Financials

v3.19.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 3,157 $ 4,318
Accounts receivable, net 11,462 9,593
Inventories 2,768 2,254
Other current assets 1,605 1,372
Total current assets 18,992 17,537
Medical equipment for sale or rental 2,051 1,601
Medical equipment in rental service, net of accumulated depreciation 32,269 23,488
Property & equipment, net of accumulated depreciation 2,845 1,445
Intangible assets, net 16,539 19,865
Operating lease right of use assets 5,004
Other assets 195 137
Total assets 77,895 64,073
Current liabilities:    
Accounts payable 10,669 7,091
Current portion of long-term debt 7,009 4,903
Other current liabilities 4,136 2,796
Total current liabilities 21,814 14,790
Long-term debt, net of current portion 30,342 28,842
Deferred income taxes 76
Operating lease liabilities, net of current portion 3,944
Total liabilities 56,176 43,632
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 23,356,308 and 19,837,819, respectively, as of September 30, 2019 and 23,095,513 and 19,577,024, respectively, as of December 31, 2018 2 2
Additional paid-in capital 83,889 83,167
Retained deficit (62,172) (62,728)
Total stockholders’ equity 21,719 20,441
Total liabilities and stockholders’ equity $ 77,895 $ 64,073
v3.19.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net revenues $ 21,489 $ 16,677 $ 59,405 $ 49,575
Cost of revenues 9,251 7,003 25,470 19,978
Gross profit 12,238 9,674 33,935 29,597
Selling, general and administrative expenses:        
Amortization of intangibles 1,077 1,160 3,326 3,512
Selling and marketing 2,402 2,323 7,480 6,950
General and administrative 7,096 6,286 20,915 18,846
Total selling, general and administrative 10,575 9,769 31,721 29,308
Operating income (loss) 1,663 (95) 2,214 289
Other expense:        
Interest expense (488) (370) (1,436) (981)
Other expense (11) (9) (71) (19)
Income (loss) before income taxes 1,164 (474) 707 (711)
Provision for income taxes (29) (45) (151) (109)
Net income (loss) $ 1,135 $ (519) $ 556 $ (820)
Net income (loss) per share:        
Basic (in dollars per share) $ 0.06 $ (0.03) $ 0.03 $ (0.04)
Diluted (in dollars per share) $ 0.05 $ (0.03) $ 0.03 $ (0.04)
Weighted average shares outstanding:        
Basic (in shares) 19,781,527 20,672,688 19,690,737 22,043,213
Diluted (in shares) 20,679,431 20,672,688 20,503,933 22,043,213
v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 9,534 $ 8,210
INVESTING ACTIVITIES    
Purchase of medical equipment, property and equipment (16,420) (4,521)
Proceeds from sale of medical equipment, property and equipment 2,239 2,344
NET CASH USED IN INVESTING ACTIVITIES (14,181) (2,177)
FINANCING ACTIVITIES    
Principal payments on term loans, capital lease obligations and other financing (3,915) (5,048)
Cash proceeds from term loans, equipment line and other financing 7,462 9,660
Debt issuance costs (3) (27)
Common stock repurchased to satisfy statutory withholding on employee stock based compensation plans (295) (5)
Common stock repurchased as part of Repurchase Program (10,291)
Cash proceeds from stock plans 237 91
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 3,486 (5,620)
Net change in cash and cash equivalents (1,161) 413
Cash and cash equivalents, beginning of period 4,318 3,469
Cash and cash equivalents, end of period $ 3,157 $ 3,882