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 the fourth quarter
and fiscal year 2020, ended June 30, 2020.
Revenue in the fourth quarter of fiscal 2020 was $12.6 million,
an increase of 3% compared to $12.2 million in the same prior year
quarter. GAAP revenue was adversely impacted by a higher than
expected net revenue deferral for the June 2020 quarter related
primarily to the timing of mailback returns for treatment.
Customer billings increased 6% to $13.5 million for the fourth
quarter compared to $12.7 million for the same prior year quarter.
Fourth quarter 2020 gross margin increased to 33% compared to 32%
in the fourth quarter of fiscal 2019. SG&A increased 7% to $3.3
million, or 26% of revenue, in the fourth quarter of fiscal 2020,
as compared to SG&A of $3.1 million, or 26% of revenue, in the
same prior year quarter. The increase in SG&A is related to the
Company’s continued investments in sales and marketing.
The Company reported operating income of $0.7 million in the
fourth quarter of 2020, compared to operating income of $0.6
million in the fourth quarter of 2019. The Company recorded a $1.7
million income tax benefit as a result of the release of the
valuation allowance on the basis of the Company's reassessment of
the recoverability of its deferred tax assets. Sharps recorded net
income of $2.2 million, or $0.13 per basic and diluted share, in
the fourth quarter of fiscal 2020, as compared to net income of
$0.5 million, or $0.03 per basic and diluted share in the fourth
quarter of fiscal 2019. Sharps recorded EBITDA of $1.0 million in
the fourth quarter of fiscal 2020, consistent with EBITDA in the
fourth quarter of fiscal 2019. (See Reconciliation of Net Income to
EBITDA in the supplemental table included at the end of this
release).
David P. Tusa, President and Chief Executive Officer of Sharps,
stated, “Despite what remains a challenging environment as the U.S.
continues to contend with the public health and economic impacts
associated with COVID-19, Sharps delivered a solid fourth quarter
performance, with moderate revenue growth and improved margins
while also achieving improved operating income and EBITDA. Customer
billings increased 6% and we saw growth across all three of our key
solutions: mailback, route-based, and unused medications. In these
unprecedented times, we have remained focused on maintaining our
ability to deliver, without interruption, our cost effective,
comprehensive medical waste management services to the small to
medium quantity generators who make up the vast majority of our
customer base.”
Tusa continued, “World events have contributed to our view that
we have a number of significant growth opportunities in many of our
markets served. Accordingly, we are investing in the business to
take full advantage of the opportunities and to be part of the
solution to solve the current pandemic. For example, we have
previously and continue to significantly increase manufacturing of
our medical waste mailback inventory to be able to meet the
anticipated strong demand. Additionally, we have brought our
new autoclave online at our Texas facility, which expands our
medical waste processing capacity from 10 million to 18 million
pounds. We expect an additional autoclave at our Pennsylvania
facility to be complete by October 2020. This will further increase
our waste processing capacity to 27 million pounds annually,
essentially tripling capacity. Finally, we continue to invest
in our route-based business which now serves 32 states, addressing
70% of the population. In addition to facilitating our
ability to service larger route-based prospects, the route-based
business was critical to the near doubling of customer billings in
the Assisted Living market for the June 2020 quarter.
“Looking forward, we have been very pleased to see a rebound in
the July and August route-based business which is trending to
September 2020 quarterly billings of an estimated $2.8 to $2.9
million. Additionally, while the number of MedSafe liners returned
for processing dipped in the June 2020 quarter, they have returned
to or exceeded pre-COVID-19 levels in July and August.”
Fourth Quarter Review
Retail market billings increased 54% to $5.4 million in the
fourth quarter of fiscal 2020 as compared to $3.5 million in the
same prior year period. The increase in retail billings is
primarily due to increased flu shot related orders of $1.5 million
and increased unused medication billings of $0.4 million including
both MedSafe and TakeAway Medication Recovery System envelopes.
