, June 30, 2017 December 31, 2016 December 31, 2015 Options Weighted Options Weighted Options Weighted Outstanding on January 1, 1,427,438 2.96 917,188 2.79 1,095,850 2.76 Granted 260,000 2.39 575,000 3.22 - - Exercised (60,000 ) 1.91 - - (72,412 ) 2.13 Forfeited (97,750 ) 3.14 (64,750 ) 3.30 (106,250 ) 2.88 Expired - - - - - - Outstanding at the end of the period 1,529,688 2.53 1,427,438 2.94 917,188 2.79 Exercisable at the end of the period 897,188 2.84 774,938 2.87 724,688 3.03 Shares purchase options available for grant on at end of period 250,428 243,428 232,428 The following table summarizes information about options to purchase Shares already held by the Company as treasury Shares, or to subscribe to new Shares, at June 30, 2017: Outstanding options Fully vested options (1) Exercise price (€) Options Weighted Weighted Aggregate Options Weighted Aggregate 3.99 287,088 0.3 3.99 - 287,088 3.99 - 3.22 550,000 8.8 3.22 - 137,500 3.22 - 2.38 120,100 3.0 2.38 61,466 120,100 2.38 61,466 1.91 302,500 5.5 1.91 296,991 302,500 1.91 296,991 1.88 50,000 3.0 1.88 50,590 50,000 1.88 50,590 2.39 220,000 0.0 2.39 110,393 - - - 1.88 to 3.99 1,529,688 5.2 2.96 519,441 897,188 2.84 409,047 ( 1 Fully vested options are all exercisable options ( 2 The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $3.30 June 30, 2017, The Company applies FAS 123R |
Note 8 - Financial Income, Net
Note 8 - Financial Income, Net | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Interest Income and Interest Expense Disclosure [Text Block] | 8—FINANCIAL Interest (expense) income, net consists of the following: 6 months 6 months Interest income 6 9 Interest expense (18 ) (27 ) Warrants exercised or forfeited 625 174 Changes in fair value of the warrants 795 2,734 Total 1,408 2,891 |
Note 9 - Segment Information
Note 9 - Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9—SEGMENT In July 2002, two three 2007, not 6 months 6 months Segment operating loss (848 ) 388 Interest income, net 1,408 2,891 Foreign Currency exchange (losses) gains, net (450 ) 671 Other income, net - - Income tax (expense) credit net (175 ) (91 ) Consolidated net loss net (65 ) 3,859 A summary of the Company’s operations by business unit is presented below for periods ending June 30, 2017 2016: HIFU UDS EDAP Total 6 months 2017 Sales of Goods (incl. consumables) 2,626 8,852 - 11,478 Sales of RPPs & Leases, 1,899 700 - 2,599 Sales of Spare Parts & Services 696 3,183 - 3,879 Total Net Sales 5,221 12,735 - 17,956 Other Revenues 8 32 - 40 Total Revenues 5,228 12,767 - 17,995 Gross Profit 2,794 4,774 - 7,568 Research & Development (1,211 ) (654 ) - (1,865 ) SG&A + Depreciation (2,468 ) (3,316 ) (768 ) (6,551 ) Operating income (loss) (885 ) 804 (768 ) (848 ) HIFU UDS EDAP TMS Total 6 months 2016 Sales of Goods (incl. consumables) 4,536 6,725 - 11,261 Sales of RPPs & Leases, 1,811 766 - 2,578 Sales of Spare Parts & Services 328 2,750 - 3,078 Total Net Sales 6,676 10,241 - 16,917 Other Revenues 6 2 - 8 Total Revenues 6,682 10,243 - 16,925 Gross Profit 4,081 3,672 - 7,753 Research & Development (1,048 ) (653 ) - (1,701 ) SG&A + Depreciation (1,979 ) (2,996 ) (689 ) (5,664 ) Operating income (loss) 1,054 23 (689 ) 388 |
Note 10 - Subsequent Significan
Note 10 - Subsequent Significant Events | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10—SUBSEQUENT Effective July 1, 2017, June 30, 2017. On July 17, 2017, 510 510 On July 31, 2017, 510 On September 11, 2017, July 17, 2017, 510 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | 1 1 EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, production, marketing, distribution and maintenance of a portfolio of minimally invasive medical devices for the treatment of urological diseases. The Company currently produces devices for treating stones of the urinary tract and localized prostate cancer. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third Moreover, the Company develops a novel HIFU treatment for liver cancer in cooperation with its long-term academic partner INSERM and leading cancer centers (the “HECAM” project). The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may |
Use of Estimates, Policy [Policy Text Block] | 1 2 The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, stock price volatility, duration of standard warranty per market and cost of maintenance contract used to determine the amount of revenue to differ. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Consolidation, Policy [Policy Text Block] | 1 3 The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries, which include EDAP TMS France SAS, EDAP Technomed Inc. (USA), Edap Technomed Sdn Bhd (Malaysia), Edap Technomed Italia S.R.L, EDAP Technomed Co. Ltd. (Japan) and EDAP TMS Gmbh (Germany). Edap Technomed Sdn Bhd was incorporated in early 1997. 1996. July 2006. 2008. |
Revenue Recognition, Policy [Policy Text Block] | 1 4 Sales of goods: For medical device sales with no one Sales of RPPs and leases: Revenues related to the sale of HIFU treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis. Sales of spare parts and services: Revenues related to spare parts are recognized when goods are delivered. Maintenance contracts rarely exceed one |
