Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Registrant Name | Itamar Medical Ltd. |
Entity Central Index Key | 0001613170 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Current Fiscal Year End Date | --12-31 |
Entity Interactive Data Current | Yes |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | 425,535,104 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Entity Voluntary Filers | No |
ADS | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depository Shares, eachrepresenting 30 Ordinary Shares,par value NIS 0.01 per share (1) |
Trading Symbol | itmr |
Security Exchange Name | NASDAQ |
Ordinary share capital | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares, par value NIS 0.01per share (2) |
Trading Symbol | itmr |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 9,670 | $ 15,115 |
Short-term bank deposits | 30,000 | |
Trade receivables | 8,354 | 8,384 |
Other receivables | 2,251 | 1,404 |
Inventories | 7,164 | 3,363 |
Total current assets | 57,439 | 28,266 |
Non-current assets | ||
Long-term restricted deposits and prepaid expenses | 547 | 476 |
Long-term trade receivables | 412 | 156 |
Property and equipment, net | 2,904 | 1,472 |
Intangible assets, net | 1,037 | 395 |
Right-of-use assets | 1,801 | 2,442 |
Total non-current assets | 6,701 | 4,941 |
Total assets | 64,140 | 33,207 |
Current liabilities | ||
Short-term bank loan | 5,000 | 5,000 |
Current maturities of long-term loan | 135 | |
Current maturities of lease liabilities | 700 | 890 |
Trade payables | 4,418 | 2,028 |
Other payables | 5,973 | 3,455 |
Accrued expenses | 1,091 | 1,317 |
Provisions | 321 | 273 |
Short-term employee benefits | 354 | 352 |
Total current liabilities | 17,992 | 13,315 |
Non-current liabilities | ||
Long-term loan | 154 | |
Long-term lease liabilities | 1,380 | 1,708 |
Liability for defined benefit plan, net | 271 | 260 |
Other long-term liabilities | 1,271 | 1,260 |
Total non-current liabilities | 3,076 | 3,228 |
Total liabilities | 21,068 | 16,543 |
Equity | ||
Ordinary share capital | 1,140 | 878 |
Additional paid-in capital | 161,006 | 125,435 |
Accumulated deficit | (119,074) | (109,649) |
Total equity | 43,072 | 16,664 |
Total liabilities and equity | $ 64,140 | $ 33,207 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Revenues | $ 41,034 | $ 31,258 | $ 24,189 |
Cost of revenues | 12,323 | 6,984 | 5,726 |
Gross profit | 28,711 | 24,274 | 18,463 |
Operating expenses: | |||
Selling and marketing | 24,550 | 18,294 | 12,699 |
Research and development | 6,002 | 4,520 | 3,638 |
General and administrative | 8,503 | 6,354 | 5,247 |
Total operating expenses | 39,055 | 29,168 | 21,584 |
Operating loss | (10,344) | (4,894) | (3,121) |
Financial income (expenses): | |||
Financial income | 847 | 454 | 244 |
Financial expenses | (1,315) | (1,233) | (1,161) |
Gain from derivatives instruments, net | 0 | 442 | 2,433 |
Financial income (expenses), net | (468) | (337) | 1,516 |
Loss before taxes on income | (10,812) | (5,231) | (1,605) |
Taxes on income | (127) | (37) | (124) |
Net loss | $ (10,939) | $ (5,268) | $ (1,729) |
Loss per share - basic and diluted (in U.S. dollars) | $ (0.03) | $ (0.02) | $ (0.01) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
Net loss | $ (10,939) | $ (5,268) | $ (1,729) |
Other comprehensive income (loss) items that will not be carried to the statements of operations | |||
Actuarial gains (losses) of defined benefit plan, net of tax | 19 | (94) | 166 |
Total other comprehensive income (loss) for the year that will not be carried to the statements of operations, net of tax | 19 | (94) | 166 |
Other comprehensive loss items that after initial recognition in comprehensive loss, were or will be carried to the statements of operations | |||
Net change in fair value of marketable securities through other comprehensive loss, net of tax that was transferred to the statements of operations | (113) | ||
Total other comprehensive loss items that after initial recognition in comprehensive loss, were or will be carried to the statements of operations, net of tax | (113) | ||
Other total comprehensive income (loss) | 19 | (94) | 53 |
Total comprehensive loss | $ (10,920) | $ (5,362) | $ (1,676) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Ordinary share capital | Additional paid-in capital | Capital reserve from marketable securities available-for-sale | Accumulated deficit | Total |
Beginning Balance at Dec. 31, 2017 | $ 683 | $ 105,585 | $ 113 | $ (105,004) | $ 1,377 |
Total comprehensive loss: | |||||
Net loss | (1,729) | (1,729) | |||
Other comprehensive income, net of tax | (113) | 166 | 53 | ||
Total comprehensive loss | $ (113) | (1,563) | (1,676) | ||
Transactions recognized directly in equity: | |||||
Issuance of shares, net of issuance costs | 62 | 5,739 | 5,801 | ||
Issuance of shares due to the exercise of stock options | 3 | 77 | 80 | ||
Share-based payment | 1,021 | 1,021 | |||
Capital reserve from transactions with shareholders | 85 | 85 | |||
Ending Balance at Dec. 31, 2018 | 748 | 111,486 | (105,546) | 6,688 | |
Total comprehensive loss: | |||||
Net loss | (5,268) | (5,268) | |||
Other comprehensive income, net of tax | (94) | (94) | |||
Total comprehensive loss | (5,362) | (5,362) | |||
Transactions recognized directly in equity: | |||||
Issuance of shares, net of issuance costs | 126 | 13,840 | 13,966 | ||
Issuance of shares due to the exercise of stock options | 4 | 109 | 113 | ||
Share-based payment | 1,259 | 1,259 | |||
Ending Balance at Dec. 31, 2019 | 878 | 125,435 | (109,649) | 16,664 | |
Total comprehensive loss: | |||||
Net loss | (10,939) | (10,939) | |||
Other comprehensive income, net of tax | 19 | 19 | |||
Total comprehensive loss | (10,920) | (10,920) | |||
Transactions recognized directly in equity: | |||||
Issuance of shares, net of issuance costs | 255 | 35,409 | 35,664 | ||
Issuance of shares due to the exercise of stock options | 7 | 162 | 169 | ||
Share-based payment | 1,495 | 1,495 | |||
Ending Balance at Dec. 31, 2020 | $ 1,140 | $ 161,006 | $ (119,074) | $ 43,072 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||
Share issuance cost | $ 4,586 | $ 714 | $ 103 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (10,939) | $ (5,268) | $ (1,729) |
Adjustments for: | |||
Depreciation and amortization | 1,818 | 1,446 | 481 |
Share-based payment | 1,495 | 1,259 | 1,021 |
Change in provision for doubtful and bad debt | 322 | 349 | 104 |
Net financial cost (income) | (145) | 490 | 914 |
Gain from reevaluation of derivatives | (442) | (2,433) | |
Increase in trade receivables | (548) | (2,097) | (1,061) |
Increase in other receivable | (845) | (410) | (330) |
Increase in inventories | (4,548) | (1,579) | (340) |
Increase in trade payables | 2,148 | 537 | 237 |
Increase in other payables | 2,267 | 1,650 | 61 |
Increase in provisions | 48 | 58 | 32 |
Increase in employee benefits | 32 | 137 | 14 |
Income tax expenses | 127 | 37 | 124 |
Taxes paid during the year | (98) | (22) | (176) |
Interest paid during the year | (450) | (519) | (802) |
Interest received during the year | 498 | 142 | |
Net cash used in operating activities | (8,818) | (4,232) | (3,883) |
Cash flows from investing activities: | |||
Sale of marketable securities | 3,109 | ||
Investment in short-term bank deposits | (30,000) | ||
Purchase of property and equipment, intangible assets and capitalization of development expenditure | (2,230) | (547) | (310) |
Investment in restricted long-term deposits | (50) | (68) | |
Net cash provided by (used in) investing activities | (32,280) | (615) | 2,799 |
Cash flows from financing activities: | |||
Proceeds from issuance of shares, net of issuance costs | 35,906 | 13,966 | 5,209 |
Short-term bank loan | 5,000 | ||
Long-term loan received | 296 | ||
Repayment of principal of lease liabilities | (892) | (787) | |
Repayment of convertible notes | (9,939) | ||
Repayment of shareholders' loans | (435) | ||
Repayment of long-term loan | (21) | ||
Issuance of shares due to the exercise of stock options | 169 | 113 | 80 |
Net cash provided by (used in) financing activities | 35,458 | 13,292 | (85) |
Increase (decrease) in cash and cash equivalents | (5,640) | 8,445 | (1,169) |
Cash and cash equivalents at beginning of year | 15,115 | 6,471 | 7,643 |
Effect of exchange rate fluctuations on balances of cash and cash equivalents | 195 | 199 | (3) |
Cash and cash equivalents at end of year | $ 9,670 | $ 15,115 | 6,471 |
Non-cash financing activity - conversion of notes to a loan from related parties and to shares | $ 1,076 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2020 | |
GENERAL | |
GENERAL | NOTE 1 – GENERAL a. Reporting Entity Itamar Medical Ltd. (the “Company”) is a company incorporated in Israel, with registered office at 9 Halamish Street, North Industrial Zone, Caesarea, Israel. The consolidated financial statements of the Company and its subsidiaries as of December 31, 2020 and 2019 and for each of the three years in the period ended December 31, 2020 comprise the Company and its subsidiaries (together referred to as the “Group”). The Company is a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions t o aid in the diagnosis of respiratory sleep disorders. The Company uses a digital healthcare platform to facilitate the continuum of care for effective sleep apnea management with a focus on the core sleep and cardiology markets. The Company offers a Turnkey marketing program (also known as Total Sleep Solution, or TSS), that is designed to allow any medical practice or physician that is not a sleep physician by specialty, easy access to a comprehensive suite of products and services for the diagnosis, treatment and management of patients they suspect suffer from sleep apnea. The ordinary shares of the Company are listed on the Tel Aviv Stock Exchange Ltd. (“TASE”). On February 27, 2019, the Company’s American Depositary Shares (“ADSs”), each of which represents 30 ordinary shares of the Company, represented by American Depositary Receipts (“ADRs”), were registered for trade on the Nasdaq Capital Market. b. 2020 Public Offering In February 2020, the Company completed a registered public offering of 2,927,267 ADSs at a price of $13.75 per ADS, for total gross proceeds of approximately $40.25 million, or total net proceeds of approximately $35.7 million after deducting underwriting discounts and commissions of approximately $2.8 million and offering expenses of approximately $1.8 million. c. 2021 Public Offering In February 2021, the Company completed a registered public offering of 3,506,499 ADSs, which included the full exercise of the underwriters' option to purchase 457,369 additional ADSs, at a price of $22.75 per ADS. The Company sold 2,196,499 ADSs and one of its shareholders, Viola Growth 2 A.V. Limited Partnership (the "Selling Shareholder"), sold 1,310,000 ADSs in the offering. The gross proceeds to the Company from the offering were approximately $50.0 million and the gross proceeds to the Selling Shareholder from the offering were approximately $29.8 million, before deducting the underwriting discounts and commissions of approximately 6% and other offering expenses of approximately $0.8 million payable by the Company. The net proceeds to the Company were approximately $46.2 million. d. Impact of COVID-19 on the Company's operations In mid-March 2020, the Company began to experience the impact of the COVID-19 pandemic amplified by the American Academy of Sleep Medicine ("AASM") COVID-19 mitigation strategy guidance recommending the deferral of in-lab polysomnography ("PSG") tests and special precautions for the use of reusable home sleep tests ("HSAT") services unless using fully disposable HSAT devices, such as the Company's WatchPAT(TM) ONE device, which meets that criteria. The general restriction and limitation posed by the pandemic, and amplified by these specific recommendations, began to significantly impact the sleep apnea testing market and the Company's second quarter of 2020 revenue mix, with multiuse WatchPAT tests declining in the U.S. and Europe and WatchPAT ONE, as well as WatchPAT Direct orders increasing significantly. During the third quarter of 2020, the Company recorded pre COVID-19 multiuse WatchPAT tests in the U.S. and Europe. At the same time, the trend of increasing demand to our WatchPAT ONE and WatchPAT Direct orders continued during the fourth quarter of 2020, as well. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been consistently applied for all years presented in these consolidated financial statements. a. International financial reporting standards These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were approved by the Company’s Board of Directors on March 29, 2021. b. Reporting and functional currency These consolidated financial statements are presented in U.S. dollars (“dollar” or “$”), which is the Company’s functional currency representing the principal economic environment in which the Company operates and have been rounded to the nearest thousand unless otherwise indicated. c. Basis of measurement These consolidated financial statements have been prepared on the historical cost basis, except for provisions, and assets and liabilities with respect to employee benefits. d. Principles of consolidation Subsidiaries are entities controlled by the Company. The financial statements of the subsidiaries, which are wholly owned, are included in the consolidated financial statements of the Company from the date of their incorporation. Intercompany balances and transactions between Group companies are eliminated in consolidation. e. Use of estimates and critical assumptions The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements as well as affect the reported amounts of revenues and expenses during the period. These estimates and assumptions are reviewed on an ongoing basis using available information. Actual results could differ from these estimates and assumptions. The items subject to significant estimates and assumptions by management include share-based compensation (see Note 15), the discount rate for lease liabilities (see m. below). f. Foreign currency transactions and balances Transactions in foreign currency are translated to the respective functional currency of the Group entities at exchange rates as of the transaction dates. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between the amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency, translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currency that are measured in terms of historical cost, are translated using the exchange rate at the date of the transaction. Foreign currency differences arising from translation into the functional currency are recognized in the statements of operations. g. Cash and Cash Equivalents Cash and cash equivalents are comprised of available amounts of cash and cash equivalents, mainly represented by highly liquid short-term investments (with original maturities of three months or less), which are readily convertible into known amounts of cash, and which are not subject to significant risks of changes in their values. h. Financial instruments: The Group applies the accounting policies under IFRS 9, Financial Instruments (“IFRS 9”). Non-derivative financial assets Initial recognition and measurement of financial assets The Group initially recognizes trade receivables and debt instruments issued on the date that they are created. All other financial assets are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset. A trade receivable without a significant financing component is initially measured at the transaction price. Receivables originating from contract assets are initially measured at the carrying amount of the contract assets on the date classification was changed from contract asset to receivables. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Group to the cash flows from the asset expire, or the Group transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. When the Group retains substantially all of the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category Financial assets are classified at initial recognition, based on the business model objectives and nature of the investment: amortized cost; fair value through other comprehensive income (loss) – investment in equity instruments; or fair value through profit and loss. Financial assets are not reclassified in subsequent periods unless, and only if, the Group changes its business model for the management of financial debt assets, in which case the affected financial debt assets are reclassified at the beginning of the period following the change in the business model. A financial asset (including debt instrument) is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: - - A debt instrument can also be classified to fair value through other comprehensive income category if its business model objective is achieved by both collecting contractual cash flows and selling financial assets, and it meets the SPPI criteria as above. In certain cases, a debt instrument can be designated at initial acquisition to fair value through profit or loss. As applicable to the Group, the Group’s debt instruments that are classified to amortized cost category include: deposits, trade and other accounts receivable (including long-term trade receivables). These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Impairment of financial assets IFRS 9 introduces the ‘expected credit loss’ (“ECL”) model. The model applies to financial assets measured at amortized cost, investments in debt instruments measured at fair value through other comprehensive income, contract assets (as defined in IFRS 15) and lease receivables, but not to investments in equity instruments. Under this model, the Group assesses the expected credit losses in advance as follows: - - The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. Non-derivative financial liabilities Non-derivative financial liabilities include loans and borrowings from banks and others and trade and other payables. Initial recognition of financial liabilities The Group initially recognizes debt securities issued on the date that they originated. All other financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Subsequent measurement of financial liabilities Financial liabilities (other than financial liabilities at fair value through profit or loss) are recognized initially at fair value, less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognized when the obligation of the Group, as specified in the agreement, expires or when it is discharged or cancelled. Offset of financial instruments Financial assets and liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the Group currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Fair value measurements Under IFRS, fair value represents an “Exit Value”, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, considering the counterparty’s credit risk in the valuation. The concept of Exit Value is premised on the existence of a market and market participants for the specific asset or liability. When there is no market and/or market participants willing to make a market, IFRS establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date. A quote price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available. Level 2 — Inputs, other than quoted prices in active markets, that are observable for the asset or liability, either directly or indirectly, and are used mainly to determine the fair value of securities, investments or loans that are not actively traded. Level 3 — Unobservable inputs for the asset or liability are used when little or no market data is available. The Group used unobservable inputs to determine fair values, to the extent there are no Level 1 or Level 2 inputs, in valuation models such as Black-Scholes, binomial, discounted cash flows or multiples, including risk assumptions consistent with what market participants would use to arrive at fair value. i. Inventories Inventories are valued using the lower of cost and net realizable value. The cost of inventories is based on the “moving-average” method, including expenditures incurred in acquiring the inventories and the costs incurred in bringing it to its existing location and condition. The Group analyzes its inventory balances to determine if, as a result of internal events, such as physical damage, or external events, such as technological changes or market conditions, certain portions of such balances have become obsolete or impaired. When an impairment situation arises, the inventory balance is adjusted to its net realizable value, whereas, if an obsolescence situation occurs, the inventory obsolescence reserve is increased. In both cases, these adjustments are recognized against the results of the period. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs to complete and sell the inventories. j. Property and equipment Property and equipment are recognized at their acquisition or construction cost, as applicable, less accumulated depreciation and accumulated impairment losses. Depreciation of property and equipment is recognized as part of operating expenses, and is calculated using the straight-line method over the estimated useful lives of the assets. % Office furniture and equipment 10 Equipment and devices for leasing and for internal use 15 Computers 33 Leasehold improvements are amortized over the shorter of the lease term and their useful lives. Depreciation methods and useful lives are reviewed at the end of each reporting year and adjusted if appropriate. k. Intangible assets The Group capitalizes intangible assets acquired, as well as costs incurred in the development of certain intangible assets for internal use, when future economic benefits associated are identified and there is evidence of control over such benefits. Intangible assets are recognized at their acquisition or development cost, as applicable. All of the Group’s intangible assets are definite life intangible assets, and are amortized on straight-line basis over the useful life of the asset, which on average is approximately three years. Expenditure on research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the statements of operations when incurred. Development activities are related to a plan to produce new products or processes, or to significantly improve existing products or processes. Development expenditure is capitalized only if: (i) the expenditure can be measured reliably; (ii) the product or process is technically and commercially feasible; and (iii) future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The expenditure capitalized in respect of development activities includes the cost of materials, direct labor and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditure is recognized in the statements of operations as incurred. In subsequent periods, capitalized development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Amortization methods and useful lives are reviewed at the end of each reporting year and adjusted if appropriate. l. Impairment of property and equipment, intangible assets of definite life, right-of use assets and other investments These assets are tested for impairment upon the occurrence of factors such as the occurrence of a significant adverse event, changes in the Group’s operating environment or in technology, as well as expectations of lower operating results, in order to determine whether their carrying amounts may not be recovered. An impairment loss is recorded in the statements of operations for the period within “Other expenses, net”, for the excess of the asset’s carrying amount over its recoverable amount, corresponding to the higher of the fair value less costs to sell the asset, and the asset’s value in use, the latter represented by the net present value of estimated cash flows related to the use and eventual disposal of the asset. No impairment loss was recorded during the reported years. m. Leases The accounting policy applied as from January 1, 2019 As from January 1, 2019, the Group applies the following accounting policies under IFRS 16, Leases ("IFRS 16"). Determining if an arrangement contains a lease At inception of a lease contract, the Group assesses whether the contract is, or contains, a lease, while examining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In its assessment whether a contract conveys the right to control the use of an identified asset, the Group assesses whether it has the following two rights throughout the lease term: (1) (2) For lease contracts that contain non-lease components, such as services or maintenance, that are related to a lease component, the Group elected to account for the contract as one lease component without separating the components. Leased assets and lease liabilities Contracts that convey the Group control over the use of a leased asset for a period of time for consideration, are accounted for as leases. Upon initial recognition, the Group recognizes a liability at the present value of the balance of future lease payments (these payments do not include certain variable lease payments), and concurrently recognizes a right-of-use at the same amount of the lease liability, adjusted for prepaid or accrued lease payments, plus any direct costs incurred in respect of the lease. Since the interest rate implicit in the Group’s lease cannot be readily determinable, the Group uses the lessee’s incremental borrowing rate. Subsequent to initial recognition, the right-of use asset is treated as a right-of-use asset and is accounted for using the cost model, and is depreciated over the term of the lease, or the useful life of the asset, whichever is shorter. The Group has elected to adopt the practical expedient by which short-term leases of up to one year and/or leases in which the underlying asset has a low value, are accounted for such that lease payments are recognized in the statement of operations on a straight-line basis, over the lease term, without recognizing an asset and/or liability in the statement of financial position. The lease term The lease term is the non-cancellable period of the lease together with periods covered by an option to extend or cancel the lease if it is reasonably certain that the lessee will or will not exercise the option, respectively. Variable lease payments Variable lease payments that depend on an index or rate, are initially measured using the existing index or rate as of the commencement date of the lease and are included in the measurement of the lease liability. When there is a change in the cash flow of future lease payments resulting from the change in the index or rate, the balance of the liability is updated against the right-of-use asset. Other variable lease payments not included in the measurement of the lease liability are recognized in the statement of operations at the date the terms for such payments are met. Depreciation of right-of-use asset Subsequent to the date of the lease, a right-of-use asset is measured using the cost method, less accumulated depreciation and less accumulated impairment losses and adjusted for remeasurement of the lease liability. Depreciation is calculated on a straight-line basis over the useful life or contractual lease term, whichever is shorter, as follows. Years Buildings 2.50-10.67 Motor vehicles 3-4 Reassessment of lease liability Upon the occurrence of a significant event or a significant change in circumstances that is under the control of the Group and had an effect on the decision whether it is reasonably certain that the Group will exercise an option, which was not included before in the lease term, or will not exercise an option, which was previously included in the lease term, the Group remeasures the lease liability according to the revised leased payments using a new discount rate. The change in the carrying amount of the