Financials

v3.20.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 305 $ 2,647
Accounts receivable, net 13,985 12,097
Inventories 4,232 2,899
Other current assets 2,002 1,662
Total current assets 20,524 19,305
Medical equipment for sale or rental 3,040 1,306
Medical equipment in rental service, net of accumulated depreciation 34,806 33,225
Property & equipment, net of accumulated depreciation 4,382 4,037
Intangible assets, net 14,388 15,463
Operating lease right of use assets 5,380 5,733
Other assets 158 155
Total assets 82,678 79,224
Current liabilities:    
Accounts payable 12,795 7,962
Current portion of long-term debt 7,295 8,082
Other current liabilities 3,708 5,803
Total current liabilities 23,798 21,847
Long-term debt, net of current portion 32,325 30,295
Deferred income taxes 113 104
Operating lease liabilities, net of current portion 4,422 4,644
Total liabilities 60,658 56,890
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 23,543,414 and 20,024,925, respectively, as of March 31, 2020 and 23,400,625 and 19,882,136, respectively, as of December 31, 2019 2 2
Additional paid-in capital 83,803 83,699
Retained deficit (61,785) (61,367)
Total stockholders’ equity 22,020 22,334
Total liabilities and stockholders’ equity $ 82,678 $ 79,224
v3.20.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Net revenues $ 21,553 $ 18,193
Cost of revenues 8,890 7,852
Gross profit 12,663 10,341
Selling, general and administrative expenses:    
Provision for doubtful accounts 285 (98)
Amortization of intangibles 1,075 1,125
Selling and marketing 2,618 2,602
General and administrative 8,652 7,132
Total selling, general and administrative 12,630 10,761
Operating income (loss) 33 (420)
Other expense:    
Interest expense (403) (460)
Other expense (19) (21)
Loss before income taxes (389) (901)
Provision for income taxes (29) (59)
Net loss $ (418) $ (960)
Net loss per share:    
Basic and diluted (in dollars per share) $ (0.02) $ (0.05)
Weighted average shares outstanding:    
Basic and diluted (in shares) 19,918,298 19,580,049
v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 557 $ 1,269
INVESTING ACTIVITIES    
Purchase of medical equipment and property (4,536) (3,535)
Proceeds from sale of medical equipment and property 500 764
NET CASH USED IN INVESTING ACTIVITIES (4,036) (2,771)
FINANCING ACTIVITIES    
Principal payments on term loans, equipment line, revolving credit facility and other financing (9,229) (929)
Cash proceeds from 2019 equipment line and revolving credit facility 10,468
Debt issuance costs (3)
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (426) (37)
Cash proceeds - stock plans 74 53
Common stock - issued 250
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,137 (916)
Net change in cash and cash equivalents (2,342) (2,418)
Cash and cash equivalents, beginning of period 2,647 4,318
Cash and cash equivalents, end of period $ 305 $ 1,900