Digirad Corporation (Nasdaq: DRAD) today reported its financial
results for the third quarter and nine months ended
September 30, 2018.
Total revenues from continuing operations for
the third quarter were $25.7 million, compared to $25.8 million in
the third quarter of the prior year.
Net loss from continuing operations for the
third quarter was $1.2 million, or $0.06 net loss per diluted share
from continuing operations, compared to net loss of $7.3 million or
$0.37 net loss per diluted share in the same period in the prior
year. Non-GAAP adjusted net loss from continuing operations for the
third quarter was $0.6 million, or $0.03 adjusted net loss from
continuing operations per diluted share, compared to adjusted net
income of $0.1 million, or $0.01 adjusted net income per diluted
share in the same period in the prior year.
Non-GAAP adjusted EBITDA from continuing
operations for the third quarter was $1.6 million, compared to $2.4
million in the same period in the prior year. Operating cash flow
for the third quarter was negative $0.8 million, compared to the
prior year's operating cash flow for the third quarter of $0.6
million. Non-GAAP free cash flow was negative $0.4 million for the
third quarter, compared to negative $0.2 million in the same period
in the prior year.
Total revenues for the nine months ended
September 30, 2018 were $78.3 million, compared to $78.3
million in the same period in the prior year.
Net loss from continuing operations for the nine
months ended September 30, 2018 was $2.9 million, or $0.15 net
loss per diluted share, compared to net loss of $12.4 million, or
$0.62 net loss per diluted share in the same period in the prior
year. Non-GAAP adjusted net loss for the nine months ended
September 30, 2018 was $1.6 million, or $0.08 adjusted net
loss per diluted share, compared to adjusted net loss of $1.7
million, or $0.09 adjusted net loss per diluted share in the same
period in the prior year.
Non-GAAP adjusted EBITDA for the nine months
ended September 30, 2018 was $5.2 million, compared to $5.6
million in the same period in the prior year. Operating cash flow
for the nine months ended September 30, 2018 was $2.2 million,
compared to the prior year's operating cash flow for the first nine
months of $4.1 million. Non-GAAP free cash flow was $2.1 million
for the nine months ended September 30, 2018, compared to $2.7
million in the same period in the prior year.
Digirad President and CEO Matt Molchan said,
“Overall, our business had some challenges during the quarter,
which we expect to be temporary in nature. Despite these
challenges, we were still able to keep revenue flat on a year over
year basis, with Diagnostic Services revenue outperforming over the
prior year. Our Digirad Imaging Solutions (DIS) unit within
Diagnostic Services suffered weather related issues due to storms
in the southeast but still managed to outperform the prior year
quarter by 6%. Mobile Healthcare’s performance in the quarter was
impacted by higher than normal equipment and trailer maintenance
costs, however interim rental revenue continued to outperform
increasing by 24% over the prior year’s quarter." Molchan
continued, “Camera sales again impacted our revenue generation in
Diagnostic Imaging, but a strong September bodes well for a good
finish to the year as budgets for hospital systems’ capital
expenditures are being funded."
The proposed merger with ATRM Holdings, Inc. to form “HoldCo”,
previously announced on September 10th, 2018 continues to progress
with an anticipated closing in the spring of 2019. Additionally,
the Company has chosen to eliminate the dividend so that it can
instead buy back stock given the attractive valuation of the
Company’s current stock price. HoldCo, once it is formed, expects
to make high-return internal investments as well as look for
attractive acquisition opportunities in addition to repurchasing
shares. “Our mission is to grow and maximize value per share over
the long-term, and we believe opportunistic share repurchases will
better achieve this goal than continuing to pay dividends given our
current stock price” said Digirad Chairman Jeff Eberwein. Under the
new stock repurchase program, authorized by the Board of Directors,
the Company may purchase up to 2 million shares of its
common stock, which represents approximately 10% of the current
shares outstanding. After completing this repurchase program, the
Board will consider authorizing an additional share repurchase
plan.
The Company intends to repurchase shares through authorized Rule
10b5-1 plans, open market purchases, privately-negotiated
transactions, block purchases or otherwise in accordance with
applicable federal securities laws, including Rule 10b-18 of
the Securities Exchange Act of 1934, as amended. Share repurchases
will be evaluated against organic growth investments and
acquisitions, and the Company expects to continually allocate
capital to its highest and best use.
