Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 3,398 $ 818
Accounts receivable, less allowance for doubtful accounts of $4,989 and $4,737 at December 31, 2016 and 2015, respectively 11,581 12,622
Inventories 2,166 1,916
Other current assets 949 861
Deferred income taxes 2,675 2,743
Total Current Assets 20,769 18,960
Medical equipment held for sale or rental 1,642 2,277
Medical equipment in rental service, net of accumulated depreciation 28,036 27,837
Property & equipment, net of accumulated depreciation 1,997 2,370
Intangible assets, net 31,239 31,534
Deferred income taxes 12,436 12,128
Other assets 225 251
Total Assets 96,344 95,357
Current Liabilities:    
Accounts payable 5,315 6,586
Capital leases 2,938 3,187
Current portion of long-term debt 5,314 1,842
Other current liabilities 2,872 3,641
Total Current Liabilities 16,439 15,256
Long-term debt, net of current portion 26,577 26,548
Capital leases 2,573 3,233
Other long-term liabilities 66  
Total Long-Term Liabilities 29,216 29,781
Total Liabilities 45,655 45,037
Stockholders' Equity:    
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued
Common stock, $.0001 par value: authorized 200,000,000 shares; issued and outstanding 22,867,335 and 22,669,675, as of December 31, 2016 and issued and outstanding 22,739,550 and 22,541,890, as of December 31, 2015, respectively. 2 2
Additional paid-in capital 91,829 91,238
Retained deficit (41,142) (40,920)
Total Stockholders' Equity 50,689 50,320
Total Liabilities and Stockholders' Equity $ 96,344 $ 95,357
v3.6.0.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net revenues:    
Rentals $ 62,210 $ 62,952
Product sales 8,287 7,589
Net revenues 70,497 70,541
Cost of revenues:    
Cost of revenues - Product, service and supply costs 16,206 13,802
Cost of revenues - Pump depreciation and loss on disposal 9,551 7,139
Gross profit 44,740 49,600
Selling, general and administrative expenses:    
Provision for doubtful accounts 5,631 5,234
Amortization of intangible assets 3,849 2,884
Selling and marketing 9,657 10,424
General and administrative 24,629 23,778
Total selling, general and administrative 43,766 42,320
Operating income 974 7,280
Other income (expense):    
Interest expense (1,344) (1,705)
Loss on extinguishment of long-term debt   (1,599)
Other income 6 13
Total other expense (1,338) (3,291)
Income before income taxes (364) 3,989
Income tax benefit (expense) 142 (1,204)
Net (loss) income $ (222) $ 2,785
Net (loss) income per share:    
Basic $ (0.01) $ 0.13
Diluted $ (0.01) $ 0.12
Weighted average shares outstanding:    
Basic 22,617,901 22,414,587
Diluted 22,617,901 22,843,235
v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES    
Net (loss) income $ (222) $ 2,785
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Loss on extinguishment of long-term debt   1,599
Provision for doubtful accounts 5,631 5,234
Depreciation 6,895 5,359
Loss/(gain) on disposal of medical equipment 641 591
Gain on sale of medical equipment (1,231) (2,441)
Amortization of intangible assets 3,849 2,884
Amortization of deferred debt issuance costs 31 127
Stock-based compensation expense 462 996
Deferred income tax expense (240) 1,137
Changes in Assets - (Increase)/Decrease:    
Accounts receivable (4,589) (7,556)
Inventories (250) (158)
Other current assets (88) (228)
Other assets 166 (497)
Changes in Liabilities - Increase/(Decrease):    
Accounts payable and other liabilities (3,146) (2,778)
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,909 7,054
INVESTING ACTIVITIES    
Acquisitions (370) (6,156)
Purchases of medical equipment (5,101) (4,198)
Purchases of property (168) (314)
Purchases of intangible assets (3,526) (5,733)
Proceeds from sale of medical equipment 3,821 4,494
NET CASH USED IN INVESTING ACTIVITIES (5,344) (11,907)
FINANCING ACTIVITIES    
Principal payments on term loans and capital lease obligations (66,999) (65,202)
Cash proceeds from bank loans and revolving credit facility 66,892 70,429
Debt Issuance Costs (7) (157)
Cash Proceeds - Stock Plans 204 265
Common stock repurchased to satisfy taxes on stock based compensation (75) (179)
NET CASH PROVIDED BY FINANCING ACTIVITIES 15 5,156
Net change in cash and cash equivalents 2,580 303
Cash and cash equivalents, beginning of year 818 515
Cash and cash equivalents, end of year 3,398 818
SUPPLEMENTAL DISCLOSURES    
Cash paid for interest 1,234 1,508
Cash paid for income taxes 105 146
NON-CASH TRANSACTIONS    
Additions to medical equipment and property (a) [1] 429 1,415
Medical equipment acquired pursuant to a capital lease $ 2,675 $ 4,233
[1] Amounts consist of current liabilities for medical equipment that have not been included in investing activities. These amounts have not been paid for as of December 31, 2016 and 2015, respectively, but will be included as a cash outflow from investing activities for purchases of medical equipment and property when paid.