Financials

v3.21.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 164 $ 9,648
Accounts receivable, net 15,525 14,720
Inventories 3,722 3,001
Other current assets 2,264 2,402
Total current assets 21,675 29,771
Medical equipment for sale or rental 2,955 1,603
Medical equipment in rental service, net of accumulated depreciation 35,401 35,611
Property & equipment, net of accumulated depreciation 4,319 4,296
Goodwill 3,711 0
Intangible assets, net 13,053 11,177
Operating lease right of use assets 4,102 4,461
Deferred income taxes 10,612 9,967
Other assets 169 105
Total assets 95,997 96,991
Current liabilities:    
Accounts payable 7,804 6,779
Current portion of long-term debt 520 9,423
Other current liabilities 7,525 6,795
Total current liabilities 15,849 22,997
Long-term debt, net of current portion 31,940 29,378
Operating lease liabilities, net of current portion 3,508 3,864
Total liabilities 51,297 56,239
Stockholders’ equity:    
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued 0 0
Common stock, $.0001 par value: authorized 200,000,000 shares; issued and outstanding 24,084,117 and 20,565,628, respectively, as of June 30, 2021, and issued and outstanding 23,816,193 and 20,297,704, respectively, as of December 31, 2020 2 2
Additional paid-in capital 87,213 84,785
Accumulated other comprehensive income 39 0
Retained deficit (42,554) (44,035)
Total stockholders’ equity 44,700 40,752
Total liabilities and stockholders’ equity $ 95,997 $ 96,991
v3.21.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Net revenues $ 24,834 $ 25,999 $ 49,297 $ 47,552
Cost of revenues 9,784 10,021 19,671 18,911
Gross profit 15,050 15,978 29,626 28,641
Selling, general and administrative expenses:        
Provision for doubtful accounts (39) 238 (109) 523
Amortization of intangibles 1,096 1,075 2,139 2,150
Selling and marketing 2,680 2,449 5,056 5,067
General and administrative 10,617 7,710 20,971 16,362
Total selling, general and administrative 14,354 11,472 28,057 24,102
Operating income 696 4,506 1,569 4,539
Other expense:        
Interest expense (317) (332) (639) (735)
Other expense (37) (9) (106) (28)
Income before income taxes 342 4,165 824 3,776
Benefit from (provision for) income taxes 478 (25) 657 (54)
Net income $ 820 $ 4,140 $ 1,481 $ 3,722
Net income per share:        
Basic (in dollars per share) $ 0.04 $ 0.21 $ 0.07 $ 0.19
Diluted (in dollars per share) $ 0.04 $ 0.19 $ 0.07 $ 0.17
Weighted average common shares outstanding:        
Basic (in shares) 20,487,845 20,082,590 20,413,416 20,000,444
Diluted (in shares) 22,065,486 21,635,705 22,017,455 21,598,071
Comprehensive income:        
Net income $ 820 $ 4,140 $ 1,481 $ 3,722
Other comprehensive income:        
Unrealized (loss) gain on hedges (106) 0 52 0
Provision for income tax on unrealized hedge gain or loss (13) 0 (13) 0
Net comprehensive income $ 701 $ 4,140 $ 1,520 $ 3,722
v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net income $ 1,481 $ 3,722
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts (109) 523
Depreciation 5,090 4,782
Loss on disposal of and reserve adjustments for medical equipment 640 77
Gain on sale of medical equipment (375) (3,224)
Amortization of intangible assets 2,139 2,150
Amortization of deferred debt issuance costs 114 9
Stock-based compensation 3,007 563
Deferred income taxes (658) 12
Changes in assets - (increase)/decrease:    
Accounts receivable (329) (2,115)
Inventories (647) (1,363)
Other current assets 138 205
Other assets (70) (123)
Changes in liabilities - (decrease)/increase:    
Accounts payable and other liabilities (1,607) (956)
NET CASH PROVIDED BY OPERATING ACTIVITIES 8,814 4,262
INVESTING ACTIVITIES    
Acquisition of business (7,490) 0
Purchase of medical equipment (4,943) (8,783)
Purchase of property and equipment (334) (680)
Proceeds from sale of medical equipment, property and equipment 1,503 971
NET CASH USED IN INVESTING ACTIVITIES (11,264) (8,492)
FINANCING ACTIVITIES    
Principal payments on long-term debt (53,982) (23,777)
Cash proceeds from long-term debt 47,913 26,259
Debt issuance costs (386) 0
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (1,141) (741)
Cash proceeds from stock plans 562 74
Common stock - issued 0 250
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (7,034) 2,065
Net change in cash and cash equivalents (9,484) (2,165)
Cash and cash equivalents, beginning of period 9,648 2,647
Cash and cash equivalents, end of period $ 164 $ 482