Sharps Compliance Corp. (NASDAQ: SMED) (“Sharps” or the “Company”),
a leading full-service national provider of comprehensive waste
management solutions including medical, pharmaceutical and
hazardous, today reported financial results for fourth quarter and
fiscal year 2017, which ended June 30, 2017.
Revenue in the fourth quarter of fiscal 2017 increased to $10.4
million, as compared to revenue of $8.9 million in the same prior
year quarter with gross margin of 35% as compared to 36% in the
fourth quarter of 2016. The Company reported operating income
of $0.6 million in the fourth quarter of fiscal 2017, compared to
operating income of $0.2 million in the fourth quarter of fiscal
2016. Sharps recorded net income of $0.6 million, or $0.04
per basic and diluted share in the fourth quarter of fiscal 2017,
compared to net income of $0.2 million or $0.01 per basic and
diluted share, in the fourth quarter of fiscal 2016.
David P. Tusa, President and Chief Executive Officer of Sharps,
stated, “Fiscal year 2017 was a year of strategic expansion into
the route-based business as well as the launch of a new treatment
facility and distribution warehouse in Pennsylvania. Although the
first three quarters of fiscal year 2017 were adversely impacted by
acquisition related expenses and excess plant-related costs, we are
now seeing the positive results of this strategic move as
demonstrated by our solid fourth quarter results and profitability.
Additionally, we believe our service offerings are greatly enhanced
with the addition of the route based business creating, what we
believe to be, a comprehensive service provider in the small to
medium quantity generator market.
“Although, we saw growth in virtually all markets, we were
disappointed in the Retail market billings which were negatively
impacted by lower overall flu immunization related orders and the
loss of one retail pharmacy customer.”
Fourth Quarter Review
Professional market billings increased 57% to $3.1 million in
the fourth quarter of fiscal 2017 compared to the prior year
period. This increase was a combination of acquired and
organic growth as the Company continued its focus on securing
customers from the small to medium quantity generator sector, which
consists largely of physicians, clinics, dentists, surgery centers,
veterinarians and other healthcare professionals, who benefit from
the cost-effective and convenient Sharps Recovery System™ and the
Company’s route-based pick-up services. Of the $1.1 million growth
in professional market billings, $0.7 million was due to
acquisitions with the difference being attributable to organic
growth. The Company’s inside and online sales channel, which
primarily targets the Professional and Government markets, realized
a 33% increase in billings to $1.6 million in the fiscal 2017
fourth quarter from $1.2 million in the same prior year period.
Pharmaceutical Manufacturer billings increased 50% to $1.4
million in the fourth quarter of fiscal 2017 compared to $0.9
million in the fourth quarter of fiscal 2016. The increase is
related to inventory builds for new and existing patient support
programs.
Retail market billings decreased 24% to $2.5 million compared
with $3.3 million in the prior year period, reflecting a decline in
overall flu shot related orders and the loss of one retail pharmacy
customer.
Assisted Living market billings grew 14% to $0.7 million for the
fourth quarter of fiscal 2017 as compared to $0.6 million in the
fourth quarter of fiscal 2016. Fourth quarter 2017 Home
Health Care billings grew 23% to $2.1 million as compared to $1.7
million in the fourth quarter of the prior year.
Government billings were essentially flat at $0.4 million in the
fourth quarter of fiscal 2017. Government market billings
included $0.1 million of orders under the VA’s Blanket Purchase
Agreement, consistent with the fourth quarter of fiscal 2016.
MedSafe related orders to the government market were $0.2 million
for the quarter ended June 30, 2017, consistent with the fourth
quarter of fiscal 2016.
Mr. Tusa added, “For the second consecutive quarter, our
Professional market demonstrated significant growth, which can be
attributed to both the strength and diversity of our service
offerings and the efficiency of our inside and field sales teams
who are executing well on their expertise in finding the best
solution for every customer. We also saw strong growth in
Pharmaceutical Manufacturer market sales related to several
inventory builds in the quarter. We have longstanding
relationships with major Pharma manufacturers and have established
a leadership position in this segment due to our unique solution
which provides our customers the assurance that their medical waste
compliance requirements are being met, while also giving them the
capability to track patient usage data and providing a branding
opportunity. Our ability to customize patient support
programs and collect and report valuable data, is a competitive
advantage and we continue to see interest in programs for
injectable medications.