liability is recognized against the right-of-use asset, or recognized in the statement of operations, if the carrying amount of the right-of-use asset was reduced to zero. Lease modifications When a lease modification increases the scope of the lease by adding a right to use one or more underlying assets, and the consideration for the lease increased by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the contract’s circumstances, the Group accounts for the modification as a separate lease. In all other cases, on the initial date of the lease modification, the Group allocates the consideration in the modified contract to the contract components, determines the revised lease term and measures the lease liability by discounting the revised lease payments using a revised discount rate. For lease modifications that decrease the scope of the lease, the Group recognizes a decrease in the carrying amount of the right-of-use asset in order to reflect the partial or full cancellation of the lease, and recognizes in the statement of operations a profit (or loss) that equals the difference between the decrease in the right-of-use asset and remeasurement of the lease liability. For other lease modifications, the Group remeasures the lease liability against the right-of-use asset. The accounting policy applied in periods prior to January 1, 2019 Determining whether an arrangement contains a lease At inception or upon reassessment of an arrangement, the Group determines whether such an arrangement is or contains a lease. An arrangement is a lease or contains a lease if the following two criteria are met: (1) (2) At inception or upon reassessment of the arrangement, the Group separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. All the Group’s leases are classified as operating leases, and the leased assets are not recognized in the Group’s statement of financial position. Lease payments Payments made under operating leases are recognized in the statement of operations on a straight-line basis over the term of the lease. Minimum lease payments made under operating leases are recognized in the statement of operations as incurred. n. Provisions The Group recognizes provisions when it has a legal or constructive obligation resulting from past events, whose resolution would imply cash outflows, or the delivery of other resources owned by the Group. Obligations or losses related to contingencies are recognized as liabilities in the statements of financial position only when present obligations exist resulting from past events and it is probable to result in an outflow of resources and the amount can be measured reliably. Otherwise, a qualitative disclosure is included in the notes to the financial statements. The provisions are determined by discounting the future cash flows at a pre-tax interest rate, reflecting the current market estimates of the time value of the money and the specific risks of the liability without weighting the Group’s credit risk. The carrying value of the provision is then adjusted in every period to reflect the passage of time and the adjustment amount is credited to financial expenses. o. Post-employment benefits The costs of defined contribution plans are recognized in the operating results as they are incurred. Liabilities arising from such plans are settled through cash transfers to the employees’ retirement accounts with insurance companies or with funds managed by others, without generating future obligations. The majority of the Israeli employees are under defined contribution plans. The rest of the Israeli employees are under defined benefit plans. The costs associated with defined benefit plans are recognized as services are rendered, based on actuarial estimations of the benefits’ present value with the advice of external actuaries. p. Share-based payment transactions The grant-date fair value of share-based payment awards granted to employees and directors is recognized as a salary expense, with a corresponding increase in equity, over the period that the employees and directors become unconditionally entitled to the awards. The amount recognized as an expense in respect of share-based payment awards that are conditional upon meeting service and non-market performance conditions, is adjusted to reflect the number of awards that are expected to vest. For share-based payment awards with non-vesting conditions or with market performance vesting conditions, the grant date fair value of the share-based payment awards is measured to reflect such conditions, and therefore the Group recognizes an expense in respect of the awards whether or not the conditions have been met. The fair value at the time of grant of share-based payment awards to consultants and service providers are recognized over the consultants’ and the service providers’ period of service against an increase in equity. The fair value of the services is calculated on the basis of the fair value of the awards and not on the basis of the fair value of the services, since it is not possible to reliably estimate the fair value of the services rendered. The Group elected to record the increase in equity against salary expense directly to accumulated deficit. q. Revenue recognition The Group recognizes revenues when the customer obtains control over the products or services that have been secured, net of provision for returns and discounts. The revenue is measured according to the amount of consideration that the Group expects to be entitled to in return for the transfer of products or services promised to the customer, other than amounts collected in favor of third parties. The Group recognizes estimated sales discounts as a reduction of sales in the same period revenue is recognized. The Group adjusts reserves to reflect differences between estimated and actual. The Group estimates its sales returns reserve based on historical return rates and analysis of specific accounts. When the Group sells its products through distributors, revenue is recognized upon delivery of the product to the distributor, as the distributors do not have the right to return and the control over the products is transferred at that point in time. Identifying the contract The Group accounts for a contract with a customer only when the following conditions are met: (1) the parties to the contract have approved the contract (in writing, orally or according to other customary business practices) and they are committed to satisfying the obligations attributable to them; (2) the Group can identify the rights of each party in relation to the products or services that will be transferred; (3) the Group can identify the payment terms for the products or services that will be transferred; (4) the contract has a commercial substance (i.e., the risk, timing and amount of the entity’s future cash flows are expected to change as a result of the contract); and (5) it is probable that the consideration, to which the Group is entitled to in exchange for the products or services transferred to the customer, will be collected. If a contract with a customer does not meet all of the above criteria, consideration received from the customer is recognized as a liability until the criteria are met or when one of the following events occurs: (i) the Group has no remaining obligations to transfer products or services to the customer and any consideration promised by the customer has been received and cannot be returned; or (ii) the contract has been terminated and the consideration received from the customer cannot be refunded. Identifying performance obligations The Group identifies products or services promised to the customer as being distinct performance obligations when the customer can benefit from the products or services on their own or in conjunction with other readily available resources and the Group’s promise to transfer the products or services to the customer is separately identifiable from other promises in the contract. In order to examine whether a promise to transfer products or services is separately identifiable, the Group examines whether it is providing a significant service of integrating the products or services with other products or services promised in the contract into one integrated outcome that is the purpose of the contract. Products or services that are not considered as being distinct are grouped together as a single performance obligation. The revenue from each such performance obligation is recognized upon transfer of control over the promised products or services to customer. In general, the Group allocates the transaction price to the identified performance obligations in the contract, based on the relative stand-alone selling prices when the products or services are sold separately. In cases where the products or services are not sold separately, for example, in the case of installations or training, the Group establishes the stand-alone selling price assigned to that performance obligation, based on estimated costs plus a reasonable margin. Significant financing component in installment sales is separated in determining the transaction price. As applicable to the Group, revenues from sales agreements consisting of multiple products or services, such as devices, consumables, access to the CloudPAT application, WatchPAT Direct logistic services and support, extended warranty and other service agreements, are separated into different performance obligations, based on their relative fair values, and revenue is separately recognized for each performance obligation. The Group recognizes revenue from renting its products over the rent term, in conformity with the agreement with the customer. The Group has focused on offering a Turnkey marketing program to the cardiology market through various business models; however, the Test as a Service (“TaaS”) model, is the primary model the Group utilized to date. In the TaaS model, the medical practice or physician ordering the TaaS pays a fixed fee per home sleep apnea test (“HSAT”) that includes all the components associated with the test, including the disposable biosensor, hardware rental fees and access to the Group’s CloudPAT platform. Under the TaaS model, some rent agreements of the WatchPAT devices are made for a period of one to two years. The rental fees are separated under the relative fair value approach. In some cases, the Group handles sale transactions of these devices as a finance lease and recognizes revenue in respect of the products supplied at the commencement date of the lease. When these transactions include multiple performance obligations, revenue is recognized based on the relative stand-alone selling prices of each performance obligation in the transaction when they are sold separately. Satisfaction of performance obligations Revenue is recognized when the Group satisfies a performance obligation by transferring control over the promised products or services to the customer. Sale of devices and disposables are generally recognized upon shipment. Services (including extended warranty) are recognized ratably over the service period. Contract assets and liabilities A contract asset is recognized when the Group has a right to consideration for products or services it transferred to the customer that is conditional on other than the passing of time, such as future performance of the Group. Contract assets are classified as receivables when the rights in their respect become unconditional. A contract liability is recognized when the Group has an obligation to transfer products or services to the customer for which it received consideration (or the consideration is payable) from the customer. An asset and liability relating to the same contract are presented on a net basis in the statement of financial position. On the other hand, a contract asset and contract liability deriving from different contracts are presented on a gross basis in the statement of financial position. r. Income taxes The effects reflected in the statements of operations for income taxes include the amounts incurred during the period and the amounts of deferred income taxes, determined according to the income tax law applicable to each Group company. Consolidated deferred income taxes represent the addition of the amounts determined in each Group company by applying the enacted statutory income tax rate to the total temporary differences resulting from comparing the book and taxable values of assets and liabilities, considering tax assets such as loss carryforwards and other recoverable taxes, to the extent that it is probable that future taxable profits will be available against which they can be utilized. The measurement of deferred income taxes at the reporting period reflects the tax consequences that follow the manner in which the Group expects to recover or settle the carrying amount of its assets and liabilities. Deferred income taxes for the period represent the difference between balances of deferred income taxes at the beginning and the end of the period. Deferred income tax assets and liabilities relating to different tax jurisdictions are not offset. According to IFRS, all items charged or credited directly in shareholders’ equity or as part of other comprehensive income or loss for the period are recognized net of their current and deferred income tax effects. The effect of a change in enacted statutory tax rates is recognized in the period in which the change is officially enacted. Deferred tax assets that were not recognized are reevaluated at each reporting date and recognized if it has become probable that future taxable income w |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2020 | |
TRADE AND OTHER RECEIVABLES | |
TRADE AND OTHER RECEIVABLES | NOTE 3 - TRADE AND OTHER RECEIVABLES December 31, 2020 2019 U.S. dollars in thousands Trade receivables: Open accounts $ 9,554 $ 8,996 Checks receivable — 37 9,554 9,033 Less - allowance for doubtful accounts 788 493 $ 8,766 $ 8,540 Presented in the statements of financial position as follows: Under current assets $ 8,354 $ 8,384 Under non-current assets 412 156 $ 8,766 $ 8,540 December 31, 2020 2019 U.S. dollars in thousands Other receivables: Institutions $ 985 $ 591 Advances to suppliers 370 236 Employees 151 114 Prepaid expenses 637 411 Miscellaneous 108 52 $ 2,251 $ 1,404 The Group’s exposure to credit risk, currency risk and impairment loss in respect of trade and other receivables is described in Note 20. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2020 | |
INVENTORIES | |
INVENTORIES | NOTE 4 – INVENTORIES December 31, 2020 2019 U.S. dollars in thousands Raw materials and auxiliary materials $ 3,244 $ 1,651 Work in process 889 531 Finished products 3,031 1,181 $ 7,164 $ 3,363 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | NOTE 5 – PROPERTY AND EQUIPMENT, NET Equipment and devices for Office Computers leasing and furniture and for and Leasehold equipment internal use equipment improvements Total U.S. dollars in thousands Cost: Balance as of January 1, 2020 $ 2,146 $ 2,101 $ 481 $ 326 $ 5,054 Additions 139 1,028 16 915 2,098 Disposals (596) (489) — — (1,085) Balance as of December 31, 2020 1,689 2,640 497 1,241 6,067 Accumulated depreciation: Balance as of January 1, 2020 1,753 1,235 360 234 3,582 Depreciation 78 545 17 26 666 Disposals (596) (489) — — (1,085) Balance as of December 31, 2020 1,235 1,291 377 260 3,163 Depreciated balance as of December 31, 2020 $ 454 $ 1,349 $ 120 $ 981 $ 2,904 Cost: Balance as of January 1, 2019 $ 2,009 $ 1,527 $ 476 $ 326 $ 4,338 Additions 137 574 5 — 716 Balance as of December 31, 2019 2,146 2,101 481 326 5,054 Accumulated depreciation: Balance as of January 1, 2019 1,695 854 345 231 3,125 Depreciation 58 381 15 3 457 Balance as of December 31, 2019 1,753 1,235 360 234 3,582 Depreciated balance as of December 31, 2019 $ 393 $ 866 $ 121 $ 92 $ 1,472 The Group has assets that have been fully depreciated and are still in use. As of December 31, 2020 and 2019, the original cost of such assets is $2,938 thousand and $3,379 thousand, respectively. |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2020 | |
INTANGIBLE ASSETS, NET | |
INTANGIBLE ASSETS, NET | NOTE 6 – INTANGIBLE ASSETS, NET Marketing Capitalized rights for a Computer development medical software cost product Total U.S. dollars in thousands Cost: Balance as of January 1, 2020 $ 875 $ 956 $ 375 $ 2,206 Additions 94 785 — 879 Balance as of December 31, 2020 969 1,741 375 3,085 Accumulated amortization: Balance as of January 1, 2020 757 679 375 1,811 Amortization for the year 72 165 — 237 Balance as of December 31, 2020 829 844 375 2,048 Amortized balance as of December 31, 2020 $ 140 $ 897 $ — $ 1,037 Cost: Balance as of January 1, 2019 $ 769 $ 806 $ 375 $ 1,950 Additions 106 150 — 256 Balance as of December 31, 2019 875 956 375 2,206 Accumulated amortization: Balance as of January 1, 2019 716 561 375 1,652 Amortization for the year 41 118 — 159 Balance as of December 31, 2019 757 679 375 1,811 Amortized balance as of December 31, 2019 $ 118 $ 277 $ — $ 395 The capitalized development costs are in respect of the Group’s digital health platform, including the CloudPAT, a cloud-based information technology platform designed to allow customers to transfer the data of the sleep apnea test results of the Group’s products. The amortization expenses are included in cost of revenues. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
LEASES | |
LEASES | NOTE 7 – LEASES Leases in which the Group is the lessee The Group applies IFRS 16, Leases , as from January 1, 2019. The Group has lease agreements with respect to buildings of offices, manufacturing facilities and warehouses and motor vehicles. a. Buildings The Group’s leases approximately 14,000 square feet of office and manufacturing space in Caesarea, Israel pursuant to a lease that is currently scheduled to expire in July 2021. In addition, the Group leases approximately 1,900 square feet of storage space in Caesarea, Israel pursuant to a lease that is scheduled to expire in June 2021. During the year ended December 31, 2019, the Group entered into a lease agreement for new manufacturing facilities located in Caesarea, Israel, where it leases approximately 14,000 square feet. This lease is currently scheduled to expire in February 2023 but provides for two optional extensions until February 2030. In addition, the Group leases approximately 10,900 square feet of office space in Atlanta, Georgia, U.S. pursuant to a lease that expires in March 2022, with an optional extension until March 2025. Motor vehicles The Group leases vehicles for three to four-year periods from several different leasing companies and from time to time changes the number of leased vehicles according to its current needs. The leased vehicles are identified by means of license numbers and the vehicle's registration, with the leasing companies not being able to switch vehicles, other than in cases of deficiencies. The leased vehicles are used by the Group’s headquarter staff, marketing and salespersons and other employees whose employment agreements include an obligation of the Group to put a vehicle at their disposal. The Group accounted for the arrangement between it and the leasing companies as a lease arrangement in the scope of IFRS 16 and for the arrangement between it and its employees as an arrangement in the scope of IAS 19. The agreements with the leasing companies do not contain extension and/or termination options that the Group is reasonably certain to exercise. b. Buildings Motor Vehicles Total U.S. dollars in thousands Cost: Balance as of January 1, 2020 $ 2,469 $ 803 $ 3,272 Additions — 274 274 Balance as of December 31, 2020 2,469 1,077 3,546 Accumulated depreciation: Balance as of January 1, 2020 567 263 830 Depreciation for the year 622 293 915 Balance as of December 31, 2020 1,189 556 1,745 Depreciated balance as of December 31, 2020 $ 1,280 $ 521 $ 1,801 Cost: Balance as of January 1, 2019, date of initial application of IFRS 16 $ 681 $ 468 $ 1,149 Additions 1,788 335 2,123 Balance as of December 31, 2019 2,469 803 3,272 Accumulated depreciation: Depreciation for the year 567 263 830 Balance as of December 31, 2019 567 263 830 Depreciated balance as of December 31, 2019 $ 1,902 $ 540 $ 2,442 c. Maturity analysis of the Group's lease liabilities December 31, 2020 U.S. dollars in thousands Less than one year $ 700 One to five years 736 More than five years 644 Total lease liabilities 2,080 Less - current maturities 700 Long-term lease liabilities $ 1,380 The cash outflow in the years ended December 31, 2020 and 2019 amounted to $1,084 and $937 thousand, respectively. d. The lease payments prior to the application of IFRS 16, which were included in the statement of operations among operating expenses amounted to $1,009 thousand in the year ended December 31, 2018. |
CREDIT FACILITY WITH A BANK AND
CREDIT FACILITY WITH A BANK AND LONG-TERM LOAN | 12 Months Ended |
Dec. 31, 2020 | |
CREDIT FACILITY WITH A BANK AND LONG-TERM LOAN | |
CREDIT FACILITY WITH A BANK AND LONG-TERM LOAN | NOTE 8 – CREDIT FACILITY WITH A BANK AND LONG-TERM LOAN a. Credit facility with a bank On March 12, 2019, the Company and the bank entered into a new credit line agreement (the "2019 Agreement") under which the total credit line to be available under the credit facility which was entered into on March 29, 2017 (the "2017 Agreement") and which was amended on January 30, 2018 and May 28, 2018 increased from up to $10 million to up to $11 million, comprised of: (i) up to $6 million in long-term or short-term loan; and (ii) up to $5 million of credit facility against trade accounts receivable. In July 2019, as a result of achievement of certain revenue targets, the total credit line to be available under the credit facility increased from up to $11 million to up to $15 million, comprised of: (i) up to $10 million in long-term or short-term loan; and (ii) up to $5 million of credit facility against trade accounts receivable. The long-term loan under the 2019 Agreement was repayable in equal quarterly installments over three years from the date of the draw and bore annual interest of the quarterly dollar LIBOR rate plus 5.5%. The credit facility against trade accounts receivable bore annual interest of the monthly dollar LIBOR rate plus 4.25%. On February 9, 2020, the Company and the bank entered into a new agreement (the "February 2020 Agreement") under which the total credit line to be available under the credit facility increased from up to $15 million to up to $17 million, comprised of: (i) up to $10 million in long-term or short-term loan; and (ii) up to $7 million of credit facility against trade accounts receivable. In July 2020, as a result of achievement of certain revenue targets, the total credit line to be available under the credit facility increased from up to $17 million to up to $20 million,comprised of: (i) up to $13 million in long-term or short-term loan; and (ii) up to $7 million of credit facility against trade accounts receivable. The additional $3 million of long-term or short-term loan would bear annual interest of the quarterly dollar LIBOR rate plus 7.0%. The loans under the credit line could be drawn until October 25, 2020. On August 11, 2020, the Company entered into a credit line agreement with the bank, which replaced the February 2020 Agreement under which the total credit line to be available until June 19, 2022 (subject to meeting certain terms, as set forth in the agreement) will be $20 million, comprised of: (i) up to $13 million in long-term or short-term loan (the "Loan"); and (ii) up to $7 million of short-term credit facility (the "Revolving Credit Line"). The key terms of the credit facility are as follows: (i) the first $10 million of the Loan will bear interest at the annual interest rate of the quarterly dollar LIBOR rate plus 5.3% and the remaining $3 million, if drawn, will bear annual interest of the quarterly dollar LIBOR rate plus 6.8%. The long-term loan is repayable in equal quarterly installments over three years from the date of the draw. Each short-term loan will be repayable within a period of up to 90 days; and (ii) the draw under the Revolving Credit Line can be denominated in. dollar or in NIS, and if denominated in dollar, bears interest at the annual interest rate of the quarterly dollar LIBOR rate plus 4.0%. The amount that can be drawn under the Revolving Credit line depends on meeting a ratio of 125% between the balance of accounts receivable and the amount drawn. Each draw will be repayable within a period of up to 90 days. The right to make any draws, whether under the Loan or the Revolving Credit Line, is conditioned upon the Company having cash balances in its account with the Bank of not less than 30% of the total amount drawn for draws of up to $10 million in the aggregate and 40% of the aggregate amount exceeding $10 million. As of December 31, 2020, the Company drew $5.0 million out of the Revolving Credit Line. On February17, 2021, the Company repaid the above $5.0 million and withdrew again $5.0 million from the Revolving Credit Line. As mentioned above, the Company undertook that upon the withdrawal of credit, the balance of the cash in the Company’s account with the bank will not be less than 30% of the amount of the outstanding credit actually provided to the Company, such that an amount of $1.5 million is not currently available for the Company’s current use. In order to secure its obligations to the bank, the Company pledged and granted to the bank a first priority floating charge on all of its assets and a first priority fixed charge on (i) its intellectual property, goodwill, holdings in its subsidiaries and certain other, immaterial, assets; and (ii) all of the assets of the Company's U.S. Subsidiary. In connection with the credit agreements, the Company issued the bank warrants exercisable up to 1,556,272 of the Company’s ordinary shares at exercise prices ranging from NIS 1.04 per share (equivalent to $0.32 per share as of December 31, 2020) to NIS 1.36 per share (equivalent to $0.42 per share as of December 31, 2020) exercisable until November 30, 2023. 1,245,018 warrants out of the 1,556,272 warrants were fully exercised on July 19, 2020. b. Long-term loan from the lessor of the new manufacturing facility (the “Lessor”) On October 16, 2020, the Company and the Lessor entered into a loan agreement in an amount of NIS 1 million ($311 thousand as of December 31, 2020) to finance the leasehold improvements made by the Company. The loan is linked to the Israeli CPI and bears annual interest of 5%. The loan is payable in 29 equal monthly installments starting on November 20, 2020 and ending on March 20, 2023. The Company has the option to prepay the loan in whole or in part without prepayment penalty. |
OTHER PAYABLES
OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2020 | |
OTHER PAYABLES | |
OTHER PAYABLES | NOTE 9 – OTHER PAYABLES December 31, 2020 2019 U.S. dollars in thousands Employees $ 4,451 $ 2,685 Institutions 743 412 Interest payable 6 10 Deferred revenues and advances from customers 732 308 Miscellaneous 41 40 $ 5,973 $ 3,455 For information about the Group’s exposure to currency and liquidity risks in respect of the payables' balances, see Note 20. |
PROVISIONS
PROVISIONS | 12 Months Ended |
Dec. 31, 2020 | |
PROVISIONS | |
PROVISIONS | NOTE 10 – PROVISIONS Warranties Returns Total U.S. dollars in thousands Balance as of January 1, 2020 $ 148 $ 125 $ 273 Provisions made during the year 82 208 290 Provisions realized during the year (80) (162) (242) Balance as of December 31, 2020 $ 150 $ 171 $ 321 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2020 | |
EMPLOYEE BENEFITS | |
