Financials

v3.8.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
ASSETS    
Cash and cash equivalents $ 1,530 $ 3,469
Accounts receivable, less allowance for doubtful accounts of $6,420 and $6,514 at March 31, 2018 and December 31, 2017, respectively 11,087 11,385
Inventories 2,063 1,764
Other current assets 1,114 1,049
Total current assets 15,794 17,667
Medical equipment held for sale or rental 1,481 1,567
Medical equipment in rental service, net of accumulated depreciation 22,681 23,369
Property & equipment, net of accumulated depreciation 1,546 1,633
Intangible assets, net 23,327 24,514
Other assets 136 131
Total assets 64,965 68,881
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable 5,545 5,516
Capital lease liability, current 389 505
Current portion of long-term debt 3,039 3,039
Other current liabilities 1,935 3,414
Total current liabilities 10,908 12,474
Long-term debt, net of current portion 22,719 25,352
Capital lease liability, long-term 33
Deferred income taxes 86 62
Other long-term liabilities 20 7
Total liabilities 33,733 37,928
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 23,003,435 and 22,773,511, respectively, as of March 31, 2018 and 22,978,398 and 22,780,738, respectively, as of December 31, 2017 2 2
Additional paid-in capital 92,659 92,584
Retained deficit (61,429) (61,633)
Total stockholders’ equity 31,232 30,953
Total liabilities and stockholders’ equity $ 64,965 $ 68,881
v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Net revenues:    
Rentals $ 14,421 $ 15,137
Product sales 2,062 2,517
Net revenues 16,483 17,654
Cost of revenues:    
Cost of revenues — Product, service and supply costs 4,479 4,536
Cost of revenues — Pump depreciation and disposals 1,931 2,469
Gross profit 10,073 10,649
Selling, general and administrative expenses:    
Provision for doubtful accounts 1,856
Amortization of intangibles 1,187 1,411
Selling and marketing 2,301 2,886
General and administrative 5,997 6,465
Total selling, general and administrative 9,485 12,618
Operating income (loss) 588 (1,969)
Other expense:    
Interest expense (315) (328)
Other expense (11) (37)
Income (loss) before income taxes 262 (2,334)
(Provision for) benefit from income taxes (58) 856
Net income (loss) $ 204 $ (1,478)
Net income (loss) per share:    
Basic (in dollars per share) $ 0.01 $ (0.07)
Diluted (in dollars per share) $ 0.01 $ (0.07)
Weighted average shares outstanding:    
Basic (in shares) 22,799,221 22,680,562
Diluted (in shares) 22,857,121 22,680,562
v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 1,025 $ (1,442)
INVESTING ACTIVITIES    
Purchase of medical equipment and property (1,213) (1,015)
Proceeds from sale of medical equipment and property 1,076 1,525
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (137) 510
FINANCING ACTIVITIES    
Principal payments on revolving credit facility, term loans and capital lease obligations (2,790) (6,413)
Cash proceeds from revolving credit facility 4,099
Debt issuance costs (25)
Common stock repurchased to satisfy statutory withholding on employee stock based compensation plans (20)
Common stock repurchased as part of Repurchase Program (83)
Cash proceeds from stock plans 46 87
NET CASH USED IN FINANCING ACTIVITIES (2,827) (2,272)
Net change in cash and cash equivalents (1,939) (3,204)
Cash and cash equivalents, beginning of period 3,469 3,398
Cash and cash equivalents, end of period $ 1,530 $ 194