“Billings from our unused medication management solutions grew
24% for the quarter and are approaching 10% of overall company
revenue. As nationwide attention grows around safe and responsible
methods for the disposal of patient-dispensed unused medications,
both in response to opioid abuse and environmental concerns, we are
seeing growing demand for our MedSafe offering. As a proven
solution for the disposal of controlled and non-controlled unused
or expired medications, we believe MedSafe is an excellent
alternative for long-term care facilities, retail and hospital
pharmacies, hospice, drug-treatment and licensed law enforcement
markets.”
Operating Performance
Gross margin was 35% in the fourth quarter of fiscal 2017
compared to gross margin of 36% in the fourth quarter of fiscal
2016. SG&A decreased to $2.8 million or 27% of sales for
the fourth quarter of fiscal 2017 compared to $2.9 million or 33%
of sales in the fourth quarter of the prior year, reflecting the
impact of cost savings initiatives launched earlier in FY 2017.
The Company reported operating income of $0.6 million in the
fourth quarter of fiscal 2017, compared to operating income of $0.2
million in the fourth quarter of fiscal 2016. Sharps achieved
EBITDA of $1.0 million in the fourth quarter of fiscal 2017 as
compared to EBITDA of $0.4 million in the fourth quarter of fiscal
2016. (See Reconciliation of Net Income (Loss) to EDITDA in the
supplemental table included at the end of this release).
Integration of Acquired Route-Based Businesses and New
Treatment Facility
During the fourth quarter of 2017, Sharps recognized
approximately $1.7 million in revenue from its route-based service
offering which represented about 16% of consolidated customer
revenue. For comparative purposes, the acquired businesses
generated $1.0 million of the $1.7 million in this quarterly
revenue based on their pre-acquisition run-rate. Of the $1.1
million growth in route-based business, $0.7 million was due to
acquisition with the difference being attributable to organic
growth.
Full Year Fiscal 2017 Review
Sharps recorded revenue of $38.2 million in 2017, an increase of
14% compared to revenue of $33.4 million in 2016. Customer
billings increased 11% to $38.1 million in fiscal
2017. Professional billings increased 58% to $12.0 million in
fiscal 2017 as compared to $7.6 million in the prior year.
Pharmaceutical Manufacturer billings increased 4% to $6.0 million
in fiscal 2017 as compared to $5.7 million in fiscal
2016. Home Health Care billings increased 7% to $7.9 million
in fiscal 2017 as compared to $7.4 million in the prior year.
Assisted Living billings increased 11% to $2.4 million in fiscal
2017 as compared to $2.2 million in fiscal 2016. Government
billings increased 9% to $1.7 million in fiscal 2017 as compared to
$1.5 million in the prior year. In fiscal 2017, Retail billings
declined 20% to $7.0 million as compared to $8.8 million in fiscal
2016, primarily due to a decrease in billings for the TakeAway
Medication Recovery System envelopes which were launched by several
Retail customers in the prior year as well as an overall decline in
billings for the flu shot related business of 15% for fiscal 2017
compared to the prior year.
Fiscal 2017 gross margin was 31% as compared to gross margin of
33% in fiscal 2016. SG&A expense increased 13% to $12.2
million in fiscal 2017 and included $0.7 million of acquisition
related costs. Without these acquisition related costs,
SG&A increased 7% compared to fiscal 2016 as a result of the
Company's ongoing investment in sales and marketing
initiatives. The Company recorded an operating loss of $1.2
million in fiscal 2017 as compared to minimal operating income in
fiscal 2016.
Net loss in fiscal 2017 was $1.3 million or ($0.08) per basic
and diluted share, compared to break even net income or $0.00 per
basic and diluted share in fiscal 2016. Excluding the $0.7 million
in acquisition related expenses, on a non-GAAP basis, the Company
reported an adjusted net loss of $0.6 million or ($0.04) per
diluted share in 2017. (See Reconciliation of Net Income (Loss) to
Adjusted Net Income (Loss) in the supplemental table included at
the end of this release).
