Financials

v3.10.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 3,882 $ 3,469
Accounts receivable, less allowance for doubtful accounts of $5,769 and $6,514 at September 30, 2018 and December 31, 2017, respectively 10,043 11,385
Inventories 1,985 1,764
Other current assets 1,303 1,049
Total Current assets 17,213 17,667
Medical equipment held for sale or rental 2,214 1,567
Medical equipment in rental service, net of accumulated depreciation 21,932 23,369
Property & equipment, net of accumulated depreciation 1,494 1,633
Intangible assets, net 21,002 24,514
Other assets 137 131
Total assets 63,992 68,881
Current liabilities:    
Accounts payable 7,059 5,516
Capital lease liability, current 101 505
Current portion of long-term debt 4,775 3,039
Other current liabilities 2,727 3,414
Total current liabilities 14,662 12,474
Long-term debt, net of current portion 28,661 25,352
Capital lease liability, long-term 33
Deferred income taxes 62 62
Other long-term liabilities 7
Total liabilities 43,385 37,928
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 23,050,984 and 19,565,091, respectively, as of September 30, 2018 and 22,978,398 and 22,780,738, respectively, as of December 31, 2017 2 2
Additional paid-in capital 83,058 92,584
Retained deficit (62,453) (61,633)
Total Stockholders’ equity 20,607 30,953
Total liabilities and stockholders’ equity $ 63,992 $ 68,881
v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net revenues:        
Rentals $ 13,773 $ 15,322 $ 42,246 $ 45,228
Product Sales 2,904 2,266 7,329 6,956
Net revenues 16,677 17,588 49,575 52,184
Cost of revenues:        
Cost of revenues — Product, service and supply costs 4,896 4,452 14,180 13,612
Cost of revenues — Pump depreciation and disposals 2,233 2,095 6,221 6,541
Gross profit 9,548 11,041 29,174 32,031
Selling, general and administrative expenses:        
Provision for doubtful accounts 1,274 4,456
Amortization of intangibles 1,160 1,384 3,512 4,182
Selling and marketing 2,323 2,262 6,950 7,443
General and administrative 6,160 5,561 18,423 18,451
Total selling, general and administrative 9,643 10,481 28,885 34,532
Operating (loss) income (95) 560 289 (2,501)
Other expense:        
Interest expense (370) (354) (981) (1,015)
Other expense (9) (8) (19) (111)
(Loss) income before income taxes (474) 198 (711) (3,627)
(Provision for) benefit from income taxes (45) (327) (109) 914
Net loss $ (519) $ (129) $ (820) $ (2,713)
Net loss per share:        
Basic and diluted (in dollars per share) $ (0.03) $ (0.01) $ (0.04) $ (0.12)
Weighted average shares outstanding:        
Basic and diluted (in shares) 20,672,688 22,755,976 22,043,213 22,725,806
v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 8,095 $ 4,102
INVESTING ACTIVITIES    
Purchase of medical equipment and property (4,962) (2,829)
Proceeds from sale of medical equipment and property 2,900 3,518
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (2,062) 689
FINANCING ACTIVITIES    
Principal payments on revolving credit facility, term loans and capital lease obligations (5,048) (35,769)
Cash proceeds from credit facility 9,660 28,317
Debt issuance costs (27) (38)
Common stock repurchased to satisfy statutory withholding on employee stock based compensation plans (5) (27)
Common stock repurchased as part of Repurchase Program (10,291)
Cash proceeds from stock plans 91 131
NET CASH USED IN FINANCING ACTIVITIES (5,620) (7,386)
Net change in cash and cash equivalents 413 (2,595)
Cash and cash equivalents, beginning of period 3,469 3,398
Cash and cash equivalents, end of period $ 3,882 $ 803