EMPLOYEE BENEFITS | NOTE 11 – EMPLOYEE BENEFITS Employee benefits include retirement benefit obligations, short-term benefits and share-based payments. As for retirement benefit obligations, the Group has defined benefit plans and defined contribution plans for which it contributes to insurance policies and pension funds. As for share-based payments, see Note 15 and as for benefits to key executives, see Note 21. December 31, 2020 2019 U.S. dollars in thousands Presented as part of current liabilities: Short-term employee benefits $ 354 $ 352 Presented as part of non-current liabilities: Recognized liability for defined benefit plan, net $ 271 $ 260 Retirement benefit plans - defined benefit plan 1) Movement in net liabilities for defined benefit plans: Year Ended December 31, 2020 2019 U.S. dollars in thousands Balance at beginning of year $ 260 $ 159 Expense recognized in the statements of operations: Current service costs and interest costs 30 22 Recognized gains (losses) including other: Actuarial gains (losses) carried to other comprehensive income (19) 94 Other movements: Movement in benefits (benefits paid), net 4 (11) Deposits made by the Group (4) (4) Balance at end of year $ 271 $ 260 2) Expenses recognized in the statements of operations: Year Ended December 31, 2020 2019 U.S. dollars in thousands Current service costs $ 4 $ 4 Interest costs, net 7 5 Transfer of profits to benefits 13 43 Total $ 24 $ 52 3) The principal actuarial assumptions as of the report date (based on weighted average): December 31, 2020 2019 2018 % % % Discount rate at the end of the year 2.70 2.62 3.82 Future salary growth 3.00 3.00 3.00 Retirement benefit plans - defined contribution plan The Group has defined contribution plan in respect of the Company’s liability to pay the saving component of the insurance policies and pension funds and in respect of its employees who are subject to Section 14 of the Israeli Severance Pay Law, 1963: Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Amounts recognized as expenses in respect of defined contribution plan $ 1,059 $ 822 $ 716 |
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
OTHER LONG-TERM LIABILITIES | |
OTHER LONG-TERM LIABILITIES | NOTE 12 – OTHER LONG-TERM LIABILITIES Obligation to pay royalties to the Israeli Government’s Innovation Authority (“IIA”) The Company has received in the years 2003 to 2005royalty -bearing grants from the IIA in a total amount of $1.08 million (including interest accrued through December 31, 2020) for the development of EndoPAT 3000 (the development of which was discontinued before its completion with no sales to date). In 2009, the IIA notified the Company that under the terms of such grant, it must pay royalties on the sale of all of its products commencing as of 2012. The Company believes that under the terms of the said grant it is not required to repay these grants to the IIA from the sale of its past and currently marketed products. There is no assurance that the Company will prevail in its efforts opposing the IIA’s position. In 2021, the Company began selling its newly developed EndoPATX, for which it received authorization to affix a CE mark. The Company developed EndoPATX using some of the know-how developed under the EndoPAT 3000 grant program, and therefore anticipates paying royalties on sales of EndoPATX against the grants received for the development of EndoPAT 3000. The Company accrued for the royalties’ obligation once the grants became repayable. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES | |
INCOME TAXES | NOTE 13 – INCOME TAXES a. Israeli taxation: 1) Corporate tax rates in Israel The tax rate relevant to corporates in Israel in the years 2018 and thereafter is 23%. 2) Measurement of taxable income in U.S. dollars The Company has elected, starting in the 2016 tax year, to measure its taxable income and file its tax return under the Israeli Income Tax Regulations (Principles Regarding the Management of Books of Account of Foreign Invested Companies and Certain Partnerships and the Determination of Their Taxable Income), 1986. Accordingly, results for tax purposes are measured in terms of earnings in dollars. 3) Tax benefits under the Law for the Encouragement of Capital Investments, 1959 (the "Investment Law") Approved enterprise and benefited enterprise Most of the production facilities of the Company have been granted “Approved Enterprise” and“Benefited Enterprise” status under Investment Law. The Company is a “Foreign Investors’ Company” as defined by the Investment Law, which means it is entitled to tax benefits for taxable income arising from its Approved and Benefited status. Since its incorporation, the Company incurred significant losses and therefore it did not start benefiting from such status. To be eligible for these tax benefits, one must continue to meet certain conditions stipulated in the Investment Law and its regulations and the criteria set out in the specific certificate of approval. The only material condition applicable to the Company is to meet a minimum threshold (25%) of export sales (i.e., sales outside of Israel). In the event the Company is considered as having failed to comply with these conditions, in whole or in part, the eligibility for the benefits may be canceled and the Company may be required to refund the relevant amount, including inflation adjustments and interest. However, since the Company had accumulated carryforward tax losses of approximately $123 million as of December 31, 2020 (see section d. below), it did not benefit from such tax benefits and does not expect to benefit from such tax benefits in the foreseeable future. Once the Company utilizes all of its accumulated tax losses, it expects to derive tax benefits in Israel relating to its Approved and Benefited Enterprise programs for which it is eligible. A company having an Approved or Benefited Enterprise, like the Company, that distributes a dividend from income that was tax exempt, will be required in the tax year of the dividend distribution to pay corporate tax on the amount of the dividend distributed (including the corporate tax required as a result of the distribution) at the corporate tax rate that would have been applicable to it in the year the income was generated if it had not been exempt from tax. 4) Tax benefits under the law for the Encouragement of Industry (Taxes), 1969 (the "Encouragement Law"): The Encouragement Law provides several tax benefits for industrial companies. An industrial company is defined as a company resident in Israel, that at least 90% of the income of which in a given tax year exclusive of income from specified government loans, capital gains, interest and dividends, is derived from an industrial enterprise owned by it. An industrial enterprise is defined as an enterprise whose major activity in a given tax year is industrial production activity. Management believes that the Company is currently qualified as an "industrial company" under the Encouragement Law and, as such, is entitled to tax benefits, including: (i) deduction of purchase of know-how and patents and/or right to use a patent over an eight-year period; (ii) the right to elect, under specified conditions, to file a consolidated tax return with other related Israeli Industrial Companies; and (iii) expenses related to a public offering on the TASE and on recognized stock markets outside of Israel, such as Nasdaq, are deductible in equal amounts over three years. Eligibility for benefits under the Encouragement Law is not subject to receipt of prior approval from any governmental authority. No assurance can be given that the Israel Tax Authority will agree that the Company qualifies and will continue to qualify as an industrial company, or that the benefits described above will be available to the Company in the future. b. Taxation of Non-Israeli subsidiaries Subsidiaries incorporated outside of Israel are assessed for tax under the tax in their countries of residence. The primary tax rates applicable to the non-Israeli subsidiaries in the Group are: (1) U.S. – federal corporate tax rate of 21% during 2018 and thereafter. (2) The Netherlands – corporate tax rate of 20% during 2018 on the first Euro 200,000 of taxable income and 25% for taxable income exceeding Euro 200,000; corporate tax rate of 19% during 2019 on the first Euro 200,000 of taxable income and 25% for taxable income exceeding Euro 200,000; corporate tax rate of 16.5% during 2020 on the first Euro 200,000 of taxable income and 25% for taxable income exceeding Euro 200,000; and corporate tax rate of 15% during 2021 on the first Euro 245,000 of taxable income and 25% for taxable income exceeding Euro 245,000. (3) Japan – tax rate of 23.2% during 2018 and thereafter. c. Tax expenses in the statements of operations mainly refer to operations of the subsidiaries in the U.S., the Netherlands and Japan (which was liquidated in 2020). The Company does not pay taxes in Israel, as it has tax losses carryforward to future years. No deferred tax asset was recognized in respect of those carryforward tax losses, in the absence of expected utilization thereof in the foreseeable future. The Company did not include a calculation of the theoretical tax due to the fact that the total tax expenses in the statements of operations are not material. d. Carryforward tax losses The Company has carryforward tax losses (including carryforward research and development expenses) as of December 31, 2020, amounting to approximately $123 million. The tax losses do not expire under current tax legislation in Israel. Deferred tax assets have not been recognized in respect of these items since it is not probable that future taxable profit will be available against which the Company can utilize the benefits. e. Tax assessment The Company has not received final tax assessments since its incorporation. The Company has self-assessments deemed to be final through the 2015 tax year. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
EQUITY | |
EQUITY | NOTE 14 – EQUITY a. Ordinary shares of NIS 0.01 par value Year Ended December 31, 2020 2019 2018 Number of shares in thousands Issued and outstanding share capital (ordinary shares): Outstanding shares at the beginning of the year 335,285 287,616 264,495 Shares issued in public offering and private placements during the year 87,818 46,115 22,014 Shares issued in exercise of stock options and warrants and vesting of RSUs during the year 2,432 1,554 1,107 Outstanding at the end of the year 425,535 335,285 287,616 Authorized share capital at the end of the year 750,000 750,000 750,000 The rights of the ordinary shares include voting rights at the general meeting of shareholders, the rights to receive dividends and rights to participate in the distribution of the surplus assets of the Company in the event of liquidation. b. 2020 Public Offering See Note 1b. c. 2019 Private Placement On January 16, 2019 and January 28, 2019, the Company entered into separate securities purchase agreements with several U.S. and Israeli accredited investors. Under the securities purchase agreements, the Company undertook to issue to the investors, upon and subject to the closing:, (i) a total of 1,170,707 ADSs, at a price per ADS of $9.55, to the investors (other than the Israeli investor) (the “U.S. Tranche”); and (ii) a total of 10,944,185 ordinary shares to the Israeli investor, at a price per ordinary share of NIS 1.1693 (equivalent to $0.32 as of February 3, 2019) (the “Israeli Tranche”), or, in the aggregate, the Company undertook to issue to the investors a total of 46,115,395 ordinary shares (including ordinary shares underlying the ADSs) representing, as of January 28, 2019, approximately 13.8% of the Company’s issued and outstanding shares on a post-issuance basis, resulting in aggregate proceeds (before expenses) of approximately $14.7 million. On February 3, 2019, the Company completed the private placement of the Israeli Tranche and issued to the Israeli investor, 10,994,185 ordinary shares, and on March 6, 2018, the Company completed the private placement of the U.S. Tranche and issued to the investors under the U.S, Tranche a total of 1,170,707 ADSs. The ordinary shares and ADSs issued to the investors are subject to resale restrictions under applicable U.S. and Israeli securities laws. None of the investors were granted registration rights under the securities purchase agreements. The securities purchase agreements contain other customary terms and conditions, including customary representations and warranties of the parties which survive the completion of the transaction until the date on which the investors no longer hold any of the ADSs or shares, as applicable. d. 2018 Private Placement On March 22, 2018, the Company entered into separate securities purchase agreements with Viola, the Company's largest shareholder; Medtronic International Technology, Inc. ("Medtronic"), a then major shareholder of the Company; Dr. Giora Yaron (through a company wholly owned by him), the Company's Chairman of the Board of Directors and a major shareholder, and various funds affiliated with three Israeli institutional investors. On May 27, 2018, following approval by the Company's shareholders of the private placement contemplated by these securities purchase agreements, the Company completed the transaction and issued to the investors a total of 22,013,893 ordinary shares (representing as of such date approximately 7.7% of the Company's issued and outstanding shares on a post-issuance basis) at a purchase price of NIS 0.947 per share (equivalent to $0.27 as of May 7, 2018) (reflecting a 7% discount on the average share price during the 15 consecutive trading days preceding March 15, 2018 (inclusive), the date of publication of the Company's 2017 financial statements), resulting in aggregate proceeds (before expenses) of NIS 20.8 million (equivalent to approximately $6.0 million). Out of the total NIS 20.8 million investment, Viola, Medtronic and Dr. Giora Yaron, invested NIS 5.2 million, NIS 2.4 million and NIS 2.1 million, respectively. Since then, Medtronic transferred the shares issued to it to MS Pace LP, a limited partnership. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2020 | |
SHARE-BASED PAYMENTS | |
SHARE-BASED PAYMENTS | NOTE 15 – SHARE-BASED PAYMENTS a. Description of share-based payment arrangements and grants: 1) Options and RSUs with service conditions and market conditions On January 21, 2016, the Company’s Board of Directors approved a new share-based plan for options and restricted share units (“RSUs”) for key employees that will vest on January 21, 2020 (or earlier in case of an acceleration event), if the share price is at least NIS 2.13 (equivalent to $0.66 as of December 31, 2020) (the “First Trigger Price”), at which time 50% of the RSUs will vest and if the share price is NIS 4.24 (equivalent to $1.32 as of December 31, 2020) (the “Second Trigger Price”), 100% will vest. In the range between these two share prices, a relative quantity will vest. An acceleration event is defined as an event in which all the issued and outstanding share capital of the Company (including by way of a merger in which the Company’s shareholders prior to the merger will hold less than 10% of the issued and outstanding share capital and voting rights in the company surviving the merger) is sold for consideration reflecting a price per share that is not lower than NIS 2.13 (equivalent to $0.66 as of December 31, 2020). The above vesting is also contingent upon continued employment. On March 21, 2017, the Company's Board of Directors resolved to extend by five years, till January 20, 2026, the exercise period of a total of 18,890,695 options, consisting of 3,699,208 options with service conditions and 15,191,487 options with service conditions and market conditions, granted to officers and key employees of the Company and its subsidiaries. There was no change in the other terms of the options, including the exercise price and the vesting terms. The new exercise period is in line with the Company's compensation policy which allows an exercise period of up to ten years. On May 14, 2017 the Company's shareholders approved such extension with respect to the portion of such options granted to the Company's President and Chief Executive Officer (the "CEO"). The fair value of the extension of the exercise period of the options was $475 thousand. The assessment of the fair value of change on the service-based options has been executed using Black-Scholes valuation model. The assessment of the fair value of change on the options with service conditions and market conditions has been executed using a Monte-Carlo Simulation. On March 14, 2018, the Company’s Board of Directors approved a change of the First Trigger Price from NIS 2.13 (equivalent to $0.66 as of December 31, 2020) to NIS 1.70 (equivalent to $0.53 as of December 31, 2020) and a change of the January 21, 2020 vesting date to December 20, 2020. The calculation of the target price on December 20, 2020 was calculated based on the average price of the Company's share on the TASE during a period of 90 consecutive trading days prior to December 20, 2020. On May 23, 2018 the Company’s shareholders approved such changes with respect to the portion of such options and RSUs granted to the CEO. Such change triggered a new measurement of the fair value of the options and the RSUs. The fair value of the above changes was $239 thousand. The assessment has been executed using a Monte-Carlo Simulation. In addition, all new performance options and RSUs starting after March 14, 2018 are granted under the same terms as above. All such options and RSUs vested on December 20, 2020. The average 90-day price on the vesting date was NIS 2.342 (less than the Second Trigger Price). As a result, 1,979,115 performance options and 345,677 performance RSUs were forfeited. The options are exercisable until January 21, 2026. 2) Options to key employees, employees and directors with only service condition On January 21, 2016, the Company’s Board of Directors, as part of the share-based plan described in (1) above, also approved a grant of options that will vest as follows: 25% will vest and become exercisable one year following the date of grant and the remaining 75% will vest and become exercisable in 12 equal quarterly portions, beginning on the first anniversary of the date of grant. Such options are exercisable until January 21, 2026. Grants to other employees not participating in the key employees share-based plan, usually vest over three years, as follows: 2/3 will vest and be exercisable two years following the date of grant, and the remaining 1/3 will vest and become exercisable in four equal quarterly portions, at the end of each calendar quarter commencing on the second anniversary of the date of grant. Such options are exercisable five years from date of grant. In March 2021, the Company's Board of Directors approved the extension of the exercise period from five years to ten years. Options granted to directors during the years ended December 31, 2016, 2017 and 2019, were divided into three tranches, each equal to 33% of the number of options granted. The allotment and the vesting period for the first tranche began on the date of grant; the allotment and the vesting period for the second tranche will begin on first anniversary of the date of grant; and the allotment and the vesting period for the third tranche will begin on the third anniversary of the date grant. Each tranche vests in four equal portions annually over four years. Upon the completion of a full term of service of a director (three years for external directors and one year for other directors) without being reelected; or (ii) upon termination of the service of a director in the middle of the term due to the consummation of an exit event, all outstanding stock options vested on the date of completion of the term or termination upon consummation of an exit event shall expire within 180 days thereafter and all outstanding unvested stock options shall accelerate and be fully vested on such date and shall expire within 180 days thereafter. The exercise price for each tranche is set on the date of allotment and is based on the average market price of the ordinary share prior to such allotment date plus 10%. The grants to directors were measured on the grant date for all three tranches using the binomial model. The option data in d. below include only options already allotted. Such options are exercisable five years from date of grant. In March 2021, the Company’s Board of Directors approved the extension of the exercise period from five years to ten years. 3) Grants of options and RSUs under the January 2016 plan Grants in the reported years In March 2018, the Company granted 1,802,512 options and 229,534 RSUs to 20 employees and officers. In addition, 263,681 options and 49,032 RSUs were granted to a consultant. In August 2018, the Company granted 530,137 options and 17,160 RSUs to12 employees. In January 2019, the Company granted 1,968,954 options and 339,495 RSUs to four grantees. In May 2019, the Company granted 4,712,779 options and 610,829 RSUs to 41 grantees (mainly employees) and 1,210,000 options to seven directors. On May 20,2019, the Company's Board of Directors resolved to allow nine grantees who are key employees to be granted new 5,076,583 performance options and 1,039,314 performance RSUs in lieu of 5,076,583 performance options and 1,039,314 performance RSUs granted in the past that have not yet vested. The new performance options and RSUs will vest on December 20, 2022 if the price of the Company's ordinary shares is, at such time, at least NIS 5.32 per share (equivalent to $1.65 as of December 31, 2020), or 50% of such options will vest if the price of our ordinary shares is, at such time, at least NIS 2.66 per share (equivalent to $0.83 as of December 31, 2020), or if, on the applicable measurement date, the price of the Company's ordinary shares is between these two vesting-trigger share prices, the percentage of options that will vest will be determined based on linear interpolation. The calculation of the target price on December 20, 2022 will be calculated based on the average price of the Company's share on the TASE during a period of 90 consecutive trading days prior to December 20, 2022. Out of the new options and RSUs a grant of 3,019,864 performance shares and 609,232 performance RSUs to the CEO were approved by the Company's shareholders on March 18, 2020. All such employee accepted the Company's proposal and the new options and RSU were granted to all such employees. The new performance options are exercisable until May 20, 2029. In addition, all new performance options and RSUs granted from May 2019 and thereafter are granted under the same terms as above. In August 2019, the Company granted 4,884,966 options and 31,148 RSUs to 19 employees. In November 2019, the Company granted 825,000 options to 13 employees. In January 2020, the Company granted 3,942,284 options and 194,887 RSUs to 12 employees. The grant of 1,332,195 options and 194,887 RSUs was subject to the effectiveness of a Registration Statement on Form S-8, which became effective on March 4, 2020 and the grant of 1,676,425 options to the CEO was approved by the Company’s shareholders on March 18, 2020. In May 2020, the Company granted 2,326,555 options and 173,155 RSUs to 30 employees and 440,000 options to four directors. In November 2020, the Company granted 4,849,933 options to 58 employees. The service options will vest as follows: 25% will vest and become exercisable one year following the date of grant and the remaining 75% will vest and become exercisable in 12 equal quarterly portions, beginning on the first anniversary of the date of grant. Such options are exercisable five years from date of grant. In March 2021, the Company's Board of Directors approved the extension of the exercise period from five years to ten years. In November 2020, the Company granted 281,778 RSUs to a consultant. Such consultant was nominated as a director in January 2021. The RSUs granted to the consultant will vest in four equal quarterly portions beginning November 24, 2020. Grants subsequent to December 31, 2020 In January 2021, the Board of Directors approved a grant of 110,000 options to a new director. The options will vest in four equal portions annually over four years. Upon the completion of a full term of service of a director one year) without being reelected; or (ii) upon termination of the service of a director in the middle of the term due to the consummation of an exit event, all outstanding stock options vested on the date of completion of the term or termination upon consummation of an exit event shall expire within 180 days thereafter and all outstanding unvested stock options shall accelerate and be fully vested on such date and shall expire within 180 days thereafter. In March 2021, the Company's Board of Directors approved a grant of a total of 3,660,000 options to 25 employees and one consultant. b. Measurement of fair value of share-based payments The fair value of the options with service conditions granted to employees, directors and consultants is measured according to the Black-Scholes valuation model. The fair value of performance options and performance RSUs granted to officers and key employees where vesting is made on the basis of the increase in the Company’s share price and is measured by implementing the Monte Carlo Simulation. The options granted to directors, but which have not yet been allocated, nor set an exercise price, were priced using the binomial model. Following are the parameters used to measure the fair value on the date of grant of share-based awards during the year ended December 31, 2020: Options with Options with service service conditions conditions and only market conditions RSUs The number of shares arising from the exercise of the options and from the vesting of the RSUs (in thousands) 9,996 1,563 650 The parameters included when calculating fair value: The share price (at the grant date) (in NIS) 1.46 – 2.34 1.65 – 1.86 1.65 – 1.86 The exercise price (in NIS) 1.28 – 2.35 1.72 – 1.86 0.00 Expected volatility 51% – 55 % 51% – 55 % 55 % Expected lifetime 3.0– 7.5 years 3.0– 7.5 years N/A Risk-free interest rate 0.10% – 0.79 % 0.43% – 0.72 % N/A Expected dividend rate % % % The expected volatility was determined based on the historical volatility of the share price. The expected lifetime of the options is determined in accordance with management’s estimation of the duration of the employees’ holdings of such awards, given their position in the Company and the Company’s past experience with respect to employee attrition. The risk-free interest rate is based on interest rates of Israeli government bonds denominated in NIS, whose remaining period is equal to the expected lifetime of the options. c. Reconciliation of outstanding options and RSU’s The number of options and RSUs and the range of exercise price for every option: Year Ended December 31, 2020 2019 2018 Range of Range of Range of Number of exercise price Number of exercise price Number of exercise price awards (NIS) awards (NIS) awards (NIS) Outstanding at beginning of year 42,330,964 1.02 - 2.50 32,360,793 0.23 – 2.50 32,649,852 0.23 – 2.50 Granted during the year 11,558,773 1.28 – 2.35 13,601,699 1.04 – 1.47 3,016,330 1.02 – 1.29 Forfeited and expired during the year (4,330,901) — (2,091,128) — (2,208,589) — Exercised during the year (2) (3) (635,747) 1.10 – 2.02 (1,540,400) 0.23 – 0.48 (1,096,800) 0.23 – 0.51 Outstanding at end of year (1) 48,923,089 1.02 - 2.50 42,330,964 1.02 - 2.50 32,360,793 0.23 - 2.50 Exercisable at end of year 23,037,528 1.02 - 2.50 10,127,684 1.12 - 2.50 10,114,392 0.23 - 2.50 (1) Including: Options with service conditions only 30,203,551 21,954,791 15,661,344 Options with service conditions and market conditions 18,719,538 20,376,173 16,699,449 Total 48,923,089 42,330,964 32,360,793 (2) The weighted average share price upon exercise of the options, for options exercised in the year ended December 31, 2020 and 2019 and 2018 was $0.69, $0.36 and $0.35, respectively. (3) The weighted average remaining contractual life of the options and RSUs outstanding as of December 31, 2020, 2019 and 2018 was 3.71 years, 5.59 years and 5.74 years, respectively. The number of RSUs and the range of exercise price for every RSU: Year Ended December 31, 2020 2019 2018 Number of Range of exercise Number of Range of exercise Number of Range of exercise awards price (NIS) awards price (NIS) awards price (NIS) Outstanding at beginning of year 4,328,395 0.00 – 0.30 3,441,420 0.00 – 0.30 3,242,632 0.00 – 0.30 Granted during the year 649,820 0.00 981,472 295,726 0.00 – 0.30 Forfeited and expired during the year (567,469) 0.00 (94,497) (96,938) Vested for RSUs with no exercise price and exercised for options and for RSUs with an exercise price of NIS 0.30 (1,136,167) 0.00 – 0.30 — — — — Outstanding at end of year (1) 0.00 – 0.30 4,328,395 0.00 – 0.30 3,441,420 0.00 – 0.30 (1) Including RSUs with service conditions only 281,778 0.00 — — — — RSUs with service conditions and market conditions 1,968,079 0.00 – 0.30 4,328,395 0.00 – 0.30 3,441,420 0.00 – 0.30 Vested, which were not yet exercised 1,024,722 0.30 — — — — Total 3,274,579 0.00 – 0.30 4,328,395 0.00 – 0.30 3,441,420 0.00 – 0.30 As a result of the grant of options and RSUs, the Company recorded for the years ended December 31, 2020, 2019 and 2018, a non-cash expense of $1,495 thousand, $1,259 thousand and $1,021 thousand, respectively. The balance of expenditure amounting to $2,872 thousand will be recorded by the Company over the remaining vesting period of the options and RSUs. The total share-based compensation expenses relating to all of the Company’s share-based awards recognized for the years ended December 31, 2020, 2019 and 2018 were included in items of the consolidated statements of operations, as follows: Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Cost of revenues $ 33 $ 10 $ 10 Selling and marketing expenses 536 382 295 Research and development expenses 289 171 104 General and administrative expense 611 672 612 Financial expenses 26 24 — $ 1,495 $ 1,259 $ 1,021 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2020 | |