Financial Flexibility and a Strong Balance
Sheet
Cash and cash equivalents were $4.7 million at June
30, 2017 compared to $12.4 million at June 30, 2016. The
decrease in cash and cash equivalents is primarily due to the $4.0
million paid for the Citiwaste acquisition, payment of acquisition
related costs, and capital expenditures, including those related to
the new Pennsylvania treatment facility.
Expanding Capabilities: A
Comprehensive Provider of Medical Waste Service
Solutions
Mr. Tusa concluded, “We believe we now have the infrastructure
in place to facilitate a much larger comprehensive service provider
serving the country with medical, pharmaceutical and hazardous
waste solutions. We remain highly focused on bringing our diverse
portfolio of solutions to our core market of small to medium
quantity generators. Our combination of route-based and
mailback offerings allows us to provide cost effective and
convenient service options to meet the needs of our existing and
prospective customers. We will continue to look for
opportunities to expand our geographic footprint with the goal of
winning new customers and increasing our market share.”
Fourth Quarter Fiscal Year 2017 Webcast and Conference
Call
The Company will host a teleconference today beginning at 11:00
a.m. Eastern Time, during which management will review the
financial and operating results for the period and discuss Sharps’
corporate strategy and outlook. A question-and-answer session
will follow.
The Sharps conference call can be accessed by domestic callers
by dialing (877) 407-0782. International callers may access
the call by dialing (201) 689-8567. The webcast can be
monitored at www.sharpsinc.com.
A telephonic replay will be available through September 10,
2017. To listen to the replay, domestic callers should dial
(877) 481-4010 and international callers should dial (919) 882-2331
and enter replay ID number 16236. Transcript will also be posted to
the Sharps website, once available.
About Sharps Compliance Corp.
Headquartered in Houston, Texas, Sharps Compliance is a leading
full-service national provider of comprehensive waste management
services including medical, pharmaceutical and hazardous. Its key
markets include healthcare facilities, pharmaceutical
manufacturers, home healthcare providers, assisted living /
long-term care, surgery centers, retail pharmacies and clinics, and
the professional market which is comprised of physicians, dentists
and veterinary practices. The Company's flagship product, the
Sharps Recovery System, is a comprehensive solution for the
containment, transportation, treatment and tracking of medical
waste and other used healthcare materials. The Company also offers
its route-based pick-up service in a twenty-three (23) state region
of the South, Southeast and Northeast portions of the United
States.
More information on the Company and its products can be found on
its website at: www.sharpsinc.com
Safe Harbor Statement
The information made available in this news release contains
certain forward-looking statements which reflect Sharps Compliance
Corp.’s current view of future events and financial
performance. Wherever used, the words “estimate,” “expect,”
“plan,” “anticipate,” “believe,” “may” and similar expressions
identify forward-looking statements. Any such forward-looking
statements are subject to risks and uncertainties and the Company’s
future results of operations could differ materially from
historical results or current expectations. Some of these
risks include, without limitation, the Company’s ability to educate
its customers, development of public awareness programs to educate
the identified consumer, customer preferences, the Company’s
ability to scale the business and manage its growth, the degree of
success the Company has at gaining more large customer contracts,
managing regulatory compliance and/or other factors that may be
described in the Company’s annual report on Form 10-K, quarterly
reports on Form 10-Q and/or other filings with the Securities and
Exchange Commission. Future economic and industry trends that
could potentially impact revenue and profitability are difficult to
predict. The Company assumes no obligation to publicly update
or revise its forward-looking statements even if experience or
future changes make it clear that any projected results, express or
implied therein, will not be realized.
Non-GAAP Measures
This release contains certain financial information not derived
in accordance with generally accepted accounting principles
(“GAAP”), including customer billings information, EBITDA and
non-GAAP net income per share. The Company believes this
information is useful to investors and other interested parties.
EBITDA is a significant performance metric used by management and
by external users of our financial statements such as investors,
research analysts and others to assess the financial performance of
our assets without regard to financing methods, capital structure
or historical cost basis; the ability of our assets to generate
cash sufficient to pay interest costs and support our indebtedness;
and our operating performance and return on capital as compared to
those of other companies in our industry. Such information should
not be considered as a substitute for any measure derived in
accordance with GAAP, and may not be comparable to other similarly
titled measures of other companies. Reconciliation of this
information to the most comparable GAAP measures is included as an
attachment to this release.
