Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.21.2
Business Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company’s reportable segments are organized based on service platforms, with the ITS segment reflecting higher margin rental revenues that generally include payments made by third-party and direct payers and the DME Services segment reflecting lower margin product sales and direct payer rental revenues. Resources are allocated and performance is assessed for these segments by the Company’s Chief Executive Officer, whom the Company has determined to be its chief operating decision-maker. The Company believes that reporting performance at the gross profit level is the best indicator of segment performance.
The financial information summarized below is presented by reportable segment for the three months ended September 30, 2021 and 2020:
2021
(in thousands) ITS DME Services
Corporate/
Eliminations
Total
         
Net revenues - external $ 16,581 $ 9,985 $ — $ 26,566
Net revenues - internal — 1,440 (1,440) —
Total net revenues 16,581 11,425 (1,440) 26,566
Gross profit 10,574 4,684 — 15,258
Selling, general and administrative expenses 15,609 15,609
Interest expense (270) (270)
Other expense (44) (44)
Benefit from income taxes 217 217
Net loss $ (448)
Total assets $ 59,312 $ 33,474 $ 2,000 $ 94,786
Purchases of medical equipment $ 4,058 $ 644 $ — $ 4,702
Depreciation and amortization of intangible assets $ 2,785 $ 955 $ — $ 3,740
2020
(in thousands) ITS DME Services
Corporate/Eliminations
Total
 
Net revenues - external $ 15,638 $ 9,487 $ — $ 25,125
Net revenues - internal — 1,459 (1,459) —
Total net revenues 15,638 10,946 (1,459) 25,125
Gross profit 10,095 5,027 — 15,122
Selling, general and administrative expenses 11,869 11,869
Interest expense (283) (283)
Other income 8 8
Provision for income taxes (38) (38)
Net income $ 2,940
Total assets $ 51,547 $ 26,761 $ 2,000 $ 80,308
Purchases of medical equipment $ 1,685 $ 1,487 $ — $ 3,172
Depreciation and amortization of intangible assets $ 2,694 $ 866 $ — $ 3,560
The financial information summarized below is presented by reportable segment for the nine months ended September 30, 2021 and 2020:
2021
(in thousands) ITS DME Services
Corporate/
Eliminations
Total
 
Net revenues - external $ 48,826 $ 27,037 $ — $ 75,863
Net revenues - internal — 4,484 (4,484) —
Total net revenues 48,826 31,521 (4,484) 75,863
Gross profit 31,028 13,856 — 44,884
Selling, general and administrative expenses 43,666 43,666
Interest expense (909) (909)
Other expense (150) (150)
Benefit from income taxes 874 874
Net income $ 1,033
Total assets $ 59,312 $ 33,474 $ 2,000 $ 94,786
Purchases of medical equipment $ 7,550 $ 2,095 $ — $ 9,645
Depreciation and amortization of intangible assets $ 8,213 $ 2,756 $ — $ 10,969
2020
(in thousands) ITS DME Services
Corporate/
Eliminations
Total
Net revenues - external $ 45,369 $ 27,308 $ — $ 72,677
Net revenues - internal — 3,955 (3,955) —
Total net revenues 45,369 31,263 (3,955) 72,677
Gross profit 29,480 14,283 — 43,763
Selling, general and administrative expenses 35,971 35,971
Interest expense (1,018) (1,018)
Other expense (20) (20)
Provision for income taxes (92) (92)
Net income $ 6,662
Total assets $ 51,547 $ 26,761 $ 2,000 $ 80,308
Purchases of medical equipment $ 6,705 $ 5,250 $ — $ 11,955
Depreciation and amortization of intangible assets $ 8,042 $ 2,450 $ — $ 10,492