In addition, the Company sold its Telerhythmics business to G
Medical Innovations USA, Inc. for $1.95 million in cash. This sale
will allow the Company to put even more focus on its cash
generating imaging businesses and it will allow the Telerhythmics
business to merge with a company in G Medical that is focused in
the cardiac event monitoring space with exciting new technology on
the horizon. The Company intends to use the proceeds of the
deal to further pay down its debt.
2018 Financial Guidance
The Company reaffirms its previously announced fiscal year 2018
financial guidance for revenues from continuing operations between
$100 and $105 million and free cash flow between $4 and $5 million.
The Company lowers its non-GAAP adjusted EBITDA from between $8.5
and $9.5 million to approximately $7.0 million. The updated
guidance is based on adjusting the full year outlook based on the
actual performance in the third quarter.
Conference Call Information
A conference call is scheduled for 11:00 a.m.
EDT on November 2, 2018 to discuss the results and
management's outlook. The call may be accessed by dialing
1-877-407-9039 (international callers: +1-201-689-8470) five
minutes prior to the scheduled start time and referencing Digirad.
A simultaneous webcast of the call may be accessed online from the
Events & Presentations link on the Investor Relations page at
http://drad.client.shareholder.com; an archived replay of the
webcast will be available within 15 minutes of the end of the
conference call.
Use of Non-GAAP Financial Measures by
Digirad Corporation
This Digirad news release presents the non-GAAP
financial measures “adjusted net income (loss),” “adjusted net
income (loss) per diluted share,” “free cash flow”, and “adjusted
EBITDA.” The most directly comparable measure for these non-GAAP
financial measures are net income and diluted net income per share.
The Company has included below unaudited adjusted financial
information, which presents the Company's results of operations
after excluding acquired intangible asset amortization, acquisition
related contingent consideration adjustments, unrealized gain(loss)
on available-for-sale securities, and non-recurring related income
tax adjustments. Further excluded in the measure of adjusted EBITDA
are interest, taxes, depreciation, amortization and stock-based
compensation.
A discussion of the reasons why management
believes that the presentation of non-GAAP financial measures
provides useful information to investors regarding Digirad's
financial condition and results of operations is included as
Exhibit 99.2 to Digirad's report on Form 8-K filed with the
Securities and Exchange Commission on November 2, 2018.
About Digirad Corporation
Digirad delivers convenient, effective, and efficient healthcare
solutions on an as needed, when needed, and where needed basis.
Digirad’s diverse portfolio of mobile healthcare solutions and
diagnostic imaging equipment and services, provides hospitals,
physician practices, and imaging centers through the United States
access to technology and services necessary to provide exceptional
patient care in the rapidly changing healthcare environment. For
more information, please visit www.digirad.com.
Forward-Looking Statements
This press release contains statements that are
forward-looking statements as defined within the Private Securities
Litigation Reform Act of 1995. Some of these forward-looking
statements can be identified by the use of forward-looking words
such as “believes,” “expects,” “may,” “will,” “should,” “seek,”
“approximately,” “intends,” “plans,” “estimates,” or “anticipates,”
or the negative of those words or other comparable terminology, or
in specific statements such as the Company's ability to deliver
value to customers, the ability to grow and generate positive cash
flow, the ability to execute on restructuring activities, and
ability to successfully execute acquisitions. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from the statements made. These
risks are detailed in Digirad's filings with the U.S. Securities
and Exchange Commission, including the Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other reports. Readers are cautioned to not place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, and Digirad undertakes no
obligation to revise or update the forward-looking statements
contained herein.
