Guided Therapeutics Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Guided Therapeutics Inc. filed its 2023 10-K, reporting $500M in assets and $54.1M in revenue.</b>

AI Summary

GUIDED THERAPEUTICS INC (GTHP) filed a Annual Report (10-K) with the SEC on March 28, 2024. Guided Therapeutics Inc. reported total assets of $500,000,000 as of December 31, 2023. The company's total debt was $48,595,715 as of December 31, 2023. Revenue for the fiscal year ending December 31, 2023, was $54,105,101. Net income for the fiscal year ending December 31, 2023, was $818,000. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking GUIDED THERAPEUTICS INC, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial health and operational performance for the fiscal year 2023, including detailed financial statements and risk factors. Investors can assess Guided Therapeutics' financial position, including its asset base, debt levels, revenue generation, and profitability, to make informed investment decisions.

Risk Assessment

Risk Level: medium — GUIDED THERAPEUTICS INC shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various risks, including market acceptance of its products and competition, as detailed in the risk factors section.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's financial health and potential challenges.

Financial Highlights

revenue

54105101

total Assets

500000000

total Debt

48595715

net Income

818000

Key Numbers

• 500,000,000 — Total Assets (As of December 31, 2023)
• 48,595,715 — Total Debt (As of December 31, 2023)
• 54,105,101 — Revenue (For the fiscal year ended December 31, 2023)
• 818,000 — Net Income (For the fiscal year ended December 31, 2023)
• 2023-12-31 — Fiscal Year End (Reported period)

Key Players & Entities

• GUIDED THERAPEUTICS INC (company) — Filer name
• SPECTRX INC (company) — Former company name
• Richard Blumberg (person) — Mentioned in relation to dividends
• Mr. Bill Wells (person) — Mentioned in relation to promissory notes
• Dr. Cartwright (person) — Mentioned in relation to various dates
• Dr. Faupel (person) — Mentioned in relation to various dates
• Mr. Fowler (person) — Mentioned in relation to various dates and debt
• Jones Day (company) — Mentioned in relation to legal counsel

FAQ

Risk Factors

• Market Acceptance and Competition [medium — market]: The company's success depends on the market acceptance of its products and faces competition from other companies.
• Liquidity and Capital Resources [medium — financial]: The company may require additional financing to fund its operations and future growth.
• Regulatory Approvals [medium — regulatory]: The company's products are subject to regulatory review and approval processes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.

Key Financial Figures

• $0.001 — Section 12(g) of the Act: Common Stock, $0.001 Par Value Indicate by check mark if t
• $150 — age price in the range of approximately $150 - $310 per exam. After a Pap test retu
• $310 — ce in the range of approximately $150 - $310 per exam. After a Pap test returns a p
• $1,300 — iopsy in the United States is currently $1,300 or more, if performed in a hospital. I
• $107 thousand — s parts and raw materials, resulting in $107 thousand of gross revenue before returns and all
• $8.4 million — ce 2013, we have incurred approximately $8.4 million in research and development expenses, n
• $927,000 — and development expenses, net of about $927,000 reimbursed through collaborative arrang
• $0.2 — nd development costs were approximately $0.2 and $0.1 million in the years ended Dec
• $0.1 million — pment costs were approximately $0.2 and $0.1 million in the years ended December 31, 2023 an

Filing Documents

• gthp_10k.htm (10-K) — 2030KB
• gthp_ex231.htm (EX-23.1) — 2KB
• gthp_ex31.htm (EX-31) — 10KB
• gthp_ex321.htm (EX-32.1) — 4KB
• gthp_10kimg52.jpg (GRAPHIC) — 7KB
• gthp_10kimg51.jpg (GRAPHIC) — 7KB
• 0001477932-24-001549.txt (&nbsp;) — 8139KB
• gthp-20231231.xsd (EX-101.SCH) — 100KB
• gthp-20231231_lab.xml (EX-101.LAB) — 491KB
• gthp-20231231_cal.xml (EX-101.CAL) — 55KB
• gthp-20231231_pre.xml (EX-101.PRE) — 404KB
• gthp-20231231_def.xml (EX-101.DEF) — 261KB
• gthp_10k_htm.xml (XML) — 1165KB

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 24

Legal Proceedings

Item 3. Legal Proceedings 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24 PART II 25

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

Reserved

Item 6. Reserved 26

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 31

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 32

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 74

Controls and Procedures

Item 9A. Controls and Procedures 74

Other Information

Item 9B. Other Information 75

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III 76

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 76

Executive Compensation

Item 11. Executive Compensation 78

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80

Certain relationships and related transactions and director independence

Item 13. Certain relationships and related transactions and director independence 81

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 85 PART IV 86

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 86

Form 10-K Summary

Item 16. Form 10-K Summary

SIGNATURES

SIGNATURES 91 2 Table of Contents When we use the terms "Guided," "Guided Therapeutics, "we," "us," or "our," we are referring to Guided Therapeutics, Inc. and its subsidiaries, unless the context otherwise requires. Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K includes certain statements that are not historical facts that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the United States Private Securities Litigation Reform Act of 1995, and "forward-looking information" within the meaning of applicable Canadian securities legislation. We use words such as "anticipate," "continue," "likely," "estimate," "expect," "may," "will," "projection," "should," "believe," "potential," "could," or similar words suggesting future outcomes (including negative and grammatical variations) to identify forward-looking statements. These statements include statements regarding the following, among other things: access to sufficient debt or equity capital to meet our operating and financial needs; the extent of dilution of the holdings of our existing stockholders upon the issuance, conversion or exercise of securities issued as part of our capital raising efforts; the extent to which certain debt holders may call the notes to be paid; the effectiveness and ultimate market acceptance of our products and our ability to generate sufficient sales revenues to sustain our growth and strategy plans; whether our products in development will prove safe, feasible and effective; whether and when we or any potential strategic partners will obtain required regulatory approvals in the markets in which we plan to operate; our need to achieve manufacturing scale-up in a timely manner, and our need to provide for the efficient manufacturing of sufficient

Business

Item 1. Business Overview We are a medical technology company focused on developing innovative medical devices that have the potential to improve healthcare. Our primary focus is the sales and marketing of our LuViva Advanced Cervical Scan non-invasive cervical cancer detection device. The underlying technology of LuViva primarily relates to the use of biophotonics for the non-invasive detection of cancers. LuViva is designed to identify cervical cancers and precancers painlessly, non-invasively and at the point of care by scanning the cervix with light, then analyzing the reflected and fluorescent light. LuViva is designed to provide a less invasive and painless alternative to conventional tests for cervical cancer screening and detection. Additionally, LuViva is designed to improve patient well-being not only because it eliminates pain, but also because it is convenient to use and provides rapid results at the point of care. We focus on two primary applications for LuViva: first, as a cancer screening tool in the developing world, where infrastructure to support traditional cancer-screening methods is limited or non-existent, and second, as a triage following traditional screening in the developed world, where a high number of false positive results cause a high rate of unnecessary and ultimately costly follow-up tests. Screening for cervical cancer represents one of the most significant demands on the practice of diagnostic medicine. As cervical cancer is linked to a sexually transmitted disease—the human papillomavirus (HPV)—every woman essentially becomes "at risk" for cervical cancer simply after becoming sexually active. In the developing world, there are approximately 2.0 billion women aged 15 and older who are potentially eligible for screening with LuViva. Guidelines for screening intervals vary across the world, but U.S. guidelines call for screening every three years. Traditionally, the Pap smear screening test, or Pap test, is the primary cervical

View Full Filing

View this 10-K filing on SEC EDGAR