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Digirad Corporation Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2017
Performs within guidance for Revenue and EBITDA for 2017MDSS service contracts divestiture completedCompany continues to pay regular quarterly dividend of $0.055 cents per shareSUWANEE, Ga., Feb. 23, 2018 (GLOBE NEWSWIRE) -- Digirad Corporation (NASDAQ:DRAD) today reported its financial results for the fourth quarter and twelve months ended December 31, 2017.Total revenues for the fourth quarter were $30.9 million, compared to $31.1 million in the fourth quarter of the prior year.Net loss for the fourth quarter was $22.0 million, or $1.10 net loss per diluted share, compared to net income of $2.0 million, or $0.10 net income per diluted share in the same period in the prior year. Non-GAAP adjusted net loss for the fourth quarter was $2.7 million, or $0.14 adjusted net loss per diluted share, compared to adjusted net income of $3.0 million, or $0.15 adjusted net income per diluted share in the same period in the prior year. Non-GAAP adjusted EBITDA for the fourth quarter was $2.8 million, compared to $5.4 million in the same period in the prior year.Total revenues for the twelve months ended December 31, 2017 were $118.3 million, compared to the prior year's revenues for the same period of $125.5 million.Net loss for the twelve months ended December 31, 2017 was $35.7 million, or $1.79 net loss per diluted share, compared to net income of $14.3 million, or $0.71 net income per diluted share in the same period in the prior year. Non-GAAP adjusted net income for twelve months ended December 31, 2017 was $0.2 million, or $0.01 adjusted net income per diluted share, compared to adjusted net income of $7.2 million, or $0.36 adjusted net income per diluted share in the same period in the prior year. Non-GAAP adjusted EBITDA for the twelve months ended December 31, 2017 was $10.0 million, compared to $16.8 million in the same period in the prior year.Operating cash flow for the twelve months ended December 31, 2017 was $6.2 million, compared to the prior year's operating cash flow for the same period of $10.8 million. Non-GAAP free cash flow was $3.8 million for the twelve months ended December 31, 2017 compared to $4.9 million in the same period in the prior year.Digirad President and CEO Matt Molchan said, "Overall, we are pleased that we finished within our guidance range for revenue, and EBITDA; our free cash flow was slightly below our range mainly due to timing of activities. From a business perspective, our Services businesses Diagnostic Services and Mobile Healthcare performed within our expectations, with Diagnostic Services showing revenue gains year over year for the quarter and year. As we had discussed earlier in the year, our Diagnostic Imaging business has been experiencing slower capital equipment sales, which impacted our overall results. Though we cannot predict exactly when capital spending will pick back up, we continue to build an order pipeline giving us confidence in eventual improvement in capital equipment sales.Molchan continued, "Also, during the quarter we signed a purchase agreement to sell our service contracts in our MDSS business unit to Philips, and as previously announced that sale closed effective February 1. With this business divested, as well as the previously announced MDSS products sales activity ending effective December 31st, we can now focus on our core mobile imaging services. As we move forward with this focus, we have made some operational and personnel changes in our core business areas to right size the organization based on the divestiture of these MDSS activities."The Company has previously announced on February 1, 2018 its regular quarterly cash dividend of $0.055 cents per share, which will be paid on February 28, 2018, to shareholders of record on February 15, 2018.The Company expects to release its 2018 financial guidance with its first quarter 2018 results at the end of April 2018.Conference Call InformationA conference call is scheduled for 11:00 a.m. EST on February 23, 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 CorporationThis Digirad news release presents the non-GAAP financial measures "adjusted net income (loss)," "adjusted net income (loss) per diluted share," "adjusted EBITDA", and "free cash flow". The most directly comparable measure for these non-GAAP financial measures are net income (loss), net income (loss) per diluted share, and operating cash flow. 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, litigation reserve, loss on extinguishment of debt and non-recurring related income tax adjustments. Further excluded in the measure of adjusted EBITDA are interest, taxes, depreciation, amortization and stock-based compensation. Free cash flow is calculated by subtracting cash paid for capital expenditures, net of dispositions from operating cash flow.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 23, 2018.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 diagnostic imaging equipment and services, provides hospitals, physician practices, and imaging centers throughout 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 CorporationConsolidated Statements of Operations(Unaudited) Three Months Ended Twelve Months Ended December 31, December 31,(in thousands, except per share amounts)2017 2016 2017 2016Revenues: Services$22,785 $23,015 $91,865 $95,511 Product and product-related8,133 8,119 26,474 29,956 Total revenues30,918 31,134 118,339 125,467 Cost of revenues: Services19,799 18,720 75,833 75,515 Product and product-related3,497 3,772 14,104 14,179 Total cost of revenues23,296 22,492 89,937 89,694 Gross profit7,622 8,642 28,402 35,773 Total gross profit percentage24.7% 27.8% 24.0% 28.5%Services gross profit percentage13.1% 18.7% 17.5% 20.9%Product and product-related gross profit percentage57.0% 53.5% 46.7% 52.7% Operating expenses: Marketing and sales2,493 2,161 9,154 10,049 General and administrative4,441 4,088 19,360 19,988 Amortization of intangible assets1,427 578 3,161 2,313 Goodwill impairment166 338 2,746 338 Total operating expenses8,527 7,165 34,421 32,688 (Loss) income from operations(905) 1,477 (6,019) 3,085 Other (expense) income: Other (expense) income, net(74) 627 (311) 212 Interest expense, net(226) (320) (1,068) (1,412)Loss on extinguishment of debt— — (709) — Total other expense(300) 307 (2,088) (1,200) (Loss) income before income taxes(1,205) 1,784 (8,107) 1,885 Income tax (expense) benefit(20,778) 194 (27,623) 12,417 Net (loss) income$(21,983) $1,978 $(35,730) $14,302 Net (loss) income per share: Basic$(1.10) $0.10 $(1.79) $0.73 Diluted$(1.10) $0.10 $(1.79) $0.71 Dividends declared per common share$0.055 $0.05 $0.21 $0.20 Weighted average shares outstanding – basic20,057 19,764 19,995 19,594 Weighted average shares outstanding – diluted20,057 20,173 19,995 20,067 Full story available on Benzinga.com
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