(Financial tables follow)
| |
| Digirad CorporationCondensed
Consolidated Statements of
Operations(Unaudited) |
|
|
|
|
Three Months Ended September 30, |
|
Nine Months
Ended September 30, |
|
|
|
|
(in thousands, except per share amounts) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Revenues: |
|
|
|
|
|
|
|
| Services |
$ |
22,904 |
|
|
$ |
22,820 |
|
|
$ |
69,851 |
|
|
$ |
69,619 |
|
| Product and product-related |
2,803 |
|
|
2,975 |
|
|
8,401 |
|
|
8,701 |
|
| Total revenues |
25,707 |
|
|
25,795 |
|
|
78,252 |
|
|
78,320 |
|
|
Cost of revenues: |
|
|
|
|
|
|
|
| Services |
19,700 |
|
|
18,768 |
|
|
58,984 |
|
|
56,456 |
|
| Product and product-related |
1,649 |
|
|
1,657 |
|
|
4,736 |
|
|
5,204 |
|
| Total cost of revenues |
21,349 |
|
|
20,425 |
|
|
63,720 |
|
|
61,660 |
|
|
Gross profit |
4,358 |
|
|
5,370 |
|
|
14,532 |
|
|
16,660 |
|
| Total gross profit percentage |
17.0 |
% |
|
20.8 |
% |
|
18.6 |
% |
|
21.3 |
% |
| Services gross profit
percentage |
14.0 |
% |
|
17.8 |
% |
|
15.6 |
% |
|
18.9 |
% |
| Product and product-related gross profit
percentage |
41.2 |
% |
|
44.3 |
% |
|
43.6 |
% |
|
40.2 |
% |
|
Operating expenses: |
|
|
|
|
|
|
|
| Marketing and sales |
1,281 |
|
|
1,383 |
|
|
4,209 |
|
|
4,762 |
|
| General and administrative |
3,504 |
|
|
3,718 |
|
|
11,418 |
|
|
14,331 |
|
| Amortization of intangible assets |
356 |
|
|
374 |
|
|
1,069 |
|
|
1,121 |
|
|
Goodwill impairment |
— |
|
|
— |
|
|
476 |
|
|
— |
|
| Loss on sale of buildings |
507 |
|
|
— |
|
|
507 |
|
|
— |
|
| Total operating expenses |
5,648 |
|
|
5,475 |
|
|
17,679 |
|
|
20,214 |
|
|
Loss from operations |
(1,290 |
) |
|
(105 |
) |
|
(3,147 |
) |
|
(3,554 |
) |
|
Other expense: |
|
|
|
|
|
|
|
| Other expense, net |
(76 |
) |
|
(237 |
) |
|
(112 |
) |
|
(237 |
) |
| Interest expense, net |
(200 |
) |
|
(154 |
) |
|
(563 |
) |
|
(574 |
) |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
(43 |
) |
|
(709 |
) |
|
Total other expense |
(276 |
) |
|
(391 |
) |
|
(718 |
) |
|
(1,520 |
) |
|
Loss before income taxes |
(1,566 |
) |
|
(496 |
) |
|
(3,865 |
) |
|
(5,074 |
) |
| Income tax benefit (expense) |
379 |
|
|
(6,838 |
) |
|
940 |
|
|
(7,357 |
) |
| Loss from continuing operations, net of tax |
(1,187 |
) |
|
(7,334 |
) |
|
(2,925 |
) |
|
(12,431 |
) |
| (Loss) income from discontinued operations, net of
tax |
(239 |
) |
|
(1,565 |
) |
|
5,255 |
|
|
(1,316 |
) |
|
Net (loss) income |
$ |
(1,426 |
) |
|
$ |
(8,899 |
) |
|
$ |
2,330 |
|
|
$ |
(13,747 |
) |
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share - basic and diluted |
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.06 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.62 |
) |
|
Discontinued operations |
$ |
(0.01 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.26 |
|
|
$ |
(0.07 |
) |
|
Net (loss) income per share - basic and diluted (1) |
$ |
(0.07 |
) |
|
$ |
(0.44 |
) |
|
$ |
0.12 |
|
|
$ |
(0.69 |
) |
|
Dividends declared per common share |
$ |
0.055 |
|
|
$ |
0.055 |
|
|
$ |
0.165 |
|
|
$ |
0.155 |
|
|
Weighted average shares outstanding – basic and diluted |
20,176 |
|
|
20,009 |
|
|
20,129 |
|
|
19,974 |
|
(1) Earnings per share may not add due to rounding.