Shipping and Handling Cost, Policy [Policy Text Block] | 1 5 The Company recognizes revenue from the shipping and handling of its products as a component of revenue. Shipping and handling costs are recorded as a component of cost of sales. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 1 6 Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 Cash investments with a maturity higher than 90 |
Receivables, Policy [Policy Text Block] | 1 7 Accounts receivables are stated at cost net of allowances for doubtful accounts. The Company makes judgments as to its ability to collect outstanding receivables and provides allowances for the portion of receivables when collection becomes doubtful. Provision is made based upon a specific review of all significant outstanding invoices. These estimates are based on our bad debt write-off experience, analysis of credit information, specific identification of probable bad debt based on our collection efforts, aging of accounts receivables and other known factors. Accounts receivables also include receivables factored for which the Company is supporting the collection risk. |
Inventory, Policy [Policy Text Block] | 1 8 Inventories are valued at the lower of manufacturing cost, which is principally comprised of components and labor costs, or market (net realizable value). Cost is determined on a first first first |
Property, Plant and Equipment, Policy [Policy Text Block] | 1 9 Property and equipment is stated at historical cost. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful life of the related assets, as follows: Leasehold improvements 10 Equipment 3 10 Furniture, fixtures, fittings and other 2 10 Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions and devices subject to sale and leaseback transactions. This equipment is depreciated over a period of seven |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 1 10 The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 1 11 Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not 350, two first second second Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses. Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows: Patents 5 Licenses 5 Trade name and trademark 7 |
Stockholders' Equity, Policy [Policy Text Block] | 1 12 Treasury Stocks Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first first not |
Standard Product Warranty, Policy [Policy Text Block] | 1 13 The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may 1 2 |
Income Tax, Policy [Policy Text Block] | 1 14 The Company accounts for income taxes in accordance with ASC 740, 740, not not ASC740, no As of January 1, 2007, FIN48 740 ASC740, not |
Research, Development, and Computer Software, Policy [Policy Text Block] | 1 15 Research and development costs are recorded as an expense in the period in which they are incurred. The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not |
Advertising Costs, Policy [Policy Text Block] | 1 16 Advertising costs are recorded as an expense in the period in which they are incurred. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | 1 17 Translation of the financial statements of consolidated companies The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, • assets and liabilities are translated at year-end exchange rates; • shareholders’ equity is translated at historical exchange rates (as of the date of contribution); • statement of income items are translated at average exchange rates for the year; and • translation gains and losses are recorded in a separate component of shareholders’ equity. Foreign currencies transactions Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are carried to the statement of income. |
Earnings Per Share, Policy [Policy Text Block] | 1 18 Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period. |
Derivatives, Policy [Policy Text Block] | 1 19 ASC 815 Gains and losses from derivative instruments are recorded in the income statement. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 1 20 At June 30, 2017, four 718, January 1, 2006. 718 The Company granted 260,000 April 2017. The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 6-30-2017 12-31-2016 Weighted-average expected life (years) 6.25 6.25 Expected volatility rates 57.4 % 60.6 % Expected dividend yield — — Risk-free interest rate 0.02 % 0.01 % Weighted-average exercise price (€) 2.39 3.22 Weighted-average fair value of options granted during the year (€) 1.29 1.67 |
Debt, Policy [Policy Text Block] | 1 21 On March 28, 2012, March 22, 2012, “March 2012 “March 2012 “March 2012 March 2012 “March 2012 March 2012 2012. The Company used the Black-Scholes pricing model to value the March 2012 On May 28, 2013, May 20, 2013, “May 2013 “May 2013 “May 2013 May 2013 “May 2013 May 2013 March 2012 May 2013 The Company used the Black-Scholes pricing model to value the May 2013 On April 14, 2016, April 7, 2016, “April 2016 “April 2016 April 2016 March 2012 May 2013 April 2016 The Company used the Black-Scholes pricing model to value the April 2016 |
Lessee, Leases [Policy Text Block] | 1 22 In accordance with ASC 840, one - Ownership is transferred to the lessee by the end of the lease term; - The lease contains a bargain purchase option; - The lease term is at least 75% - The present value of the minimum lease payments at the beginning of the lease term is 90% For sales type leases, the following two - Collectability of the minimum lease payment is reasonably predictable; - No The Company enters into sale and leaseback transactions from time to time. In accordance with ASC 840, |