FINANCIAL TABLES FOLLOW
|
Sharps Compliance Corp. and
Subsidiaries |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
Three-Months Ended |
|
Year Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
% Change |
|
2017 |
|
|
|
2016 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
10,362 |
|
|
$ |
8,870 |
|
|
16.8 |
% |
$ |
38,188 |
|
|
$ |
33,383 |
|
|
14.4 |
% |
Cost of
revenue |
|
|
6,731 |
|
|
|
5,650 |
|
|
19.1 |
% |
|
26,351 |
|
|
|
22,272 |
|
|
18.3 |
% |
Gross
profit |
|
|
3,631 |
|
|
|
3,220 |
|
|
12.8 |
% |
|
11,837 |
|
|
|
11,111 |
|
|
6.5 |
% |
Gross
margin |
|
|
35.0 |
% |
|
|
36.3 |
% |
|
|
|
31.0 |
% |
|
|
33.3 |
% |
|
|
SG&A
expense |
|
|
2,835 |
|
|
|
2,922 |
|
|
(3.0 |
%) |
|
12,223 |
|
|
|
10,812 |
|
|
13.1 |
% |
Depreciation and amortization |
|
|
201 |
|
|
|
84 |
|
|
|
|
801 |
|
|
|
294 |
|
|
|
Operating
Income (Loss) |
|
|
595 |
|
|
|
214 |
|
|
|
|
(1,187 |
) |
|
|
5 |
|
|
|
Operating
margin |
|
|
5.7 |
% |
|
|
2.4 |
% |
|
|
|
(3.1 |
%) |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
1 |
|
|
|
6 |
|
|
|
|
13 |
|
|
|
32 |
|
|
|
Interest
expense |
|
|
(23 |
) |
|
|
- |
|
|
|
|
(115 |
) |
|
|
- |
|
|
|
Total
other (expense) income |
|
|
(22 |
) |
|
|
6 |
|
|
|
|
(102 |
) |
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income tax expense |
|
|
573 |
|
|
|
220 |
|
|
|
|
(1,289 |
) |
|
|
37 |
|
|
|
Income tax expense |
|
|
4 |
|
|
|
- |
|
|
|
|
4 |
|
|
|
24 |
|
|
|
Net Income
(Loss) |
|
$ |
569 |
|
|
$ |
220 |
|
|
|
$ |
(1,293 |
) |
|
$ |
13 |
|
|
|
Net Income
(Loss) Per Share |
|
|
|
|
|
|
|
|
|
Basic and
Diluted |
|
$ |
0.04 |
|
|
$ |
0.01 |
|
|
|
$ |
(0.08 |
) |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
16,007 |
|
|
|
15,445 |
|
|
|
|
15,949 |
|
|
|
15,448 |
|
|
|
Diluted |
|
|
16,029 |
|
|
|
15,575 |
|
|
|
|
15,949 |
|
|
|
15,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sharps Compliance Corp. and
Subsidiaries |
Condensed Consolidated Balance
Sheets |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
June 30, 2017 |
|
June 30, 2016 |
ASSETS: |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
4,675 |
|
$ |
12,435 |
Accounts
receivable, net |
|
|
7,553 |
|
|
5,814 |
Inventory, net |
|
|
4,098 |
|
|
3,919 |
Prepaid
and other current assets |
|
|
694 |
|
|
695 |
Total
current assets |
|
|
17,020 |
|
|
22,863 |
Property, plant and
equipment, net |
|
|
6,543 |
|
|
5,032 |
Other assets |
|
|
120 |
|
|
84 |
Goodwill |
|
|
6,735 |
|
|
1,039 |
Intangible assets,
net |
|
|
4,046 |
|
|
1,129 |
Total
assets |
|
$ |
34,464 |
|
$ |
30,147 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY: |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
1,710 |
|
$ |
1,620 |
Accrued
liabilities |
|
|
1,800 |
|
|
1,534 |
Current
maturities of long-term debt |
|
|
601 |
|
|
- |
Deferred
revenue |
|
|
2,421 |
|
|
2,477 |
Total
current liabilities |
|
|
