Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 803 $ 3,398
Accounts receivable, less allowance for doubtful accounts of $6,847 and $4,989 at September 30, 2017 and December 31, 2016, respectively 10,971 11,581
Inventory 1,873 2,166
Other current assets 1,121 949
Deferred income taxes   2,675
Total Current Assets 14,768 20,769
Medical equipment held for sale or rental 1,200 1,642
Medical equipment in rental service, net of accumulated depreciation 24,301 28,036
Property & equipment, net of accumulated depreciation 1,711 1,997
Intangible assets, net 26,951 31,239
Deferred income taxes 16,334 12,436
Other assets 70 225
Total Assets 85,335 96,344
Current Liabilities:    
Accounts payable 4,093 5,315
Capital leases 584 2,938
Current portion of long-term debt 2,849 5,314
Other current liabilities 2,427 2,872
Total Current Liabilities 9,953 16,439
Long-term debt, net of current portion 26,535 26,577
Capital leases 101 2,573
Other long-term liabilities   66
Total Long-Term Liabilities 26,636 29,216
Total Liabilities 36,589 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, respectively, as of September 30, 2017 and 22,867,335 and 22,669,675, respectively, as of December 31, 2016 2 2
Additional paid-in capital 92,383 91,829
Retained deficit (43,639) (41,142)
Total Stockholders' Equity 48,746 50,689
Total Liabilities and Stockholders' Equity $ 85,335 $ 96,344
v3.8.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Net revenues:        
Rentals $ 15,322 $ 14,640 $ 45,228 $ 47,370
Product Sales 2,266 2,586 6,956 6,273
Net revenues 17,588 17,226 52,184 53,643
Cost of revenues:        
Cost of revenues - Product, service and supply costs 4,452 4,018 13,612 12,313
Cost of revenues - Pump depreciation and disposals 2,095 2,819 6,541 7,241
Gross profit 11,041 10,389 32,031 34,089
Selling, general and administrative expenses:        
Provision for doubtful accounts 1,274 1,098 4,456 3,912
Amortization of intangibles 1,384 958 4,182 2,792
Selling and marketing 2,262 2,490 7,443 7,629
General and administrative 5,561 5,267 18,451 18,328
Total selling, general and administrative 10,481 9,813 34,532 32,661
Operating income (loss) 560 576 (2,501) 1,428
Other (expense) income:        
Interest expense (354) (384) (1,015) (1,016)
Other (expense) income (8) (6) (111) 21
Total other expense (362) (390) (1,126) (995)
Income (loss) before income taxes 198 186 (3,627) 433
Income tax (expense) benefit (327) (130) 914 (183)
Net (loss) income $ (129) $ 56 $ (2,713) $ 250
Net (loss) income per share:        
Basic $ (0.01) $ 0.00 $ (0.12) $ 0.01
Diluted $ (0.01) $ 0.00 $ (0.12) $ 0.01
Weighted average shares outstanding:        
Basic 22,755,976 22,620,386 22,725,806 22,614,203
Diluted 22,755,976 22,995,643 22,725,806 23,059,794
v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Statement of Cash Flows [Abstract]    
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 4,102 $ 3,735
INVESTING ACTIVITIES    
Acquisition of business   (200)
Purchase of medical equipment and property (2,829) (6,997)
Proceeds from sale of medical equipment and property 3,518 2,511
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 689 (4,686)
FINANCING ACTIVITIES    
Principal payments on revolving credit facility, term loans and capital lease obligations (35,769) (44,197)
Cash proceeds from revolving credit facility 28,317 45,327
Debt issuance costs (38)  
Common stock repurchased to satisfy statutory withholding on employee stock based compensation plans (27) (50)
Cash proceeds from stock plans 131 125
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (7,386) 1,205
Net change in cash and cash equivalents (2,595) 254
Cash and cash equivalents, beginning of period 3,398 818
Cash and cash equivalents, end of period $ 803 $ 1,072