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Digirad Corporation Reports Financial Results for the Fourth Quarter and Twelve Months ended December 31, 2016
Year over year fourth quarter revenue increases 100%Year over year fourth quarter net income increases 192%During 2016, Company pays down $11.7 million on its credit facilityCompany continues to pay regular quarterly cash dividend of $0.05 cents per shareSUWANEE, Ga., Feb. 24, 2017 (GLOBE NEWSWIRE) -- Digirad Corporation (NASDAQ:DRAD) today reported its financial results for the fourth quarter and twelve months ended December 31, 2016.Total revenues for the fourth quarter were $31.1 million, an increase of 100 percent compared to the prior year's fourth quarter revenues of $15.6 million.Net income for the fourth quarter was $2.0 million, or $0.10 diluted earnings per share (EPS), compared to net income of $0.7 million, or $0.03 diluted EPS from the same period in the prior year. Non-GAAP adjusted net income for the fourth quarter was $3.0 million, or $0.15 diluted EPS, compared to $1.3 million, or $0.07 diluted EPS from the same period in the prior year.Non-GAAP adjusted EBITDA for the fourth quarter was $5.4 million, compared to $2.1 million in the same period in the prior year.Total revenues for the twelve months ended December 31, 2016 were $125.5 million, an increase of 106 percent compared to the prior year's revenues of $60.8 million.Net income for the twelve months ended December 31, 2016 was $14.3 million, or $0.71 diluted EPS, compared to net income of $21.6 million, or $1.10 diluted EPS in the same period in the prior year. Non-GAAP adjusted net income for the twelve months ended December 31, 2016 was $7.2 million, or $0.36 diluted EPS, compared to non-GAAP adjusted net income of $4.5 million, or $0.23 diluted EPS in the same period in the prior year.Non-GAAP adjusted EBITDA for the twelve months ended December 31, 2016 was $16.8 million, compared to $7.2 million in the same period in the prior year. A reconciliation of non-GAAP adjusted net income and non-GAAP adjusted EBITDA is provided later in this release.The results for the fourth quarter and twelve months ended December 31, 2016 include the results of the recent acquisition of DMS Health, which closed on January 1, 2016.Digirad President and CEO Matt Molchan said, "We are very pleased with our results for the quarter, where we experienced exceptional product sales performance, as well as great performance from our service businesses, capping off a transformational year for Digirad."Molchan continued, "I am also pleased to report we have completed all of our operational integration activities related to the DMS Health acquisition, and will now be focusing our efforts on leveraging our combined resources as we move forward. Additionally, since entering our credit facility at the beginning of the year, we have paid down $11.7 million of the initial balance, including three extra principal payments. We continue to generate significant cash flow to maintain our stable dividend, fund organic growth and pursue accretive acquisitions."The Company previously announced a cash dividend of $0.05 cents per share that will be paid on February 28, 2017, to shareholders of record on February 15, 2017.Conference Call InformationA conference call is scheduled for 10:00 a.m. EST on February 24, 2017 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 CorporationThis Digirad news release presents the non-GAAP financial measures "adjusted net income," "adjusted net income per diluted share," 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, goodwill impairment, acquisition related contingent consideration adjustments, investment impairment loss, transaction and integration costs associated with DMS Health Technologies, 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 February 24, 2017.About Digirad CorporationDigirad 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 medical equipment and services, including diagnostic imaging and patient monitoring, 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 StatementsThis 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 Corporation Consolidated Statements of Operations(Unaudited) Three Months Ended Twelve Months Ended December 31, December 31,(in thousands, except per share amounts)2016 2015 2016 2015 Revenues: Services$23,015 $11,683 $95,511 $46,407 Product and product-related8,119 3,895 29,956 14,419 Total revenues31,134 15,578 125,467 60,826 Cost of revenues: Services18,720 9,048 75,515 35,968 Product and product-related3,772 1,838 14,179 6,949 Total cost of revenues22,492 10,886 89,694 42,917 Gross profit8,642 4,692 35,773 17,909 Total gross profit percentage27.8% 30.1% 28.5% 29.4%Services gross profit percentage18.7% 22.6% 20.9% 22.5%Product and product-related gross profit percentage53.5% 52.8% 52.7% 51.8% Operating expenses: Marketing and sales2,161 1,051 10,049 4,741 General and administrative4,088 3,009 19,988 9,888 Amortization of intangible assets578 134 2,313 506 Goodwill impairment338 — 338 — Total operating expenses7,165 4,194 32,688 15,135 Income from operations1,477 498 3,085 2,774 Other income (expense): Other income (expense), net627 (233) 212 (233)Interest expense, net(320) (12) (1,412) (24)Total other income (expense)307 (245) (1,200) (257) Income before income taxes1,784 253 1,885Full story available on Benzinga.com
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