Note 1 - Summary of Significa18
Note 1 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 6-30-2017 12-31-2016 Weighted-average expected life (years) 6.25 6.25 Expected volatility rates 57.4 % 60.6 % Expected dividend yield — — Risk-free interest rate 0.02 % 0.01 % Weighted-average exercise price (€) 2.39 3.22 Weighted-average fair value of options granted during the year (€) 1.29 1.67 |
Note 2 - Cash, Cash Equivalen19
Note 2 - Cash, Cash Equivalents and Short Term Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | 06-30-2017 12-31-2016 Total cash and cash equivalents 18,554 21,989 Short term investments - - Total cash and cash equivalent and short term investments 18,554 21,989 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 06-30-2017 12-31-2016 Components, spare parts 4,415 4,683 Work-in-progress 883 809 Finished goods 3,660 3,342 Total gross inventories 8,958 8,834 Less: provision for slow-moving inventory (824 ) (804 ) Total 8,135 8,030 |
Note 6 - Long Term Debt, and 21
Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 06-30-2017 12-31-2016 Japanese yen term loan 73 119 Germany term loan 307 352 Italy term loan 103 128 Total long term debt 483 599 Less current portion (213 ) (215 ) Total long-term portion 270 384 |
Schedule of Long-term Debt Instruments [Table Text Block] | Initial Amount Maturation Interest rate EDAP Technomed Co. Ltd 55,000,000 June 30, 2018 1.80 % 10,000,000 June 30, 2018 2.10 % Amount Maturation Interest rate EDAP Technomed Co. Ltd 55,000,000 June 30, 2018 1.80 % 10,000,000 June 30, 2018 2.10 % |
Schedule of Derivative Instruments [Table Text Block] | 06-30-2017 12-31-2016 Investor Warrants 2,235 3,921 Total 2,235 3,921 Less current portion - (640 ) Total long-term portion 2,235 3,281 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | At inception June 30, December 31, Share price at closing date $ 1.95 - $ 3.28 Strike price of warrants $ 2.75 - $ 2.75 Risk free interest rate at 5 years 1,05 % - 0 % Share price volatility 120 % - 60.2 % Dividend rates 0 % - 0 % Unit fair value $ 1.55 - $ 0.69 Total fair value (in thousand) $ 2.17 - $ 675 Total equivalent amount (in thousand €) € 1,629 - € 1,640 At inception June 30, December 31, Share price at closing date $ 3.96 $ 3.30 $ 3.28 Strike price of warrants $ 4.25 $ 4.25 $ 4.25 Risk free interest rate at 5.5 years 1.07 % 0 % 0 % Share price volatility 71 % 57.4 % 60.2 % Dividend rates 0 % 0 % 0 % Unit fair value $ 2.35 $ 0.60 $ 0.79 Total fair value (in thousand) $ 3.525 $ 899 $ 1,179 Total equivalent amount (in thousand €) € 2,725 € 788 € 1,119 At inception June 30, December 31, Share price at closing date 3.64 3.30 3.28 Strike price of warrants $ 4.50 $ 4.50 $ 4.50 Risk free interest rate at 2.5 years 0 % 0 % 0 % Share price volatility 60.20 % 57.4 % 60.20 % Dividend rates 0 % - 0 % Unit fair value $ 1.09 0.50 $ 0.69 Total fair value (in thousand) $ 3.579 $ 1,651 $ 2,279 Total equivalent amount (in thousand €) € 3,168 € 1,447 € 2,162 |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | 2017 100 2018 2,419 2019 116 2020 83 Total 2,718 |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | June 30, 2017 December 31, 2016 December 31, 2015 Options Weighted Options Weighted Options Weighted Outstanding on January 1, 1,427,438 2.96 917,188 2.79 1,095,850 2.76 Granted 260,000 2.39 575,000 3.22 - - Exercised (60,000 ) 1.91 - - (72,412 ) 2.13 Forfeited (97,750 ) 3.14 (64,750 ) 3.30 (106,250 ) 2.88 Expired - - - - - - Outstanding at the end of the period 1,529,688 2.53 1,427,438 2.94 917,188 2.79 Exercisable at the end of the period 897,188 2.84 774,938 2.87 724,688 3.03 Shares purchase options available for grant on at end of period 250,428 243,428 232,428 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Outstanding options Fully vested options (1) Exercise price (€) Options Weighted Weighted Aggregate Options Weighted Aggregate 3.99 287,088 0.3 3.99 - 287,088 3.99 - 3.22 550,000 8.8 3.22 - 137,500 3.22 - 2.38 120,100 3.0 2.38 61,466 120,100 2.38 61,466 1.91 302,500 5.5 1.91 296,991 302,500 1.91 296,991 1.88 50,000 3.0 1.88 50,590 50,000 1.88 50,590 2.39 220,000 0.0 2.39 110,393 - - - 1.88 to 3.99 1,529,688 5.2 2.96 519,441 897,188 2.84 409,047 |
Note 8 - Financial Income, Net