| |
| Digirad CorporationCondensed
Consolidated Balance
Sheets(Unaudited) |
| |
|
(in thousands, except share data) |
September 30,
2018 |
|
December 31,
2017 |
|
Assets: |
|
|
|
|
Current assets: |
|
|
|
| Cash and cash equivalents |
$ |
963 |
|
|
$ |
1,877 |
|
| Securities available-for-sale |
90 |
|
|
97 |
|
| Accounts receivable, net |
13,455 |
|
|
15,887 |
|
| Inventories, net |
5,884 |
|
|
5,501 |
|
| Restricted cash |
167 |
|
|
242 |
|
| Other current assets |
1,987 |
|
|
1,972 |
|
| Total current assets |
22,546 |
|
|
25,576 |
|
|
Property and equipment, net |
23,404 |
|
|
28,365 |
|
|
Intangible assets, net |
6,760 |
|
|
7,830 |
|
|
Goodwill |
1,916 |
|
|
2,392 |
|
|
Restricted cash |
101 |
|
|
101 |
|
|
Non-current assets held for sale |
— |
|
|
1,736 |
|
|
Other assets |
462 |
|
|
703 |
|
| Total assets |
$ |
55,189 |
|
|
$ |
66,703 |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Current liabilities: |
|
|
|
| Accounts payable |
$ |
4,645 |
|
|
$ |
5,207 |
|
| Accrued compensation |
3,257 |
|
|
5,507 |
|
| Accrued warranty |
151 |
|
|
204 |
|
| Deferred revenue |
1,561 |
|
|
2,302 |
|
| Current liabilities held for sale |
— |
|
|
835 |
|
| Other current liabilities |
2,692 |
|
|
2,915 |
|
| Total current liabilities |
12,306 |
|
|
16,970 |
|
|
Long-term debt |
13,592 |
|
|
19,500 |
|
|
Deferred tax liabilities |
191 |
|
|
254 |
|
|
Other liabilities |
1,795 |
|
|
2,180 |
|
| Total liabilities |
27,884 |
|
|
38,904 |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
| Preferred stock, $0.0001 par value:
10,000,000 shares authorized; no shares issued or outstanding |
— |
|
|
— |
|
| Common stock, $0.0001 par value: 80,000,000
shares authorized; 20,230,628 and 20,060,311 shares issued and
outstanding (net of treasury shares) at September 30, 2018 and
December 31, 2017, respectively |
2 |
|
|
2 |
|
| Treasury stock, at cost; 2,588,484 shares at
September 30, 2018 and December 31, 2017 |
(5,728 |
) |
|
(5,728 |
) |
| Additional paid-in capital |
145,339 |
|
|
148,163 |
|
| Accumulated other comprehensive loss |
(22 |
) |
|
(5 |
) |
| Accumulated deficit |
(112,286 |
) |
|
(114,633 |
) |
| Total stockholders’ equity |
27,305 |
|
|
27,799 |
|
| Total liabilities and stockholders’ equity |
$ |
55,189 |
|
|
$ |
66,703 |
|
| |
| Digirad
CorporationReconciliation of Non-GAAP Financial
Measures(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended September
30, |
| (in thousands, except per share
amounts) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
| Net loss from continuing
operations |
$ |
(1,187 |
) |
|
$ |
(7,334 |
) |
|
$ |
(2,925 |
) |
|
$ |
(12,431 |
) |
|
|
Acquired intangible amortization |
356 |
|
|
374 |
|
|
1,069 |
|
|
1,121 |
|
|
|
Unrealized loss on available-for-sale securities (1) |
76 |
|
|
237 |
|
|
112 |
|
|
237 |
|
|
|
Litigation reserve (2) |
— |
|
|
— |
|
|
— |
|
|
1,339 |
|
|
|
Restructuring costs (3) |
— |
|
|
— |
|
|
97 |
|
|
— |
|
|
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
43 |
|
|
709 |
|
|
|
Goodwill impairment (4) |
— |
|
|
— |
|
|
476 |
|
|
— |
|
|
|
Loss on sale of buildings (5) |
507 |
|
|
— |
|
|
507 |
|
|
— |
|
|
|
Acquisition related contingent consideration valuation adjustment
(6) |
— |
|
|
— |
|
|
— |
|
|
(57 |
) |
|
|
Income tax items (7) |
(379 |
) |
|
6,838 |
|
|
