Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 10, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | InfuSystem Holdings, Inc | |
Entity Central Index Key | 0001337013 | |
Trading Symbol | infu | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 19,702,807 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,900 | $ 4,318 |
Accounts receivable, net | 10,475 | 9,593 |
Inventories | 2,553 | 2,254 |
Other current assets | 1,470 | 1,372 |
Total current assets | 16,398 | 17,537 |
Medical equipment for sale or rental | 1,810 | 1,601 |
Medical equipment in rental service, net of accumulated depreciation | 26,109 | 23,488 |
Property & equipment, net of accumulated depreciation | 1,368 | 1,445 |
Intangible assets, net | 18,740 | 19,865 |
Operating lease right of use assets | 2,671 | |
Other assets | 149 | 137 |
Total assets | 67,245 | 64,073 |
Current liabilities: | ||
Accounts payable | 9,672 | 7,091 |
Capital lease liability, current | 33 | |
Current portion of long-term debt | 5,337 | 4,903 |
Other current liabilities | 3,466 | 2,763 |
Total current liabilities | 18,475 | 14,790 |
Long-term debt, net of current portion | 27,519 | 28,842 |
Deferred income taxes | 29 | |
Operating lease liabilities, net of current portion | 1,479 | |
Total liabilities | 47,502 | 43,632 |
Stockholders’ equity: | ||
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued | ||
Common stock, $.0001 par value: authorized 200,000,000 shares; issued and outstanding 23,221,296 and 19,702,807, respectively, as of March 31, 2019 and 23,095,513 and 19,577,024, respectively, as of December 31, 2018 | 2 | 2 |
Additional paid-in capital | 83,429 | 83,167 |
Retained deficit | (63,688) | (62,728) |
Total stockholders’ equity | 19,743 | 20,441 |
Total liabilities and stockholders’ equity | $ 67,245 | $ 64,073 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 23,221,296 | 23,095,513 |
Common stock, shares outstanding (in shares) | 19,702,807 | 19,577,024 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net revenues | $ 18,193 | $ 16,483 |
Cost of revenues | 7,852 | 6,246 |
Gross profit | 10,341 | 10,237 |
Selling, general and administrative expenses: | ||
Amortization of intangibles | 1,125 | 1,187 |
Selling and marketing | 2,602 | 2,301 |
General and administrative | 7,034 | 6,161 |
Total selling, general and administrative | 10,761 | 9,649 |
Operating (loss) income | (420) | 588 |
Other expense: | ||
Interest expense | (460) | (315) |
Other expense | (21) | (11) |
(Loss) income before income taxes | (901) | 262 |
Provision for income taxes | (59) | (58) |
Net (loss) income | $ (960) | $ 204 |
Net (loss) income per share: | ||
Basic (in dollars per share) | $ (0.05) | $ 0.01 |
Diluted (in dollars per share) | $ (0.05) | $ 0.01 |
Weighted average shares outstanding: | ||
Basic (in shares) | 19,580,049 | 22,799,221 |
Diluted (in shares) | 19,580,049 | 22,857,121 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balances (in shares) at Dec. 31, 2017 | 22,978,000 | (198,000) | |||
Balances at Dec. 31, 2017 | $ 2 | $ 92,584 | $ (61,633) | $ 30,953 | |
Stock based shares issued upon vesting - gross (in shares) | 25,000 | ||||
Stock based shares issued upon vesting - gross | |||||
Stock-based compensation expense | 112 | 112 | |||
Employee stock purchase plan (in shares) | |||||
Employee stock purchase plan | 46 | 46 | |||
Common stock repurchased as part of Repurchase Program (in shares) | (32,000) | ||||
Common stock repurchased as part of Repurchase Program | (83) | (83) | |||
Net income (loss) | 204 | 204 | |||
Balances (in shares) at Mar. 31, 2018 | 23,003,000 | (230,000) | |||
Balances at Mar. 31, 2018 | $ 2 | 92,659 | (61,429) | 31,232 | |
Balances (in shares) at Dec. 31, 2018 | 23,096,000 | (3,518,000) | |||
Balances at Dec. 31, 2018 | $ 2 | 83,167 | (62,728) | 20,441 | |
Stock based shares issued upon vesting - gross (in shares) | 151,000 | ||||
Stock based shares issued upon vesting - gross | |||||