Note 8 - Financial Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Interest Income and Interest Expense Disclosure [Table Text Block] | 6 months 6 months Interest income 6 9 Interest expense (18 ) (27 ) Warrants exercised or forfeited 625 174 Changes in fair value of the warrants 795 2,734 Total 1,408 2,891 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | 6 months 6 months Segment operating loss (848 ) 388 Interest income, net 1,408 2,891 Foreign Currency exchange (losses) gains, net (450 ) 671 Other income, net - - Income tax (expense) credit net (175 ) (91 ) Consolidated net loss net (65 ) 3,859 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | HIFU UDS EDAP Total 6 months 2017 Sales of Goods (incl. consumables) 2,626 8,852 - 11,478 Sales of RPPs & Leases, 1,899 700 - 2,599 Sales of Spare Parts & Services 696 3,183 - 3,879 Total Net Sales 5,221 12,735 - 17,956 Other Revenues 8 32 - 40 Total Revenues 5,228 12,767 - 17,995 Gross Profit 2,794 4,774 - 7,568 Research & Development (1,211 ) (654 ) - (1,865 ) SG&A + Depreciation (2,468 ) (3,316 ) (768 ) (6,551 ) Operating income (loss) (885 ) 804 (768 ) (848 ) HIFU UDS EDAP TMS Total 6 months 2016 Sales of Goods (incl. consumables) 4,536 6,725 - 11,261 Sales of RPPs & Leases, 1,811 766 - 2,578 Sales of Spare Parts & Services 328 2,750 - 3,078 Total Net Sales 6,676 10,241 - 16,917 Other Revenues 6 2 - 8 Total Revenues 6,682 10,243 - 16,925 Gross Profit 4,081 3,672 - 7,753 Research & Development (1,048 ) (653 ) - (1,701 ) SG&A + Depreciation (1,979 ) (2,996 ) (689 ) (5,664 ) Operating income (loss) 1,054 23 (689 ) 388 |
Note 1 - Summary of Significa25
Note 1 - Summary of Significant Accounting Policies (Details Textual) - shares | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Apr. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 260,000 | 260,000 | 575,000 | |
Patents [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Licensing Agreements [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Trademarks and Trade Names [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||
Maximum [Member] | ||||
Standard Product Warranty Period | 2 years | |||
Minimum [Member] | ||||
Standard Product Warranty Period | 1 year | |||
Leasehold Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Furniture, Fixtures, Fittings, and Other [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Furniture, Fixtures, Fittings, and Other [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Devices Leased Under RPPs and Devices Subject to Sale and Leaseback Transactions [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years |
Note 1 - Summary of Significa26
Note 1 - Summary of Significant Accounting Policies - Fair Value Assumptions (Details) - € / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | |||
Weighted-average expected life (years) (Year) | 6 years 91 days | 6 years 91 days | [1] | |
Expected volatility rates | [1],[2] | 57.40% | 60.60% | |
Expected dividend yield (in EUR per share) | [1] | |||
Risk-free interest rate | 0.02% | 0.01% | [1] | |
Weighted-average exercise price (€) (in EUR per share) | € 2.39 | € 3.22 | [1] | |
Weighted-average fair value of options granted during the year (€) (in EUR per share) | € 1.29 | € 1.67 | [1] | |
[1] | The Company did not make any grants during the years ended December 31, 2015 and 2014. | |||
[2] | Historical volatility calculated over 10 years. |
Note 2 - Cash, Cash Equivalen27
Note 2 - Cash, Cash Equivalents and Short Term Investments - Schedule of Cash, Cash Equivalents, and Short Term Investments (Details) - EUR (€) € in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Total cash and cash equivalents | € 18,554 | € 21,989 | € 20,940 | € 13,578 |
Short term investments | ||||
Total cash and cash equivalent and short term investments | € 18,554 | € 21,989 |
Note 3 - Inventories - Schedule
Note 3 - Inventories - Schedule of Inventories (Details) - EUR (€) € in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Components, spare parts | € 4,415 | € 4,683 |
Work-in-progress | 883 | 809 |
Finished goods | 3,660 | 3,342 |
Total gross inventories | 8,958 | 8,834 |
Less: provision for slow-moving inventory | (824) | (804) |
Total | € 8,135 | € 8,030 |
Note 4 - Short-term Borrowings
Note 4 - Short-term Borrowings (Details Textual) - EUR (€) € in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Short-term Debt | € 1,253 | € 1,629 | € 1,096 |
Note 5 - Capital Lease Obliga30
Note 5 - Capital Lease Obligations (Details Textual) € in Thousands | Jun. 30, 2017EUR (€) |
Medical Devices [Member] | |
Capital Lease Obligations | € 91 |
Vehicles and Other IT Equipment [Member] | |
Capital Lease Obligations | € 452 |
Note 6 - Long Term Debt, and 31
Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value (Details Textual) $ / shares in Units, € in Thousands, $ in Thousands | Apr. 14, 2016USD ($)$ / sharesshares | Apr. 14, 2016EUR (€)shares | May 28, 2013USD ($)$ / sharesshares | May 28, 2013EUR (€)shares | Mar. 28, 2012USD ($)$ / sharesshares | Mar. 28, 2012EUR (€)shares | Jun. 30, 2017EUR (€) | Jun. 30, 2016EUR (€) |
March 2012 Investor Warrants [member] | Maximum [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,406,250 | |||||||
March 2012 Placement Agent Warrants [Member] | Maximum [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 168,750 | |||||||
March 2012 Warrants [Member] | Maximum [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,575,000 | |||||||
American Depository Shares (ADS) [Member] | ||||||||
Proceeds from Issuance of Private Placement | $ 5,625 | € 4,214 | ||||||
American Depository Shares (ADS) [Member] | Additional Paid-in Capital [Member] | ||||||||
Proceeds from Issuance of Private Placement | 3,196 | 2,393 | ||||||
American Depository Shares (ADS) [Member] | Investor and Placement Agent Warrants Payable [Member] | ||||||||
Proceeds from Issuance of Private Placement | $ 2,429 | € 1,821 | ||||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 3,283,284 | 3,283,284 | 3,000,000 | 3,000,000 | 2,812,500 | 2,812,500 | ||