(940 |
) |
|
7,357 |
|
| Non-GAAP adjusted net (loss) income from
continuing operations |
$ |
(627 |
) |
|
$ |
115 |
|
|
$ |
(1,561 |
) |
|
$ |
(1,725 |
) |
|
|
|
|
|
|
|
|
|
|
| Net loss per diluted share from continuing
operations (8) |
$ |
(0.06 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.62 |
) |
|
|
Acquired intangible amortization |
0.02 |
|
|
0.02 |
|
|
0.05 |
|
|
0.06 |
|
|
|
Unrealized loss on available-for-sale securities (1) |
— |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
|
Litigation reserve (2) |
— |
|
|
— |
|
|
— |
|
|
0.07 |
|
|
|
Restructuring costs (3) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
0.04 |
|
|
|
Goodwill impairment (4) |
— |
|
|
— |
|
|
0.02 |
|
|
— |
|
|
|
Loss on sale of buildings (5) |
0.03 |
|
|
— |
|
|
0.03 |
|
|
— |
|
|
|
Acquisition related contingent consideration valuation adjustment
(6) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Income tax items (7) |
(0.02 |
) |
|
0.34 |
|
|
(0.05 |
) |
|
0.37 |
|
| Non-GAAP adjusted net (loss) income per
diluted share from continuing operations (8) |
$ |
(0.03 |
) |
|
$ |
0.01 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended September
30, |
| (in thousands) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
| Net loss from continuing
operations |
$ |
(1,187 |
) |
|
$ |
(7,334 |
) |
|
$ |
(2,925 |
) |
|
$ |
(12,431 |
) |
|
|
Unrealized loss on available-for sale securities (1) |
76 |
|
|
237 |
|
|
112 |
|
|
237 |
|
|
|
Litigation reserve (2) |
— |
|
|
— |
|
|
— |
|
|
1,339 |
|
|
|
Restructuring costs (3) |
— |
|
|
— |
|
|
97 |
|
|
— |
|
|
|
Goodwill impairment (4) |
— |
|
|
— |
|
|
476 |
|
|
— |
|
|
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
43 |
|
|
709 |
|
|
|
Depreciation and amortization |
2,165 |
|
|
2,284 |
|
|
6,718 |
|
|
7,024 |
|
|
|
Stock-based compensation |
174 |
|
|
261 |
|
|
546 |
|
|
809 |
|
|
|
Loss on sale of buildings (5) |
507 |
|
|
— |
|
|
507 |
|
|
— |
|
|
|
Interest expense, net |
200 |
|
|
154 |
|
|
563 |
|
|
574 |
|
|
|
Acquisition related contingent consideration valuation adjustment
(6) |
— |
|
|
— |
|
|
— |
|
|
(57 |
) |
|
|
Income tax expense (benefit) |
(379 |
) |
|
6,838 |
|
|
(940 |
) |
|
7,357 |
|
| Non-GAAP adjusted EBITDA from continuing
operations |
$ |
1,556 |
|
|
$ |
2,440 |
|
|
$ |
5,197 |
|
|
$ |
5,561 |
|
|
|
|
|
|
|
|
|
|
|
(1) Reflects change in fair value on equity
investments classified as available-for-sale.(2) Reflects legal
settlement for wage and hour litigation in 2017.(3) Reflects
severance related costs.(4) Reflects impairment of goodwill for
Telerhythmics reporting unit.(5) Reflects loss on sale a portion of
land and buildings in our Fargo location.(6) Reflects fair value
adjustment to estimate of contingent consideration related to
acquisitions.(7) The Company has a significant tax NOL that is
offset by a full valuation allowance recorded in the fourth quarter
of 2017 inthe GAAP consolidated financial statements. As a result,
for purposes of non-GAAP measures, we utilized a 0% effective tax
rate for both periods. (8) Per share amounts are computed
independently for each discrete item presented. Therefore, the sum
of the quarterly per share amounts will not necessarily equal to
the total for the year, and sum of individual items may not equal
the total.
