Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 3,469 $ 3,398
Accounts receivable, less allowance for doubtful accounts of $6,514 and $4,989 at December 31, 2017 and 2016, respectively 11,385 11,581
Inventories 1,764 2,166
Other current assets 1,049 949
Deferred income taxes 2,675
Total Current Assets 17,667 20,769
Medical Equipment held for sale or rental 1,567 1,642
Medical equipment in rental service, net of accumulated depreciation 23,369 28,036
Property & equipment, net of accumulated depreciation 1,633 1,997
Intangible assets, net 24,514 31,239
Deferred income taxes 12,436
Other assets 131 225
Total Assets 68,881 96,344
Current Liabilities:    
Accounts payable 5,516 5,315
Capital lease liability, current 505 2,938
Current portion of long-term debt 3,039 5,314
Other current liabilities 3,414 2,872
Total Current Liabilities 12,474 16,439
Long-term debt, net of current portion 25,352 26,577
Capital lease liability, long-term 33 2,573
Deferred income taxes 62
Other long-term liabilities 7 66
Total Long-Term Liabilities 25,454 29,216
Total Liabilities 37,928 45,655
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 22,978,398 and 22,780,738, as of December 31, 2017, respectively, and issued and outstanding 22,867,335 and 22,669,675, as of December 31, 2016, respectively. 2 2
Additional paid-in capital 92,584 91,829
Retained deficit (61,633) (41,142)
Total Stockholders’ Equity 30,953 50,689
Total Liabilities and Stockholders’ Equity $ 68,881 $ 96,344
v3.8.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Net revenues:    
Rentals $ 61,085 $ 62,210
Product sales 9,992 8,287
Net revenues 71,077 70,497
Cost of revenues:    
Cost of revenues — Product, service and supply costs 18,367 16,206
Cost of revenues — Pump depreciation and loss on disposal 9,349 9,551
Gross profit 43,361 44,740
Selling, general and administrative expenses:    
Provision for doubtful accounts 5,641 5,631
Amortization of intangible assets 5,560 3,849
Asset impairment charges 993
Selling and marketing 9,779 9,657
General and administrative 25,200 24,629
Total selling, general and administrative 47,173 43,766
Operating (loss) income (3,812) 974
Other (expense) income:    
Interest expense (1,332) (1,344)
Other (expense) income (113) 6
Total other expense (1,445) (1,338)
Loss before income taxes (5,257) (364)
Income tax (expense) benefit (15,450) 142
Net loss $ (20,707) $ (222)
Net loss per share:    
Basic (in dollars per share) $ (0.91) $ (0.01)
Diluted (in dollars per share) $ (0.91) $ (0.01)
Weighted average common shares outstanding:    
Basic (in shares) 22,739,651 22,617,901
Diluted (in shares) 22,739,651 22,617,901
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES    
Net loss $ (20,707) $ (222)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for doubtful accounts 5,641 5,631
Depreciation 6,963 6,895
Loss on disposal of medical equipment 207 641
Gain on sale of medical equipment (1,797) (1,231)
Amortization of intangible assets 5,560 3,849
Asset impairment charges 993
Amortization of deferred debt issuance costs 28 31
Stock-based compensation expense 682 462
Deferred income tax benefit (expense) 15,389 (240)
Changes in Assets - (Increase)/Decrease:    
Accounts receivable (5,445) (4,589)
Inventories 402 (250)
Other current assets (100) (88)
Other assets 119 166
Changes in Liabilities - Increase/(Decrease):    
Accounts payable and other liabilities (352) (3,146)
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,583 7,909
INVESTING ACTIVITIES    
Acquisitions (370)
Purchases of medical equipment (3,299) (5,101)
Purchases of property and equipment (104) (168)
Purchases of intangible assets (192) (3,526)
Proceeds from sale of medical equipment 4,648 3,821
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,053 (5,344)
FINANCING ACTIVITIES    
Principal payments on term loans and capital lease obligations (37,466) (66,999)
Cash proceeds from bank loans and revolving credit facility 28,866 66,892
Debt Issuance Costs (38) (7)
Cash Proceeds - Stock Plans 131 204
Common stock repurchased to satisfy taxes on stock based compensation (58) (75)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (8,565) 15
Net change in cash and cash equivalents 71 2,580
Cash and cash equivalents, beginning of year 3,398 818
Cash and cash equivalents, end of year 3,469 3,398
SUPPLEMENTAL DISCLOSURES    
Cash paid for interest 1,200 1,234
Cash paid for income taxes 139 105
NON-CASH TRANSACTIONS    
Additions to medical equipment and property [1] 549 429
Medical equipment acquired pursuant to a capital lease $ 137 $ 2,675
[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, 2017 and 2016, respectively, but will be included as a cash outflow from investing activities for purchases of medical equipment and property when paid.