Financials

v3.20.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 1,939 $ 2,647
Accounts receivable, net 13,927 12,097
Inventories 3,973 2,899
Other current assets 1,587 1,662
Total current assets 21,426 19,305
Medical equipment for sale or rental 1,359 1,306
Medical equipment in rental service, net of accumulated depreciation 36,110 33,225
Property & equipment, net of accumulated depreciation 4,286 4,037
Intangible assets, net 12,238 15,463
Operating lease right of use assets 4,784 5,733
Other assets 105 155
Total assets 80,308 79,224
Current liabilities:    
Accounts payable 6,936 7,962
Current portion of long-term debt 7,759 8,082
Other current liabilities 5,009 5,803
Total current liabilities 19,704 21,847
Long-term debt, net of current portion 27,034 30,295
Deferred income taxes 120 104
Operating lease liabilities, net of current portion 4,061 4,644
Total liabilities 50,919 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 23,755,421 and 20,236,932, respectively, as of September 30, 2020 and 23,400,625 and 19,882,136, respectively, as of December 31, 2019 2 2
Additional paid-in capital 84,092 83,699
Retained deficit (54,705) (61,367)
Total stockholders’ equity 29,389 22,334
Total liabilities and stockholders’ equity $ 80,308 $ 79,224
v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net revenues $ 25,125 $ 21,489 $ 72,677 $ 59,405
Cost of revenues 10,003 9,251 28,914 25,470
Gross profit 15,122 12,238 43,763 33,935
Selling, general and administrative expenses:        
Provision for doubtful accounts 11 160 534 (30)
Amortization of intangibles 1,075 1,077 3,225 3,326
Selling and marketing 2,196 2,402 7,263 7,480
General and administrative 8,587 6,936 24,949 20,945
Total selling, general and administrative 11,869 10,575 35,971 31,721
Operating income 3,253 1,663 7,792 2,214
Other expense:        
Interest expense (283) (488) (1,018) (1,436)
Other income (expense) 8 (11) (20) (71)
Income before income taxes 2,978 1,164 6,754 707
Provision for income taxes (38) (29) (92) (151)
Net income $ 2,940 $ 1,135 $ 6,662 $ 556
Net income per share:        
Basic (in dollars per share) $ 0.15 $ 0.06 $ 0.33 $ 0.03
Diluted (in dollars per share) $ 0.14 $ 0.05 $ 0.31 $ 0.03
Weighted average shares outstanding:        
Basic (in shares) 20,179,056 19,781,527 20,060,416 19,690,737
Diluted (in shares) 21,663,414 20,679,431 21,637,481 20,503,933
v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net income (in thousands) $ 6,662 $ 556
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 534 (30)
Depreciation 7,267 5,727
Loss on disposal of medical equipment and other assets 150 390
Gain on sale of medical equipment (2,949) (1,264)
Amortization of intangible assets 3,225 3,326
Amortization of deferred debt issuance costs 13 29
Stock-based compensation 1,222 780
Deferred income taxes 16 76
Changes in assets - (Increase)/Decrease:    
Accounts receivable (1,490) (735)
Inventories (1,074) (514)
Other current assets 75 (233)
Other assets (114) (326)
Changes in liabilities - Increase/(Decrease):    
Accounts payable and other liabilities (869) 1,752
NET CASH PROVIDED BY OPERATING ACTIVITIES 12,668 9,534
INVESTING ACTIVITIES    
Purchase of medical equipment (11,955) (15,005)
Purchase of property and equipment (865) (1,415)
Proceeds from sale of medical equipment, property and equipment 3,870 2,239
NET CASH USED IN INVESTING ACTIVITIES (8,950) (14,181)
FINANCING ACTIVITIES    
Principal payments on term loans, equipment line, revolving credit facility and other financing (35,458) (3,915)
Cash proceeds from 2019 equipment line, equipment line, revolving credit facility and other financing 31,861 7,462
Debt issuance costs (3)
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (1,269) (295)
Cash proceeds from stock plans 190 237
Common stock - issued 250
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (4,426) 3,486
Net change in cash and cash equivalents (708) (1,161)
Cash and cash equivalents, beginning of period 2,647 4,318
Cash and cash equivalents, end of period $ 1,939 $ 3,157