Stock-based compensation expense | 246 | 246 | |||
Employee stock purchase plan (in shares) | 19,000 | ||||
Employee stock purchase plan | 53 | 53 | |||
Net income (loss) | (960) | (960) | |||
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation (in shares) | (45,000) | ||||
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation | (37) | (37) | |||
Balances (in shares) at Mar. 31, 2019 | 23,221 | (3,518) | |||
Balances at Mar. 31, 2019 | $ 2 | $ 83,429 | $ (63,688) | $ 19,743 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 1,269 | $ 1,053 |
INVESTING ACTIVITIES | ||
Purchase of medical equipment and property | (3,535) | (1,120) |
Proceeds from sale of medical equipment and property | 764 | 955 |
NET CASH USED IN INVESTING ACTIVITIES | (2,771) | (165) |
FINANCING ACTIVITIES | ||
Principal payments on term loans and capital lease obligations | (929) | (2,790) |
Debt issuance costs | (3) | |
Common stock repurchased to satisfy statutory withholding on employee stock based compensation plans | (37) | |
Common stock repurchased as part of Repurchase Program | (83) | |
Cash proceeds - stock plans | 53 | 46 |
NET CASH USED IN FINANCING ACTIVITIES | (916) | (2,827) |
Net change in cash and cash equivalents | (2,418) | (1,939) |
Cash and cash equivalents, beginning of period | 4,318 | 3,469 |
Cash and cash equivalents, end of period | $ 1,900 | $ 1,530 |
Note 1 - Basis of Presentation,
Note 1 - Basis of Presentation, Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Basis of Presentation , Nature of Operations and Summary of Significant Accounting Policies The terms “InfuSystem”, the “Company”, “we”, “our” and “us” are used herein to refer to InfuSystem Holdings, Inc. and its subsidiaries. InfuSystem is a leading provider of infusion pumps and related products and services. The Company provides products and services to hospitals, oncology practices and facilities and other alternative site healthcare providers. Headquartered in Madison Heights, Michigan, the Company delivers local, field-based customer support, and also operates pump repair Centers of Excellence in Michigan, Kansas, California, Massachusetts and Ontario, Canada. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, the unaudited condensed consolidated financial statements do not not may 10 December 31, 2018 The unaudited condensed consolidated financial statements are prepared in conformity with GAAP, which requires the use of estimates, judgments and assumptions that affect the amounts of assets and liabilities at the reporting date and the amounts of revenue and expenses in the periods presented. The Company believes that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Certain prior period reclassifications were made to conform with the current period presentation. These reclassifications had no |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements and Developments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. Recent Accounting Pronouncements and Developments In January 2017, No. 2017 04, 350 2 December 15, 2019 ( January 1, 2020 January 1, 2017. not In June 2016, No. 2016 13, 326 326 not 326 January 1, 2020. 326 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition The following table presents the Company’s disaggregated revenue by offering type: Three Months Ended March 31 2019 2018 Third-Party Payor Rentals 48.1% 48.6% Direct Payor Rentals 34.7% 38.9% Product Sales 17.2% 12.5% Total - Net revenues 100.0% 100.0% |
Note 4 - Medical Equipment