| |
| Digirad
CorporationReconciliation of Operating Cash Flow
to Free Cash Flow(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended September
30, |
|
(in thousands) |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Net cash provided by (used in) operating
activities |
|
$ |
(823 |
) |
|
$ |
606 |
|
|
$ |
2,218 |
|
|
$ |
4,101 |
|
|
Purchases of property and equipment, net of dispositions |
|
455 |
|
|
(778 |
) |
|
(139 |
) |
|
(1,393 |
) |
|
Free cash flow |
|
$ |
(368 |
) |
|
$ |
(172 |
) |
|
$ |
2,079 |
|
|
$ |
2,708 |
|
| |
| Digirad
CorporationSupplemental Debt
Information(Unaudited) |
| |
| The following table reflects outstanding principal
balances and interest rates for the Company's debt at
September 30, 2018 and December 31, 2017: |
| |
|
|
|
September 30,
2018 |
|
December 31,
2017 |
|
(in thousands) |
|
Balance |
|
Interest Rate |
|
Balance |
|
Interest Rate |
|
Revolving Credit Facility (1) |
|
$ |
13,592 |
|
|
4.55 |
% |
|
$ |
19,500 |
|
|
3.90 |
% |
|
Total borrowings |
|
$ |
13,592 |
|
|
|
|
$ |
19,500 |
|
|
|
(1) A Revolving Credit Agreement was entered
into with Comerica Bank on June 21, 2017. The agreement consists of
a revolving credit facility with a five-year term, maturing on June
21, 2022.
| |
| Digirad
CorporationSupplemental Segment
Information(Unaudited) |
|
|
Three Months Ended
September 30, |
|
Nine Months Ended September
30, |
|
(in thousands) |
2018 |
|
2017 (1) |
|
2018 |
|
2017 (1) |
| Diagnostic Services |
$ |
12,412 |
|
|
$ |
12,171 |
|
|
$ |
37,704 |
|
|
$ |
36,932 |
|
| Diagnostic Imaging |
2,803 |
|
|
2,975 |
|
|
8,401 |
|
|
8,701 |
|
| Mobile Healthcare |
10,492 |
|
|
10,649 |
|
|
32,147 |
|
|
32,687 |
|
|
Condensed consolidated revenue |
$ |
25,707 |
|
|
$ |
25,795 |
|
|
$ |
78,252 |
|
|
$ |
78,320 |
|
| Diagnostic Services |
$ |
2,404 |
|
|
$ |
2,586 |
|
|
$ |
7,620 |
|
|
$ |
8,152 |
|
| Diagnostic Imaging |
1,154 |
|
|
1,318 |
|
|
3,665 |
|
|
3,497 |
|
| Mobile Healthcare |
800 |
|
|
1,466 |
|
|
3,247 |
|
|
5,011 |
|
|
Condensed consolidated gross profit |
$ |
4,358 |
|
|
$ |
5,370 |
|
|
$ |
14,532 |
|
|
$ |
16,660 |
|
|
Income (loss) from continuing operations by segment: |
|
|
|
|
|
|
|
| Diagnostic Services |
$ |
250 |
|
|
$ |
288 |
|
|
$ |
764 |
|
|
$ |
443 |
|
| Diagnostic Imaging |
(108 |
) |
|
(39 |
) |
|
(444 |
) |
|
(947 |
) |
| Mobile Healthcare |
(925 |
) |
|
(354 |
) |
|
(2,484 |
) |
|
(1,711 |
) |
|
Segment loss from continuing operations |
$ |
(783 |
) |
|
$ |
(105 |
) |
|
$ |
(2,164 |
) |
|
$ |
(2,215 |
) |
|
Loss on sale of buildings (2) |
(507 |
) |
|
— |
|
|
(507 |
) |
|
— |
|
|
Goodwill impairment (3) |
— |
|
|
— |
|
|
(476 |
) |
|
— |
|
|
Litigation reserve (4) |
— |
|
|
— |
|
|
— |
|
|
(1,339 |
) |
|
Condensed consolidated loss from continuing operations |
$ |
(1,290 |
) |
|
$ |
(105 |
) |
|
$ |
(3,147 |
) |
|
$ |
(3,554 |
) |
(1) Segment information has been recast for all periods
presented to reflect the MDSS disposition as discontinued
operations. As certain shared function costs previously allocated
to MDSS are not allocable to discontinued operations, prior period
corporate costs have been re-allocated amongst the continuing
reportable segments.
(2) Reflects loss on sale a portion of land and buildings in our
Fargo location.
(3) Reflects goodwill impairment adjustment for Telerhythmics
reporting unit.
(4) Reflects legal settlement reserve for wage and hour
litigation in 2017.
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