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03.11.2017 11:00:00

Digirad Corporation Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2017

Announces regular quarterly cash dividend of $0.055 cents per shareUpdates 2017 financial guidanceSUWANEE, Ga., Nov. 03, 2017 (GLOBE NEWSWIRE) -- Digirad Corporation (NASDAQ:DRAD) today reported its financial results for the third quarter and nine months ended September 30, 2017.Total revenues for the third quarter were $28.6 million, compared to $31.1 million in the third quarter of the prior year.Net loss for the third quarter was $8.9 million, or $0.44 net loss per diluted share, compared to a net loss of $0.3 million, or $0.01 net loss per diluted share in the same period in the prior year. Non-GAAP adjusted net income for the third quarter was $1.5 million, or $0.07 adjusted net income per diluted share, compared to adjusted net income of $1.0 million, or $0.05 adjusted net income per diluted share in the same period in the prior year. Non-GAAP adjusted EBITDA for the third quarter was $3.0 million, compared to $3.6 million in the same period in the prior year.Total revenues for the nine months ended September 30, 2017 were $87.4 million, compared to the prior year's revenues for the first nine months of $94.3 million.Net loss for the nine months ended September 30, 2017 was $13.7 million, or $0.69 net loss per diluted share, compared to net income of $12.3 million, or $0.62 net income per diluted share in the same period in the prior year. Non-GAAP adjusted net income for the nine months ended September 30, 2017 was $2.9 million, or $0.15 adjusted net income per diluted share, compared to adjusted net income of $4.4 million, or $0.22 adjusted net income per diluted share in the same period in the prior year. Non-GAAP adjusted EBITDA for the nine months ended September 30, 2017 was $7.2 million, compared to $11.4 million in the same period in the prior year.Operating cash flow for the nine months ended September 30, 2017 was $4.1 million, compared to the prior year's operating cash flow for the first nine months of $6.8 million. Non-GAAP free cash flow was $2.7 million for the nine months ended September 30, 2017, compared to $3.0 million in the same period in the prior year.Digirad President and CEO Matt Molchan said, "Our service businesses performed well this quarter, with Diagnostic Services posting period over period growth for both the quarter and year, and Mobile Healthcare performing within our expectations with continued improvement from operational changes we made earlier this year.  In our products businesses, we continue to have slower than expected capital equipment sales, which impacted our overall results.  We believe this trend has continued in part due to uncertainty in the future of the Affordable Care Act.  We still cannot predict exactly when the uncertainty around capital spending will lift, but in the meantime, we continue to build an order pipeline giving us confidence in eventual improvement in capital equipment sales."Molchan continued, "We previously announced the cancellation of our partnership with Philips Healthcare, effective December 31, 2017.  This cancellation has impacted a portion of our MDSS business, which includes our Philips product sales, as well as associated installation and warranty services; however, we will continue to run and operate the post-warranty service side of this business.  While we will have to make some adjustments in the near term to unwind the Philips relationship, we believe our overall business remains strong, and will continue to generate cash and grow in the long-term.  We remain committed to our dividend and growing stockholder value over time."The Company also announced its regular quarterly cash dividend of $0.055 cents per share, which will be paid on November 30, 2017, to shareholders of record on November 20, 2017.2017 Financial GuidanceBased on slower capital spending and the expected impact of Philips Healthcare contract cancellation, the Company updated its previously announced fiscal year 2017 financial guidance.  The Company expects to generate revenues of approximately $115 to $120 million, non-GAAP adjusted EBITDA of between $9.5 and $10.5 million, adjusted net income per diluted share of between $0.08 and $0.10, and free cash flow of between $5 and $6 million.Conference Call InformationA conference call is scheduled for 11:00 a.m. EDT on November 3, 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 November 3, 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 CorporationCondensed Consolidated Statements of Operations(Unaudited)  Three Months Ended Nine Months Ended September 30, September 30,(in thousands, except per share amounts)2017 2016 2017 2016        Revenues:       Services$22,667  $23,825  $69,080  $72,496 Product and product-related5,888  7,261  18,341  21,837 Total revenues28,555  31,086  87,421  94,333 Cost of revenues:       Services18,629  19,110  56,034  56,795 Product and product-related3,286  3,675  10,607  10,407 Total cost of revenues21,915  22,785  66,641  67,202         Gross profit6,640  8,301  20,780  27,131 Total gross profit percentage23.3% 26.7% 23.8% 28.8%Services gross profit percentage17.8% 19.8% 18.9% 21.7%Product and product-related gross profit percentage44.2% 49.4% 42.2% 52.3%        Operating expenses:       Marketing and sales1,992  2,426  6,661  7,888 General and administrative3,878  4,608  14,919  15,900 Amortization of intangible assets578  578  1,734  1,735 Goodwill impairment2,580  —  2,580  — Total operating expenses9,028  7,612  25,894  25,523         (Loss) income from operations(2,388) 689  (5,114) 1,608         Other expense:       Other expense, net(237) (428) (237) (414)Interest expense, net(224) (342) (842) (1,092)Loss on extinguishment of debt—  —  (709) — Total other expense(461) (770) (1,788) (1,506)        (Loss) income before income taxes(2,849) (81) (6,902) 102 Income tax (expense) benefit(6,050) (202) (6,845) 12,222 Net (loss) income$(8,899) $(283) $(13,747) $12,324         Net (loss) income per share:       Basic$(0.44) $(0.01) $(0.69) $0.63 Diluted$(0.44) $(0.01) $(0.69) $0.62 Dividends declared per common share$0.055  $0.05  $0.155  $0.15         Weighted average shares outstanding – basic20,009  19,618  19,974  19,532 Weighted average shares outstanding – diluted20,009  19,618  19,974  20,026         Digirad CorporationCondensed Consolidated Balance Sheets(Unaudited) (in thousands, except share data)September 30, 2017 December 31, 2016Assets:   Current assets:   Cash and cash equivalents$1,103  $2,203 Full story available on Benzinga.com
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