Financials

v3.20.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 2,647 $ 4,318
Accounts receivable, net 12,097 9,593
Inventories 2,899 2,254
Other current assets 1,662 1,372
Total current assets 19,305 17,537
Medical equipment for sale or rental 1,306 1,601
Medical equipment in rental service, net of accumulated depreciation 33,225 23,488
Property & equipment, net of accumulated depreciation 4,037 1,445
Intangible assets, net 15,463 19,865
Operating lease right of use assets 5,733
Other assets 155 137
Total assets 79,224 64,073
Current liabilities:    
Accounts payable 7,962 7,091
Current portion of long-term debt 8,082 4,903
Other current liabilities 5,803 2,796
Total current liabilities 21,847 14,790
Long-term debt, net of current portion 30,295 28,842
Deferred income taxes 104
Operating lease liabilities, net of current portion 4,644
Total liabilities 56,890 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 23,400,625 and 19,882,136, as of December 31, 2019, respectively, and issued and outstanding 23,095,513 and 19,577,024, as of December 31, 2018, respectively. 2 2
Additional paid-in capital 83,699 83,167
Retained deficit (61,367) (62,728)
Total stockholders’ equity 22,334 20,441
Total liabilities and stockholders’ equity $ 79,224 $ 64,073
v3.20.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Net revenues $ 81,115 $ 67,138
Cost of revenues 34,233 27,568
Gross profit 46,882 39,570
Selling, general and administrative expenses:    
Amortization of intangible assets 4,402 4,649
Selling and marketing 9,932 9,107
General and administrative 29,023 25,399
Total selling, general and administrative 43,357 39,155
Operating income 3,525 415
Other expense:    
Interest expense (1,904) (1,420)
Other expense (97) (37)
Income (loss) before income taxes 1,524 (1,042)
Provision for income taxes (163) (53)
Net income (loss) $ 1,361 $ (1,095)
Net income (loss) per share:    
Basic (in dollars per share) $ 0.07 $ (0.05)
Diluted (in dollars per share) $ 0.07 $ (0.05)
Weighted average common shares outstanding:    
Basic (in shares) 19,731,498 21,417,628
Diluted (in shares) 20,839,396 21,417,628
v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES    
Net income (loss) $ 1,361 $ (1,095)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for doubtful accounts 37 (218)
Depreciation 7,940 6,659
Loss on disposal of medical equipment 638 434
Gain on sale of medical equipment (1,453) (1,340)
Amortization of intangible assets 4,402 4,649
Amortization of deferred debt issuance costs 37 33
Stock-based compensation expense 997 957
Deferred income tax expense (benefit) 104 (62)
Changes in Assets - (Increase)/Decrease:    
Accounts receivable (1,560) 1,909
Inventories (645) (490)
Other current assets (290) (222)
Other assets (129) (6)
Changes in Liabilities - Increase:    
Accounts payable and other liabilities 2,436 183
NET CASH PROVIDED BY OPERATING ACTIVITIES 13,875 11,391
INVESTING ACTIVITIES    
Purchases of medical equipment (19,669) (8,022)
Purchases of property and equipment (2,926) (281)
Proceeds from sale of medical equipment, property and equipment 2,952 3,319
NET CASH USED IN INVESTING ACTIVITIES (19,643) (4,984)
FINANCING ACTIVITIES    
Principal payments on term loans, capital lease obligations and other financing (4,868) (6,319)
Cash proceeds from term loans, equipment line and other financing 9,436 11,162
Debt issuance costs (6) (27)
Cash proceeds from stock plans 252 91
Common stock repurchased as part of Repurchase Program (10,395)
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (717) (70)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 4,097 (5,558)
Net change in cash and cash equivalents (1,671) 849
Cash and cash equivalents, beginning of year 4,318 3,469
Cash and cash equivalents, end of year 2,647 4,318
SUPPLEMENTAL DISCLOSURES    
Cash paid for interest 1,705 1,383
Cash paid for income taxes 111 159
NON-CASH TRANSACTIONS    
Additions to medical equipment and property [1] $ 2,773 $ 998
[1] Amounts consist of current liabilities for medical equipment that have not been included in investing activities. These amounts have not been paid for as of December 31, 2019 and 2018, respectively, but will be included as a cash outflow from investing activities for purchases of medical equipment and property when paid.