REVENUES | |
REVENUES | NOTE 16 – REVENUES The Company operates in one business sector. The following is a breakdown of revenues according to product groups: Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands WatchPAT and other related services $ 38,797 $ 28,988 $ 22,384 EndoPAT and other related services 2,237 2,270 1,805 $ 41,034 $ 31,258 $ 24,189 The following is a breakdown of revenues on the basis of geographical regions (based on the geographical location of the customer): Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands United States and Canada $ 32,224 $ 22,960 $ 17,582 Japan 3,898 3,489 3,374 Europe 4,120 3,383 1,885 Asia Pacific (excluding Japan) 310 912 849 Israel 346 274 281 Others 136 240 218 $ 41,034 $ 31,258 $ 24,189 The majority of the Company’s long-lived assets are in Israel. Revenue from major customers Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Customer A $ 4,571 $ 7,002 $ 4,571 Customer B 3,826 3,443 3,229 Customer C 5,416 2,048 2,870 $ 13,813 $ 12,493 $ 10,670 |
COST OF REVENUES
COST OF REVENUES | 12 Months Ended |
Dec. 31, 2020 | |
COST OF REVENUES | |
COST OF REVENUES | NOTE 17 – COST OF REVENUES Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Raw materials, auxiliary materials, subcontractors (including changes in inventories) $ 4,607 $ 2,555 $ 2,538 Payroll and related expenses (including share-based payment) 4,884 2,470 1,806 Shipping 1,365 815 443 Depreciation and amortization 777 552 255 Other 690 592 684 $ 12,323 $ 6,984 $ 5,726 |
FINANCIAL INCOME AND EXPENSES
FINANCIAL INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2020 | |
FINANCIAL INCOME AND EXPENSES | |
FINANCIAL INCOME AND EXPENSES | NOTE 18 – FINANCIAL INCOME AND EXPENSES Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Financial income: In respect of cash and investments in bank deposits and marketable securities* $ 713 $ 359 $ 93 Other 134 95 151 $ 847 $ 454 $ 244 Financial expenses: Convertible notes* $ — $ — $ 393 Short-term bank loan 259 364 316 Lease liabilities 303 279 — Short-term shareholders’ loans — — 85 Credit card and bank clearance and other fees 670 432 359 Exchange rate differences 83 158 8 $ 1,315 $ 1,233 $ 1,161 Gain on derivative financial instruments: Gain on revaluation to fair value of the warrants embedded in the convertible notes, which were fully repaid on February 28, 2018 $ — — 96 Gain on revaluation to fair value of warrants** — 442 2,337 $ — $ 442 $ 2,433 * ** |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
LOSS PER SHARE | |
LOSS PER SHARE | NOTE 19 – LOSS PER SHARE a. Basic loss per share The computation of basic loss per share was based on the net loss attributable to ordinary shares divided by the weighted average number of ordinary shares outstanding. Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Net loss attributed to the ordinary shares $ (10,939) $ (5,268) $ (1,729) Weighted average number of ordinary shares Year Ended December 31, 2020 2019 2018 Number of shares in thousands Balance at the beginning of the year 335,285 287,616 264,495 The effect of public offering and private placements 79,638 44,726 12,908 The effect of exercise of options and warrants into shares and vesting of RSUs 520 306 262 Weighted average number of ordinary shares used in computation of basic loss per share 415,443 332,648 277,665 b. Diluted loss per share The computation of diluted loss per share was based on the net loss attributed to the ordinary shares divided by the weighted average number of ordinary shares outstanding, after adjustment for all potentially dilutive ordinary shares, as follows: Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Net loss used in computation of basic earnings per share $ (10,939) $ (5,268) $ (1,729) Changes in the fair value of the Viola warrants and Warrants (Series 4) (and in the year ended December 31, 2018 also of the warrants embedded in the convertible notes), which are classified as a liability — (442) (2,433) Net loss attributed to the ordinary shares (diluted) $ (10,939) $ (5,710) $ (4,162) Weighted average number of ordinary shares (diluted) Year Ended December 31, 2020 2019 2018 Number of shares in thousands Weighted average number of ordinary shares used in computation of basic loss per share 415,443 332,648 277,665 Effect of the exercise of the warrants (and in the year ended December 31, 2018 also of the conversion of the convertible notes) — 13,547 43,246 Weighted average number of ordinary shares used in computation of diluted loss per share 415,443 346,195 320,911 In the calculation of the weighted average number of ordinary shares (diluted) for the year ended December 31, 2020, 48,923,088 shares in respect of options, 311,254 shares in respect of warrants and 2,992,801 shares in respect of RSUs granted to employees, directors and consultants were not included, due to their anti-dilutive effect. In the calculation of the weighted average number of ordinary shares (diluted) for the year ended December 31, 2019, 42,365,681 shares in respect of options,1,197,132 shares in respect of warrants and 4,328,395 shares in respect of RSUs granted to employees, directors and consultants were not included, due to their anti-dilutive effect. In the calculation of the weighted average number of ordinary shares (diluted) for the year ended December 31, 2018, 32,412,199 shares in respect of options,798,088 shares in respect of warrants and 3,441,420 shares in respect of RSUs granted to employees, directors and consultants were not included, due to their anti-dilutive effect. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
FINANCIAL INSTRUMENTS | |
FINANCIAL INSTRUMENTS | NOTE 20 – FINANCIAL INSTRUMENTS This note provides qualitative information regarding the exposure to each of the following risks, and the Group’s objectives, policy and processes relating to measurement of such risks. Quantitative disclosure is provided throughout these consolidated financial statements. Credit risk As of December 31, 2020 and 2019, the maximum exposure to credit risk is represented by the balance of financial assets. Management has developed policies for the authorization of credit to customers. The accounting exposure to credit risk is monitored constantly according to the behavior of payment of the debtors. Credit is assigned on a customer-by-customer basis and is subject to assessments which consider the customers’ payment capacity, as well as past behavior regarding due dates, balances past due and delinquent accounts. Approximately 34%, 40% and 44%, respectively, of the Group’s revenues in the years ended December 31, 2020, 2019 and 2018, arise from sales to single customers. Other than this, there are no other concentrations of credit risk. The Group’s revenues are primarily derived from sales to customers in the U.S., Japan and Europe. Management regularly monitors trade receivables and the financial statements include specific provisions for doubtful debt, which properly reflect, in the opinion of management, the inherent loss in debt whose collection is in doubtful. The Group limits its exposure to credit risk by investing exclusively in bank deposits. The maximum exposure to credit risk in respect of cash and cash equivalents, trade receivables, other accounts receivable and other investments, as of the report date, by geographic locations was as follows: December 31, 2020 2019 U.S. dollars in thousands Israel $ 34,598 $ 12,894 United States and Canada 12,848 9,362 Europe 1,690 1,773 Asia Pacific (including Japan) 350 409 Other 38 5 $ 49,524 $ 24,443 Aging of receivables and impairment and weighted average loss rate: December 31, 2020 December 31, 2019 Weighted average loss Gross Gross rate amount Impairment amount Impairment % U.S. dollars in thousands U.S. dollars in thousands Not in arrears 5.1 $ 7,325 $ 371 $ 7,851 $ 117 In arrears up to three months 0.1 1,419 2 703 10 In arrears up to six months 0.5 222 1 98 1 In arrears up to 12 months 21.7 106 23 20 4 In arrears over 12 months 81.1 482 391 361 361 $ 9,554 $ 788 $ 9,033 $ 493 Movements in the allowance for impairment of receivables during the year were as follows: Year Ended December 31, 2020 2019 U.S. dollars in thousands Balance at beginning of year $ 493 $ 270 Recognized impairment loss 322 349 Bad debt (27) (126) Balance at end of year $ 788 $ 493 Liquidity risk The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group ensures that it has sufficient cash on hand for payment of expected operating expenses, including any amounts required to fulfill financial obligations. In addition to cash flows provided by its operating activities, in order to meet the Company’s overall liquidity needs for operations, servicing debt and funding capital expenditures, the Company relies on cost-cutting and operating improvements to optimize capacity utilization and minimizing loss, as well as borrowing under credit facilities, proceeds of debt and equity offerings. Below is an analysis of contractual maturities of financial liabilities, including estimated interest payments, as of December 31, 2020 and 2019: Carrying Contractual Up to 6 Over 5 Amount Cash flow months 6‑12 months 1‑2 years 2‑5 years years U.S. dollars in thousands December 31, 2020 Non-derivative financial liabilities Short-term bank loans $ 5,000 $ 5,037 $ 5,037 $ — $ — $ — $ — Trade payables 4,418 4,418 4,418 — — — — Other long-term liabilities 1,271 1,271 — — 143 393 735 Long-term loan 289 305 73 73 146 13 — Lease liabilities (including current maturities) 2,080 2,768 544 295 563 554 812 Other payables 6,321 6,321 6,321 — — — — Total $ 19,379 $ 20,120 $ 16,393 $ 368 $ 852 $ 960 $ 1,547 December 31, 2019 Non-derivative financial liabilities Short-term bank loans $ 5,000 $ 5,056 $ 5,056 $ — $ — $ — $ — Trade payables 2,028 2,028 2,028 — — — — Other long-term liabilities 1,260 1,260 — — 123 382 755 Lease liabilities (including current maturities) 2,598 3,424 553 528 804 613 926 Other payables 4,361 4,361 4,361 — — — — Total $ 15,247 $ 16,129 $ 11,998 $ 528 $ 927 $ 995 $ 1,681 Foreign Currency risk The Group is exposed to foreign currency risk with respect to sales, purchases, payroll and services expenses and loans denominated in non-dollar currencies (primarily NIS, but also Euro and Japanese yen) used by the companies in the Group. The currencies in which most expenses are denominated are the dollar, NIS, Euro and Japanese yen. Most of the Group’s revenues are denominated in its functional currency (the dollar) and some in Euro, whereas the Group’s payroll expenses in Israel are denominated in NIS. Therefore, the Group is exposed to fluctuations in the dollar/NIS and dollar/Euro exchange rates and strives to mitigate currency risk by maintaining liquid investments and cash positions in short-term NIS-denominated deposits, in NIS and in Euro. The Group’s exposure to the Israeli CPI and foreign currency risk is as follows: Currency different from dollar Non- Other monetary Dollars NIS Euro currencies items Total U.S. dollars in thousands December 31, 2020 Assets Cash and cash equivalents $ 6,476 $ 2,364 $ 708 $ 122 $ — $ 9,670 Short-term bank deposits 30,000 — — — — 30,000 Trade receivables (including long-term trade receivables) 7,582 98 661 425 — 8,766 Other receivables 536 92 2 — 1,621 2,251 Inventories — — — — 7,164 7,164 Long-term restricted deposits 163 296 — — — 459 Long-term prepaid expenses — — — — 88 88 Property and equipment and intangible assets — — — — 3,941 3,941 Right-of-use assets — — — — 1,801 1,801 44,757 2,850 1,371 547 14,615 64,140 Liabilities Sort-term bank loan 5,000 — — — — 5,000 Trade payables 2,088 2,296 34 — — 4,418 Other payables (including accrued expenses) 5,252 1,050 19 — 743 7,064 Provisions — — — — 321 321 Long-term loans (including current maturities) — 289 — — — 289 Lease liabilities (including current maturities) 419 1,661 — — — 2,080 Employee benefits — — — — 625 625 Other long-term liabilities 1,061 210 — — — 1,271 13,820 5,506 53 — 1,689 21,068 Total exposure in the statements of financial position in respect of financial assets and financial liabilities $ 30,937 $ (2,656) $ 1,318 $ 547 $ 12,926 $ 43,072 December 31, 2019 Assets Cash and cash equivalents $ 13,178 $ 1,254 $ 587 $ 96 $ — $ 15,115 Trade receivables (including long-term trade receivables) 7,750 96 694 — — 8,540 Other receivables 338 62 2 — 1,002 1,404 Inventories — — — — 3,363 3,363 Long-term restricted deposits 111 275 — — — 386 Long-term prepaid expenses — — — — 90 90 Property and equipment and intangible assets — — — — 1,867 1,867 Right-of-use assets — — — — 2,442 2,442 21,377 1,687 1,283 96 8,764 33,207 Liabilities Sort-term bank loan 5,000 — — — — 5,000 Trade payables 779 1,215 34 — — 2,028 Other payables (including accrued expenses) 2,940 1,366 54 — 412 4,772 Provisions — — — — 273 273 Lease liabilities (including current maturities) 714 1,884 — — — 2,598 Employee benefits — — — — 612 612 Other long-term liabilities 1,060 200 — — — 1,260 10,493 4,665 88 — 1,297 16,543 Total exposure in the statements of financial position in respect of financial assets and financial liabilities $ 10,884 $ (2,978) $ 1,195 $ 96 $ 7,467 $ 16,664 Sensitivity analysis A stronger dollar against the following currencies at the end of each reporting period, and an increase in the Israeli CPI would have increased (decreased) equity and net income/loss by the following amounts (after-tax). The following analysis is based on changes to exchange rates, which the Group believes to be reasonably possible as of the end of the reported year. This analysis assumes all other variables, especially interest rates, remain constant. December 31, 2020 Equity Profit (loss) U.S. dollars in thousands An increase in the exchange rate of the following currencies against the dollar: NIS/dollar by 5% $ (133) $ (133) Euro/dollar by 5% 66 66 Other currencies (mainly British Pound) 27 27 The weakening of these currencies against the dollar at a similar rate as of December 31, 2020 had a similar effect, albeit in the opposite direction, assuming that all other variables remain constant. December 31, 2019 Equity Profit U.S. dollars in thousands An increase in the exchange rate of the following currencies against the dollar: NIS/dollar by 5% $ (149) $ (149) Euro/dollar by 5% 60 60 The weakening of these currencies against the dollar at a similar rate as of December 31, 2019 had a similar effect, albeit in the opposite direction, assuming that all other variables remain constant. Fair value of financial instruments measured at fair value, for disclosure purposes only The carrying amount of the cash and cash equivalents, trade receivables, other accounts receivable, bank deposits, pledged deposits, trade payables, and other accounts payable, lease liabilities and derivatives is identical or approximate to their fair values due to the lifetime of these items. The fair value of other financial liabilities and their carrying amounts, as presented in the statements of financial position, are as follows: December 31, 2020 December 31, 2019 Carrying amount Fair value Carrying amount Fair value U.S. dollars in thousands Liabilities: Liability in respect of royalties to the IIA and other government institutions $ 1,271 $ 607 $ 1,260 $ 527 |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTIES | |
RELATED PARTIES | NOTE 21 – RELATED PARTIES a. Compensation Compensation to key executives includes: Year Ended December 31, 2020 2019 2018 Number Number Number of persons Amount of persons Amount of persons Amount U.S. dollars in U.S. dollars in U.S. dollars in thousands thousands thousands Employee compensation 9 $ 2,772 8 $ 2,201 7 $ 1,835 Share-based payment 9 904 8 850 7 702 Total $ 3,676 $ 3,051 $ 2,537 Compensation to directors who are not employed by the Company includes: Year Ended December 31, 2020 2019 2018 Number Number Number of persons Amount of persons Amount of persons Amount U.S. dollars in U.S. dollars in U.S. dollars in thousands thousands thousands Director compensation $ 244 $ 213 $ 208 Share-based payment 98 88 76 Total $ 342 $ 301 $ 284 Year Ended December 31, December 31, 2020 2019 2018 2020 2019 Transaction amounts Carrying amount U.S. dollars in thousands U.S. dollars in thousands Key executives (including directors) of the Company $ 4,018 $ 3,352 $ 2,821 $ 495 $ 383 b. Insurance and indemnification of key management personnel The Company’s directors and officers are covered by a directors’ and officers’ liability insurance policy. In addition, the Company has undertaken to enter into indemnification agreements with each of its directors and officers undertaking to indemnify them to the fullest extent permitted by law. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 22 – SUBSEQUENT EVENTS: a. 2021 Public Offering See Note 1c. b. Grant of stock options See Note 15a(4). c. Acquisition of the assets of Spry Health In January 2021, the Company acquired the assets of Spry Health, Inc. (“Spry”), a San Francisco-based developer of an FDA-cleared, wrist-based medical grade remote patient monitoring (“RPM”) solution called the “Loop”. The Loop device is a wrist device measuring and recording physiological parameters, such as SpO2, respiration rate and heart rate. The device transmits the data to a web server for remote review by a clinician. Through the combination of the WatchPAT technology and Spry’s Loop technology, the Company intends to bring to market the first device for continuous RPM of sleep apnea. The Company plans to commence development of this device immediately, with an initial market launch anticipated in 2022. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
International financial reporting standards | a. International financial reporting standards These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were approved by the Company’s Board of Directors on March 29, 2021. |
Reporting and functional currency | b. Reporting and functional currency These consolidated financial statements are presented in U.S. dollars (“dollar” or “$”), which is the Company’s functional currency representing the principal economic environment in which the Company operates and have been rounded to the nearest thousand unless otherwise indicated. |
Basis of measurement | c. Basis of measurement These consolidated financial statements have been prepared on the historical cost basis, except for provisions, and assets and liabilities with respect to employee benefits. |
Principles of consolidation | d. Principles of consolidation Subsidiaries are entities controlled by the Company. The financial statements of the subsidiaries, which are wholly owned, are included in the consolidated financial statements of the Company from the date of their incorporation. Intercompany balances and transactions between Group companies are eliminated in consolidation. |
Use of estimates and critical assumptions | e. Use of estimates and critical assumptions The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements as well as affect the reported amounts of revenues and expenses during the period. These estimates and assumptions are reviewed on an ongoing basis using available information. Actual results could differ from these estimates and assumptions. The items subject to significant estimates and assumptions by management include share-based compensation (see Note 15), the discount rate for lease liabilities (see m. below). |
Foreign currency transactions and balances | f. Foreign currency transactions and balances Transactions in foreign currency are translated to the respective functional currency of the Group entities at exchange rates as of the transaction dates. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between the amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency, translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currency that are measured in terms of historical cost, are translated using the exchange rate at the date of the transaction. Foreign currency differences arising from translation into the functional currency are recognized in the statements of operations. |
Cash and Cash Equivalents | g. Cash and Cash Equivalents Cash and cash equivalents are comprised of available amounts of cash and cash equivalents, mainly represented by highly liquid short-term investments (with original maturities of three months or less), which are readily convertible into known amounts of cash, and which are not subject to significant risks of changes in their values. |
Financial instruments: | h. Financial instruments: The Group applies the accounting policies under IFRS 9, Financial Instruments (“IFRS 9”). Non-derivative financial assets Initial recognition and measurement of financial assets The Group initially recognizes trade receivables and debt instruments issued on the date that they are created. All other financial assets are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset. A trade receivable without a significant financing component is initially measured at the transaction price. Receivables originating from contract assets are initially measured at the carrying amount of the contract assets on the date classification was changed from contract asset to receivables. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Group to the cash flows from the asset expire, or the Group transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. When the Group retains substantially all of the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category Financial assets are classified at initial recognition, based on the business model objectives and nature of the investment: amortized cost; fair value through other comprehensive income (loss) – investment in equity instruments; or fair value through profit and loss. Financial assets are not reclassified in subsequent periods unless, and only if, the Group changes its business model for the management of financial debt assets, in which case the affected financial debt assets are reclassified at the beginning of the period following the change in the business model. A financial asset (including debt instrument) is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: - - A debt instrument can also be classified to fair value through other comprehensive income category if its business model objective is achieved by both collecting contractual cash flows and selling financial assets, and it meets the SPPI criteria as above. In certain cases, a debt instrument can be designated at initial acquisition to fair value through profit or loss. As applicable to the Group, the Group’s debt instruments that are classified to amortized cost category include: deposits, trade and other accounts receivable (including long-term trade receivables). These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Impairment of financial assets IFRS 9 introduces the ‘expected credit loss’ (“ECL”) model. The model applies to financial assets measured at amortized cost, investments in debt instruments measured at fair value through other comprehensive income, contract assets (as defined in IFRS 15) and lease receivables, but not to investments in equity instruments. Under this model, the Group assesses the expected credit losses in advance as follows: - - The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. Non-derivative financial liabilities Non-derivative financial liabilities include loans and borrowings from banks and others and trade and other payables. Initial recognition of financial liabilities The Group initially recognizes debt securities issued on the date that they originated. All other financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Subsequent measurement of financial liabilities Financial liabilities (other than financial liabilities at fair value through profit or loss) are recognized initially at fair value, less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognized when the obligation of the Group, as specified in the agreement, expires or when it is discharged or cancelled. Offset of financial instruments Financial assets and liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the Group currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Fair value measurements Under IFRS, fair value represents an “Exit Value”, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, considering the counterparty’s credit risk in the valuation. The concept of Exit Value is premised on the existence of a market and market participants for the specific asset or liability. When there is no market and/or market participants willing to make a market, IFRS establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date. A quote price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available. Level 2 — Inputs, other than quoted prices in active markets, that are observable for the asset or liability, either directly or indirectly, and are used mainly to determine the fair value of securities, investments or loans that are not actively traded. Level 3 — Unobservable inputs for the asset or liability are used when little or no market data is available. The Group used unobservable inputs to determine fair values, to the extent there are no Level 1 or Level 2 inputs, in valuation models such as Black-Scholes, binomial, discounted cash flows or multiples, including risk assumptions consistent with what market participants would use to arrive at fair value. |