6,532 |
|
|
5,631 |
Long-term deferred
revenue, net of current portion |
|
|
478 |
|
|
483 |
Other long-term
liabilities |
|
|
165 |
|
|
190 |
Long-term debt, net of
current portion |
|
|
2,002 |
|
|
- |
Total
liabilities |
|
|
9,177 |
|
|
6,304 |
Stockholders'
equity |
|
|
25,287 |
|
|
23,843 |
Total
liabilities and stockholders' equity |
|
$ |
34,464 |
|
$ |
30,147 |
|
|
|
|
|
|
Sharps Compliance Corp. and
Subsidiaries |
Supplemental Customer Billing and Revenue
Information |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Three-Months Ended June 30, |
|
|
|
2017 |
|
|
% Total |
|
|
2016 |
|
|
$ Change |
|
% |
BILLINGS BY
MARKET: |
|
|
|
|
|
|
|
|
|
|
Professional |
|
$ |
3,145 |
|
|
29.7 |
% |
|
$ |
1,998 |
|
|
$ |
1,147 |
|
|
57.4 |
% |
Home
Health Care |
|
|
2,141 |
|
|
20.2 |
% |
|
|
1,741 |
|
|
|
400 |
|
|
23.0 |
% |
Retail |
|
|
2,503 |
|
|
23.6 |
% |
|
|
3,286 |
|
|
|
(783 |
) |
|
(23.8 |
%) |
Pharmaceutical Manufacturer |
|
|
1,393 |
|
|
13.2 |
% |
|
|
931 |
|
|
|
462 |
|
|
49.6 |
% |
Assisted
Living |
|
|
653 |
|
|
6.2 |
% |
|
|
571 |
|
|
|
82 |
|
|
14.4 |
% |
Government |
|
|
435 |
|
|
4.1 |
% |
|
|
412 |
|
|
|
23 |
|
|
5.6 |
% |
Environmental |
|
|
123 |
|
|
1.2 |
% |
|
|
35 |
|
|
|
88 |
|
|
251.4 |
% |
Other |
|
|
196 |
|
|
1.8 |
% |
|
|
194 |
|
|
|
2 |
|
|
1.0 |
% |
Subtotal |
|
$ |
10,589 |
|
|
100.0 |
% |
|
$ |
9,168 |
|
|
$ |
1,421 |
|
|
15.5 |
% |
GAAP
Adjustment * |
|
|
(227 |
) |
|
|
|
|
(298 |
) |
|
|
71 |
|
|
|
Revenue
Reported |
|
$ |
10,362 |
|
|
|
|
$ |
8,870 |
|
|
$ |
1,492 |
|
|
16.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended June 30, |
|
|
|
2017 |
|
|
% Total |
|
|
2016 |
|
|
$ Change |
|
% |
BILLINGS BY
MARKET: |
|
|
|
|
|
|
|
|
|
|
Professional |
|
$ |
11,962 |
|
|
31.4 |
% |
|
$ |
7,571 |
|
|
$ |
4,391 |
|
|
58.0 |
% |
Home
Health Care |
|
|
7,901 |
|
|
20.7 |
% |
|
|
7,378 |
|
|
|
523 |
|
|
7.1 |
% |
Retail |
|
|
7,010 |
|
|
18.4 |
% |
|
|
8,798 |
|
|
|
(1,788 |
) |
|
(20.3 |
%) |
Pharmaceutical Manufacturer |
|
|
5,961 |
|
|
15.6 |
% |
|
|
5,708 |
|
|
|
253 |
|
|
4.4 |
% |
Assisted
Living |
|
|
2,442 |
|
|
6.4 |
% |
|
|
2,194 |
|
|
|
248 |
|
|
11.3 |
% |
Government |
|
|
1,680 |
|
|
4.4 |
% |
|
|
1,541 |
|
|
|
139 |
|
|
9.0 |
% |
Environmental |
|
|
414 |
|
|
1.1 |
% |
|
|
259 |
|
|
|
155 |
|
|
59.8 |
% |
Other |
|
|
763 |
|
|
2.0 |
% |
|
|
845 |
|
|
|
(82 |
) |
|
(9.7 |
%) |
Subtotal |
|
$ |
38,133 |
|
|
100.0 |
% |
|
$ |
34,294 |
|
|
$ |
3,839 |
|
|
11.2 |
% |
GAAP
Adjustment * |
|
|
55 |
|
|
|
|
|
(911 |
) |
|
|
966 |
|
|
|
Revenue
Reported |
|
$ |
38,188 |
|
|
|
|
$ |
33,383 |
|
|
$ |
4,805 |
|
|
14.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Represents the net impact of the revenue recognition adjustments to
arrive at reported GAAP revenue. Customer billings include all
invoiced amounts for products shipped during the period reported.