Note 4 - Medical Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Medical Equipment and Property Disclosure [Text Block] | 4. Medical Equipment Medical equipment is comprised of the following (in thousands): March 31, December 31, 2019 2018 Medical Equipment for sale or rental $ 1,810 $ 1,601 Medical Equipment in rental service 65,131 61,429 Medical Equipment in rental service - pump reserve (562 ) (530 ) Accumulated depreciation (38,460 ) (37,411 ) Medical Equipment in rental service - net 26,109 23,488 Total $ 27,919 $ 25,089 Depreciation expense for medical equipment for the three March 31, 2019 $1.7 $1.5 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5 . Property and Equipment Property and equipment is comprised of the following (in thousands): March 31, 2019 December 31, 2018 Gross Assets Accumulated Depreciation Total Gross Assets Accumulated Depreciation Total Furniture, fixtures, and equipment $ 3,750 $ (3,318 ) $ 432 $ 3,717 $ (3,257 ) $ 460 Automobiles 117 (81 ) 36 118 (95 ) 23 Leasehold improvements 2,002 (1,102 ) 900 2,219 (1,257 ) 962 Total $ 5,869 $ (4,501 ) $ 1,368 $ 6,054 $ (4,609 ) $ 1,445 Depreciation expense for property and equipment for both the three March 31, 2019 2018 $0.1 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6 . Intangible Assets The carrying amount and accumulated amortization of intangible assets is comprised of the following (in thousands): March 31, 2019 December 31, 2018 Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Nonamortizable intangible assets: Trade names $ 2,000 $ - $ 2,000 $ 2,000 $ - $ 2,000 Amortizable intangible assets: Trade names 23 (23 ) - 23 (23 ) - Physician and customer relationships 36,534 (24,769 ) 11,765 36,534 (24,175 ) 12,359 Non-competition agreements 1,136 (1,136 ) - 1,136 (1,136 ) - Software 11,230 (6,255 ) 4,975 11,230 (5,724 ) 5,506 Total nonamortizable and amortizable intangible assets $ 50,923 $ (32,183 ) $ 18,740 $ 50,923 $ (31,058 ) $ 19,865 Amortization expense for the three March 31, 2019 $1.1 $1.2 three March 31, 2018. March 31, 2019 4/1-12/31/2019 2020 2021 2022 2023 2024 and thereafter Total Amortization expense $ 3,277 $ 4,285 $ 3,930 $ 2,051 $ 548 $ 2,649 $ 16,740 |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt On February 5, 2019, fifth 1 $8.0 2 December 31, 2018 2019, 3 December 31, 2019 $7.0 December 31, 2019, ( 4 5 December 31, 2018 December 31, 2019. As of March 31, 2019, $30.4 $2.6 March 31, December 31, 2019 2018 Revolver: Gross availability $ 10,922 $ 9,973 Outstanding draws - - Letters of credit (1,750 ) (750 ) Landlord reserves (71 ) (70 ) Availability on Revolver $ 9,101 $ 9,153 The Company had future maturities of loans as of March 31, 2019 2019 2020 2021 2022 2023 and thereafter Total Term Loan A $ 2,688 $ 3,584 $ 16,143 $ - $ - $ 22,415 Term Loan C 1,229 1,229 5,528 7,986 Equipment Line 128 512 512 512 898 2,562 Unamortized value of the debt issuance costs (29 ) (39 ) (39 ) - - (107 ) Total $ 4,016 $ 5,286 $ 22,144 $ 512 $ 898 $ 32,856 The following is a breakdown of the Company’s current and long-term debt (in thousands): March 31, 2019 December 31, 2018 Current Portion Long-Term Portion Total Current Portion Long-Term Portion Total Term Loan A $ 3,584 $ 18,831 $ 22,415 Term Loan A $ 3,584 $ 19,727 $ 23,311 Term Loan C 1,536 6,450 7,986 Term Loan C 1,229 6,757 7,986 Equipment Line 256 2,306 2,562 Equipment Line 128 2,434 2,562 Unamortized value of debt issuance costs (39 ) (68 ) (107 ) Unamortized value of debt issuance costs (38 ) (76 ) (114 ) Total $ 5,337 $ 27,519 $ 32,856 Total $ 4,903 $ 28,842 $ 33,745 As of March 31, 2019, 30 2.00% 3.00% 2.50%, 1.00% 0.25%. March 31, 2019 5.25% 2.50% 2.75% March 31, 2019 5.50% 5.50% As of March 31, 2019, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes During both the three March 31, 2019 2018, $0.1 The Company’s realization of its deferred tax assets is dependent upon many factors, including, but not not not March 31, 2019 December 31, 2018. |
Note 9 - Commitments, Contingen
Note 9 - Commitments, Contingencies and Litigation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments , Contingencies and Litigation From time to time in the ordinary course of its business, the Company may may not not, not not The Company is not |
Note 10 - (Loss) Earnings Per S