Professional market billings decreased 17% to $3.3 million in
the fourth quarter of fiscal 2020 compared to $3.9 million in the
prior year period. The decrease in this market, which is comprised
of physicians, clinics, dentists, surgery centers, labs,
veterinarians and other healthcare providers, was primarily related
to state mandated closures associated with the COVID-19 pandemic
that temporarily closed some of our dental, physician and other
customer facilities. Most of the affected customers have since
re-opened.
Assisted Living billings increased 96% to $1.3 million in the
fourth quarter of fiscal 2020 compared to $0.6 million in the prior
year period, related primarily to increased COVID-19 related waste
management and ancillary supplies. Although the inside and online
sales channel primarily targets the professional and government
markets, billings for the inside and online sales channel increased
6% to $2.3 million in the fourth quarter of fiscal 2020 as compared
to $2.2 million in the same prior year period primarily due to
increases in route based pickup services to the assisted living
market.
Pharmaceutical Manufacturer billings decreased 59% to $0.6
million in the fourth quarter of fiscal 2020 compared to $1.5
million in the fourth quarter of fiscal 2019, related to the timing
of inventory builds for patient support programs.
Full Year Fiscal 2020 Results
Sharps recorded revenue of $51.1 million in fiscal 2020, an
increase of 15% compared to revenue of $44.3 million in fiscal
2019. Customer billings increased 18% to $53.0 million for fiscal
2020. Retail billings increased 40% to $16.0 million as compared to
$11.5 million in the full year fiscal 2019, due primarily to an
increase in billings for flu shot related orders of $2.2 million as
well as from unused medication solutions of $2.0 million including
MedSafe and TakeAway Medication Recovery System envelopes. Home
Health Care billings increased 27% to $9.9 million for the full
year fiscal 2020 compared to $7.8 million in 2019. In fiscal 2020,
Pharmaceutical Manufacturer billings increased 12% to $4.7 million
as compared to $4.1 million in fiscal 2019. Professional billings
increased 4% to $15.6 million in fiscal 2020 as compared to $15.1
million in the prior year.
Gross margin increased slightly to 31% for fiscal 2020 as
compared to 30% in fiscal 2019. SG&A expense increased 17% to
$14.0 million compared to $12.0 million in fiscal 2019, related to
the Company’s continued investments in sales and marketing, but was
consistent with the prior year as a percentage of sales at 27%. The
Company recorded operating income of $0.9 million in fiscal 2020 as
compared to operating income of $0.4 million in fiscal 2019. The
Company recorded a $1.7 million income tax benefit as a result of
the release of valuation allowance on the basis of the Company's
reassessment of the recoverability of its deferred tax assets.
Net income for full year fiscal 2020 was $2.3 million, or $0.14
per basic and diluted share compared to net income of $0.2 million
or $0.01 per basic and diluted share for full year fiscal 2019.
Sharps recorded improved EBITDA of $2.4 million in fiscal 2020,
as compared to EBITDA of $2.1 million in fiscal 2019. (See
Reconciliation of Net Income to EBITDA in the supplemental table
included at the end of this release).
Financial Flexibility and a Strong Balance
Sheet
Cash was $5.4 million at June 30, 2020, compared to cash of $4.5
million at June 30, 2019. The Company had working capital of
$11.1 million at June 30, 2020 compared to working capital of $10.6
million at June 30, 2019. The Company's property, plant and
equipment increased $3.3 million from June 30, 2019 to June 30,
2020, primarily due to the expansion at the Company's treatment
facility in Texas. The Company's long-term debt increased $3.7
million from June 30, 2019 to June 30, 2020, due to borrowings
under its Construction and Term Loan which is financing a portion
off the Company's expansion of its treatment facility in Texas and
proceeds from a Paycheck Protection Program loan.
Mr. Tusa concluded, “This is a very exciting time for our
Company as we believe we are playing a valuable role in addressing
and helping to solve concerns surrounding the current pandemic.
