Financials

v3.10.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 2,361 $ 3,469
Accounts receivable, less allowance for doubtful accounts of $6,215 and $6,514 at June 30, 2018 and December 31, 2017, respectively 9,892 11,385
Inventories 1,991 1,764
Other current assets 1,634 1,049
Total Current assets 15,878 17,667
Medical equipment held for sale or rental 1,646 1,567
Medical equipment in rental service, net of accumulated depreciation 22,154 23,369
Property & equipment, net of accumulated depreciation 1,540 1,633
Intangible assets, net 22,162 24,514
Other assets 137 131
Total assets 63,517 68,881
Current liabilities:    
Accounts payable 5,985 5,516
Capital lease liability, current 238 505
Current portion of long-term debt 3,037 3,039
Other current liabilities 2,407 3,414
Total current liabilities 11,667 12,474
Long-term debt, net of current portion 21,961 25,352
Capital lease liability, long-term 33
Deferred income taxes 62 62
Other long-term liabilities 172 7
Total liabilities 33,862 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 23,032,493 and 22,454,291, respectively, as of June 30, 2018 and 22,978,398 and 22,780,738, respectively, as of December 31, 2017 2 2
Additional paid-in capital 91,587 92,584
Retained deficit (61,934) (61,633)
Total Stockholders’ equity 29,655 30,953
Total liabilities and stockholders’ equity $ 63,517 $ 68,881
v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net revenues:        
Rentals $ 14,052 $ 14,769 $ 28,473 $ 29,906
Product Sales 2,363 2,173 4,425 4,690
Net revenues 16,415 16,942 32,898 34,596
Cost of revenues:        
Cost of revenues — Product, service and supply costs 4,805 4,624 9,284 9,160
Cost of revenues — Pump depreciation and disposals 2,057 1,977 3,988 4,446
Gross profit 9,553 10,341 19,626 20,990
Selling, general and administrative expenses:        
Provision for doubtful accounts 1,326 3,182
Amortization of intangibles 1,165 1,387 2,352 2,798
Selling and marketing 2,326 2,295 4,627 5,181
General and administrative 6,266 6,425 12,263 12,890
Total selling, general and administrative 9,757 11,433 19,242 24,051
Operating (loss) income (204) (1,092) 384 (3,061)
Other (expense) income:        
Interest expense (296) (333) (611) (661)
Other income (expense) 1 (66) (10) (103)
Loss before income taxes (499) (1,491) (237) (3,825)
(Provision for) benefit from income taxes (6) 385 (64) 1,241
Net loss $ (505) $ (1,106) $ (301) $ (2,584)
Net loss per share:        
Basic and diluted (in dollars per share) $ (0.02) $ (0.05) $ (0.01) $ (0.11)
Weighted average common shares outstanding:        
Basic (in shares) 22,703,415 22,740,050 22,751,318 22,710,470
v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 4,803 $ 1,231
INVESTING ACTIVITIES    
Purchase of medical equipment and property (2,927) (1,893)
Proceeds from sale of medical equipment and property 1,947 2,623
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (980) 730
FINANCING ACTIVITIES    
Principal payments on revolving credit facility, term loans and capital lease obligations (3,708) (24,419)
Cash proceeds from revolving credit facility 19,105
Debt issuance costs (28)
Common stock repurchased to satisfy statutory withholding on employee stock based compensation plans (5) (28)
Common stock repurchased as part of Repurchase Program (1,264)
Cash proceeds from stock plans 46 87
NET CASH USED IN FINANCING ACTIVITIES (4,931) (5,283)
Net change in cash and cash equivalents (1,108) (3,322)
Cash and cash equivalents, beginning of period 3,469 3,398
Cash and cash equivalents, end of period $ 2,361 $ 76