Inventories | i. Inventories Inventories are valued using the lower of cost and net realizable value. The cost of inventories is based on the “moving-average” method, including expenditures incurred in acquiring the inventories and the costs incurred in bringing it to its existing location and condition. The Group analyzes its inventory balances to determine if, as a result of internal events, such as physical damage, or external events, such as technological changes or market conditions, certain portions of such balances have become obsolete or impaired. When an impairment situation arises, the inventory balance is adjusted to its net realizable value, whereas, if an obsolescence situation occurs, the inventory obsolescence reserve is increased. In both cases, these adjustments are recognized against the results of the period. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs to complete and sell the inventories. |
Property and equipment | j. Property and equipment Property and equipment are recognized at their acquisition or construction cost, as applicable, less accumulated depreciation and accumulated impairment losses. Depreciation of property and equipment is recognized as part of operating expenses, and is calculated using the straight-line method over the estimated useful lives of the assets. % Office furniture and equipment 10 Equipment and devices for leasing and for internal use 15 Computers 33 Leasehold improvements are amortized over the shorter of the lease term and their useful lives. Depreciation methods and useful lives are reviewed at the end of each reporting year and adjusted if appropriate. |
Intangible assets | k. Intangible assets The Group capitalizes intangible assets acquired, as well as costs incurred in the development of certain intangible assets for internal use, when future economic benefits associated are identified and there is evidence of control over such benefits. Intangible assets are recognized at their acquisition or development cost, as applicable. All of the Group’s intangible assets are definite life intangible assets, and are amortized on straight-line basis over the useful life of the asset, which on average is approximately three years. Expenditure on research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the statements of operations when incurred. Development activities are related to a plan to produce new products or processes, or to significantly improve existing products or processes. Development expenditure is capitalized only if: (i) the expenditure can be measured reliably; (ii) the product or process is technically and commercially feasible; and (iii) future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The expenditure capitalized in respect of development activities includes the cost of materials, direct labor and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditure is recognized in the statements of operations as incurred. In subsequent periods, capitalized development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Amortization methods and useful lives are reviewed at the end of each reporting year and adjusted if appropriate. l |
Impairment of property and equipment, intangible assets of definite life, right-of use assets and other investments | l. Impairment of property and equipment, intangible assets of definite life, right-of use assets and other investments These assets are tested for impairment upon the occurrence of factors such as the occurrence of a significant adverse event, changes in the Group’s operating environment or in technology, as well as expectations of lower operating results, in order to determine whether their carrying amounts may not be recovered. An impairment loss is recorded in the statements of operations for the period within “Other expenses, net”, for the excess of the asset’s carrying amount over its recoverable amount, corresponding to the higher of the fair value less costs to sell the asset, and the asset’s value in use, the latter represented by the net present value of estimated cash flows related to the use and eventual disposal of the asset. No impairment loss was recorded during the reported years. |
Leases | m. Leases The accounting policy applied as from January 1, 2019 As from January 1, 2019, the Group applies the following accounting policies under IFRS 16, Leases ("IFRS 16"). Determining if an arrangement contains a lease At inception of a lease contract, the Group assesses whether the contract is, or contains, a lease, while examining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In its assessment whether a contract conveys the right to control the use of an identified asset, the Group assesses whether it has the following two rights throughout the lease term: (1) (2) For lease contracts that contain non-lease components, such as services or maintenance, that are related to a lease component, the Group elected to account for the contract as one lease component without separating the components. Leased assets and lease liabilities Contracts that convey the Group control over the use of a leased asset for a period of time for consideration, are accounted for as leases. Upon initial recognition, the Group recognizes a liability at the present value of the balance of future lease payments (these payments do not include certain variable lease payments), and concurrently recognizes a right-of-use at the same amount of the lease liability, adjusted for prepaid or accrued lease payments, plus any direct costs incurred in respect of the lease. Since the interest rate implicit in the Group’s lease cannot be readily determinable, the Group uses the lessee’s incremental borrowing rate. Subsequent to initial recognition, the right-of use asset is treated as a right-of-use asset and is accounted for using the cost model, and is depreciated over the term of the lease, or the useful life of the asset, whichever is shorter. The Group has elected to adopt the practical expedient by which short-term leases of up to one year and/or leases in which the underlying asset has a low value, are accounted for such that lease payments are recognized in the statement of operations on a straight-line basis, over the lease term, without recognizing an asset and/or liability in the statement of financial position. The lease term The lease term is the non-cancellable period of the lease together with periods covered by an option to extend or cancel the lease if it is reasonably certain that the lessee will or will not exercise the option, respectively. Variable lease payments Variable lease payments that depend on an index or rate, are initially measured using the existing index or rate as of the commencement date of the lease and are included in the measurement of the lease liability. When there is a change in the cash flow of future lease payments resulting from the change in the index or rate, the balance of the liability is updated against the right-of-use asset. Other variable lease payments not included in the measurement of the lease liability are recognized in the statement of operations at the date the terms for such payments are met. Depreciation of right-of-use asset Subsequent to the date of the lease, a right-of-use asset is measured using the cost method, less accumulated depreciation and less accumulated impairment losses and adjusted for remeasurement of the lease liability. Depreciation is calculated on a straight-line basis over the useful life or contractual lease term, whichever is shorter, as follows. Years Buildings 2.50-10.67 Motor vehicles 3-4 Reassessment of lease liability Upon the occurrence of a significant event or a significant change in circumstances that is under the control of the Group and had an effect on the decision whether it is reasonably certain that the Group will exercise an option, which was not included before in the lease term, or will not exercise an option, which was previously included in the lease term, the Group remeasures the lease liability according to the revised leased payments using a new discount rate. The change in the carrying amount of the liability is recognized against the right-of-use asset, or recognized in the statement of operations, if the carrying amount of the right-of-use asset was reduced to zero. Lease modifications When a lease modification increases the scope of the lease by adding a right to use one or more underlying assets, and the consideration for the lease increased by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the contract’s circumstances, the Group accounts for the modification as a separate lease. In all other cases, on the initial date of the lease modification, the Group allocates the consideration in the modified contract to the contract components, determines the revised lease term and measures the lease liability by discounting the revised lease payments using a revised discount rate. For lease modifications that decrease the scope of the lease, the Group recognizes a decrease in the carrying amount of the right-of-use asset in order to reflect the partial or full cancellation of the lease, and recognizes in the statement of operations a profit (or loss) that equals the difference between the decrease in the right-of-use asset and remeasurement of the lease liability. For other lease modifications, the Group remeasures the lease liability against the right-of-use asset. The accounting policy applied in periods prior to January 1, 2019 Determining whether an arrangement contains a lease At inception or upon reassessment of an arrangement, the Group determines whether such an arrangement is or contains a lease. An arrangement is a lease or contains a lease if the following two criteria are met: (1) (2) At inception or upon reassessment of the arrangement, the Group separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. All the Group’s leases are classified as operating leases, and the leased assets are not recognized in the Group’s statement of financial position. Lease payments Payments made under operating leases are recognized in the statement of operations on a straight-line basis over the term of the lease. Minimum lease payments made under operating leases are recognized in the statement of operations as incurred. |
Provisions | n. Provisions The Group recognizes provisions when it has a legal or constructive obligation resulting from past events, whose resolution would imply cash outflows, or the delivery of other resources owned by the Group. Obligations or losses related to contingencies are recognized as liabilities in the statements of financial position only when present obligations exist resulting from past events and it is probable to result in an outflow of resources and the amount can be measured reliably. Otherwise, a qualitative disclosure is included in the notes to the financial statements. The provisions are determined by discounting the future cash flows at a pre-tax interest rate, reflecting the current market estimates of the time value of the money and the specific risks of the liability without weighting the Group’s credit risk. The carrying value of the provision is then adjusted in every period to reflect the passage of time and the adjustment amount is credited to financial expenses. |
Post-employment benefits | o. Post-employment benefits The costs of defined contribution plans are recognized in the operating results as they are incurred. Liabilities arising from such plans are settled through cash transfers to the employees’ retirement accounts with insurance companies or with funds managed by others, without generating future obligations. The majority of the Israeli employees are under defined contribution plans. The rest of the Israeli employees are under defined benefit plans. The costs associated with defined benefit plans are recognized as services are rendered, based on actuarial estimations of the benefits’ present value with the advice of external actuaries. |
Share-based payment transactions | p. Share-based payment transactions The grant-date fair value of share-based payment awards granted to employees and directors is recognized as a salary expense, with a corresponding increase in equity, over the period that the employees and directors become unconditionally entitled to the awards. The amount recognized as an expense in respect of share-based payment awards that are conditional upon meeting service and non-market performance conditions, is adjusted to reflect the number of awards that are expected to vest. For share-based payment awards with non-vesting conditions or with market performance vesting conditions, the grant date fair value of the share-based payment awards is measured to reflect such conditions, and therefore the Group recognizes an expense in respect of the awards whether or not the conditions have been met. The fair value at the time of grant of share-based payment awards to consultants and service providers are recognized over the consultants’ and the service providers’ period of service against an increase in equity. The fair value of the services is calculated on the basis of the fair value of the awards and not on the basis of the fair value of the services, since it is not possible to reliably estimate the fair value of the services rendered. The Group elected to record the increase in equity against salary expense directly to accumulated deficit. |
Revenue recognition | q. Revenue recognition The Group recognizes revenues when the customer obtains control over the products or services that have been secured, net of provision for returns and discounts. The revenue is measured according to the amount of consideration that the Group expects to be entitled to in return for the transfer of products or services promised to the customer, other than amounts collected in favor of third parties. The Group recognizes estimated sales discounts as a reduction of sales in the same period revenue is recognized. The Group adjusts reserves to reflect differences between estimated and actual. The Group estimates its sales returns reserve based on historical return rates and analysis of specific accounts. When the Group sells its products through distributors, revenue is recognized upon delivery of the product to the distributor, as the distributors do not have the right to return and the control over the products is transferred at that point in time. Identifying the contract The Group accounts for a contract with a customer only when the following conditions are met: (1) the parties to the contract have approved the contract (in writing, orally or according to other customary business practices) and they are committed to satisfying the obligations attributable to them; (2) the Group can identify the rights of each party in relation to the products or services that will be transferred; (3) the Group can identify the payment terms for the products or services that will be transferred; (4) the contract has a commercial substance (i.e., the risk, timing and amount of the entity’s future cash flows are expected to change as a result of the contract); and (5) it is probable that the consideration, to which the Group is entitled to in exchange for the products or services transferred to the customer, will be collected. If a contract with a customer does not meet all of the above criteria, consideration received from the customer is recognized as a liability until the criteria are met or when one of the following events occurs: (i) the Group has no remaining obligations to transfer products or services to the customer and any consideration promised by the customer has been received and cannot be returned; or (ii) the contract has been terminated and the consideration received from the customer cannot be refunded. Identifying performance obligations The Group identifies products or services promised to the customer as being distinct performance obligations when the customer can benefit from the products or services on their own or in conjunction with other readily available resources and the Group’s promise to transfer the products or services to the customer is separately identifiable from other promises in the contract. In order to examine whether a promise to transfer products or services is separately identifiable, the Group examines whether it is providing a significant service of integrating the products or services with other products or services promised in the contract into one integrated outcome that is the purpose of the contract. Products or services that are not considered as being distinct are grouped together as a single performance obligation. The revenue from each such performance obligation is recognized upon transfer of control over the promised products or services to customer. In general, the Group allocates the transaction price to the identified performance obligations in the contract, based on the relative stand-alone selling prices when the products or services are sold separately. In cases where the products or services are not sold separately, for example, in the case of installations or training, the Group establishes the stand-alone selling price assigned to that performance obligation, based on estimated costs plus a reasonable margin. Significant financing component in installment sales is separated in determining the transaction price. As applicable to the Group, revenues from sales agreements consisting of multiple products or services, such as devices, consumables, access to the CloudPAT application, WatchPAT Direct logistic services and support, extended warranty and other service agreements, are separated into different performance obligations, based on their relative fair values, and revenue is separately recognized for each performance obligation. The Group recognizes revenue from renting its products over the rent term, in conformity with the agreement with the customer. The Group has focused on offering a Turnkey marketing program to the cardiology market through various business models; however, the Test as a Service (“TaaS”) model, is the primary model the Group utilized to date. In the TaaS model, the medical practice or physician ordering the TaaS pays a fixed fee per home sleep apnea test (“HSAT”) that includes all the components associated with the test, including the disposable biosensor, hardware rental fees and access to the Group’s CloudPAT platform. Under the TaaS model, some rent agreements of the WatchPAT devices are made for a period of one to two years. The rental fees are separated under the relative fair value approach. In some cases, the Group handles sale transactions of these devices as a finance lease and recognizes revenue in respect of the products supplied at the commencement date of the lease. When these transactions include multiple performance obligations, revenue is recognized based on the relative stand-alone selling prices of each performance obligation in the transaction when they are sold separately. Satisfaction of performance obligations Revenue is recognized when the Group satisfies a performance obligation by transferring control over the promised products or services to the customer. Sale of devices and disposables are generally recognized upon shipment. Services (including extended warranty) are recognized ratably over the service period. Contract assets and liabilities A contract asset is recognized when the Group has a right to consideration for products or services it transferred to the customer that is conditional on other than the passing of time, such as future performance of the Group. Contract assets are classified as receivables when the rights in their respect become unconditional. A contract liability is recognized when the Group has an obligation to transfer products or services to the customer for which it received consideration (or the consideration is payable) from the customer. An asset and liability relating to the same contract are presented on a net basis in the statement of financial position. On the other hand, a contract asset and contract liability deriving from different contracts are presented on a gross basis in the statement of financial position. |
Income taxes | r. Income taxes The effects reflected in the statements of operations for income taxes include the amounts incurred during the period and the amounts of deferred income taxes, determined according to the income tax law applicable to each Group company. Consolidated deferred income taxes represent the addition of the amounts determined in each Group company by applying the enacted statutory income tax rate to the total temporary differences resulting from comparing the book and taxable values of assets and liabilities, considering tax assets such as loss carryforwards and other recoverable taxes, to the extent that it is probable that future taxable profits will be available against which they can be utilized. The measurement of deferred income taxes at the reporting period reflects the tax consequences that follow the manner in which the Group expects to recover or settle the carrying amount of its assets and liabilities. Deferred income taxes for the period represent the difference between balances of deferred income taxes at the beginning and the end of the period. Deferred income tax assets and liabilities relating to different tax jurisdictions are not offset. According to IFRS, all items charged or credited directly in shareholders’ equity or as part of other comprehensive income or loss for the period are recognized net of their current and deferred income tax effects. The effect of a change in enacted statutory tax rates is recognized in the period in which the change is officially enacted. Deferred tax assets that were not recognized are reevaluated at each reporting date and recognized if it has become probable that future taxable income will be available against which they can be utilized. |
Loss per share | s. Loss per share The Group presents basic and diluted loss per share data for its ordinary shares. Basic loss per share is calculated by dividing the net loss attributable to holders of ordinary shares of the Company, by the weighted average number of ordinary shares outstanding during the period. |
New standard not yet adopted: | t. New standard not yet adopted: Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current The Amendment replaces certain requirements for classifying liabilities as current or non-current. Thus, for example, according to the Amendment, a liability will be classified as non-current when the entity has the right to defer settlement for at least 12 months after the reporting period, and it “has substance” and is in existence at the end of the reporting period, this instead of the requirement that there be an "unconditional" right. According to the Amendment, a right is in existence at the reporting date only if the entity complies with conditions for deferring settlement at that date. Furthermore, the Amendment clarifies that the conversion option of a liability will affect its classification as current or non-current, other than when the conversion option is recognized as equity. The Amendment is effective for reporting periods beginning on or after January 1, 2023 with earlier application being permitted. The Amendment is applicable retrospectively, including an amendment to comparative data. The Company has not yet commenced examining the effects of applying the Amendment on the financial statements. Amendment to IAS 16, Property, Plant and Equipment The Amendment annuls the requirement by which in the calculation of costs directly attributable to fixed assets, the net proceeds from selling certain items that were produced while the Company tested the functioning of the asset should be deducted (such as samples that were produced when testing the equipment). Instead, such proceeds shall be recognized in profit or loss according to the relevant standards and the cost of the sold items will be measured according to the measurement requirements of IAS 2, Inventories . The Amendment is effective for annual periods beginning on or after January 1, 2022. Early application is permitted. The Amendment shall be applied on a retrospective basis, including an amendment of comparative data, only with respect to fixed asset items that have been brought to the location and condition required for them to operate in the manner intended by management subsequent to the earliest reporting period presented at the date of initial application of the Amendment. The cumulative effect of the Amendment will adjust the opening balance of retained earnings for the earliest reporting period presented. The Company has not yet commenced examining the effects of applying the Amendment on the financial statements. Amendments to IFRS 9, Financial Instruments , IAS 39, Financial Instruments: Recognition and Measurement , IFRS 7, Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16, Leases , Interest Rate Benchmark Reform – Phase 2 (the “Amendments”) The Amendments include practical expedients regarding the accounting treatment of modifications in contractual terms that are a result of the interest rate benchmark reform (a reform that in the future will lead to the replacement of interest rates such as the Libor and Euribor). Thus for example: - When certain modifications are made in the terms of financial assets or financial liabilities as a result of the reform, the entity shall update the effective interest rate of the financial instrument instead of recognizing a gain or loss. - Certain modifications in lease terms that are a result of the reform shall be accounted for as an update to lease payments that depend on an index or rate. - Certain modifications in terms of the hedging instrument or hedged item that are a result of the reform shall not lead to the discontinuance of hedge accounting. The Amendments are applicable retrospectively as from January 1, 2021 with early application permitted. All the amendments are applicable retrospectively by amending the opening balance of equity for the annual reporting period in which the amendment was adopted without a restatement of comparative data. Restatement of comparative data is permitted if this is possible without using “hindsight”. In the opinion of the Company, application of the Amendments is not expected to have a material effect on the financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of estimated useful lives of property, plant and equipment | As of December 31, 2020, the average useful lives by category of property and equipment were as follows: % Office furniture and equipment 10 Equipment and devices for leasing and for internal use 15 Computers 33 |
Schedule of useful lives of right-of-use assets | Depreciation is calculated on a straight-line basis over the useful life or contractual lease term, whichever is shorter, as follows. Years Buildings 2.50-10.67 Motor vehicles 3-4 |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
TRADE AND OTHER RECEIVABLES | |
Schedule of trade and other receivables | December 31, 2020 2019 U.S. dollars in thousands Trade receivables: Open accounts $ 9,554 $ 8,996 Checks receivable — 37 9,554 9,033 Less - allowance for doubtful accounts 788 493 $ 8,766 $ 8,540 Presented in the statements of financial position as follows: Under current assets $ 8,354 $ 8,384 Under non-current assets 412 156 $ 8,766 $ 8,540 December 31, 2020 2019 U.S. dollars in thousands Other receivables: Institutions $ 985 $ 591 Advances to suppliers 370 236 Employees 151 114 Prepaid expenses 637 411 Miscellaneous 108 52 $ 2,251 $ 1,404 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INVENTORIES | |
Schedule of inventories | December 31, 2020 2019 U.S. dollars in thousands Raw materials and auxiliary materials $ 3,244 $ 1,651 Work in process 889 531 Finished products 3,031 1,181 $ 7,164 $ 3,363 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PROPERTY AND EQUIPMENT | |
