Financials

v3.21.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 9,648 $ 2,647
Accounts receivable, net 14,720 12,097
Inventories 3,001 2,899
Other current assets 2,402 1,662
Total current assets 29,771 19,305
Medical equipment for sale or rental 1,603 1,306
Medical equipment in rental service, net of accumulated depreciation 35,611 33,225
Property & equipment, net of accumulated depreciation 4,296 4,037
Intangible assets, net 11,177 15,463
Operating lease right of use assets 4,461 5,733
Deferred income taxes 9,967
Other assets 105 155
Total assets 96,991 79,224
Current liabilities:    
Accounts payable 6,779 7,962
Current portion of long-term debt 9,423 8,082
Other current liabilities 6,795 5,803
Total current liabilities 22,997 21,847
Long-term debt, net of current portion 29,378 30,295
Deferred income taxes 104
Operating lease liabilities, net of current portion 3,864 4,644
Total liabilities 56,239 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 23,816,193 and 20,297,704, as of December 31, 2020, respectively, and issued and outstanding 23,400,625 and 19,882,136, as of December 31, 2019, respectively. 2 2
Additional paid-in capital 84,785 83,699
Retained deficit (44,035) (61,367)
Total stockholders’ equity 40,752 22,334
Total liabilities and stockholders’ equity $ 96,991 $ 79,224
v3.21.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Net revenues $ 97,388 $ 81,115
Cost of revenues 38,629 34,233
Gross profit 58,759 46,882
Selling, general and administrative expenses:    
Provision for doubtful accounts 791 37
Amortization of intangibles 4,285 4,402
Selling and marketing 9,661 9,932
General and administrative 35,195 28,986
Total selling, general and administrative 49,932 43,357
Operating income 8,827 3,525
Other expense:    
Interest expense (1,255) (1,904)
Other expense (29) (97)
Income before income taxes 7,543 1,524
Benefit from (provision for) income taxes 9,789 (163)
Net income $ 17,332 $ 1,361
Net income per share:    
Basic (in dollars per share) $ 0.86 $ 0.07
Diluted (in dollars per share) $ 0.80 $ 0.07
Weighted average common shares outstanding:    
Basic (in shares) 20,106,940 19,731,498
Diluted (in shares) 21,717,216 20,839,396
v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES    
Net income $ 17,332 $ 1,361
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 791 37
Depreciation 9,740 7,940
Loss on disposal of medical equipment and other assets 418 638
Gain on sale of medical equipment (3,577) (1,453)
Amortization of intangible assets 4,285 4,402
Amortization of deferred debt issuance costs 17 37
Stock-based compensation 2,610 997
Deferred income taxes (10,071) 104
Changes in Assets - Increase:    
Accounts receivable (2,631) (1,560)
Inventories (102) (645)
Other current assets (740) (290)
Other assets (186) (129)
Changes in Liabilities - Increase:    
Accounts payable and other liabilities 2,394 2,436
NET CASH PROVIDED BY OPERATING ACTIVITIES 20,280 13,875
INVESTING ACTIVITIES    
Purchase of medical equipment (15,820) (19,669)
Purchase of property and equipment (1,094) (2,926)
Proceeds from sale of medical equipment, property and equipment 4,752 2,952
NET CASH USED IN INVESTING ACTIVITIES (12,162) (19,643)
FINANCING ACTIVITIES    
Principal payments on term loans, equipment line, revolving credit facility and other financing (37,180) (4,868)
Cash proceeds from 2019 equipment line, equipment line, revolving credit facility and other financing 37,587 9,436
Debt issuance costs (6)
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (1,714) (717)
Cash proceeds from stock plans 190 252
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (1,117) 4,097
Net change in cash and cash equivalents 7,001 (1,671)
Cash and cash equivalents, beginning of year 2,647 4,318
Cash and cash equivalents, end of year 9,648 2,647
SUPPLEMENTAL DISCLOSURES    
Cash paid for interest 1,214 1,705
Cash paid for income taxes 102 111
NON-CASH TRANSACTIONS    
Additions to medical equipment and property [1] $ 793 $ 2,773
[1] Amounts consist of current liabilities for medical equipment that have not been included in investing activities. These amounts have not been paid for as of December 31, 2020 and 2019, respectively, but will be included as a cash outflow from investing activities for purchases of medical equipment and property when paid.