Financials

v3.21.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 2,761 $ 9,648
Accounts receivable, net 14,693 14,720
Inventories 3,229 3,001
Other current assets 2,804 2,402
Total current assets 23,487 29,771
Medical equipment for sale or rental 1,045 1,603
Medical equipment in rental service, net of accumulated depreciation 35,769 35,611
Property & equipment, net of accumulated depreciation 4,327 4,296
Intangible assets, net 11,321 11,177
Operating lease right of use assets 4,376 4,461
Deferred income taxes 10,147 9,967
Other assets 115 105
Total assets 90,587 96,991
Current liabilities:    
Accounts payable 6,553 6,779
Current portion of long-term debt 671 9,423
Other current liabilities 4,934 6,795
Total current liabilities 12,158 22,997
Long-term debt, net of current portion 31,747 29,378
Operating lease liabilities, net of current portion 3,733 3,864
Total liabilities 47,638 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 23,915,091 and 20,396,602, respectively, as of March 31, 2021, and issued and outstanding 23,816,193 and 20,297,704, respectively, as of December 31, 2020 2 2
Additional paid-in capital 86,163 84,785
Accumulated other comprehensive income 158 0
Retained deficit (43,374) (44,035)
Total stockholders’ equity 42,949 40,752
Total liabilities and stockholders’ equity $ 90,587 $ 96,991
v3.21.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net revenues $ 24,463 $ 21,553
Cost of revenues 9,887 8,890
Gross profit 14,576 12,663
Selling, general and administrative expenses:    
Provision for doubtful accounts (70) 285
Amortization of intangibles 1,043 1,075
Selling and marketing 2,376 2,618
General and administrative 10,354 8,652
Total selling, general and administrative 13,703 12,630
Operating income 873 33
Other expense:    
Interest expense (322) (403)
Other expense (69) (19)
Income (Loss) before income taxes 482 (389)
Benefit from (provision for) income taxes 179 (29)
Net income (loss) $ 661 $ (418)
Net income (loss) per share:    
Basic (in dollars per share) $ 0.03 $ (0.02)
Diluted (in dollars per share) $ 0.03 $ (0.02)
Weighted average common shares outstanding:    
Basic (in shares) 20,338,160 19,918,298
Diluted (in shares) 21,937,639 19,918,298
Comprehensive income (loss):    
Net income (loss) $ 661 $ (418)
Other comprehensive income:    
Unrealized gain on hedges 158 0
Net comprehensive income (loss) $ 819 $ (418)
v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net income (loss) $ 661 $ (418)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for doubtful accounts (70) 285
Depreciation 2,527 2,328
Loss on disposal of and reserve adjustments for medical equipment 597 105
Loss (Gain) on sale of medical equipment 89 (1,140)
Amortization of intangible assets 1,043 1,075
Amortization of deferred debt issuance costs 96 4
Stock-based compensation 1,635 206
Deferred income taxes (180) 9
Changes in assets - (Increase)/Decrease:    
Accounts receivable (420) (1,628)
Inventories (154) (1,333)
Other current assets (244) (340)
Other assets (40) (19)
Changes in liabilities - (Decrease)/Increase:    
Accounts payable and other liabilities (2,889) 1,423
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,651 557
INVESTING ACTIVITIES    
Acquisition of business (1,204) 0
Purchase of medical equipment (2,336) (4,007)
Purchase of property and equipment (138) (529)
Proceeds from sale of medical equipment, property and equipment 876 500
NET CASH USED IN INVESTING ACTIVITIES (2,802) (4,036)
FINANCING ACTIVITIES    
Principal payments on long-term debt (40,093) (9,229)
Cash proceeds from long-term debt 34,000 10,468
Debt issuance costs (386) 0
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (565) (426)
Cash proceeds from stock plans 308 74
Common stock - issued 0 250
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (6,736) 1,137
Net change in cash and cash equivalents (6,887) (2,342)
Cash and cash equivalents, beginning of period 9,648 2,647
Cash and cash equivalents, end of period $ 2,761 $ 305