Schedule of property and equipment | Equipment and devices for Office Computers leasing and furniture and for and Leasehold equipment internal use equipment improvements Total U.S. dollars in thousands Cost: Balance as of January 1, 2020 $ 2,146 $ 2,101 $ 481 $ 326 $ 5,054 Additions 139 1,028 16 915 2,098 Disposals (596) (489) — — (1,085) Balance as of December 31, 2020 1,689 2,640 497 1,241 6,067 Accumulated depreciation: Balance as of January 1, 2020 1,753 1,235 360 234 3,582 Depreciation 78 545 17 26 666 Disposals (596) (489) — — (1,085) Balance as of December 31, 2020 1,235 1,291 377 260 3,163 Depreciated balance as of December 31, 2020 $ 454 $ 1,349 $ 120 $ 981 $ 2,904 Cost: Balance as of January 1, 2019 $ 2,009 $ 1,527 $ 476 $ 326 $ 4,338 Additions 137 574 5 — 716 Balance as of December 31, 2019 2,146 2,101 481 326 5,054 Accumulated depreciation: Balance as of January 1, 2019 1,695 854 345 231 3,125 Depreciation 58 381 15 3 457 Balance as of December 31, 2019 1,753 1,235 360 234 3,582 Depreciated balance as of December 31, 2019 $ 393 $ 866 $ 121 $ 92 $ 1,472 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INTANGIBLE ASSETS, NET | |
Schedule of intangible assets | Marketing Capitalized rights for a Computer development medical software cost product Total U.S. dollars in thousands Cost: Balance as of January 1, 2020 $ 875 $ 956 $ 375 $ 2,206 Additions 94 785 — 879 Balance as of December 31, 2020 969 1,741 375 3,085 Accumulated amortization: Balance as of January 1, 2020 757 679 375 1,811 Amortization for the year 72 165 — 237 Balance as of December 31, 2020 829 844 375 2,048 Amortized balance as of December 31, 2020 $ 140 $ 897 $ — $ 1,037 Cost: Balance as of January 1, 2019 $ 769 $ 806 $ 375 $ 1,950 Additions 106 150 — 256 Balance as of December 31, 2019 875 956 375 2,206 Accumulated amortization: Balance as of January 1, 2019 716 561 375 1,652 Amortization for the year 41 118 — 159 Balance as of December 31, 2019 757 679 375 1,811 Amortized balance as of December 31, 2019 $ 118 $ 277 $ — $ 395 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LEASES | |
Schedule of right of use assets | Buildings Motor Vehicles Total U.S. dollars in thousands Cost: Balance as of January 1, 2020 $ 2,469 $ 803 $ 3,272 Additions — 274 274 Balance as of December 31, 2020 2,469 1,077 3,546 Accumulated depreciation: Balance as of January 1, 2020 567 263 830 Depreciation for the year 622 293 915 Balance as of December 31, 2020 1,189 556 1,745 Depreciated balance as of December 31, 2020 $ 1,280 $ 521 $ 1,801 Cost: Balance as of January 1, 2019, date of initial application of IFRS 16 $ 681 $ 468 $ 1,149 Additions 1,788 335 2,123 Balance as of December 31, 2019 2,469 803 3,272 Accumulated depreciation: Depreciation for the year 567 263 830 Balance as of December 31, 2019 567 263 830 Depreciated balance as of December 31, 2019 $ 1,902 $ 540 $ 2,442 |
Schedule of maturity analysis of lease liabilities | December 31, 2020 U.S. dollars in thousands Less than one year $ 700 One to five years 736 More than five years 644 Total lease liabilities 2,080 Less - current maturities 700 Long-term lease liabilities $ 1,380 |
OTHER PAYABLES (Tables)
OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
OTHER PAYABLES | |
Schedule of other payables | December 31, 2020 2019 U.S. dollars in thousands Employees $ 4,451 $ 2,685 Institutions 743 412 Interest payable 6 10 Deferred revenues and advances from customers 732 308 Miscellaneous 41 40 $ 5,973 $ 3,455 |
PROVISIONS (Tables)
PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PROVISIONS | |
Schedule of provisions | Warranties Returns Total U.S. dollars in thousands Balance as of January 1, 2020 $ 148 $ 125 $ 273 Provisions made during the year 82 208 290 Provisions realized during the year (80) (162) (242) Balance as of December 31, 2020 $ 150 $ 171 $ 321 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
EMPLOYEE BENEFITS | |
Schedule of share-based payments | December 31, 2020 2019 U.S. dollars in thousands Presented as part of current liabilities: Short-term employee benefits $ 354 $ 352 Presented as part of non-current liabilities: Recognized liability for defined benefit plan, net $ 271 $ 260 |
Schedule of movement in net liabilities defined benefit plans | Year Ended December 31, 2020 2019 U.S. dollars in thousands Balance at beginning of year $ 260 $ 159 Expense recognized in the statements of operations: Current service costs and interest costs 30 22 Recognized gains (losses) including other: Actuarial gains (losses) carried to other comprehensive income (19) 94 Other movements: Movement in benefits (benefits paid), net 4 (11) Deposits made by the Group (4) (4) Balance at end of year $ 271 $ 260 |
Schedule of expenses recognized in statements of operations | Year Ended December 31, 2020 2019 U.S. dollars in thousands Current service costs $ 4 $ 4 Interest costs, net 7 5 Transfer of profits to benefits 13 43 Total $ 24 $ 52 |
Schedule of principal actuarial assumptions | December 31, 2020 2019 2018 % % % Discount rate at the end of the year 2.70 2.62 3.82 Future salary growth 3.00 3.00 3.00 |
Summary of defined contribution plan | Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Amounts recognized as expenses in respect of defined contribution plan $ 1,059 $ 822 $ 716 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
EQUITY | |
Schedule of ordinary shares and additional paid-in capital | Year Ended December 31, 2020 2019 2018 Number of shares in thousands Issued and outstanding share capital (ordinary shares): Outstanding shares at the beginning of the year 335,285 287,616 264,495 Shares issued in public offering and private placements during the year 87,818 46,115 22,014 Shares issued in exercise of stock options and warrants and vesting of RSUs during the year 2,432 1,554 1,107 Outstanding at the end of the year 425,535 335,285 287,616 Authorized share capital at the end of the year 750,000 750,000 750,000 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SHARE-BASED PAYMENTS | |
Schedule of measurement of fair value of share-based payments | Options with Options with service service conditions conditions and only market conditions RSUs The number of shares arising from the exercise of the options and from the vesting of the RSUs (in thousands) 9,996 1,563 650 The parameters included when calculating fair value: The share price (at the grant date) (in NIS) 1.46 – 2.34 1.65 – 1.86 1.65 – 1.86 The exercise price (in NIS) 1.28 – 2.35 1.72 – 1.86 0.00 Expected volatility 51% – 55 % 51% – 55 % 55 % Expected lifetime 3.0– 7.5 years 3.0– 7.5 years N/A Risk-free interest rate 0.10% – 0.79 % 0.43% – 0.72 % N/A Expected dividend rate % % % |
Schedule of reconciliation of outstanding options and RSU's | The number of options and RSUs and the range of exercise price for every option: Year Ended December 31, 2020 2019 2018 Range of Range of Range of Number of exercise price Number of exercise price Number of exercise price awards (NIS) awards (NIS) awards (NIS) Outstanding at beginning of year 42,330,964 1.02 - 2.50 32,360,793 0.23 – 2.50 32,649,852 0.23 – 2.50 Granted during the year 11,558,773 1.28 – 2.35 13,601,699 1.04 – 1.47 3,016,330 1.02 – 1.29 Forfeited and expired during the year (4,330,901) — (2,091,128) — (2,208,589) — Exercised during the year (2) (3) (635,747) 1.10 – 2.02 (1,540,400) 0.23 – 0.48 (1,096,800) 0.23 – 0.51 Outstanding at end of year (1) 48,923,089 1.02 - 2.50 42,330,964 1.02 - 2.50 32,360,793 0.23 - 2.50 Exercisable at end of year 23,037,528 1.02 - 2.50 10,127,684 1.12 - 2.50 10,114,392 0.23 - 2.50 (1) Including: Options with service conditions only 30,203,551 21,954,791 15,661,344 Options with service conditions and market conditions 18,719,538 20,376,173 16,699,449 Total 48,923,089 42,330,964 32,360,793 (2) The weighted average share price upon exercise of the options, for options exercised in the year ended December 31, 2020 and 2019 and 2018 was $0.69, $0.36 and $0.35, respectively. (3) The weighted average remaining contractual life of the options and RSUs outstanding as of December 31, 2020, 2019 and 2018 was 3.71 years, 5.59 years and 5.74 years, respectively. |
Schedule of number of RSUs with service conditions, market conditions and range of exercise price | The number of RSUs and the range of exercise price for every RSU: Year Ended December 31, 2020 2019 2018 Number of Range of exercise Number of Range of exercise Number of Range of exercise awards price (NIS) awards price (NIS) awards price (NIS) Outstanding at beginning of year 4,328,395 0.00 – 0.30 3,441,420 0.00 – 0.30 3,242,632 0.00 – 0.30 Granted during the year 649,820 0.00 981,472 295,726 0.00 – 0.30 Forfeited and expired during the year (567,469) 0.00 (94,497) (96,938) Vested for RSUs with no exercise price and exercised for options and for RSUs with an exercise price of NIS 0.30 (1,136,167) 0.00 – 0.30 — — — — Outstanding at end of year (1) 0.00 – 0.30 4,328,395 0.00 – 0.30 3,441,420 0.00 – 0.30 (1) Including RSUs with service conditions only 281,778 0.00 — — — — RSUs with service conditions and market conditions 1,968,079 0.00 – 0.30 4,328,395 0.00 – 0.30 3,441,420 0.00 – 0.30 Vested, which were not yet exercised 1,024,722 0.30 — — — — Total 3,274,579 0.00 – 0.30 4,328,395 0.00 – 0.30 3,441,420 0.00 – 0.30 |
Schedule of share-based compensation expenses relating to share-based awards recognized | Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Cost of revenues $ 33 $ 10 $ 10 Selling and marketing expenses 536 382 295 Research and development expenses 289 171 104 General and administrative expense 611 672 612 Financial expenses 26 24 — $ 1,495 $ 1,259 $ 1,021 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
REVENUES | |
Schedule of breakdown of revenues according to product groups | Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands WatchPAT and other related services $ 38,797 $ 28,988 $ 22,384 EndoPAT and other related services 2,237 2,270 1,805 $ 41,034 $ 31,258 $ 24,189 |
Schedule of breakdown of revenues by geographical regions | Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands United States and Canada $ 32,224 $ 22,960 $ 17,582 Japan 3,898 3,489 3,374 Europe 4,120 3,383 1,885 Asia Pacific (excluding Japan) 310 912 849 Israel 346 274 281 Others 136 240 218 $ 41,034 $ 31,258 $ 24,189 |
Schedule of revenue from major customers | Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Customer A $ 4,571 $ 7,002 $ 4,571 Customer B 3,826 3,443 3,229 Customer C 5,416 2,048 2,870 $ 13,813 $ 12,493 $ 10,670 |
COST OF REVENUES (Tables)
COST OF REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
COST OF REVENUES | |
Schedule of cost of revenues | Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Raw materials, auxiliary materials, subcontractors (including changes in inventories) $ 4,607 $ 2,555 $ 2,538 Payroll and related expenses (including share-based payment) 4,884 2,470 1,806 Shipping 1,365 815 443 Depreciation and amortization 777 552 255 Other 690 592 684 $ 12,323 $ 6,984 $ 5,726 |
FINANCIAL INCOME AND EXPENSES (
FINANCIAL INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FINANCIAL INCOME AND EXPENSES | |
Schedule of financial income and expenses | Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Financial income: In respect of cash and investments in bank deposits and marketable securities* $ 713 $ 359 $ 93 Other 134 95 151 $ 847 $ 454 $ 244 Financial expenses: Convertible notes* $ — $ — $ 393 Short-term bank loan 259 364 316 Lease liabilities 303 279 — Short-term shareholders’ loans — — 85 Credit card and bank clearance and other fees 670 432 359 Exchange rate differences 83 158 8 $ 1,315 $ 1,233 $ 1,161 Gain on derivative financial instruments: Gain on revaluation to fair value of the warrants embedded in the convertible notes, which were fully repaid on February 28, 2018 $ — — 96 Gain on revaluation to fair value of warrants** — 442 2,337 $ — $ 442 $ 2,433 * ** |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LOSS PER SHARE | |
Schedule of basic loss per share | Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Net loss attributed to the ordinary shares $ (10,939) $ (5,268) $ (1,729) Weighted average number of ordinary shares Year Ended December 31, 2020 2019 2018 Number of shares in thousands Balance at the beginning of the year 335,285 287,616 264,495 The effect of public offering and private placements 79,638 44,726 12,908 The effect of exercise of options and warrants into shares and vesting of RSUs 520 306 262 Weighted average number of ordinary shares used in computation of basic loss per share 415,443 332,648 277,665 |
Schedule of diluted loss per share | Year Ended December 31, 2020 2019 2018 U.S. dollars in thousands Net loss used in computation of basic earnings per share $ (10,939) $ (5,268) $ (1,729) Changes in the fair value of the Viola warrants and Warrants (Series 4) (and in the year ended December 31, 2018 also of the warrants embedded in the convertible notes), which are classified as a liability — (442) (2,433) Net loss attributed to the ordinary shares (diluted) $ (10,939) $ (5,710) $ (4,162) Weighted average number of ordinary shares (diluted) Year Ended December 31, 2020 2019 2018 Number of shares in thousands Weighted average number of ordinary shares used in computation of basic loss per share 415,443 332,648 277,665 Effect of the exercise of the warrants (and in the year ended December 31, 2018 also of the conversion of the convertible notes) — 13,547 43,246 Weighted average number of ordinary shares used in computation of diluted loss per share 415,443 346,195 320,911 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FINANCIAL INSTRUMENTS | |
Schedule of maximum exposure to credit risk | December 31, 2020 2019 U.S. dollars in thousands Israel $ 34,598 $ 12,894 United States and Canada 12,848 9,362 Europe 1,690 1,773 Asia Pacific (including Japan) 350 409 Other 38 5 $ 49,524 $ 24,443 |
Schedule of aging of receivables and impairment and weighted average loss rate | December 31, 2020 December 31, 2019 Weighted average loss Gross Gross rate amount Impairment amount Impairment % U.S. dollars in thousands U.S. dollars in thousands Not in arrears 5.1 $ 7,325 $ 371 $ 7,851 $ 117 In arrears up to three months 0.1 1,419 2 703 10 In arrears up to six months 0.5 222 1 98 1 In arrears up to 12 months 21.7 106 23 20 4 In arrears over 12 months 81.1 482 391 361 361 $ 9,554 $ 788 $ 9,033 $ 493 |
Schedule of movements in allowance for impairment of receivables | Year Ended December 31, 2020 2019 U.S. dollars in thousands Balance at beginning of year $ 493 $ 270 Recognized impairment loss 322 349 Bad debt (27) (126) Balance at end of year $ 788 $ 493 |
Schedule of contractual maturities of financial liabilities | Carrying Contractual Up to 6 Over 5 Amount Cash flow months 6‑12 months 1‑2 years 2‑5 years years U.S. dollars in thousands December 31, 2020 Non-derivative financial liabilities Short-term bank loans $ 5,000 $ 5,037 $ 5,037 $ — $ — $ — $ — Trade payables 4,418 4,418 4,418 — — — — Other long-term liabilities 1,271 1,271 — — 143 393 735 Long-term loan 289 305 73 73 146 13 — Lease liabilities (including current maturities) 2,080 2,768 544 295 563 554 812 Other payables 6,321 6,321 6,321 — — — — Total $ 19,379 $ 20,120 $ 16,393 $ 368 $ 852 $ 960 $ 1,547 December 31, 2019 Non-derivative financial liabilities Short-term bank loans $ 5,000 $ 5,056 $ 5,056 $ — $ — $ — $ — Trade payables 2,028 2,028 2,028 — — — — Other long-term liabilities 1,260 1,260 — — 123 382 755 Lease liabilities (including current maturities) 2,598 3,424 553 528 804 613 926 Other payables 4,361 4,361 4,361 — — — — Total $ 15,247 $ 16,129 $ 11,998 $ 528 $ 927 $ 995 $ 1,681 |
Schedule of CPI and foreign currency risk | Currency different from dollar Non- Other monetary Dollars NIS Euro currencies items Total U.S. dollars in thousands December 31, 2020 Assets Cash and cash equivalents $ 6,476 $ 2,364 $ 708 $ 122 $ — $ 9,670 Short-term bank deposits 30,000 — — — — 30,000 Trade receivables (including long-term trade receivables) 7,582 98 661 425 — 8,766 Other receivables 536 92 2 — 1,621 2,251 Inventories — — — — 7,164 7,164 Long-term restricted deposits 163 296 — — — 459 Long-term prepaid expenses — — — — 88 88 Property and equipment and intangible assets — — — — 3,941 3,941 Right-of-use assets — — — — 1,801 1,801 44,757 2,850 1,371 547 14,615 64,140 Liabilities Sort-term bank loan 5,000 — — — — 5,000 Trade payables 2,088 2,296 34 — — 4,418 Other payables (including accrued expenses) 5,252 1,050 19 — 743 7,064 Provisions — — — — 321 321 Long-term loans (including current maturities) — 289 — — — 289 Lease liabilities (including current maturities) 419 1,661 — — — 2,080 Employee benefits — — — — 625 625 Other long-term liabilities 1,061 210 — — — 1,271 13,820 5,506 53 — 1,689 21,068 Total exposure in the statements of financial position in respect of financial assets and financial liabilities $ 30,937 $ (2,656) $ 1,318 $ 547 $ 12,926 $ 43,072 December 31, 2019 Assets Cash and cash equivalents $ 13,178 $ 1,254 $ 587 $ 96 $ — $ 15,115 Trade receivables (including long-term trade receivables) 7,750 96 694 — — 8,540 Other receivables 338 62 2 — 1,002 1,404 Inventories — — — — 3,363 3,363 Long-term restricted deposits 111 275 — — — 386 Long-term prepaid expenses — — — — 90 90 Property and equipment and intangible assets — — — — 1,867 1,867 Right-of-use assets — — — — 2,442 2,442 21,377 1,687 1,283 96 8,764 33,207 Liabilities Sort-term bank loan 5,000 — — — — 5,000 Trade payables 779 1,215 34 — — 2,028 Other payables (including accrued expenses) 2,940 1,366 54 — 412 4,772 Provisions — — — — 273 273 Lease liabilities (including current maturities) 714 1,884 — — — 2,598 Employee benefits — — — — 612 612 Other long-term liabilities 1,060 200 — — — 1,260 10,493 4,665 88 — 1,297 16,543 Total exposure in the statements of financial position in respect of financial assets and financial liabilities $ 10,884 $ (2,978) $ 1,195 $ 96 $ 7,467 $ 16,664 |
Schedule of sensitivity analysis | December 31, 2020 Equity Profit (loss) U.S. dollars in thousands An increase in the exchange rate of the following currencies against the dollar: NIS/dollar by 5% $ (133) $ (133) Euro/dollar by 5% 66 66 Other currencies (mainly British Pound) 27 27 December 31, 2019 Equity Profit U.S. dollars in thousands An increase in the exchange rate of the following currencies against the dollar: NIS/dollar by 5% $ (149) $ (149) Euro/dollar by 5% 60 60 |
Schedule of fair value of other financial assets and liabilities | December 31, 2020 December 31, 2019 Carrying amount Fair value Carrying amount Fair value U.S. dollars in thousands Liabilities: Liability in respect of royalties to the IIA and other government institutions $ 1,271 $ 607 $ 1,260 $ 527 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTIES | |
Schedule of compensation | Compensation to key executives includes: Year Ended December 31, 2020 2019 2018 Number Number Number of persons Amount of persons Amount of persons Amount U.S. dollars in U.S. dollars in U.S. dollars in thousands thousands thousands Employee compensation 9 $ 2,772 8 $ 2,201 7 $ 1,835 Share-based payment 9 904 8 850 7 702 Total $ 3,676 $ 3,051 $ 2,537 Compensation to directors who are not employed by the Company includes: Year Ended December 31, 2020 2019 2018 Number Number Number of persons Amount of persons Amount of persons Amount U.S. dollars in U.S. dollars in U.S. dollars in thousands thousands thousands Director compensation $ 244 $ 213 $ 208 Share-based payment 98 88 76 Total $ 342 $ 301 $ 284 Year Ended December 31, December 31, 2020 2019 2018 2020 2019 Transaction amounts Carrying amount U.S. dollars in thousands U.S. dollars in thousands Key executives (including directors) of the Company $ 4,018 $ 3,352 $ 2,821 $ 495 $ 383 |
GENERAL (Details)
GENERAL (Details) $ / shares in Units, $ in Thousands | Feb. 27, 2019shares | Feb. 28, 2021USD ($)$ / sharesshares | Feb. 29, 2020USD ($)$ / sharesshares | Dec. 31, 2020₪ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
General Information [Line Items] | |||||||
Number of ordinary shares represented by American Depositary Receipts ("ADRs") | shares | 30 | ||||||
Public offering price (in dollars per share) | ₪ / shares | ₪ 2.342 | ||||||
Gross proceeds | $ 35,906 | $ 13,966 | $ 5,209 | ||||
Offering expense | $ 4,586 | $ 714 | $ 103 | ||||
ADS | Registered public offering | |||||||
General Information [Line Items] | |||||||
Issue of shares | shares | 2,927,267 | ||||||
Public offering price (in dollars per share) | $ / shares | $ 13.75 | ||||||
Gross proceeds | $ 40,250 | ||||||
Net proceeds to entity from offering | 35,700 | ||||||
Underwriting discounts and commissions | 2,800 | ||||||
Offering expense | $ 1,800 | ||||||
Subsequent Events | ADS | |||||||
General Information [Line Items] | |||||||
Issue of shares | shares | 2,196,499 | ||||||
Public offering price (in dollars per share) | $ / shares | $ 22.75 | ||||||
Gross proceeds | $ 50,000 | ||||||
Subsequent Events | ADS | Registered public offering | |||||||
General Information [Line Items] | |||||||
Issue of shares | shares | 3,506,499 | ||||||
Net proceeds to entity from offering | $ 46,200 | ||||||
Offering expense | $ 800 |
GENERAL - Additional Informatio
GENERAL - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2021USD ($)$ / sharesshares | Feb. 29, 2020USD ($)$ / sharesshares | Dec. 31, 2020₪ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
General Information [Line Items] | ||||||
Public offering price (in dollars per share) | ₪ / shares | ₪ 2.342 | |||||
Gross proceeds | $ 35,906 | $ 13,966 | $ 5,209 | |||
Offering expense | $ 4,586 | $ 714 | $ 103 | |||
ADS | Registered public offering | ||||||
General Information [Line Items] | ||||||
Issue of shares | shares | 2,927,267 | |||||
Public offering price (in dollars per share) | $ / shares | $ 13.75 | |||||
Gross proceeds | $ 40,250 | |||||
Offering expense | 1,800 | |||||
Net proceeds to entity from offering | $ 35,700 | |||||
Subsequent Events | ADS | ||||||
General Information [Line Items] | ||||||
Issue of shares | shares | 2,196,499 | |||||
Public offering price (in dollars per share) | $ / shares | $ 22.75 | |||||
Gross proceeds | $ 50,000 | |||||
Subsequent Events | ADS | Selling Shareholder | ||||||
General Information [Line Items] | ||||||
Issue of shares | shares | 1,310,000 | |||||
Gross proceeds | $ 29,800 | |||||
Subsequent Events | ADS | Registered public offering | ||||||
General Information [Line Items] | ||||||
Issue of shares | shares | 3,506,499 | |||||
Underwriting discounts and commissions (as a percent) | 6.00% | |||||
Offering expense | $ 800 | |||||
Net proceeds to entity from offering | $ 46,200 | |||||
Subsequent Events | ADS | Over allotment | ||||||
General Information [Line Items] | ||||||
Issue of shares | shares | 457,369 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Office furniture and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates, property, plant and equipment | 10.00% |
Equipment and devices for leasing and for internal use | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates, property, plant and equipment | 15.00% |
Computers and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates, property, plant and equipment | 33.00% |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Depreciation of right-of-use asset (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings | Bottom of range | |
Depreciation of right-of-use asset | |
Right-of-use assets, Useful life (in years) | 2 years 6 months |
Buildings | Top of range | |
Depreciation of right-of-use asset | |
Right-of-use assets, Useful life (in years) | 10 years 8 months 1 day |
Motor vehicles | Bottom of range | |
Depreciation of right-of-use asset | |
Right-of-use assets, Useful life (in years) | 3 years |
Motor vehicles | Top of range | |
Depreciation of right-of-use asset | |
Right-of-use assets, Useful life (in years) | 4 years |
TRADE AND OTHER RECEIVABLES - T
TRADE AND OTHER RECEIVABLES - Trade receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade receivables: | ||
Open accounts | $ 9,554 | $ 8,996 |
Checks receivable | 37 | |
Total trade receivables, gross | 9,554 | 9,033 |
Less - allowance for doubtful accounts | 788 | 493 |
Trade receivable | 8,766 | 8,540 |
Presented in the statements of financial position as follows: | ||
Under current assets | 8,354 | 8,384 |
Under non-current assets | 412 | 156 |
Trade receivable | $ 8,766 | $ 8,540 |
TRADE AND OTHER RECEIVABLES - O
TRADE AND OTHER RECEIVABLES - Other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other receivables: | ||
Institutions | $ 985 | $ 591 |
Advances to suppliers | 370 | 236 |
Employees | 151 | 114 |
Prepaid expenses | 637 | 411 |
Miscellaneous | 108 | 52 |
Other receivables | $ 2,251 | $ 1,404 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
INVENTORIES | ||
Raw materials and auxiliary materials | $ 3,244 | $ 1,651 |
Work in process | 889 | 531 |
Finished products | 3,031 | 1,181 |
Inventory, Total | $ 7,164 | $ 3,363 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | $ 1,472 | |
Balance | 2,904 | $ 1,472 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 5,054 | 4,338 |
Additions | 2,098 | 716 |
Disposals | (1,085) | |
Balance | 6,067 | 5,054 |
Accumulated amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (3,582) | (3,125) |
Depreciation | 666 | 457 |
Disposals | (1,085) | |
Balance | (3,163) | (3,582) |
Computers and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 393 | |
Balance | 454 | 393 |
Computers and equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 2,146 | 2,009 |
Additions | 139 | 137 |
Disposals | (596) | |
Balance | 1,689 | 2,146 |
Computers and equipment | Accumulated amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (1,753) | (1,695) |
Depreciation | 78 | 58 |
Disposals | (596) | |
Balance | (1,235) | (1,753) |
Equipment and devices for leasing and for internal use | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 866 | |
Balance | 1,349 | 866 |
Equipment and devices for leasing and for internal use | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 2,101 | 1,527 |
Additions | 1,028 | 574 |
Disposals | (489) | |
Balance | 2,640 | 2,101 |
Equipment and devices for leasing and for internal use | Accumulated amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (1,235) | (854) |
Depreciation | 545 | 381 |
Disposals | (489) | |
Balance | (1,291) | (1,235) |
Office furniture and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 121 | |
Balance | 120 | 121 |
Office furniture and equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 481 | 476 |
Additions | 16 | 5 |
Balance | 497 | 481 |
Office furniture and equipment | Accumulated amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (360) | (345) |
Depreciation | 17 | 15 |
Balance | (377) | (360) |
Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 92 | |
Balance | 981 | 92 |
Leasehold improvements | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 326 | 326 |
Additions | 915 | |
Balance | 1,241 | 326 |
Leasehold improvements | Accumulated amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (234) | (231) |
Depreciation | 26 | 3 |
Balance | $ (260) | $ (234) |
PROPERTY AND EQUIPMENT - Additi
PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
PROPERTY AND EQUIPMENT | ||
Original cost of assets | $ 2,938 | $ 3,379 |
INTANGIBLE ASSETS, NET (Details
INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | ||
Balance | $ 395 | |
Balance | 1,037 | $ 395 |
Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | 2,206 | 1,950 |
Additions | 879 | 256 |
Balance | 3,085 | 2,206 |
Accumulated amortization | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | (1,811) | (1,652) |
Amortization for the year | (237) | (159) |
Balance | (2,048) | (1,811) |
Computer software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | 118 | |
Balance | 140 | 118 |
Computer software | Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | 875 | 769 |
Additions | 94 | 106 |
Balance | 969 | 875 |