Shares Issued, Price Per Share | $ / shares | $ 3.50 | $ 4 | $ 2 | |||||
Proceeds from Issuance of Private Placement | $ 11,500 | € 10,200 | $ 12,000 | € 9,270 | ||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | Additional Paid-in Capital [Member] | ||||||||
Proceeds from Issuance of Private Placement | 7,913 | 7,006 | 8,183 | 6,320 | ||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | Investor and Placement Agent Warrants Payable [Member] | ||||||||
Proceeds from Issuance of Private Placement | $ 3,578 | € 3,168 | $ 3,817 | € 2,950 | ||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | March 2012 Investor Warrants [member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.75 | |||||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | March 2012 Investor Warrants [member] | Maximum [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,406,250 | |||||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | March 2012 Placement Agent Warrants [Member] | Rodman & Renshaw, LLC [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 168,750 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.50 | |||||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | May 2013 Investor Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,500,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 4.25 | |||||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | May 2013 Placement Agent Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 180,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 5 | |||||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | April 2016 Investor Warrants [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 4.50 | |||||||
American Depository Shares (ADS) [Member] | Private Placement [Member] | April 2016 Investor Warrants [Member] | Maximum [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,283,284 | |||||||
Loans Payable [Member] | GERMANY | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.49% | 2.49% | ||||||
Debt Instrument, Face Amount | € | € 450 | € 450 | ||||||
Loans Payable [Member] | GERMANY | High Intensity Focused Ultrasound (HIFU) Equipment [Member] | ||||||||
Debt Instrument, Collateral Amount | € | 450 | |||||||
Loans Payable [Member] | GERMANY | Accounts Receivables Pledged [Member] | ||||||||
Debt Instrument, Collateral Amount | € | € 391 | |||||||
Loans Payable [Member] | ITALY | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | ||||||
Debt Instrument, Face Amount | € | € 242 | € 242 |
Note 6 - Long Term Debt, and 32
Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value - Schedule of Long Term Debt (Details) - EUR (€) € in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Long term debt | € 483 | € 599 |
Less current portion | (213) | (215) |
Total long-term portion | 270 | 384 |
JAPAN | ||
Long term debt | 73 | 119 |
GERMANY | ||
Long term debt | 307 | 352 |
ITALY | ||
Long term debt | € 103 | € 128 |
Note 6 - Long Term Debt, and 33
Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value - Long Term Debt, Japan (Details) - JAPAN - EDAP Technomed Co Ltd. [Member] - JPY (¥) | Jun. 30, 2017 | Dec. 31, 2016 |
Loan Four [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.80% | |
Debt Instrument, Face Amount | ¥ 55,000,000 | |
Loan Two [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.80% | |
Debt Instrument, Face Amount | ¥ 55,000,000 | |
Loan Three [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | |
Debt Instrument, Face Amount | ¥ 10,000,000 | |
Loan One [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | |
Debt Instrument, Face Amount | ¥ 10,000,000 |
Note 6 - Long Term Debt, and 34
Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value - Schedule of Financial Instruments Carried at Fair Value (Details) - EUR (€) € in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Less current portion | € (640) | |
Total long-term portion | 2,235 | 3,281 |
Investor Warrants [Member] | ||
Warrants | 2,235 | 3,921 |
Warrant [Member] | ||
Warrants | 2,235 | 3,921 |
Less current portion | (640) | |
Total long-term portion | € 2,235 | € 3,281 |
Note 6 - Long Term Debt, and 35
Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value - Valuation Model of Warrants (Details) € / shares in Units, $ / shares in Units, € in Thousands | Apr. 14, 2016USD ($)$ / shares | May 28, 2013USD ($)$ / shares | Mar. 28, 2012USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Jun. 30, 2017EUR (€)€ / shares | Dec. 31, 2016EUR (€)€ / shares | Apr. 14, 2016EUR (€) | May 28, 2013EUR (€) | Mar. 28, 2012EUR (€) | |||
Expected volatility rates | [1],[2] | 57.40% | 60.60% | ||||||||||
Weighted-average exercise price (€) (in EUR per share) | € / shares | € 2.39 | € 3.22 | [2] | ||||||||||
Risk-free interest rate | 0.02% | 0.01% | [2] | ||||||||||
March 2012 Investor Warrants [member] | |||||||||||||
Expected volatility rates | 120.00% | 60.20% | |||||||||||
Dividend rates | 0.00% | 0.00% | |||||||||||
Unit fair value (in dollars per share) | $ 1.55 | $ 0.69 | |||||||||||
Total fair value (in thousand) | $ 2,170 | $ 675,000 | € 1,640 | € 1,629 | |||||||||
Share price at closing date (in dollars per share) | $ 1.95 | $ 3.28 | |||||||||||