Whether it be supporting an expected significant increase in
seasonal flu immunizations, facilitating the proper collection,
transportation and treatment of syringes utilized in the
administration of the potential COVID-19 vaccine, or supporting the
pick-up and processing of the significantly increased volumes of
healthcare waste from the long-term care industry, we are well
positioned to take advantage of these growth opportunities.
“From our vantage point today, we believe that revenues could be
favorably impacted over the next year and beyond by what experts
are indicating could be continued strong flu immunization seasons
and multi-shot COVID-19 immunization efforts. We continue to
invest in our business as we further establish Sharps as a
comprehensive provider of medical, pharmaceutical and hazardous
waste management solutions to the small to medium quantity
generator market in the United States.”
Fourth Quarter Fiscal Year 2020 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 18,
2020. 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 36454. 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 thirty-two (32) state region
of the South, Southeast, Midwest and Northeast portions of the
United States. Sharps also provides two simple solutions for safe
and easy disposal of unused medications: MedSafe collection
receptacles and TakeAway Medication Recovery System Envelopes.
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 and EBITDA. 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.
For more information contact: |
|
|
Diana P. DiazSharps
Compliance Corp.Vice President and Chief Financial Officer Phone:
(713) 660-3547Email: ddiaz@sharpsinc.com |
John Nesbett/Jennifer BelodeauIMS Investor RelationsPhone: (203)
972-9200Email: jnesbett@institutionalms.com |
FINANCIAL TABLES FOLLOW
Sharps Compliance Corp. and
SubsidiariesCondensed Consolidated Statements of
Operations(in thousands, except per share
data)(Unaudited)
|
Three-Months Ended |
|
|
Year Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2020 |
|
2019 |
% Change |
|
2020 |
|
2019 |
% Change |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
12,568 |
|
|
$ |
12,174 |
|
3.2 |
% |
|
$ |
51,146 |
|
|
$ |
44,312 |
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
8,385 |
|
|
8,282 |
|
1.2 |
% |
|
35,384 |
|
|
31,042 |
|
14.0 |
% |
Gross profit |
4,183 |
|
|
3,892 |
|
7.5 |
% |
|
15,762 |
|
|
13,270 |
|
18.8 |
% |
Gross margin |
33.3 |
% |
|
32.0 |
% |
|
|
30.8 |
% |
|
29.9 |
% |
|
SG&A expense |
3,328 |
|
|
3,117 |
|
6.8 |
% |
|
14,046 |
|
|
12,003 |
|
17.0 |
% |
Depreciation and
amortization |
204 |
|
|
207 |
|
|
|
806 |
|
|
820 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
651 |
|
|
568 |
|
|
|
910 |
|
|
447 |
|
|
Operating margin |
5.2 |
% |
|
4.7 |
% |
|
|
1.8 |
% |
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
1 |
|
|
6 |
|
|
|
14 |
|
|
24 |
|
|
Interest expense |
(46 |
) |
|
(19 |