GAAP revenue includes customer billings as well as numerous
adjustments necessary to reflect, (i) the deferral of a portion of
current period sales and (ii) recognition of certain revenue
associated with product returned for treatment and destruction. The
difference between customer billings and GAAP revenue is reflected
in the Company’s balance sheet as deferred revenue. |
|
|
Sharps Compliance Corp. and
Subsidiaries |
Supplemental Customer Billing by Solution
Information |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Three-Months Ended June 30, |
|
|
|
|
2017 |
|
% Total |
|
|
2016 |
|
$ Change |
|
% |
BILLINGS BY SOLUTION: |
|
|
|
|
|
|
|
|
|
Mailbacks |
|
$ |
6,701 |
|
63.3 |
% |
|
$ |
6,795 |
|
$ |
(94 |
) |
|
(1.4 |
%) |
Route-Based Pickup |
|
|
1,662 |
|
15.7 |
% |
|
|
592 |
|
|
1,070 |
|
|
180.7 |
% |
Unused Medications |
|
|
977 |
|
9.2 |
% |
|
|
788 |
|
|
189 |
|
|
24.0 |
% |
Third Party Treatment |
|
|
122 |
|
1.2 |
% |
|
|
34 |
|
|
88 |
|
|
258.8 |
% |
Other |
|
|
|
1,127 |
|
10.6 |
% |
|
|
959 |
|
|
168 |
|
|
17.5 |
% |
Total Billings By Solution |
|
$ |
10,589 |
|
100.0 |
% |
|
$ |
9,168 |
|
$ |
1,421 |
|
|
15.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended June 30, |
|
|
|
|
2017 |
|
% Total |
|
|
2016 |
|
$ Change |
|
% |
BILLINGS BY SOLUTION: |
|
|
|
|
|
|
|
|
|
Mailbacks |
|
$ |
24,080 |
|
63.1 |
% |
|
$ |
24,654 |
|
$ |
(574 |
) |
|
(2.3 |
%) |
Route-Based Pickup |
|
|
6,348 |
|
16.6 |
% |
|
|
2,061 |
|
|
4,287 |
|
|
208.0 |
% |
Unused Medications |
|
|
3,377 |
|
8.9 |
% |
|
|
3,531 |
|
|
(154 |
) |
|
(4.4 |
%) |
Third Party Treatment |
|
|
413 |
|
1.1 |
% |
|
|
258 |
|
|
155 |
|
|
60.1 |
% |
Other |
|
|
|
3,915 |
|
10.3 |
% |
|
|
3,790 |
|
|
125 |
|
|
3.3 |
% |
Total Billings By Solution |
|
$ |
38,133 |
|
100.0 |
% |
|
$ |
34,294 |
|
$ |
3,839 |
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Sharps Compliance Corp. and
Subsidiaries |
Supplemental Customer Billing by Channel
Information |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended June 30, |
|
|
|
2017 |
|
% Total |
|
2016* |
|
$ Change |
|
% Change |
BILLINGS BY
CHANNEL: |
|
|
|
|
|
|
|
|
|
|
Direct
Sales |
|
$ |
5,325 |
|
50.3 |
% |
|
$ |
4,574 |
|
$ |
751 |
|
16.4 |
% |
Distributors |
|
|
3,663 |
|
34.6 |
% |
|
|
3,393 |
|
|
270 |
|
8.0 |
% |
Inside
and Online Sales |
|
|
1,601 |
|
15.1 |
% |
|
|
1,201 |
|
|
400 |
|
33.3 |
% |
Total
Billings By Channel |
|
$ |
10,589 |
|
100.0 |
% |
|
$ |
9,168 |
|
$ |
1,421 |
|
15.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended June 30, |
|
|
|
2017 |
|
% Total |
|
2016* |
|
$ Change |
|
% Change |
BILLINGS BY
CHANNEL: |
|
|
|
|
|
|
|
|
|
|
Direct
Sales |
|
$ |
20,467 |
|
53.7 |
% |
|
$ |
18,299 |
|
$ |
2,168 |
|
11.8 |
% |
Distributors |
|
|
11,771 |
|
30.9 |
% |
|
|
11,732 |
|
|
39 |
|
0.3 |
% |
Inside
and Online Sales |
|
|
5,895 |
|
15.4 |
% |
|
|
4,263 |
|
|
1,632 |
|
38.3 |
% |
Total
Billings By Channel |
|
$ |
38,133 |
|
100.0 |
% |
|
$ |
34,294 |
|
$ |
3,839 |
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
*Certain
prior year amounts have been reclassified to conform to current
year presentation. |
|
Sharps Compliance Corp. and
Subsidiaries |
Supplemental Table to Reconcile Net Income
(Loss) to EBITDA |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
