Financials

v3.19.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,702 $ 4,318
Accounts receivable, net 11,218 9,593
Inventories 2,742 2,254
Other current assets 1,368 1,372
Total current assets 17,030 17,537
Medical equipment for sale or rental 1,927 1,601
Medical equipment in rental service, net of accumulated depreciation 28,873 23,488
Property & equipment, net of accumulated depreciation 1,539 1,445
Intangible assets, net 17,616 19,865
Operating lease right of use assets 5,182
Other assets 194 137
Total assets 72,361 64,073
Current liabilities:    
Accounts payable 10,206 7,091
Current portion of long-term debt 6,084 4,903
Other current liabilities 4,244 2,796
Total current liabilities 20,534 14,790
Long-term debt, net of current portion 27,478 28,842
Deferred income taxes 76
Operating lease liabilities, net of current portion 4,021
Total liabilities 52,109 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 23,237,703 and 19,719,214, respectively, as of June 30, 2019 and 23,095,513 and 19,577,024, respectively, as of December 31, 2018 2 2
Additional paid-in capital 83,557 83,167
Retained deficit (63,307) (62,728)
Total stockholders’ equity 20,252 20,441
Total liabilities and stockholders’ equity $ 72,361 $ 64,073
v3.19.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net revenues $ 19,723 $ 16,415 $ 37,916 $ 32,898
Cost of revenues 8,367 6,729 16,219 12,975
Gross profit 11,356 9,686 21,697 19,923
Selling, general and administrative expenses:        
Amortization of intangibles 1,124 1,165 2,249 2,352
Selling and marketing 2,476 2,326 5,078 4,627
General and administrative 6,785 6,399 13,819 12,560
Total selling, general and administrative 10,385 9,890 21,146 19,539
Operating income (loss) 971 (204) 551 384
Other expense:        
Interest expense (488) (296) (948) (611)
Other (expense) income (39) 1 (60) (10)
Income (loss) before income taxes 444 (499) (457) (237)
Provision for income taxes (63) (6) (122) (64)
Net income (loss) $ 381 $ (505) $ (579) $ (301)
Net income (loss) per share:        
Basic (in dollars per share) $ 0.02 $ (0.02) $ (0.03) $ (0.01)
Diluted (in dollars per share) $ 0.02 $ (0.02) $ (0.03) $ (0.01)
Weighted average common shares outstanding:        
Basic (in shares) 19,708,422 22,703,415 19,644,590 22,751,318
Diluted (in shares) 20,583,434 22,703,415 19,644,590 22,751,318
v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 4,319 $ 4,846
INVESTING ACTIVITIES    
Purchase of medical equipment, property and equipment (7,893) (2,743)
Proceeds from sale of medical equipment, property and equipment 1,333 1,720
NET CASH USED IN INVESTING ACTIVITIES (6,560) (1,023)
FINANCING ACTIVITIES    
Principal payments on term loans, capital lease obligations and other financing (2,256) (3,708)
Cash proceeds from other financing 2,024
Debt issuance costs (3)
Common stock repurchased to satisfy statutory withholding on employee stock based compensation plans (208) (5)
Common stock repurchased as part of Repurchase Program (1,264)
Cash proceeds from stock plans 68 46
NET CASH USED IN FINANCING ACTIVITIES (375) (4,931)
Net change in cash and cash equivalents (2,616) (1,108)
Cash and cash equivalents, beginning of period 4,318 3,469
Cash and cash equivalents, end of period $ 1,702 $ 2,361