Computer software | Accumulated amortization | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | (757) | (716) |
Amortization for the year | (72) | (41) |
Balance | (829) | (757) |
Capitalized development cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | 277 | |
Balance | 897 | 277 |
Capitalized development cost | Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | 956 | 806 |
Additions | 785 | 150 |
Balance | 1,741 | 956 |
Capitalized development cost | Accumulated amortization | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | (679) | (561) |
Amortization for the year | (165) | (118) |
Balance | (844) | (679) |
Marketing rights for a medical product | Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | 375 | 375 |
Balance | 375 | 375 |
Marketing rights for a medical product | Accumulated amortization | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance | (375) | (375) |
Balance | $ (375) | $ (375) |
LEASES - Right-of-use assets (D
LEASES - Right-of-use assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Right-of-use assets | ||
Beginning balance | $ (2,442) | |
Ending balance | (1,801) | $ (2,442) |
Cost | ||
Right-of-use assets | ||
Beginning balance | (3,272) | (1,149) |
Additions in respect of new leases | 274 | 2,123 |
Ending balance | (3,546) | (3,272) |
Accumulated amortization | ||
Right-of-use assets | ||
Beginning balance | 830 | |
Depreciation for the year | 915 | 830 |
Ending balance | 1,745 | 830 |
Buildings | ||
Right-of-use assets | ||
Beginning balance | (1,902) | |
Ending balance | (1,280) | (1,902) |
Buildings | Cost | ||
Right-of-use assets | ||
Beginning balance | (2,469) | (681) |
Additions in respect of new leases | 1,788 | |
Ending balance | (2,469) | (2,469) |
Buildings | Accumulated amortization | ||
Right-of-use assets | ||
Beginning balance | 567 | |
Depreciation for the year | 622 | 567 |
Ending balance | 1,189 | 567 |
Motor vehicles | ||
Right-of-use assets | ||
Beginning balance | (540) | |
Ending balance | (521) | (540) |
Motor vehicles | Cost | ||
Right-of-use assets | ||
Beginning balance | (803) | (468) |
Additions in respect of new leases | 274 | 335 |
Ending balance | (1,077) | (803) |
Motor vehicles | Accumulated amortization | ||
Right-of-use assets | ||
Beginning balance | 263 | |
Depreciation for the year | 293 | 263 |
Ending balance | $ 556 | $ 263 |
LEASES - Lease liabilities (Det
LEASES - Lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | $ 2,080 | $ 2,598 |
Less - current maturities | 700 | 890 |
Long-term lease liability | 1,380 | $ 1,708 |
Less than one year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | 700 | |
One to five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | 736 | |
More than five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | $ 644 |
LEASES - Additional Information
LEASES - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft²item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Cash outflow related to lease liabilities | $ | $ 1,084 | $ 937 | |
Lease payments prior to application of IFRS 16 | $ | $ 1,009 | ||
Lease arrangement for office and manufacturing space in Caesarea, Israel Expiring July 2021 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Land subject to ground leases | 14,000 | ||
Lease arrangement for storage space in Caesarea, Israel Expiring June 2021 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Land subject to ground leases | 1,900 | ||
Lease arrangement for manufacturing facilities in Caesarea, Israel Expiring February 2030 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Land subject to ground leases | 14,000 | ||
Number of optional extension available under lease arrangement | item | 2 | ||
Lease arrangement for office space in Atlanta, Georgia, U.S. Expiring March 2022 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Land subject to ground leases | 10,900 | ||
Motor vehicles | Bottom of range | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease period for lease arrangement (in years) | 3 years | ||
Motor vehicles | Top of range | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease period for lease arrangement (in years) | 4 years |
CREDIT FACILITY WITH A BANK A_2
CREDIT FACILITY WITH A BANK AND LONG-TERM LOAN (Details) ₪ / shares in Units, $ / shares in Units, $ in Thousands, ₪ in Millions | Oct. 16, 2020ILS (₪) | Aug. 11, 2020USD ($) | Jul. 19, 2020shares | Mar. 12, 2019USD ($) | Jul. 31, 2020USD ($) | Dec. 31, 2020USD ($)₪ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Feb. 09, 2020USD ($) | Jul. 31, 2019USD ($) |
Debt Instruments [Line Items] | |||||||||
Available credit facility | $ 20,000 | ||||||||
Bank warrants | |||||||||
Debt Instruments [Line Items] | |||||||||
Number of warrants exercisable | shares | 1,556,272 | 1,556,272 | |||||||
Number of warrants exercised | shares | 1,245,018 | ||||||||
2020 Agreement | |||||||||
Debt Instruments [Line Items] | |||||||||
Credit facility against trade accounts receivable | $ 7,000 | ||||||||
Top of range | Bank warrants | |||||||||
Debt Instruments [Line Items] | |||||||||
Warrant exercise price | (per share) | ₪ 1.36 | $ 0.42 | |||||||
Top of range | 2019 Agreement | |||||||||
Debt Instruments [Line Items] | |||||||||
Credit facility against trade accounts receivable | $ 5,000 | $ 5,000 | |||||||
Increased credit facility with bank | 11,000 | 15,000 | |||||||
Long term or short term debt | 6,000 | 10,000 | |||||||
Top of range | 2020 Agreement | |||||||||
Debt Instruments [Line Items] | |||||||||
Credit facility against trade accounts receivable | $ 7,000 | ||||||||
Increased credit facility with bank | 20,000 | 17,000 | |||||||
Long term or short term debt | 13,000 | 10,000 | |||||||
Bottom of range | Bank warrants | |||||||||
Debt Instruments [Line Items] | |||||||||
Warrant exercise price | (per share) | ₪ 1.04 | $ 0.32 | |||||||
Bottom of range | 2019 Agreement | |||||||||
Debt Instruments [Line Items] | |||||||||
Increased credit facility with bank | $ 10,000 | $ 11,000 | |||||||
Bottom of range | 2020 Agreement | |||||||||
Debt Instruments [Line Items] | |||||||||
Increased credit facility with bank | $ 17,000 | $ 15,000 | |||||||
Credit facility | Total amount drawn for draws of up to $10 million | |||||||||
Debt Instruments [Line Items] | |||||||||
Percentage of line of credit facility average outstanding | 30.00% | ||||||||
Credit facility | Draws exceeding $10 million | |||||||||
Debt Instruments [Line Items] | |||||||||
Percentage of line of credit facility average outstanding | 40.00% | ||||||||
Credit facility | LIBOR | |||||||||
Debt Instruments [Line Items] | |||||||||
Interest rate basis | monthly dollar LIBOR | ||||||||
Adjustment to interest rate basis | 4.25% | ||||||||
Loan | |||||||||
Debt Instruments [Line Items] | |||||||||
Available credit facility | $ 13,000 | ||||||||
Loan | First $10 million | |||||||||
Debt Instruments [Line Items] | |||||||||
Interest rate basis | 5.3% | ||||||||
Loan | Remaining $3 million | |||||||||
Debt Instruments [Line Items] | |||||||||
Interest rate basis | 6.8% | ||||||||
Long-term loan | |||||||||
Debt Instruments [Line Items] | |||||||||
Term of loan | 3 years | 3 years | |||||||
Long-term loan | Lessor | |||||||||
Debt Instruments [Line Items] | |||||||||
Face amount of debt | ₪ 1 | ₪ 311 | $ 311 | ||||||
Annual interest rate | 5.00% | ||||||||
Number of equal monthly installments | 29 | ||||||||
Long-term loan | LIBOR | |||||||||
Debt Instruments [Line Items] | |||||||||
Interest rate basis | quarterly dollar LIBOR | ||||||||
Adjustment to interest rate basis | 5.50% | ||||||||
Long-term loan | LIBOR | 2020 Agreement | |||||||||
Debt Instruments [Line Items] | |||||||||
Adjustment to interest rate basis | 3.00% | ||||||||
Long-term loan | LIBOR | Subsequent Events | 2020 Agreement | |||||||||
Debt Instruments [Line Items] | |||||||||
Interest rate basis | quarterly dollar LIBOR | ||||||||
Adjustment to interest rate basis | 7.00% | ||||||||
Short-term loan | |||||||||
Debt Instruments [Line Items] | |||||||||
Term of loan | 90 years | ||||||||
Revolving Credit Line | |||||||||
Debt Instruments [Line Items] | |||||||||
Term of loan | 90 days | ||||||||
Available credit facility | $ 7,000 | ||||||||
Line of credit facility amount outstanding | $ 5,000 | ||||||||
Ratio between the balance of accounts receivable and the amount drawn | 125 | ||||||||
Revolving Credit Line | LIBOR | |||||||||
Debt Instruments [Line Items] | |||||||||
Adjustment to interest rate basis | 4.00% |
OTHER PAYABLES (Details)
OTHER PAYABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
OTHER PAYABLES | ||
Employees | $ 4,451 | $ 2,685 |
Institutions | 743 | 412 |
Interest payable | 6 | 10 |
Deferred revenues and advances from customers | 732 | 308 |
Miscellaneous | 41 | 40 |
Other payables | $ 5,973 | $ 3,455 |
PROVISIONS (Details)
PROVISIONS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure of other provisions [line items] | |
Balance | $ 273 |
Provisions made during the year | (290) |
Provisions realized during the year | (242) |
Balance | 321 |
Warranties | |
Disclosure of other provisions [line items] | |
Balance | 148 |
Provisions made during the year | (82) |
Provisions realized during the year | (80) |
Balance | 150 |
Returns | |
Disclosure of other provisions [line items] | |
Balance | 125 |
Provisions made during the year | (208) |
Provisions realized during the year | (162) |
Balance | $ 171 |
EMPLOYEE BENEFITS - Balance she
EMPLOYEE BENEFITS - Balance sheet classification (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Presented as part of current liabilities: | ||
Short-term employee benefits | $ 354 | $ 352 |
Presented as part of non-current liabilities: | ||
Recognized liability for defined benefit plan, net | $ 271 | $ 260 |
EMPLOYEE BENEFITS - Movement in
EMPLOYEE BENEFITS - Movement in net liabilities for defined benefit plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
EMPLOYEE BENEFITS | ||
Balance at beginning of year | $ 260 | $ 159 |
Expense recognized in the statements of operations: | ||
Current service costs and interest costs | 30 | 22 |
Recognized gains (losses) including other: | ||
Actuarial gains (losses) carried to other comprehensive income | (19) | 94 |
Other movements: | ||
Movement in benefits (benefits paid), net | (4) | 11 |
Deposits made by the Group | (4) | (4) |
Balance at end of year | $ 271 | $ 260 |
EMPLOYEE BENEFITS - Defined ben
EMPLOYEE BENEFITS - Defined benefit plan expense recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
EMPLOYEE BENEFITS | ||
Current service costs | $ 4 | $ 4 |
Interest costs, net | 7 | 5 |
Transfer of profits to benefits | 13 | 43 |
Total | $ 24 | $ 52 |
EMPLOYEE BENEFITS - Defined b_2
EMPLOYEE BENEFITS - Defined benefit plan actuarial assumptions (Details) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
EMPLOYEE BENEFITS | |||
Discount rate at the end of the year | 2.70% | 2.62% | 3.82% |
Future salary growth | 3.00% | 3.00% | 3.00% |
EMPLOYEE BENEFITS - Retirement
EMPLOYEE BENEFITS - Retirement benefit plans defined contribution plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EMPLOYEE BENEFITS | |||
Amounts recognized as expenses in respect of defined contribution plan | $ 1,059 | $ 822 | $ 716 |
OTHER LONG-TERM LIABILITIES (De
OTHER LONG-TERM LIABILITIES (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
OTHER LONG-TERM LIABILITIES | |
Royalty-bearing grants | $ 1,080 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of geographical areas [line items] | ||||
Percentage of minimum threshold of export sales | 25.00% | |||
Accumulated carryforward tax losses (including carryforward research and development expenses) | $ 123 | |||
U.S. - federal tax rate | 21.00% | |||
Israeli | ||||
Disclosure of geographical areas [line items] | ||||
Percentages of tax rates relevant to corporates | 23.00% | |||
NETHERLANDS | First Euro 200,000 of taxable income | ||||
Disclosure of geographical areas [line items] | ||||
Corporate tax rate | 16.50% | 19.00% | 20.00% | |
NETHERLANDS | Taxable income exceeding Euro 200,000 | ||||
Disclosure of geographical areas [line items] | ||||
Corporate tax rate | 25.00% | 25.00% | 25.00% | |
NETHERLANDS | First Euro 245,000 of taxable income | ||||
Disclosure of geographical areas [line items] | ||||
Corporate tax rate | 15.00% | |||
NETHERLANDS | Taxable income exceeding Euro 245,000 | ||||
Disclosure of geographical areas [line items] | ||||
Corporate tax rate | 25.00% | |||
Japan | ||||
Disclosure of geographical areas [line items] | ||||
Percentages of tax rates relevant to corporates | 23.20% |
EQUITY (Details)
EQUITY (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Issued and outstanding share capital (ordinary shares): | |||
Outstanding shares at the beginning of the year | 335,285 | 287,616 | 264,495 |
Shares issued in public offering and private placements during the year | 87,818 | 46,115 | 22,014 |
Shares issued in exercise of stock options and warrants and vesting of RSUs during the year | 2,432 | 1,554 | 1,107 |
Outstanding at the end of the year | 425,535 | 335,285 | 287,616 |
Authorized at the end of the year | 750,000 | 750,000 | 750,000 |
EQUITY - Additional Information
EQUITY - Additional Information (Details) ₪ / shares in Units, $ / shares in Units, $ in Thousands, ₪ in Millions | Feb. 03, 2019$ / sharesshares | Jan. 28, 2019₪ / sharesshares | Jan. 28, 2019$ / sharesshares | Jan. 28, 2019USD ($)shares | Mar. 22, 2018ILS (₪)₪ / sharesshares | Mar. 22, 2018USD ($)shares | Mar. 07, 2018$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 06, 2018shares |
Equity | |||||||||||
Proceeds from issuance of shares, net of issuance costs | $ | $ 35,906 | $ 13,966 | $ 5,209 | ||||||||
Offering expense | $ | $ 4,586 | $ 714 | $ 103 | ||||||||
2019 Agreement | |||||||||||
Equity | |||||||||||
Number of ordinary shares issued | 46,115,395 | 46,115,395 | 46,115,395 | ||||||||
Percentage of issued and outstanding shares on post issuance basis | 13.80% | 13.80% | 13.80% | ||||||||
Proceeds from issuance of shares, net of issuance costs | $ | $ 14,700 | ||||||||||
2018 Agreement | |||||||||||
Equity | |||||||||||
Number of ordinary shares issued | 22,013,893 | 22,013,893 | |||||||||
Percentage of issued and outstanding shares on post issuance basis | 7.70% | 7.70% | |||||||||
Share issued price per share | (per share) | ₪ 0.947 | $ 0.27 | |||||||||
Percentage of discount on average share price | 7.00% | 7.00% | |||||||||
Number of consecutive trading days | 15 days | 15 days | |||||||||
Proceeds from issuance of shares, net of issuance costs | ₪ 20.8 | $ 6,000 | |||||||||
Selling Shareholder | 2018 Agreement | |||||||||||
Equity | |||||||||||
Proceeds from issuance of shares, net of issuance costs | ₪ | 5.2 | ||||||||||
US Tranche | 2019 Agreement | |||||||||||
Equity | |||||||||||
Number of ordinary shares issued | 1,170,707 | 1,170,707 | 1,170,707 | 1,170,707 | |||||||
Share issued price per share | $ / shares | $ 9.55 | ||||||||||
Israeli Tranche | 2019 Agreement | |||||||||||
Equity | |||||||||||
Number of ordinary shares issued | 10,994,185 | 10,944,185 | 10,944,185 | 10,944,185 | |||||||
Share issued price per share | (per share) | $ 0.32 | ₪ 1.1693 | |||||||||
Medtronic | 2018 Agreement | |||||||||||
Equity | |||||||||||
Proceeds from issuance of shares, net of issuance costs | ₪ | 2.4 | ||||||||||
Dr. Giora Yaron | 2018 Agreement | |||||||||||
Equity | |||||||||||
Proceeds from issuance of shares, net of issuance costs | ₪ | ₪ 2.1 |
SHARE-BASED PAYMENTS - Measurem
SHARE-BASED PAYMENTS - Measurement of fair value of share-based payments (Details) | 12 Months Ended |
Dec. 31, 2020Y$ / sharesshares | |
Options with service conditions only | Bottom of range | |
The parameters included when calculating fair value: | |
Risk-free interest rate | 0.10% |
Options with service conditions only | Top of range | |
The parameters included when calculating fair value: | |
Risk-free interest rate | 0.79% |
Options with service conditions only | Employees, directors and consultants | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
The number of shares arising from the exercise of the options (in thousands) | shares | 9,996 |
The parameters included when calculating fair value: | |
Expected dividend rate | 0.00% |
Options with service conditions only | Employees, directors and consultants | Bottom of range | |
The parameters included when calculating fair value: | |
The share price (at the grant date) (in NIS) | $ 1.46 |
Exercise price, share options granted | $ 1.28 |
Expected volatility (weighted average) | 51.00% |
Expected lifetime (weighted average) | Y | 3 |
Options with service conditions only | Employees, directors and consultants | Top of range | |
The parameters included when calculating fair value: | |
The share price (at the grant date) (in NIS) | $ 2.34 |
Exercise price, share options granted | $ 2.35 |
Expected volatility (weighted average) | 55.00% |
Expected lifetime (weighted average) | Y | 7.5 |
Options with service conditions and market conditions | Employees, directors and consultants | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
The number of shares arising from the exercise of the options (in thousands) | shares | 1,563 |
The parameters included when calculating fair value: | |
Expected dividend rate | 0.00% |
Options with service conditions and market conditions | Employees, directors and consultants | Bottom of range | |
The parameters included when calculating fair value: | |
The share price (at the grant date) (in NIS) | $ 1.65 |
Exercise price, share options granted | $ 1.72 |
Expected volatility (weighted average) | 51.00% |
Expected lifetime (weighted average) | Y | 3 |
Risk-free interest rate | 0.43% |
Options with service conditions and market conditions | Employees, directors and consultants | Top of range | |
The parameters included when calculating fair value: | |
The share price (at the grant date) (in NIS) | $ 1.86 |
Exercise price, share options granted | $ 1.86 |
Expected volatility (weighted average) | 55.00% |
Expected lifetime (weighted average) | Y | 7.50 |
Risk-free interest rate | 0.72% |
RSUs | Employees, directors and consultants | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
The number of shares arising from the exercise of the options (in thousands) | shares | 650 |
The parameters included when calculating fair value: | |
Exercise price, share options granted | $ 0 |
Expected volatility (weighted average) | 55.00% |
Expected dividend rate | 0.00% |
RSUs | Employees, directors and consultants | Bottom of range | |
The parameters included when calculating fair value: | |
The share price (at the grant date) (in NIS) | $ 1.65 |
Exercise price, share options granted | $ 0 |
Expected volatility (weighted average) | 55.00% |
RSUs | Employees, directors and consultants | Top of range | |
The parameters included when calculating fair value: | |
The share price (at the grant date) (in NIS) | $ 1.86 |
SHARE-BASED PAYMENTS - Reconcil
SHARE-BASED PAYMENTS - Reconciliation of outstanding options and RSU's (Details) - ₪ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Bottom of range | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Granted during the year | 0 | ||
Exercised during the year | 0.23 | ||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Outstanding range of exercise price at beginning of year | ₪ 0.23 | ||
Granted range of exercise price during the year | ₪ 1.28 | ₪ 1.04 | 1.02 |
Exercised range of exercise price during the year | 1.10 | 0.23 | |
Outstanding range of exercise price at end of year | 1.02 | ||
Exercisable range of exercise price at end of year | 1.02 | ₪ 1.12 | 0.23 |
Exercise price | 1.02 | 0.23 | |
Top of range | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Exercised during the year | 0.48 | ||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Outstanding range of exercise price at beginning of year | ₪ 2.50 | 2.50 | |
Granted range of exercise price during the year | 2.35 | 1.47 | 1.29 |
Exercised range of exercise price during the year | 2.02 | 0.51 | |
Outstanding range of exercise price at end of year | 2.50 | 2.50 | |
Exercisable range of exercise price at end of year | 2.50 | 2.50 | 2.50 |
Exercise price | ₪ 2.50 | ₪ 2.50 | ₪ 2.50 |
Options with service conditions only | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Outstanding at beginning of year | 21,954,791 | 15,661,344 | |
Outstanding at end of year | 30,203,551 | 21,954,791 | 15,661,344 |
Range Of Exercise Price [member] | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Outstanding at beginning of year | 42,330,964 | 32,360,793 | 32,649,852 |
Granted during the year | 11,558,773 | 13,601,699 | 3,016,330 |
Forfeited and expired during the year | (4,330,901) | (2,091,128) | (2,208,589) |
Exercised during the year | (635,747) | (1,540,400) | (1,096,800) |
Outstanding at end of year | 48,923,089 | 42,330,964 | 32,360,793 |
Exercisable at end of year | 23,037,528 | 10,127,684 | 10,114,392 |
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Forfeited and expired range of exercise price during the year | ₪ 0 | ₪ 0 | ₪ 0 |
Range Of Exercise Price [member] | Bottom of range | |||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Outstanding range of exercise price at beginning of year | 1.02 | 0.23 | |
Outstanding range of exercise price at end of year | 1.02 | 0.23 | |
Exercise price | 1.02 | 1.02 | ₪ 0.23 |
Range Of Exercise Price [member] | Top of range | |||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Outstanding range of exercise price at beginning of year | 2.50 | ||
Outstanding range of exercise price at end of year | 2.50 | ||
Exercise price | ₪ 2.50 | ₪ 2.50 | |
Options with service conditions and market conditions | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Outstanding at beginning of year | 20,376,173 | 16,699,449 | |
Outstanding at end of year | 18,719,538 | 20,376,173 | 16,699,449 |
RSUs with service conditions and market conditions | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Outstanding at beginning of year | 4,328,395 | 3,441,420 | |
Outstanding at end of year | 1,968,079 | 4,328,395 | 3,441,420 |
RSUs with service conditions and market conditions | Bottom of range | |||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Outstanding range of exercise price at beginning of year | ₪ 0 | ₪ 0 | |
Outstanding range of exercise price at end of year | 0 | 0 | ₪ 0 |
Exercise price | 0 | 0 | 0 |
RSUs with service conditions and market conditions | Top of range | |||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Outstanding range of exercise price at beginning of year | 0.30 | 0.30 | |
Outstanding range of exercise price at end of year | 0.30 | 0.30 | 0.30 |
Exercise price | ₪ 0.30 | ₪ 0.30 | ₪ 0.30 |
RSUs with service conditions only | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Outstanding at end of year | 281,778 | ||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Outstanding range of exercise price at end of year | ₪ 0 | ||
Exercise price | ₪ 0 | ||
Vested, which were not yet Exercised [Member] | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Vested for RSUs with no exercise price and exercised for options and for RSUs with an exercise price of NIS 0.30 | 1,024,722 | ||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Exercise price of vested for RSUs with no exercise price and exercised for options and for RSUs with an exercise | ₪ 0.30 | ||
RSUs | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Outstanding at beginning of year | 4,328,395 | 3,441,420 | 3,242,632 |
Granted during the year | 649,820 | 981,472 | 295,726 |
Forfeited and expired during the year | (567,469) | (94,497) | (96,938) |
Vested for RSUs with no exercise price and exercised for options and for RSUs with an exercise price of NIS 0.30 | (1,136,167) | ||
Outstanding at end of year | 3,274,579 | 4,328,395 | 3,441,420 |
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Granted range of exercise price during the year | ₪ 0 | ₪ 0 | |
Forfeited and expired range of exercise price during the year | 0 | 0 | ₪ 0 |
Outstanding range of exercise price at end of year | 0.30 | ||
Exercise price | 0.30 | ||
RSUs | Bottom of range | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Outstanding at beginning of year | 0 | ||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Outstanding range of exercise price at beginning of year | 0 | 0 | |
Granted range of exercise price during the year | ₪ 0 | ||
Exercise price of vested for RSUs with no exercise price and exercised for options and for RSUs with an exercise | 0 | ||
Outstanding range of exercise price at end of year | 0 | 0 | 0 |
Exercise price | 0 | ₪ 0 | ₪ 0 |
RSUs | Top of range | |||
Number Of Share Options And Other Than Option Outstanding In Share-Based Payment Arrangement [Roll Forward] | |||
Outstanding at beginning of year | 0.30 | 0.30 | |
Outstanding at end of year | 0.30 | ||
Exercise Price Of Outstanding Share Options And Other Than Option [Roll Forward] | |||
Outstanding range of exercise price at beginning of year | 0.30 | ₪ 0.30 | |
Granted range of exercise price during the year | ₪ 0.30 | ||
Exercise price of vested for RSUs with no exercise price and exercised for options and for RSUs with an exercise | 0.30 | ||
Outstanding range of exercise price at end of year | 0.30 | 0.30 | 0.30 |
Exercise price | ₪ 0.30 | ₪ 0.30 | ₪ 0.30 |
SHARE-BASED PAYMENTS - Share-ba
SHARE-BASED PAYMENTS - Share-based compensation expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SHARE-BASED PAYMENTS | |||
Cost of revenues | $ 33 | $ 10 | $ 10 |
Selling and marketing expenses | 536 | 382 | 295 |
Research and development expenses | 289 | 171 | 104 |
General and administrative expense | 611 | 672 | 612 |
Financial expenses from notes and loans | 26 | 24 | |
Total share-based compensation expenses | $ 1,495 | $ 1,259 | $ 1,021 |
SHARE-BASED PAYMENTS - Options
SHARE-BASED PAYMENTS - Options and RSUs with service conditions and market conditions (Details) $ / shares in Units, $ in Thousands | Jan. 21, 2016₪ / shares | Dec. 31, 2020USD ($)EquityInstrumentsOptionsD₪ / shares$ / shares | Mar. 14, 2018₪ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Lowest share price per share under merger and acceleration event | (per share) | ₪ 2.13 | $ 0.66 | |
Percentage of issued and outstanding share capital under merger | 10.00% | ||
Weighted average fair value at measurement date, share options granted | $ 475 | ||
Consecutive trading days to calculate target price | D | 90 | ||
Average 90-day price on the vesting date | ₪ / shares | $ 2.342 | ||
Number of performance options forfeited | Options | 1,979,115 | ||
Number of performance RSUs forfeited | EquityInstruments | 345,677 | ||
Bottom of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
First Trigger Price | (per share) | $ 0.53 | ₪ 1.70 | |
Top of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
First Trigger Price | (per share) | $ 0.66 | ₪ 2.13 | |
New share-based plan for options and RSUs for grantees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value at measurement date, share options granted | $ 239 | ||
New share-based plan for options and RSUs for grantees | 50% of RSUs vest | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Percentage of vesting | 50.00% | ||
First Trigger Price | (per share) | ₪ 2.13 | $ 0.66 | |
New share-based plan for options and RSUs for grantees | 100% RSUs vest | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Percentage of vesting | 100.00% | ||
First Trigger Price | (per share) | ₪ 4.24 | $ 1.32 |
SHARE-BASED PAYMENTS - Grants o
