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04.08.2017 12:00:00

Digirad Corporation Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2017

• Increases dividend 10% to $0.055 cents per share• Confirms 2017 financial guidanceSUWANEE, Ga., Aug. 04, 2017 (GLOBE NEWSWIRE) -- Digirad Corporation (NASDAQ:DRAD) today reported its financial results for the second quarter and six months ended June 30, 2017.Total revenues for the second quarter were $29.8 million, compared to $32.1 million in the second quarter of the prior year.Net loss for the second quarter was $2.8 million, or $0.14 net loss per diluted share, compared to net income of $1.0 million, or $0.05 net income per diluted share in the same period in the prior year. Non-GAAP adjusted net income for the second quarter was $1.7 million, or $0.08 adjusted net income per diluted share, compared to adjusted net income of $1.8 million, or $0.09 adjusted net income per diluted share in the same period in the prior year. Non-GAAP adjusted EBITDA for the second quarter was $2.5 million, compared to $4.2 million in the same period in the prior year.Total revenues for the six months ended June 30, 2017 were $58.9 million, compared to the prior year's revenues for the first six months of $63.2 million.Net loss for the six months ended June 30, 2017 was $4.8 million, or $0.24 net loss per diluted share, compared to net income of $12.6 million, or $0.63 net income per diluted share in the same period in the prior year. Non-GAAP adjusted net income for the six months ended June 30, 2017 was $1.5 million, or $0.07 adjusted net income per diluted share, compared to adjusted net income of $3.2 million, or $0.16 adjusted net income per diluted share in the same period in the prior year. Non-GAAP adjusted EBITDA for the six months ended June 30, 2017 was $4.3 million, compared to $7.9 million in the same period in the prior year.Operating cash flow for the six months ended June 30, 2017 was $3.5 million, compared to the prior year's operating cash flow for the first six months of $3.8 million. Non-GAAP free cash flow was $2.9 million for the six months ended June 30, 2017, compared to $1.0 million in the same period in the prior year.Digirad President and CEO Matt Molchan said, "We are very pleased with the performance of our service businesses during the quarter, which include the Digirad Imaging Solutions and Mobile Healthcare divisions.  Both businesses had a solid quarter and strong year to date performance and continue to generate strong cash flow on a consistent basis.  Further, the operational changes we made in Mobile Healthcare appear to be taking hold, and we are optimistic of continued success."  Molchan continued, "Our product businesses, which include the Diagnostic Imaging and Medical Device Sales and Services divisions, had a tougher quarter related to closing capital equipment deals due to temporary delays in capital spending by customers, which we believe is mainly due to uncertainty around the Affordable Care Act.  Although we can't predict exactly when the uncertainty around capital spending will lift, our team has worked very hard to build a robust order pipeline giving us high confidence in eventual improvement in these businesses.""Despite order delays in our product businesses, our service businesses are performing above plan, which makes us confident in achieving our full year financial guidance range for the year.  In addition, we expect to continue to generate significant cash flow for our shareholders as demonstrated by our strong free cash flow generation so far this year. This confidence in our cash generation ability and the recent refinancing of our credit facility, which allows significantly more flexibility in capital allocation as well as a lower cost of capital, is allowing us to raise our quarterly cash dividend by 10% to $0.055 cents per share.  We are very pleased that we can provide this enhanced cash return to shareholders.  As we move forward, we'll continue to review ways to further enhance shareholder value."The announced cash dividend of $0.055 cents per share will be paid on August 30, 2017, to shareholders of record on August 18, 2017.2017 Financial GuidanceThe Company reaffirms its previously announced fiscal year 2017 financial guidance, which is to generate revenues of approximately $125 million, non-GAAP adjusted EBITDA of between $14 and $15 million, adjusted net income per diluted share of between $0.10 and $0.15, and free cash flow of between $9 and $10 million.Conference Call InformationA conference call is scheduled for 11:00 a.m. EDT on August 4, 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 (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 August 4, 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 Condensed Consolidated Statements of Operations(Unaudited)     Three Months Ended Six Months Ended June 30, June 30,(in thousands, except per share amounts)2017 2016 2017 2016        Revenues:       Services$23,539  $24,666  $46,413  $48,671 Product and product-related6,247  7,424  12,453  14,576 Total revenues29,786  32,090  58,866  63,247 Cost of revenues:       Services18,950  19,179  37,405  37,685 Product and product-related3,803  3,146  7,321  6,732 Total cost of revenues22,753  22,325  44,726  44,417         Gross profit7,033  9,765  14,140  18,830 Total gross profit percentage23.6% 30.4% 24.0% 29.8%Services gross profit percentage19.5% 22.2% 19.4% 22.6%Product and product-related gross profit percentage39.1% 57.6% 41.2% 53.8%        Operating expenses:       Marketing and sales2,269  2,837  4,669  5,462 General and administrative5,937  4,878  11,041  11,292 Amortization of intangible assets578  578  1,156  1,157 Total operating expenses8,784  8,293  16,866  17,911         (Loss) income from operations(1,751) 1,472  (2,726) 919         Other expense:       Other (expense) income, net—  (58) —  14 Interest expense, net(303) (379) (618) (750)Loss on extinguishment of debt(709) —  (709) — Total other expense(1,012) (437) (1,327) (736)        (Loss) income before income taxes(2,763) 1,035  (4,053) 183 Income tax (expense) benefit(9) (37) (795) 12,424 Net (loss) income$(2,772) $998  $(4,848) $12,607         Net (loss) income per share:       Basic$(0.14) $0.05  $(0.24) $0.65 Diluted$(0.14) $0.05  $(0.24)Full story available on Benzinga.com
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