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Clyde continued, "Our commercial activities and R&D efforts continue as we explore new ways to drive growth in our Product business -- both in the clinic and hospital settings. In addition, our newly completed Board restructuring has the organization more focused on delivering value to shareholders. To reiterate our goals for 2012, we expect to generate positive cash flow from our DIS business and are focused on increasing sales of both our cardiac and ergo cameras. Management and the Board's newly formed
Second Quarter 2012 Summary
Year-to-Date Financial Highlights:
Conference Call Information
A conference call is scheduled for
About
Forward-Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These include statements regarding our ability to deliver value to customers, our expanded product and service offerings, including, the addition of the first large-field-of-view, solid state portable camera to the hospital marketplace, and our ability to generate positive cash flow in 2012. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with changes in business conditions, technology, customers' business conditions, reimbursement, radiopharmaceutical shortages, economic outlook, operational policy or structure, acceptance and use of
Digirad Corporation
Consolidated Statements of Comprehensive Loss
(Unaudited in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2012 2011 2012 2011
-------- -------- -------- --------
Revenues:
DIS $ 9,377 $ 9,950 $ 18,666 $ 19,546
Product 3,333 4,299 7,014 8,878
-------- -------- -------- --------
Total revenues 12,710 14,249 25,680 28,424
Cost of revenues:
DIS 6,908 7,772 13,885 15,534
Product 2,121 2,483 4,442 5,376
-------- -------- -------- --------
Total cost of revenues 9,029 10,255 18,327 20,910
-------- -------- -------- --------
Gross profit 3,681 3,994 7,353 7,514
Operating expenses:
Research and development 1,047 714 1,943 1,422
Marketing and sales 1,671 1,617 3,387 3,041
General and administrative 1,811 1,866 4,075 3,970
Amortization of intangible assets 58 83 136 176
Restructuring gain -- -- -- (164)
-------- -------- -------- --------
Total operating expenses 4,587 4,280 9,541 8,445
-------- -------- -------- --------
Loss from operations (906) (286) (2,188) (931)
Other income (expense):
Interest income 28 72 54 280
Interest expense (1) (7) (1) (20)
Other (expense) income (12) (7) (24) 57
-------- -------- -------- --------
Total other income 15 58 29 317
-------- -------- -------- --------
Net loss $ (891) $ (228) $ (2,159) $ (614)
======== ======== ======== ========
Net loss per common share - basic
and diluted $ (0.05) $ (0.01) $ (0.11) $ (0.03)
======== ======== ======== ========
Weighted average shares outstanding
- basic and diluted 19,315 18,988 19,278 18,963
======== ======== ======== ========
Other comprehensive loss:
Unrealized loss on marketable
securities (42) (30) (39) (200)
-------- -------- -------- --------
Total other comprehensive loss (42) (30) (39) (200)
-------- -------- -------- --------
Comprehensive loss $ (933) $ (258) $ (2,198) $ (814)
======== ======== ======== ========
Stock-based compensation expense is
included in the above as follows:
Cost of DIS revenue $ 2 $ 4 $ 4 $ 8
Cost of Product revenue 20 24 42 53
Research and development 19 20 39 43
Marketing and sales 37 29 65 65
General and administrative 60 119 177 254
-------- -------- -------- --------
Total stock-based compensation
expense $ 138 $ 196 $ 327 $ 423
======== ======== ======== ========
Digirad Corporation
Consolidated Balance Sheets
(In thousands, except share amounts)
June 30, December 31,
2012 2011
------------ ------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 19,043 $ 24,039
Securities available-for-sale 9,490 6,413
Accounts receivable, net 6,883 6,320
Inventories, net 6,247 6,178
Other current assets 778 855
Restricted cash 194 194
------------ ------------
Total current assets 42,635 43,999
Property and equipment, net 5,031 5,367
Intangible assets, net 341 477
Goodwill 184 184
------------ ------------
Total assets $ 48,191 $ 50,027
============ ============
Liabilities and stockholders' equity
Accounts payable $ 1,927 $ 1,330
Accrued compensation 2,307 2,291
Accrued warranty 281 297
Deferred revenue 1,916 2,099
Other accrued liabilities 2,373 2,397
------------ ------------
Total current liabilities 8,804 8,414
Deferred rent 113 126
------------ ------------
Total liabilities 8,917 8,540
------------ ------------
Commitments and contingencies
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; 19,159,003 and 18,901,160
shares issued and outstanding (net of treasury
shares) at June 30, 2012 and December 31, 2011 ,
respectively 2 2
Treasury stock, at cost; 854,882 shares and
582,825 shares at June 30, 2012 and December
31, 2011, respectively (1,655) (1,058)
Additional paid-in capital 156,286 155,704
Accumulated other comprehensive (loss) income (6) 33
Accumulated deficit (115,353) (113,194)
------------ ------------
Total stockholders' equity 39,274 41,487
------------ ------------
Total liabilities and stockholders' equity $ 48,191 $ 50,027
============ ============
Investor Contact:Matt Clawson Allen & Caron 949-474-4300 Email Contact Company Contact:Todd Clyde CEO 858-726-1600 Email Contact
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