Financials

v3.20.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 482 $ 2,647
Accounts receivable, net 16,613 12,097
Inventories 4,262 2,899
Other current assets 1,457 1,662
Total current assets 22,814 19,305
Medical equipment for sale or rental 1,297 1,306
Medical equipment in rental service, net of accumulated depreciation 36,962 33,225
Property & equipment, net of accumulated depreciation 4,424 4,037
Intangible assets, net 13,313 15,463
Operating lease right of use assets 5,018 5,733
Other assets 141 155
Total assets 83,969 79,224
Current liabilities:    
Accounts payable 7,841 7,962
Current portion of long-term debt 7,526 8,082
Other current liabilities 4,750 5,803
Total current liabilities 20,117 21,847
Long-term debt, net of current portion 33,342 30,295
Deferred income taxes 116 104
Operating lease liabilities, net of current portion 4,192 4,644
Total liabilities 57,767 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 23,651,557 and 20,133,068, respectively, as of June 30, 2020 and 23,400,625 and 19,882,136, respectively, as of December 31, 2019 2 2
Additional paid-in capital 83,845 83,699
Retained deficit (57,645) (61,367)
Total stockholders’ equity 26,202 22,334
Total liabilities and stockholders’ equity $ 83,969 $ 79,224
v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net revenues $ 25,999 $ 19,723 $ 47,552 $ 37,916
Cost of revenues 10,021 8,367 18,911 16,219
Gross profit 15,978 11,356 28,641 21,697
Selling, general and administrative expenses:        
Provision for doubtful accounts 238 (91) 523 (190)
Amortization of intangible assets 1,075 1,124 2,150 2,249
Selling and marketing 2,449 2,476 5,067 5,078
General and administrative 7,710 6,876 16,362 14,009
Total selling, general and administrative 11,472 10,385 24,102 21,146
Operating income 4,506 971 4,539 551
Other expense:        
Interest expense (332) (488) (735) (948)
Other expense (9) (39) (28) (60)
Income (loss) before income taxes 4,165 444 3,776 (457)
Provision for income taxes (25) (63) (54) (122)
Net income (loss) $ 4,140 $ 381 $ 3,722 $ (579)
Net income (loss) per share:        
Basic (in dollars per share) $ 0.21 $ 0.02 $ 0.19 $ (0.03)
Diluted (in dollars per share) $ 0.19 $ 0.02 $ 0.17 $ (0.03)
Weighted average shares outstanding:        
Basic (in shares) 20,082,590 19,708,422 20,000,444 19,644,590
Diluted (in shares) 21,635,705 20,583,434 21,598,071 19,644,590
v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income (loss) $ 3,722 $ (579)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for doubtful accounts 523 (190)
Depreciation 4,782 3,676
Loss on disposal of medical equipment and other assets 77 303
Gain on sale of medical equipment (3,224) (837)
Amortization of intangible assets 2,150 2,249
Amortization of deferred debt issuance costs 9 19
Stock-based compensation 563 530
Deferred income taxes 12 76
Changes in assets - (Increase)/Decrease:    
Accounts receivable (2,115) (643)
Inventories (1,363) (488)
Other current assets 205 4
Other assets (123) (165)
Changes in liabilities - Increase/(Decrease):    
Accounts payable and other liabilities (956) 364
NET CASH PROVIDED BY OPERATING ACTIVITIES 4,262 4,319
INVESTING ACTIVITIES    
Purchase of medical equipment (8,783) (7,595)
Purchase of property and equipment (680) (298)
Proceeds from sale of medical equipment, property and equipment 971 1,333
NET CASH USED IN INVESTING ACTIVITIES (8,492) (6,560)
FINANCING ACTIVITIES    
Principal payments on term loans, equipment line, revolving credit facility and other financing (23,777) (2,256)
Cash proceeds from 2019 equipment line, revolving credit facility and other financing 26,259 2,024
Debt issuance costs (3)
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (741) (208)
Cash proceeds from stock plans 74 68
Common stock - issued 250
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 2,065 (375)
Net change in cash and cash equivalents (2,165) (2,616)
Cash and cash equivalents, beginning of period 2,647 4,318
Cash and cash equivalents, end of period $ 482 $ 1,702