Weighted-average exercise price (€) (in EUR per share) | $ 2.75 | $ 2.75 | |||||||||||
Risk-free interest rate | 105.00% | 0.00% | |||||||||||
May 2013 Investor Warrants [Member] | |||||||||||||
Expected volatility rates | 71.00% | 57.40% | 60.20% | ||||||||||
Dividend rates | 0.00% | 0.00% | 0.00% | ||||||||||
Unit fair value (in dollars per share) | $ 2.35 | $ 0.60 | $ 0.79 | ||||||||||
Total fair value (in thousand) | $ 3,525 | $ 899,000 | $ 1,179,000 | 788 | 1,119 | € 2,725 | |||||||
Share price at closing date (in dollars per share) | $ 3.96 | $ 3.30 | $ 3.28 | ||||||||||
Weighted-average exercise price (€) (in EUR per share) | $ 4.25 | $ 4.25 | $ 4.25 | ||||||||||
Risk-free interest rate | 1.07% | 0.00% | 0.00% | ||||||||||
April 2016 Investor Warrants [Member] | |||||||||||||
Expected volatility rates | 60.20% | 57.40% | 60.20% | ||||||||||
Dividend rates | 0.00% | 0.00% | |||||||||||
Unit fair value (in dollars per share) | $ 1.09 | $ 0.50 | $ 0.69 | ||||||||||
Total fair value (in thousand) | $ 3,579 | $ 1,651,000 | $ 2,279,000 | € 1,447 | € 2,162 | € 3,168 | |||||||
Share price at closing date (in dollars per share) | $ 3.64 | $ 3.30 | $ 3.28 | ||||||||||
Weighted-average exercise price (€) (in EUR per share) | $ 4.50 | $ 4.50 | $ 4.50 | ||||||||||
Risk-free interest rate | 0.00% | 0.00% | 0.00% | ||||||||||
[1] | Historical volatility calculated over 10 years. | ||||||||||||
[2] | The Company did not make any grants during the years ended December 31, 2015 and 2014. |
Note 6 - Long Term Debt, and 36
Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value - Valuation Model of Warrants (Details) (Parentheticals) | Apr. 14, 2016 | May 28, 2013 | Mar. 28, 2012 | Jun. 30, 2017 | Dec. 31, 2016 |
April 2016 Investor Warrants [Member] | |||||
Risk free interest rate, period (Year) | 2 years 182 days | 2 years 182 days | 2 years 182 days | ||
March 2012 Investor Warrants [member] | |||||
Risk free interest rate, period (Year) | 5 years | 5 years | 5 years | ||
May 2013 Investor Warrants [Member] | |||||
Risk free interest rate, period (Year) | 5 years 182 days | 5 years 182 days | 5 years 182 days |
Note 6 - Long Term Debt, and 37
Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value - Schedule Of Long-term Debt and Financial Instruments Maturities (Details) € in Thousands | Jun. 30, 2016EUR (€) |
2,017 | € 100 |
2,018 | 2,419 |
2,019 | 116 |
2,020 | 83 |
Total | € 2,718 |
Note 7 - Shareholders' Equity38
Note 7 - Shareholders' Equity (Details Textual) € / shares in Units, € in Thousands | Apr. 25, 2017shares | Apr. 26, 2016shares | Jan. 18, 2013shares | Jun. 25, 2010shares | Oct. 29, 2007shares | Apr. 30, 2017shares | Jul. 31, 2001EUR (€)shares | Dec. 31, 1998EUR (€)shares | Jun. 30, 2017$ / sharesshares | Dec. 31, 2016€ / sharesshares | Dec. 31, 2015shares | Jun. 30, 2017€ / sharesshares | Feb. 18, 2016shares | Dec. 31, 2014shares | Dec. 19, 2012shares | Jun. 24, 2010shares | May 22, 2007shares |
Treasury Stock, Shares, Acquired | 180,290 | 190,238 | |||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | € | € 493 | € 649 | |||||||||||||||
Common Stock, Shares, Issued | 29,368,394 | 29,098,144 | 29,368,394 | ||||||||||||||
Common Stock, Par or Stated Value Per Share | € / shares | € 0.13 | € 0.13 | |||||||||||||||
Common Stock, Shares, Outstanding | 28,997,866 | 28,727,616 | 28,997,866 | ||||||||||||||
Treasury Stock, Shares | 370,528 | 370,528 | 370,528 | ||||||||||||||
The 2010 Plan [Member] | |||||||||||||||||
Common Stock, Shares Subscribed but Unissued | 229,100 | ||||||||||||||||
The 2012 Plan [Member] | |||||||||||||||||
Common Stock, Shares Subscribed but Unissued | 500,000 | ||||||||||||||||
The 2016 Plan [Member] | |||||||||||||||||
Common Stock, Shares Subscribed but Unissued | 1,000,000 | ||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 260,000 | 260,000 | 575,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,529,688 | 1,427,438 | 917,188 | 1,529,688 | 1,095,850 | ||||||||||||
Employee Stock Option [Member] | The 2007 Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 95,912 | 504,088 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 337,088 | 337,088 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | ||||||||||||||||
Employee Stock Option [Member] | The 2010 Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 229,100 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 120,100 | 120,100 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 229,100 | ||||||||||||||||
Employee Stock Option [Member] | The 2012 Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 500,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 302,500 | 302,500 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||||||||||||||||
Employee Stock Option [Member] | The 2016 Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 260,000 | 575,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 770,000 | 770,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | ||||||||||||||||
The 2007 Plan [Member] | |||||||||||||||||
Common Stock, Shares Subscribed but Unissued | 600,000 | ||||||||||||||||
Options to Purchase Treasury Shares or To Subscribe New Shares [Member] | |||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 3.30 | ||||||||||||||||
Treasury Stock, Held for Purchase for Option Holder Exercises [Member] | |||||||||||||||||