Year Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
$ |
569 |
|
$ |
220 |
|
|
$ |
(1,293 |
) |
|
$ |
13 |
|
|
|
|
|
|
|
|
|
|
Income
tax expense |
|
|
4 |
|
|
- |
|
|
|
4 |
|
|
|
24 |
|
Interest
expense (income) |
|
|
22 |
|
|
(6 |
) |
|
|
102 |
|
|
|
(32 |
) |
Depreciation and amortization |
|
|
385 |
|
|
215 |
|
|
|
1,485 |
|
|
|
816 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
980 |
|
$ |
429 |
|
|
$ |
298 |
|
|
$ |
821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Company defines earnings before interest, taxes, depreciation and
amortization (“EBITDA”) as net income (loss), plus income tax
expense, interest income, and depreciation and
amortization. Other companies may define EBITDA differently.
EBITDA is presented because it is a financial measure that is
frequently requested by third parties. However, EBITDA is not
considered under generally accepted accounting principles as a
primary measure of an entity’s financial results, and
accordingly, EBITDA should not be considered an alternative to
operating income, net income, or cash flows as determined under
generally accepted accounting principles and as reported by the
Company. |
|
|
Sharps Compliance Corp. and
Subsidiaries |
Supplemental Reconciliation of GAAP to
Non-GAAP Net Income (Loss) Per Share* |
(in thousands, except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
Year Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
$ |
569 |
|
$ |
220 |
|
$ |
(1,293 |
) |
|
$ |
13 |
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share |
|
$ |
0.04 |
|
$ |
0.01 |
|
$ |
(0.08 |
) |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Acquisition costs |
|
|
- |
|
|
39 |
|
|
702 |
|
|
|
190 |
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
- |
|
|
39 |
|
|
702 |
|
|
|
190 |
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Loss) |
|
$ |
569 |
|
$ |
259 |
|
$ |
(591 |
) |
|
$ |
203 |
|
|
|
|
|
|
|
|
|
Adjusted diluted net income (loss) per share |
|
$ |
0.04 |
|
$ |
0.02 |
|
$ |
(0.04 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
* In
accordance with U.S. generally accepted accounting principles
(GAAP), the Company’s net deferred tax assets have been fully
reserved by a tax valuation allowance and any tax expense (benefit)
has been offset by the utilization of net operating loss
carryforwards or additional deferred tax valuation allowance.
Therefore, the amounts shown in this schedule have not been
adjusted to reflect any tax impact. The Company defines adjusted
net income as net income plus or minus certain nonrecurring
transactions such as acquisition costs, executive severance costs,
significant legal settlements and other interested parties.
Such information would not be considered as a substitute for any
measure derived in accordance with GAAP, and may not be comparable
to other similarly titled measures of other companies. |
|
|
|
|
|
|
|
For more information contact:
Diana P. Diaz
Sharps Compliance Corp.
Vice President and Chief Financial Officer
Phone: (713) 660-3547
Email: ddiaz@sharpsinc.com
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)
Phone: (203) 972-9200
Email: jnesbett@institutionalms.com
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