Note 10 - (Loss) Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. (Loss) Earnings Per Share Basic (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted (loss) income per share assumes the issuance of potentially dilutive shares of common stock during the period. The following table reconciles the numerators and denominators of the basic and diluted (loss) income per share computations: Three Months Ended March 31 Numerator: 2019 2018 Net (loss) income (in thousands) $ (960 ) $ 204 Denominator: Weighted average common shares outstanding: Basic 19,580,049 22,799,221 Dilutive effect of non-vested awards - 57,900 Diluted 19,580,049 22,857,121 Net (loss) income per share: Basic $ (0.05 ) $ 0.01 Diluted $ (0.05 ) $ 0.01 For the three March 31, 2019, no three March 31, 2018, 0.3 not |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11. Leases On January 1, 2019 ( 2016 02, 842 2018 10, 842, 2018 11, 842” 842 842, twelve The Effective Date is the Company’s date of initial application. Consequently, our financial information was not not January 1, 2019. Topic 842 not not The most significant effects related to this adoption relate to (i) the recognition of new ROU assets and lease liabilities on our balance sheet for our real estate and equipment operating leases; and (ii) significant new disclosures about our leasing activities. Upon adoption, we recognized approximately $3.1 Topic 842 not In adopting Topic 842, seven not one five not not not not not not For our equipment leases, we have used and will use the implicit rate in the lease as the discount rate, when available, otherwise, we use our incremental borrowing rate as the discount rate. For our office leases, the implicit rate is typically not Payments due under our operating leases include fixed payments as well as variable payments. For our office leases, variable payments include amounts for the Company’s proportionate share of operating expenses, utilities, property taxes, insurance, common area maintenance and other facility-related expenses. For our equipment leases, variable payments may The components of lease costs for the three March 31, 2019 Three Months Ended March 31, 2019 Operating lease cost $ 387 Variable lease cost 75 Total lease cost $ 462 Operating lease expense for the three March 31, 2018 $0.3 Amounts reported in the condensed consolidated balance sheet as of March 31, 2019 March 31, 2019 Operating lease ROU assets $ 2,671 Current operating lease liabilities (included in other current liabilities) 1,311 Operating lease liabilities, net of current portion 1,479 Total operating lease liabilities $ 2,790 Supplemental cash flow information and non-cash activity related to our leases are as follows (in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities and ROU assets: Operating cash flow from operating leases $ 360 ROU assets recognized upon adoption of Topic 842: Operating leases 3,060 Weighted average remaining lease terms and discount rates for our leases as of March 31, 2019 Years Weighted average remaining lease term: Operating leases 4.0 Rate Weighted average discount rate: Operating leases 6.6 % Future maturities of lease liabilities as of March 31, 2019 Operating Leases (a) 2019 $ 1,094 2020 818 2021 292 2022 232 2023 230 Thereafter 611 Total undiscounted lease payments 3,277 Less: Imputed interest (487 ) Total lease liabilities $ 2,790 (a) Excludes $4.2 not 10 2019. The Company disclosed in our 2018 10 December 31, 2018, 840. March 31, 2019, December 31, 2018 10 2018 10 $121 2019, $370 2020, $381 2021, $392 2022, $404 2023 $2,528 The Company assessed the materiality of this error, considering both the qualitative and quantitative factors and determined that for the year ended December 31, 2018, December 31, 2018 Capital Leases Operating Leases (As Revised) Total (As Revised) 2019 $ 33 $ 1,745 $ 1,778 2020 - 1,347 1,347 2021 - 726 726 2022 - 624 624 2023 - 636 636 Thereafter - 3,071 3,071 Total require payments $ 33 $ 8,149 $ 8,182 Less amounts representing interest (3.5%) - Present value of minimum lease payments 33 Less current maturities (33 ) Long-term capital lease liability $ - |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31 2019 2018 Third-Party Payor Rentals 48.1% 48.6% Direct Payor Rentals 34.7% 38.9% Product Sales 17.2% 12.5% Total - Net revenues 100.0% 100.0% |