Treasury Stock, Shares | 127,100 | 127,100 | |||||||||||||||
Treasury Stock, Reissuance Price Per Share | € / shares | € 2.38 |
Note 7 - Shareholders' Equity -
Note 7 - Shareholders' Equity - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - Employee Stock Option [Member] - € / shares | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Apr. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding - number (in shares) | 1,427,438 | 917,188 | 1,095,850 | |
Outstanding - Weighted average exercise price (in EUR per share) | € 2.96 | € 2.79 | € 2.76 | |
Granted - Weighted average exercise price (in EUR per share) | € 2.39 | € 3.22 | ||
Granted - number (in shares) | 260,000 | 260,000 | 575,000 | |
Outstanding at the end of the period (in EUR per share) | € 2.53 | € 2.96 | € 2.79 | |
Exercisable at the end of the period (in shares) | 897,188 | 774,938 | 724,688 | |
Exercisable at the end of the period (in EUR per share) | € 2.84 | € 2.87 | € 3.03 | |
Exercised - Weighted average exercise price (in EUR per share) | € 1.91 | € 2.13 | ||
Exercised - number (in shares) | (60,000) | (72,412) | ||
Forfeited - Weighted average exercise price (in EUR per share) | € 3.14 | € 3.30 | € 2.88 | |
Forfeited - number (in shares) | (97,750) | (64,750) | (106,250) | |
Shares purchase options available for grant on at end of period (in shares) | 250,428 | 243,428 | 232,428 | |
Expired - number (in shares) | ||||
Expired - Weighted average exercise price (in EUR per share) | ||||
Outstanding at the end of the period (in shares) | 1,529,688 | 1,427,438 | 917,188 |
Note 7 - Shareholders' Equity40
Note 7 - Shareholders' Equity - Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range (Details) | 6 Months Ended | |
Jun. 30, 2017USD ($)$ / sharesshares | ||
Exercisable options - aggregate intrinsic value | $ | $ 409,047 | [1],[2] |
Outstanding options - number (in shares) | shares | 1,529,688 | |
Outstanding options - weighted average remaining contractual life (Year) | 5 years 73 days | |
Outstanding options - weighted average exercise price (in dollars per share) | $ 2.96 | |
Outstanding options - aggregate intrinsic value | $ | $ 519,441 | [2] |
Exercisable options - number (in shares) | shares | 897,188 | [1] |
Exercisable options - weighted average exercise price (in dollars per share) | $ 2.84 | [1] |
Options to Purchase Treasury Shares or To Subscribe New Shares [Member] | Range 1 [Member] | ||
Exercisable options - aggregate intrinsic value | $ | [1],[2] | |
Exercise price (in dollars per share) | $ 3.99 | |
Outstanding options - number (in shares) | shares | 287,088 | |
Outstanding options - weighted average remaining contractual life (Year) | 109 days | |
Outstanding options - weighted average exercise price (in dollars per share) | $ 3.99 | |
Outstanding options - aggregate intrinsic value | $ | [2] | |
Exercisable options - number (in shares) | shares | 287,088 | [1] |
Exercisable options - weighted average exercise price (in dollars per share) | $ 3.99 | [1] |
Options to Purchase Treasury Shares or To Subscribe New Shares [Member] | Range 2 [Member] | ||
Exercisable options - aggregate intrinsic value | $ | [1],[2] | |
Exercise price (in dollars per share) | $ 3.22 | |
Outstanding options - number (in shares) | shares | 550,000 | |
Outstanding options - weighted average remaining contractual life (Year) | 8 years 292 days | |
Outstanding options - weighted average exercise price (in dollars per share) | $ 3.22 | |
Outstanding options - aggregate intrinsic value | $ | [2] | |
Exercisable options - number (in shares) | shares | 137,500 | [1] |
Exercisable options - weighted average exercise price (in dollars per share) | $ 3.22 | [1] |
Options to Purchase Treasury Shares or To Subscribe New Shares [Member] | Range 3 [Member] | ||
Exercisable options - aggregate intrinsic value | $ | $ 61,466 | [1],[2] |
Exercise price (in dollars per share) | $ 2.38 | |
Outstanding options - number (in shares) | shares | 120,100 | |
Outstanding options - weighted average remaining contractual life (Year) | 3 years | |
Outstanding options - weighted average exercise price (in dollars per share) | $ 2.38 | |
Outstanding options - aggregate intrinsic value | $ | $ 61,466 | [2] |
Exercisable options - number (in shares) | shares | 120,100 | [1] |
Exercisable options - weighted average exercise price (in dollars per share) | $ 2.38 | [1] |
Options to Purchase Treasury Shares or To Subscribe New Shares [Member] | Range 4 [member] | ||
Exercisable options - aggregate intrinsic value | $ | $ 296,991 | [1],[2] |
Exercise price (in dollars per share) | $ 1.91 | |
Outstanding options - number (in shares) | shares | 302,500 | |
Outstanding options - weighted average remaining contractual life (Year) | 5 years 182 days | |
Outstanding options - weighted average exercise price (in dollars per share) | $ 1.91 | |
Outstanding options - aggregate intrinsic value | $ | $ 296,991 | [2] |
Exercisable options - number (in shares) | shares | 302,500 | [1] |
Exercisable options - weighted average exercise price (in dollars per share) | $ 1.91 | [1] |
Options to Purchase Treasury Shares or To Subscribe New Shares [Member] | Range 5 [Member] | ||