) |
|
|
(127 |
) |
|
(87 |
) |
|
Loss associated with
derivative instrument |
(113 |
) |
|
— |
|
|
|
(113 |
) |
|
— |
|
|
Total other expense |
(158 |
) |
|
(13 |
) |
|
|
(226 |
) |
|
(63 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
expense |
493 |
|
|
555 |
|
|
|
684 |
|
|
384 |
|
|
Income tax expense
(benefit) |
(1,673 |
) |
|
65 |
|
|
|
(1,582 |
) |
|
170 |
|
|
Net
Income |
$ |
2,166 |
|
|
$ |
490 |
|
|
|
$ |
2,266 |
|
|
$ |
214 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
0.13 |
|
|
$ |
0.03 |
|
|
|
$ |
0.14 |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
16,365 |
|
|
16,141 |
|
|
|
16,249 |
|
|
16,116 |
|
|
Diluted |
16,791 |
|
|
16,150 |
|
|
|
16,431 |
|
|
16,123 |
|
|
Sharps Compliance Corp. and
SubsidiariesCondensed Consolidated Balance
Sheets(in
thousands)(Unaudited)
|
|
|
|
|
June 30, |
|
June 30, |
|
2020 |
|
2019 |
|
|
|
|
ASSETS: |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
5,416 |
|
|
$ |
4,512 |
|
Accounts receivable, net |
11,789 |
|
|
9,289 |
|
Inventory |
5,638 |
|
|
3,770 |
|
Contract asset |
156 |
|
|
260 |
|
Prepaid and other current assets |
1,287 |
|
|
922 |
|
Total current assets |
24,286 |
|
|
18,753 |
|
Property, plant and equipment,
net |
9,127 |
|
|
5,867 |
|
Operating lease right of use
asset |
8,747 |
|
|
— |
|
Inventory, net of current
portion |
1,064 |
|
|
1,046 |
|
Other assets |
154 |
|
|
443 |
|
Goodwill |
6,735 |
|
|
6,735 |
|
Intangible assets, net |
2,771 |
|
|
3,196 |
|
Deferred tax asset |
1,252 |
|
|
— |
|
Total assets |
$ |
54,136 |
|
|
$ |
36,040 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY: |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,291 |
|
|
$ |
2,946 |
|
Accrued liabilities |
2,833 |
|
|
2,213 |
|
Operating lease liability |
2,192 |
|
|
— |
|
Current maturities of long-term debt |
1,658 |
|
|
517 |
|
Contract liability |
3,262 |
|
|
2,502 |
|
Total current liabilities |
13,236 |
|
|
8,178 |
|
Contract liability, net of
current portion |
705 |
|
|
503 |
|
Operating lease liability, net
of current portion |
6,671 |
|
|
— |
|
Other liabilities |
441 |
|
|
42 |
|
Deferred tax liability |
— |
|
|
243 |
|
Long-term debt, net of current
portion |
3,505 |
|
|
948 |
|
Total liabilities |
24,558 |
|
|
9,914 |
|
Stockholders’ equity |
29,578 |
|
|
26,126 |
|
Total liabilities and stockholders' equity |
$ |
54,136 |
|
|
$ |
36,040 |
|
Sharps Compliance Corp. and
SubsidiariesSupplemental Customer Billing and
Revenue Information(in
thousands)(Unaudited)
|
|
Three-Months Ended June 30, |
|
|
|
2020 |
|
% Total |
|
2019 |
|
$ Change |
|
% |
|
BILLINGS BY
MARKET: |
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
5,359 |
|
|
|
39.6 |
% |
|
$ |
3,479 |
|
|
|
$ |
1,880 |
|
|
|
54.0 |
% |
|
Professional |
|
3,252 |
|
|
|
24.0 |
% |
|
3,912 |
|
|
|
|
(660 |
) |
|
|
(16.9 |
)% |
|
Home Health Care |
|
2,352 |
|
|
|
17.4 |
% |
|
2,072 |
|
|
|
280 |
|
|
|
13.5 |
% |
|
Pharmaceutical Manufacturer |