SHARE-BASED PAYMENTS - Grants of options and RSUs under the January 2016 plan (Details) | Nov. 24, 2020person | May 04, 2020Options | Aug. 13, 2019EquityInstrumentsOptionsperson | May 20, 2019EquityInstrumentsOptionsperson | Jan. 30, 2019EquityInstrumentsOptionsperson | May 21, 2017Options | Mar. 31, 2021Optionsperson | Jan. 31, 2021OptionspersonY | Nov. 30, 2020EquityInstrumentsOptionsperson | May 31, 2020EquityInstrumentsOptionsperson | Mar. 18, 2020USD ($) | Jan. 31, 2020EquityInstrumentsperson | Jan. 31, 2020EquityInstrumentsOptionsperson | Nov. 30, 2019personUSD ($) | May 31, 2019Optionsperson | May 20, 2019₪ / sharesperson | May 20, 2019personUSD ($) | Aug. 31, 2018EquityInstrumentsOptionsperson | Mar. 31, 2018EquityInstrumentsOptionsemployee | Dec. 31, 2020DUSD ($)₪ / shares | Dec. 31, 2020DUSD ($)$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of persons employee compensation | 9 | 4 | 58 | 9 | 9 | 12 | |||||||||||||||
Number of shares options granted | Options | 18,890,695 | ||||||||||||||||||||
Number of directors | 4 | 7 | |||||||||||||||||||
Consecutive trading days to calculate target price | D | 90 | 90 | |||||||||||||||||||
Exercisable term | 5 years | 5 years | |||||||||||||||||||
Full term of service of a director | $ | 3 | 3 | |||||||||||||||||||
Share-based payment arrangement, maximum expiration days for directors | 180 days | 180 days | |||||||||||||||||||
Options vest and become exercisable one year following the date of grant | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Percentage of vesting | 25.00% | 25.00% | |||||||||||||||||||
Options vest and become exercisable in 12 equal quarterly portions, beginning on the first anniversary of the date of grant | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Percentage of vesting | 75.00% | 75.00% | |||||||||||||||||||
Subsequent Events | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Exercisable term | 10 years | ||||||||||||||||||||
Number of consultant | 1 | ||||||||||||||||||||
Other employees | Subsequent Events | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of persons employee compensation | 25 | ||||||||||||||||||||
Number of shares options granted | Options | 3,660,000 | ||||||||||||||||||||
CEO | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of shares options granted | Options | 1,676,425 | ||||||||||||||||||||
CEO | Subsequent Events | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of shares options granted | Options | 1,676,425 | ||||||||||||||||||||
Directors | Subsequent Events | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of share options exercisable in share-based payment arrangement | Options | 110,000 | ||||||||||||||||||||
Number of equal quarterly portions for vesting | 4 | ||||||||||||||||||||
Vesting period | 4 years | ||||||||||||||||||||
Full term of service of a director | Y | 1 | ||||||||||||||||||||
Share-based payment arrangement, maximum expiration days for directors | 180 days | ||||||||||||||||||||
January 2016 plan under options and RSUs | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of persons employee compensation | 19 | 41 | 41 | 41 | |||||||||||||||||
Number of shares options granted | 4,884,966 | 4,712,779 | 2,326,555 | 5,076,583 | 5,076,583 | ||||||||||||||||
Number of RSUs granted | 31,148 | 610,829 | 339,495 | 173,155 | 1,332,195 | 194,887 | 1,039,314 | 1,039,314 | |||||||||||||
Number of share options exercisable in share-based payment arrangement | 1,968,954 | 3,942,284 | 3,942,284 | ||||||||||||||||||
January 2016 plan under options and RSUs | Bottom of range | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Ordinary shares at exercise price | (per share) | ₪ 2.66 | $ 0.83 | |||||||||||||||||||
January 2016 plan under options and RSUs | Top of range | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Ordinary shares at exercise price | (per share) | ₪ 5.32 | $ 1.65 | |||||||||||||||||||
January 2016 plan under options and RSUs | Other employees | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of persons employee compensation | 30 | 12 | 12 | ||||||||||||||||||
Number of shares options granted | Options | 4,849,933 | 530,137 | |||||||||||||||||||
Number of RSUs granted | EquityInstruments | 17,160 | ||||||||||||||||||||
January 2016 plan under options and RSUs | CEO | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of shares options granted | $ | 3,019,864 | ||||||||||||||||||||
Number of RSUs granted | $ | 609,232 | ||||||||||||||||||||
January 2016 plan under options and RSUs | Directors | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of persons employee compensation | 13 | ||||||||||||||||||||
Number of shares options granted | 440,000 | 825,000 | 1,210,000 | ||||||||||||||||||
January 2016 plan under options and RSUs | Employees And Officers | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of persons employee compensation | employee | 20 | ||||||||||||||||||||
Number of shares options granted | Options | 1,802,512 | ||||||||||||||||||||
Number of RSUs granted | EquityInstruments | 229,534 | ||||||||||||||||||||
January 2016 plan under options and RSUs | Consultant | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of shares options granted | Options | 263,681 | ||||||||||||||||||||
Number of RSUs granted | EquityInstruments | 49,032 | ||||||||||||||||||||
RSU | Consultant | |||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
Number of RSUs granted | EquityInstruments | 281,778 | ||||||||||||||||||||
Number of equal quarterly portions for vesting | 4 |
SHARE-BASED PAYMENTS - Addition
SHARE-BASED PAYMENTS - Additional Information (Details) | May 21, 2017Options | Mar. 31, 2021 | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Non-cash expense of grant options and RSU | $ 1,495,000 | $ 1,259,000 | $ 1,021,000 | ||
Balance expenditure of remaining vesting period options and RSUs | $ 2,872,000 | ||||
Weighted average share price upon exercise of options | $ / shares | $ 0.69 | $ 0.36 | $ 0.35 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 8 months 16 days | 5 years 7 months 2 days | 5 years 8 months 27 days | ||
Number of instruments granted in share-based payment arrangement | Options | 18,890,695 | ||||
Weighted average fair value at measurement date, share options granted | $ 475,000 | ||||
Number of years of service for external directors | 3 | ||||
Number of years of service for other directors | 1 | ||||
Share-based payment arrangement, maximum expiration days for directors | 180 days | ||||
Increase in percentage of market price of ordinary share | 10.00% | ||||
Exercisable term | 5 years | ||||
Subsequent Events | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercisable term | 10 years | ||||
Service options | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of instruments granted in share-based payment arrangement | Options | 3,699,208 | ||||
Service and market conditions to officers and key employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of instruments granted in share-based payment arrangement | Options | 15,191,487 |
REVENUES - Breakdown of revenue
REVENUES - Breakdown of revenues by product group (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Breakdown Of Revenues On The Basis Product Groups [Line Items] | |||
Revenues | $ 41,034 | $ 31,258 | $ 24,189 |
WatchPAT and other related services | |||
Disclosure Of Breakdown Of Revenues On The Basis Product Groups [Line Items] | |||
Revenues | 38,797 | 28,988 | 22,384 |
EndoPAT and other related services | |||
Disclosure Of Breakdown Of Revenues On The Basis Product Groups [Line Items] | |||
Revenues | $ 2,237 | $ 2,270 | $ 1,805 |
REVENUES - Breakdown of reven_2
REVENUES - Breakdown of revenues by geographical regions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Revenues On The Basis Of Geographical Region [Line Items] | |||
Revenue | $ 41,034 | $ 31,258 | $ 24,189 |
United States and Canada | |||
Disclosure Of Revenues On The Basis Of Geographical Region [Line Items] | |||
Revenue | 32,224 | 22,960 | 17,582 |
Japan | |||
Disclosure Of Revenues On The Basis Of Geographical Region [Line Items] | |||
Revenue | 3,898 | 3,489 | 3,374 |
Europe | |||
Disclosure Of Revenues On The Basis Of Geographical Region [Line Items] | |||
Revenue | 4,120 | 3,383 | 1,885 |
Asia Pacific (excluding Japan) | |||
Disclosure Of Revenues On The Basis Of Geographical Region [Line Items] | |||
Revenue | 310 | 912 | 849 |
Israel | |||
Disclosure Of Revenues On The Basis Of Geographical Region [Line Items] | |||
Revenue | 346 | 274 | 281 |
Others | |||
Disclosure Of Revenues On The Basis Of Geographical Region [Line Items] | |||
Revenue | $ 136 | $ 240 | $ 218 |
REVENUES - Revenue from major c
REVENUES - Revenue from major customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of major customers [line items] | |||
Revenue | $ 13,813 | $ 12,493 | $ 10,670 |
Customer A | |||
Disclosure of major customers [line items] | |||
Revenue | 4,571 | 7,002 | 4,571 |
Customer B | |||
Disclosure of major customers [line items] | |||
Revenue | 3,826 | 3,443 | 3,229 |
Customer C | |||
Disclosure of major customers [line items] | |||
Revenue | $ 5,416 | $ 2,048 | $ 2,870 |
COST OF REVENUES (Details)
COST OF REVENUES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
COST OF REVENUES | |||
Raw materials, auxiliary materials, subcontractors (including changes in inventories) | $ 4,607 | $ 2,555 | $ 2,538 |
Payroll and related expenses (including share-based payment) | 4,884 | 2,470 | 1,806 |
Shipping | 1,365 | 815 | 443 |
Depreciation and amortization | 777 | 552 | 255 |
Other | 690 | 592 | 684 |
Cost of revenues | $ 12,323 | $ 6,984 | $ 5,726 |
FINANCIAL INCOME AND EXPENSES_2
FINANCIAL INCOME AND EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial income: | |||
In respect of investments in bank deposits and marketable securities | $ 713 | $ 359 | $ 93 |
Other | 134 | 95 | 151 |
Financial income | 847 | 454 | 244 |
Financial expenses: | |||
Convertible notes | 0 | 0 | 393 |
Short-term bank loan | 259 | 364 | 316 |
Lease liabilities | 303 | 279 | 0 |
Short-term shareholders' loans | 0 | 0 | 85 |
Credit card and bank clearance and other fees | 670 | 432 | 359 |
Exchange rate differences | 83 | 158 | 8 |
Financial expenses | 1,315 | 1,233 | 1,161 |
Gain on derivative financial instruments: | |||
Gain on revaluation to fair value of the warrants embedded in the convertible notes, which were fully repaid on February 28, 2018 | 0 | 0 | 96 |
Gain on revaluation to fair value of warrants | 0 | 442 | 2,337 |
Gain on derivative financial instruments | $ 0 | $ 442 | $ 2,433 |
LOSS PER SHARE - Net loss attri
LOSS PER SHARE - Net loss attributed to the ordinary shares (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LOSS PER SHARE | |||
Net loss attributed to the ordinary shares | $ (10,939) | $ (5,268) | $ (1,729) |
LOSS PER SHARE - Weighted avera
LOSS PER SHARE - Weighted average number of ordinary shares, basic (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LOSS PER SHARE | |||
Balance at the beginning of the year | 335,285 | 287,616 | 264,495 |
The effect of public offering and private placements | 79,638 | 44,726 | 12,908 |
The effect of exercise of options and warrants into shares and vesting of RSUs | 520 | 306 | 262 |
Weighted average number of ordinary shares used in computation of basic loss per share | 415,443 | 332,648 | 277,665 |
LOSS PER SHARE - Computation of
LOSS PER SHARE - Computation of diluted loss per share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LOSS PER SHARE | |||
Net loss used in computation of basic earnings per share | $ (10,939) | $ (5,268) | $ (1,729) |
Changes in the fair value of the Viola warrants and Warrants (Series 4) (and in the year ended December 31, 2018 also of the warrants embedded in the convertible notes), which are classified as a liability | (442) | (2,433) | |
Net loss attributed to the ordinary shares (diluted) | $ (10,939) | $ (5,710) | $ (4,162) |
LOSS PER SHARE - Weighted ave_2
LOSS PER SHARE - Weighted average number of ordinary shares, diluted (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LOSS PER SHARE | |||
Weighted average number of ordinary shares used in computation of basic loss per share | 415,443 | 332,648 | 277,665 |
Effect of the exercise of the warrants (and in the year ended December 31, 2018 also of the conversion of the convertible notes) | 13,547 | 43,246 | |
Weighted average number of ordinary shares used in computation of diluted loss per share per share | 415,443 | 346,195 | 320,911 |
LOSS PER SHARE - Additional Inf
LOSS PER SHARE - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Warrants | |||
Antidilutive Securities [Line Items] | |||
Antidilutive securities computation of earnings per share amount | 311,254 | 1,197,132 | 798,088 |
Options | |||
Antidilutive Securities [Line Items] | |||
Antidilutive securities computation of earnings per share amount | 48,923,088 | 42,365,681 | 32,412,199 |
RSUs | |||
Antidilutive Securities [Line Items] | |||
Antidilutive securities computation of earnings per share amount | 2,992,801 | 4,328,395 | 3,441,420 |
FINANCIAL INSTRUMENTS - Credit
FINANCIAL INSTRUMENTS - Credit risk exposure by geographic location (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit risk in respect of cash and cash and cash equivalents, trade receivables, other accounts receivable and other investment | $ 49,524 | $ 24,443 |
Israel | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit risk in respect of cash and cash and cash equivalents, trade receivables, other accounts receivable and other investment | 34,598 | 12,894 |
United States and Canada | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit risk in respect of cash and cash and cash equivalents, trade receivables, other accounts receivable and other investment | 12,848 | 9,362 |
Asia Pacific (excluding Japan) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit risk in respect of cash and cash and cash equivalents, trade receivables, other accounts receivable and other investment | 350 | 409 |
Europe | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit risk in respect of cash and cash and cash equivalents, trade receivables, other accounts receivable and other investment | 1,690 | 1,773 |
Others | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit risk in respect of cash and cash and cash equivalents, trade receivables, other accounts receivable and other investment | $ 38 | $ 5 |
FINANCIAL INSTRUMENTS - Aging o
FINANCIAL INSTRUMENTS - Aging of receivables and impairment and weighted average loss rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||
Gross amount | $ 9,554 | $ 9,033 | |
Impairment | $ 788 | 493 | $ 270 |
Not in arrears | |||
Disclosure of detailed information about financial instruments [line items] | |||
Weighted average loss rate | 5.10% | ||
Gross amount | $ 7,325 | 7,851 | |
Impairment | $ 371 | 117 | |
In arrears up to three months | |||
Disclosure of detailed information about financial instruments [line items] | |||
Weighted average loss rate | 0.10% | ||
Gross amount | $ 1,419 | 703 | |
Impairment | $ 2 | 10 | |
In arrears up to six months | |||
Disclosure of detailed information about financial instruments [line items] | |||
Weighted average loss rate | 0.50% | ||
Gross amount | $ 222 | 98 | |
Impairment | $ 1 | 1 | |
In arrears up to 12 months | |||
Disclosure of detailed information about financial instruments [line items] | |||
Weighted average loss rate | 21.70% | ||
Gross amount | $ 106 | 20 | |
Impairment | $ 23 | 4 | |
In arrears over 12 months | |||
Disclosure of detailed information about financial instruments [line items] | |||
Weighted average loss rate | 81.10% | ||
Gross amount | $ 482 | 361 | |
Impairment | $ 391 | $ 361 |
FINANCIAL INSTRUMENTS - Movemen
FINANCIAL INSTRUMENTS - Movements in the allowance for impairment of receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
FINANCIAL INSTRUMENTS | ||
Balance at beginning of year | $ 493 | $ 270 |
Recognized impairment loss | 322 | 349 |
Bad debt | (27) | (126) |
Balance at end of year | $ 788 | $ 493 |
FINANCIAL INSTRUMENTS - Contrac
FINANCIAL INSTRUMENTS - Contractual maturities of financial liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-derivative financial liabilities | ||
Short-term bank loans | $ 5,000 | $ 5,000 |
Trade payables | 4,418 | 2,028 |
Other long-term liabilities | 1,271 | 1,260 |
Long-term loan | 154 | |
Lease liabilities (including current maturities) | 2,080 | 2,598 |
Carrying amount | ||
Non-derivative financial liabilities | ||
Short-term bank loans | 5,000 | 5,000 |
Trade payables | 4,418 | 2,028 |
Other long-term liabilities | 1,271 | 1,260 |
Long-term loan | 289 | |
Lease liabilities (including current maturities) | 2,080 | 2,598 |
Other payables | 6,321 | 4,361 |
Total | 19,379 | 15,247 |
Contractual Cash flow [Member] | ||
Contractual Cash flow | ||
Short-term bank loans | 5,037 | 5,056 |
Trade payables | 4,418 | 2,028 |
Other long-term liabilities | 1,271 | 1,260 |
Long-term loan | 305 | |
Lease liabilities (including current maturities) | 2,768 | 3,424 |
Other payable | 6,321 | 4,361 |
Total | 20,120 | 16,129 |
Up to 6 months | ||
Non-derivative financial liabilities | ||
Short-term bank loans | 5,037 | 5,056 |
Trade payables | 4,418 | 2,028 |
Other long-term liabilities | 0 | 0 |
Long-term loan | 73 | |
Lease liabilities (including current maturities) | 544 | 553 |
Other payables | 6,321 | 4,361 |
Total | 16,393 | 11,998 |
6-12 months | ||
Non-derivative financial liabilities | ||
Short-term bank loans | 0 | 0 |
Trade payables | 0 | 0 |
Other long-term liabilities | 0 | 0 |
Long-term loan | 73 | |
Lease liabilities (including current maturities) | 295 | 528 |
Other payables | 0 | 0 |
Total | 368 | 528 |
1-2 years | ||
Non-derivative financial liabilities | ||
Short-term bank loans | 0 | 0 |
Trade payables | 0 | 0 |
Other long-term liabilities | 143 | 123 |
Long-term loan | 146 | |
Lease liabilities (including current maturities) | 563 | 804 |
Other payables | 0 | 0 |
Total | 852 | 927 |
2-5 years | ||
Non-derivative financial liabilities | ||
Short-term bank loans | 0 | 0 |
Trade payables | 0 | 0 |
Other long-term liabilities | 393 | 382 |
Long-term loan | 13 | |
Lease liabilities (including current maturities) | 554 | 613 |
Other payables | 0 | 0 |
Total | 960 | 995 |
Over 5 years | ||
Non-derivative financial liabilities | ||
Short-term bank loans | 0 | 0 |
Trade payables | 0 | 0 |
Other long-term liabilities | 735 | 755 |
Long-term loan | 0 | |
Lease liabilities (including current maturities) | 812 | 926 |
Other payables | 0 | 0 |
Total | $ 1,547 | $ 1,681 |
FINANCIAL INSTRUMENTS - Exposur
FINANCIAL INSTRUMENTS - Exposure to the Israeli CPI and foreign currency risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | ||||
Cash and cash equivalents | $ 9,670 | $ 15,115 | $ 6,471 | $ 7,643 |
Short-term bank deposits | 30,000 | |||
Trade receivables (including long-term trade receivables) | 8,766 | 8,540 | ||
Other receivable | 2,251 | 1,404 | ||
Inventories | 7,164 | 3,363 | ||
Long-term restricted deposits | 459 | 386 | ||
Long-term prepaid expenses | 88 | 90 | ||
Property and equipment and intangible assets | 3,941 | 1,867 | ||
Right-of-use -ssets | 1,801 | 2,442 | ||
Total assets | 64,140 | 33,207 | ||
Liabilities | ||||
Short-term bank loan | 5,000 | 5,000 | ||
Trade payables | 4,418 | 2,028 | ||
Other payables (including accrued expenses) | 7,064 | 4,772 | ||
Provisions | 321 | 273 | ||
Long-term loans (including current maturities) | 289 | |||
Lease liabilities (including current maturities) | 2,080 | 2,598 | ||
Employee benefits | 625 | 612 | ||
Other long-term liabilities | 1,271 | 1,260 | ||
Total liabilities | 21,068 | 16,543 | ||
Total exposure in the statements of financial position in respect of financial assets and financial liabilities | 43,072 | 16,664 | $ 6,688 | $ 1,377 |
Currency risk | Dollars | ||||
Assets | ||||
Cash and cash equivalents | 6,476 | 13,178 | ||
Short-term bank deposits | 30,000 | |||
Trade receivables (including long-term trade receivables) | 7,582 | 7,750 | ||
Other receivable | 536 | 338 | ||
Inventories | 0 | 0 | ||
Long-term restricted deposits | 163 | 111 | ||
Long-term prepaid expenses | 0 | 0 | ||
Property and equipment and intangible assets | 0 | 0 | ||
Right-of-use -ssets | 0 | 0 | ||
Total assets | 44,757 | 21,377 | ||
Liabilities | ||||
Short-term bank loan | 5,000 | 5,000 | ||
Trade payables | 2,088 | 779 | ||
Other payables (including accrued expenses) | 5,252 | 2,940 | ||
Provisions | 0 | 0 | ||
Long-term loans (including current maturities) | 0 | |||
Lease liabilities (including current maturities) | 419 | 714 | ||
Employee benefits | 0 | 0 | ||
Other long-term liabilities | 1,061 | 1,060 | ||
Total liabilities | 13,820 | 10,493 | ||
Total exposure in the statements of financial position in respect of financial assets and financial liabilities | 30,937 | 10,884 | ||
Currency risk | NIS | ||||
Assets | ||||
Cash and cash equivalents | 2,364 | 1,254 | ||
Short-term bank deposits | 0 | |||
Trade receivables (including long-term trade receivables) | 98 | 96 | ||
Other receivable | 92 | 62 | ||
Inventories | 0 | 0 | ||
Long-term restricted deposits | 296 | 275 | ||
Long-term prepaid expenses | 0 | 0 | ||
Property and equipment and intangible assets | 0 | 0 | ||
Right-of-use -ssets | 0 | 0 | ||
Total assets | 2,850 | 1,687 | ||
Liabilities | ||||
Short-term bank loan | 0 | 0 | ||
Trade payables | 2,296 | 1,215 | ||
Other payables (including accrued expenses) | 1,050 | 1,366 | ||
Provisions | 0 | 0 | ||
Long-term loans (including current maturities) | 289 | |||
Lease liabilities (including current maturities) | 1,661 | 1,884 | ||
Employee benefits | 0 | 0 | ||
Other long-term liabilities | 210 | 200 | ||
Total liabilities | 5,506 | 4,665 | ||
Total exposure in the statements of financial position in respect of financial assets and financial liabilities | (2,656) | (2,978) | ||
Currency risk | Euro | ||||
Assets | ||||
Cash and cash equivalents | 708 | 587 | ||
Short-term bank deposits | 0 | |||
Trade receivables (including long-term trade receivables) | 661 | 694 | ||
Other receivable | 2 | 2 | ||
Inventories | 0 | 0 | ||
Long-term restricted deposits | 0 | 0 | ||
Long-term prepaid expenses | 0 | 0 | ||
Property and equipment and intangible assets | 0 | 0 | ||
Right-of-use -ssets | 0 | 0 | ||
Total assets | 1,371 | 1,283 | ||
Liabilities | ||||
Short-term bank loan | 0 | 0 | ||
Trade payables | 34 | 34 | ||
Other payables (including accrued expenses) | 19 | 54 | ||
Provisions | 0 | 0 | ||
Long-term loans (including current maturities) | 0 | |||
Lease liabilities (including current maturities) | 0 | 0 | ||
Employee benefits | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 53 | 88 | ||
Total exposure in the statements of financial position in respect of financial assets and financial liabilities | 1,318 | 1,195 | ||
Currency risk | Other currencies | ||||
Assets | ||||
Cash and cash equivalents | 122 | 96 | ||
Short-term bank deposits | 0 | |||
Trade receivables (including long-term trade receivables) | 425 | 0 | ||
Other receivable | 0 | 0 | ||
Inventories | 0 | 0 | ||
Long-term restricted deposits | 0 | 0 | ||
Long-term prepaid expenses | 0 | 0 | ||
Property and equipment and intangible assets | 0 | 0 | ||
Right-of-use -ssets | 0 | 0 | ||
Total assets | 547 | 96 | ||
Liabilities | ||||
Short-term bank loan | 0 | 0 | ||
Trade payables | 0 | 0 | ||
Other payables (including accrued expenses) | 0 | 0 | ||
Provisions | 0 | 0 | ||
Long-term loans (including current maturities) | 0 | |||
Lease liabilities (including current maturities) | 0 | 0 | ||
Employee benefits | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Total exposure in the statements of financial position in respect of financial assets and financial liabilities | 547 | 96 | ||
Non-monetary items | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term bank deposits | 0 | |||
Trade receivables (including long-term trade receivables) | 0 | 0 | ||
Other receivable | 1,621 | 1,002 | ||
Inventories | 7,164 | 3,363 | ||
Long-term restricted deposits | 0 | 0 | ||
Long-term prepaid expenses | 88 | 90 | ||
Property and equipment and intangible assets | 3,941 | 1,867 | ||
Right-of-use -ssets | 1,801 | 2,442 | ||
Total assets | 14,615 | 8,764 | ||
Liabilities | ||||
Short-term bank loan | 0 | 0 | ||
Trade payables | 0 | 0 | ||
Other payables (including accrued expenses) | 743 | 412 | ||
Provisions | 321 | 273 | ||
Long-term loans (including current maturities) | 0 | |||
Lease liabilities (including current maturities) | 0 | 0 | ||
Employee benefits | 625 | 612 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 1,689 | 1,297 | ||
Total exposure in the statements of financial position in respect of financial assets and financial liabilities | $ 12,926 | $ 7,467 |
FINANCIAL INSTRUMENTS - Sensiti
FINANCIAL INSTRUMENTS - Sensitivity analysis to foreign currency risk (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Sensitivity analysis of equity increase (decrease), impact of 5% favourable change in NIS against Dollar | $ (133) | $ (149) |
Sensitivity analysis of equity increase (decrease), impact of 5% favourable change in EURO against Dollar | 66 | 60 |
Sensitivity analysis of equity increase (decrease), impact of 5% favourable change in other currencies (mainly British Pound) against Dollar | 27 | |
Sensitivity analysis of profit (loss) increase (decrease), impact of 5% favourable change in NIS against Dollar | (133) | (149) |
Sensitivity analysis of profit (loss) increase (decrease), impact of 5% favourable change in EURO against Dollar | 66 | $ 60 |
Sensitivity analysis of profit (loss) increase (decrease), impact of 5% favourable change in other currencies (mainly British Pound) against Dollar | $ 27 |
FINANCIAL INSTRUMENTS - Fair va
FINANCIAL INSTRUMENTS - Fair value of financial instruments measured at fair value, for disclosure purposes only (Details) - Liability in respect of royalties to the IIA and other government institutions - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Liability in respect of royalties to the IIA and other government institutions | $ 1,271 | $ 1,260 |
Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liability in respect of royalties to the IIA and other government institutions | $ 607 | $ 527 |
FINANCIAL INSTRUMENTS - Credi_2
FINANCIAL INSTRUMENTS - Credit risk (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Customer Concentrations Risk | Credit risk | Sales revenue | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Concentration risk, percentage | 34.00% | 40.00% | 44.00% |
RELATED PARTIES - Compensation
RELATED PARTIES - Compensation (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)person | Dec. 31, 2019USD ($)person | Dec. 31, 2018USD ($)person | Nov. 30, 2020person | May 20, 2019person | Jan. 30, 2019person | Aug. 31, 2018person | |
Disclosure of transactions between related parties [line items] | |||||||
Number of persons employee compensation | person | 58 | 9 | 4 | 12 | |||
Key executives personnel | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Number of persons employee compensation | person | 9 | 8 | 7 | ||||
Number of persons for share based payment | person | 9 | 8 | 7 | ||||
Employee compensation | $ 2,772 | $ 2,201 | $ 1,835 | ||||
Share-based payment | 904 | 850 | 702 | ||||
Total | 3,676 | 3,051 | 2,537 | ||||
Transaction amounts | 4,018 | 3,352 | 2,821 | ||||
Carrying amount | 495 | 383 | |||||
Director compensation | 2,772 | 2,201 | 1,835 | ||||
Share-based payment | $ 904 | $ 850 | $ 702 | ||||
Directors not employed by entity | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Number of persons employee compensation | person | 8 | 8 | 8 | ||||
Number of persons for share based payment | person | 8 | 8 | |||||
Employee compensation | $ 244 | $ 213 | $ 208 | ||||
Share-based payment | 98 | 88 | 76 | ||||
Compensation to directors who are not employed | 342 | 301 | 284 | ||||
Director compensation | 244 | 213 | 208 | ||||
Share-based payment | 98 | 88 | 76 | ||||
Total | $ 342 | $ 301 | $ 284 |
RELATED PARTIES - Additional In
RELATED PARTIES - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RELATED PARTIES | |||
Revenue from contracts with customers | $ 13,813 | $ 12,493 | $ 10,670 |