Exercisable options - aggregate intrinsic value | $ | $ 50,590 | [1],[2] |
Exercise price (in dollars per share) | $ 1.88 | |
Outstanding options - number (in shares) | shares | 50,000 | |
Outstanding options - weighted average remaining contractual life (Year) | 3 years | |
Outstanding options - weighted average exercise price (in dollars per share) | $ 1.88 | |
Outstanding options - aggregate intrinsic value | $ | $ 50,590 | [2] |
Exercisable options - number (in shares) | shares | 50,000 | [1] |
Exercisable options - weighted average exercise price (in dollars per share) | $ 1.88 | [1] |
Options to Purchase Treasury Shares or To Subscribe New Shares [Member] | Range 6 [Member] | ||
Exercisable options - aggregate intrinsic value | $ | [1],[2] | |
Exercise price (in dollars per share) | $ 2.39 | |
Outstanding options - number (in shares) | shares | 220,000 | |
Outstanding options - weighted average remaining contractual life (Year) | 0 years | |
Outstanding options - weighted average exercise price (in dollars per share) | $ 2.39 | |
Outstanding options - aggregate intrinsic value | $ | $ 110,393 | [2] |
Exercisable options - number (in shares) | shares | [1] | |
Exercisable options - weighted average exercise price (in dollars per share) | [1] | |
[1] | Fully vested options are all exercisable options | |
[2] | The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the Company's closing stock price of $3.30 at June 30, 2017, which would have been received by the option holders had all in-the-money option holders exercised their options as of that date. |
Note 8 - Financial Income, Ne41
Note 8 - Financial Income, Net - Schedule of Financial Income (Expense) (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Interest income | € 6 | € 9 | |
Interest expense | (18) | (27) | |
Warrants exercised or forfeited | 625 | 174 | |
Changes in fair value of the warrants | [1] | 795 | 2,734 |
Total | € 1,408 | € 2,891 | |
[1] | For more details on the fair value of Financial Instruments, please refer to Notes 14-2 and 23. |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2017 | |
Number of Reportable Segments | 3 |
Note 9 - Segment Information -
Note 9 - Segment Information - Reconciliation of Operating Profit (Loss) From Segments to Consolidated (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Segment operating loss | € (848) | € 388 |
Interest income, net | 1,408 | 2,891 |
Foreign Currency exchange (losses) gains, net | (450) | 671 |
Other income, net | ||
Income tax (expense) credit net | (175) | (91) |
Consolidated net loss net | € (65) | € 3,859 |
Note 9 - Segment Information 44
Note 9 - Segment Information - Schedule of Segment Reporting Information By Segment (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Other Revenues | € 40 | € 8 |
Total Revenues | 17,995 | 16,925 |
Gross Profit | 7,568 | 7,753 |
Research & Development | (1,865) | (1,701) |
Operating income (loss) | (848) | 388 |
Sales of Goods (incl. consumables) | 11,478 | 11,261 |
Sales of RPPs & Leases, | 2,599 | 2,578 |
Sales of Spare Parts & Services | 3,879 | 3,078 |
Total Net Sales | 17,956 | 16,917 |
Segment operating loss | (848) | 388 |
High Intensity Focused Ultrasound (HIFU) [Member] | ||
Other Revenues | 8 | 6 |
Total Revenues | 5,228 | 6,682 |
Gross Profit | 2,794 | 4,081 |
Research & Development | (1,211) | (1,048) |
SG&A + Depreciation | (2,468) | (1,979) |
Operating income (loss) | (885) | 1,054 |
Sales of Goods (incl. consumables) | 2,626 | 4,536 |
Sales of RPPs & Leases, | 1,899 | 1,811 |
Sales of Spare Parts & Services | 696 | 328 |
Total Net Sales | 5,221 | 6,676 |
Segment operating loss | (885) | 1,054 |
Urology Devices and Services (UDS) [Member] | ||
Other Revenues | 32 | 2 |
Total Revenues | 12,767 | 10,243 |
Gross Profit | 4,774 | 3,672 |
Research & Development | (654) | (653) |
SG&A + Depreciation | (3,316) | (2,996) |
Operating income (loss) | 804 | 23 |
Sales of Goods (incl. consumables) | 8,852 | 6,725 |
Sales of RPPs & Leases, | 700 | 766 |
Sales of Spare Parts & Services | 3,183 | 2,750 |
Total Net Sales | 12,735 | 10,241 |
Segment operating loss | 804 | 23 |
EDAP Technomed Co Ltd. [Member] | ||
Other Revenues | ||
Total Revenues | ||
Gross Profit | ||
Research & Development | ||
SG&A + Depreciation | (768) | |
Operating income (loss) | (768) | |
Sales of Goods (incl. consumables) | ||
Sales of RPPs & Leases, | ||
Sales of Spare Parts & Services | ||
Total Net Sales | ||
Segment operating loss | (768) | |
Corporate Segment [Member] | ||
Other Revenues | ||
Total Revenues | ||
Gross Profit | ||
Research & Development | ||
SG&A + Depreciation | (689) | |
Operating income (loss) | (689) | |
Sales of Goods (incl. consumables) | ||
Sales of RPPs & Leases, | ||
Sales of Spare Parts & Services | ||
Total Net Sales | ||
Segment operating loss | (689) | |
FDA [Member] | ||
Other Revenues | 40 | 8 |
Total Revenues | 17,995 | 16,925 |
Gross Profit | 7,568 | 7,753 |
Research & Development | (1,865) | (1,701) |
SG&A + Depreciation | (6,551) | (5,664) |
Operating income (loss) | (848) | 388 |
Sales of Goods (incl. consumables) | 11,478 | 11,261 |
Sales of RPPs & Leases, | 2,599 | 2,578 |
Sales of Spare Parts & Services | 3,879 | 3,078 |
Total Net Sales | 17,956 | 16,917 |
Segment operating loss | € (848) | € 388 |