|
593 |
|
|
|
4.4 |
% |
|
1,462 |
|
|
|
(869 |
) |
|
|
(59.4 |
)% |
|
Assisted Living |
|
1,261 |
|
|
|
9.3 |
% |
|
645 |
|
|
|
616 |
|
|
|
95.5 |
% |
|
Government |
|
468 |
|
|
|
3.5 |
% |
|
760 |
|
|
|
(292 |
) |
|
|
(38.4 |
)% |
|
Environmental |
|
124 |
|
|
|
0.9 |
% |
|
84 |
|
|
|
40 |
|
|
|
47.6 |
% |
|
Other |
|
124 |
|
|
|
0.9 |
% |
|
301 |
|
|
|
(177 |
) |
|
|
(58.8 |
)% |
|
Subtotal |
|
|
13,533 |
|
|
|
100.0 |
% |
|
|
12,715 |
|
|
|
|
818 |
|
|
|
6.4 |
% |
|
GAAP Adjustment * |
|
(965 |
) |
|
|
|
|
(541 |
) |
|
|
(424 |
) |
|
|
|
|
Revenue Reported |
|
$ |
12,568 |
|
|
|
|
|
$ |
12,174 |
|
|
|
$ |
394 |
|
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended June 30, |
|
|
|
2020 |
|
% Total |
|
2019 |
|
$ Change |
|
% |
|
BILLINGS BY
MARKET: |
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
16,033 |
|
|
|
30.2 |
% |
|
$ |
11,481 |
|
|
|
$ |
4,552 |
|
|
|
39.6 |
% |
|
Professional |
|
15,637 |
|
|
|
29.5 |
% |
|
15,071 |
|
|
|
566 |
|
|
|
3.8 |
% |
|
Home Health Care |
|
9,938 |
|
|
|
18.7 |
% |
|
7,800 |
|
|
|
2,138 |
|
|
|
27.4 |
% |
|
Pharmaceutical Manufacturer |
|
4,661 |
|
|
|
8.8 |
% |
|
4,146 |
|
|
|
515 |
|
|
|
12.4 |
% |
|
Assisted Living |
|
3,324 |
|
|
|
6.3 |
% |
|
2,542 |
|
|
|
782 |
|
|
|
30.8 |
% |
|
Government |
|
2,292 |
|
|
|
4.3 |
% |
|
2,468 |
|
|
|
(176 |
) |
|
|
(7.1 |
)% |
|
Environmental |
|
247 |
|
|
|
0.5 |
% |
|
290 |
|
|
|
(43 |
) |
|
|
(14.8 |
)% |
|
Other |
|
876 |
|
|
|
1.7 |
% |
|
1,175 |
|
|
|
(299 |
) |
|
|
(25.4 |
)% |
|
Subtotal |
|
|
53,008 |
|
|
|
100.0 |
% |
|
|
44,973 |
|
|
|
|
8,035 |
|
|
|
17.9 |
% |
|
GAAP Adjustment* |
|
(1,862 |
) |
|
|
|
|
(661 |
) |
|
|
(1,201 |
) |
|
|
|
|
Revenue Reported |
|
$ |
51,146 |
|
|
|
|
|
$ |
44,312 |
|
|
|
$ |
6,834 |
|
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Represents the
net impact of the revenue recognition adjustments to arrive at
reported GAAP revenue. Customer billings include all invoiced
amounts for products shipped or services rendered 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, (ii) recognition of certain
revenue associated with product returned for treatment and
destruction and (iii) provisions for certain product returns and
discounts to customers which are accounted for as reductions in
sales in the same period the related sales are recorded. |
Sharps Compliance Corp. and
SubsidiariesSupplemental Customer Billing by
Solution Information(in
thousands)(Unaudited)
|
|
Three-Months Ended June 30, |
|
|
2020 |
|
% Total |
|
2019 |
|
$ Change |
|
% |
BILLINGS
BY SOLUTION: |
|
|
|
|
|
|
|
|
|
Mailbacks |
$ |
7,160 |
|
|
52.9 |
% |
|
$ |
6,819 |
|
|
$ |
341 |
|
|
|
5.0 |
% |
Route-Based Pickup |
2,628 |
|
|
19.4 |
% |
|
2,564 |
|
|
64 |
|
|
|
2.5 |
% |
Unused Medications |
2,348 |
|
|
17.4 |
% |
|
2,242 |
|
|
106 |
|
|
|
4.7 |
% |
Third Party Treatment |
124 |
|
|
0.9 |
% |
|
84 |
|
|
40 |
|
|
|
47.6 |
% |
Other |
|
1,273 |
|
|
9.4 |
% |
|
1,006 |
|
|
267 |
|
|
|
26.5 |
% |
Total Billings By Solution |
$ |
13,533 |
|
|
100.0 |
% |
|
$ |
12,715 |
|
|
$ |
818 |
|
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended June 30, |
|
|
2020 |
|
% Total |
|
2019 |
|
$ Change |
|
% |
BILLINGS
BY SOLUTION: |
|
|
|
|
|
|
|
|
|
Mailbacks |
$ |
28,440 |
|
|
53.7 |
% |
|
$ |
25,162 |
|
|
$ |
3,278 |
|
|
|
13.0 |
% |
Route-Based Pickup |
10,390 |
|
|
19.6 |
% |
|
9,029 |
|
|
1,361 |
|
|
|
15.1 |
% |
Unused Medications |
9,163 |
|
|
17.3 |
% |
|
6,936 |
|
|
2,227 |
|
|
|
32.1 |
% |
Third Party Treatment |
247 |
|
|
0.5 |
% |
|
290 |
|
|
(43 |
) |
|
|
(14.8 |
)% |
Other |
|
4,768 |
|
|
8.9 |
% |
|
3,556 |
|
|
1,212 |
|
|
|
34.1 |
% |
Total Billings By Solution |
$ |
53,008 |
|
|
100.0 |
% |
|
$ |
44,973 |
|
|
$ |
8,035 |
|
|
|
17.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Sharps Compliance Corp. and
SubsidiariesSupplemental Customer Billing by
Channel Information(in
thousands)(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended June 30, |
|
|
2020 |
|
% Total |
|
2019 |
|
$ Change |
|
% Change |
BILLINGS BY
CHANNEL: |
|
|
|
|
|
|
|
|
|
|
Direct Sales |
|
$ |
7,658 |
|
|
56.6 |
% |
|
$ |
6,725 |
|
|
$ |
933 |
|
|
|
13.9 |
% |
Distributors |
|
3,552 |
|
|
26.2 |
% |
|
3,788 |
|
|
(236 |
) |
|
|
(6.2 |
)% |
Inside and Online Sales |
|
2,323 |
|
|
17.2 |
% |
|
2,202 |
|
|
121 |
|
|
|
5.5 |
% |
Total Billings By Channel |
|
$ |
13,533 |
|
|
100.0 |
% |
|
$ |
12,715 |
|
|
$ |
818 |
|
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended June 30, |
|
|
2020 |
|
% Total |
|
2019 |
|
$ Change |
|
% Change |
BILLINGS BY
CHANNEL: |
|
|
|
|
|
|
|
|
|
|
Direct Sales |
|
$ |
29,163 |
|
|
55.0 |
% |
|
$ |
23,288 |
|
|
$ |
5,875 |
|
|
|
25.2 |
% |
Distributors |
|
14,165 |
|
|
26.7 |
% |
|
13,225 |
|
|
940 |
|
|
|
7.1 |
% |
Inside and Online Sales |
|
9,680 |
|
|
18.3 |
% |
|
8,460 |
|
|
1,220 |
|
|
|
14.4 |
% |
Total Billings By Channel |
|
$ |
53,008 |
|
|
100.0 |
% |
|
$ |
44,973 |
|
|
$ |
8,035 |
|
|
|
17.9 |
% |
Sharps Compliance Corp. and
SubsidiariesSupplemental Table to Reconcile Net
Income to EBITDA*(in
thousands)(Unaudited)
|
Three-Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Net
Income |
$ |
2,166 |
|
|
|
$ |
490 |
|
|
$ |
2,266 |
|
|
|
$ |
214 |
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
(1,673 |
) |
|
|
65 |
|
|
(1,582 |
) |
|
|
170 |
|
Interest expense, net |
45 |
|
|
|
13 |
|
|
113 |
|
|
|
63 |
|
Depreciation and amortization |
415 |
|
|
|
430 |
|
|
1,606 |
|
|
|
1,663 |
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
953 |
|
|
|
$ |
998 |
|
|
$ |
2,403 |
|
|
|
$ |
2,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The
Company defines earnings before interest, taxes, depreciation and
amortization (“EBITDA”) as net income, plus income tax expense
(benefit), net interest expense, 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. |
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