Note 4 - Medical Equipment (Tab
Note 4 - Medical Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Medical Equipment [Table Text Block] | March 31, December 31, 2019 2018 Medical Equipment for sale or rental $ 1,810 $ 1,601 Medical Equipment in rental service 65,131 61,429 Medical Equipment in rental service - pump reserve (562 ) (530 ) Accumulated depreciation (38,460 ) (37,411 ) Medical Equipment in rental service - net 26,109 23,488 Total $ 27,919 $ 25,089 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2019 December 31, 2018 Gross Assets Accumulated Depreciation Total Gross Assets Accumulated Depreciation Total Furniture, fixtures, and equipment $ 3,750 $ (3,318 ) $ 432 $ 3,717 $ (3,257 ) $ 460 Automobiles 117 (81 ) 36 118 (95 ) 23 Leasehold improvements 2,002 (1,102 ) 900 2,219 (1,257 ) 962 Total $ 5,869 $ (4,501 ) $ 1,368 $ 6,054 $ (4,609 ) $ 1,445 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Carrying Amount and Accumulated Amortization of Identifiable Intangible Assets [Table Text Block] | March 31, 2019 December 31, 2018 Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Nonamortizable intangible assets: Trade names $ 2,000 $ - $ 2,000 $ 2,000 $ - $ 2,000 Amortizable intangible assets: Trade names 23 (23 ) - 23 (23 ) - Physician and customer relationships 36,534 (24,769 ) 11,765 36,534 (24,175 ) 12,359 Non-competition agreements 1,136 (1,136 ) - 1,136 (1,136 ) - Software 11,230 (6,255 ) 4,975 11,230 (5,724 ) 5,506 Total nonamortizable and amortizable intangible assets $ 50,923 $ (32,183 ) $ 18,740 $ 50,923 $ (31,058 ) $ 19,865 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 4/1-12/31/2019 2020 2021 2022 2023 2024 and thereafter Total Amortization expense $ 3,277 $ 4,285 $ 3,930 $ 2,051 $ 548 $ 2,649 $ 16,740 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | March 31, December 31, 2019 2018 Revolver: Gross availability $ 10,922 $ 9,973 Outstanding draws - - Letters of credit (1,750 ) (750 ) Landlord reserves (71 ) (70 ) Availability on Revolver $ 9,101 $ 9,153 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 2020 2021 2022 2023 and thereafter Total Term Loan A $ 2,688 $ 3,584 $ 16,143 $ - $ - $ 22,415 Term Loan C 1,229 1,229 5,528 7,986 Equipment Line 128 512 512 512 898 2,562 Unamortized value of the debt issuance costs (29 ) (39 ) (39 ) - - (107 ) Total $ 4,016 $ 5,286 $ 22,144 $ 512 $ 898 $ 32,856 |
Schedule of Debt [Table Text Block] | March 31, 2019 December 31, 2018 Current Portion Long-Term Portion Total Current Portion Long-Term Portion Total Term Loan A $ 3,584 $ 18,831 $ 22,415 Term Loan A $ 3,584 $ 19,727 $ 23,311 Term Loan C 1,536 6,450 7,986 Term Loan C 1,229 6,757 7,986 Equipment Line 256 2,306 2,562 Equipment Line 128 2,434 2,562 Unamortized value of debt issuance costs (39 ) (68 ) (107 ) Unamortized value of debt issuance costs (38 ) (76 ) (114 ) Total $ 5,337 $ 27,519 $ 32,856 Total $ 4,903 $ 28,842 $ 33,745 |
Note 10 - (Loss) Earnings Per_2
Note 10 - (Loss) Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31 Numerator: 2019 2018 Net (loss) income (in thousands) $ (960 ) $ 204 Denominator: Weighted average common shares outstanding: Basic 19,580,049 22,799,221 Dilutive effect of non-vested awards - 57,900 Diluted 19,580,049 22,857,121 Net (loss) income per share: Basic $ (0.05 ) $ 0.01 Diluted $ (0.05 ) $ 0.01 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2019 Operating lease cost $ 387 Variable lease cost 75 Total lease cost $ 462 Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities and ROU assets: Operating cash flow from operating leases $ 360 ROU assets recognized upon adoption of Topic 842: Operating leases 3,060 Years Weighted average remaining lease term: Operating leases 4.0 Rate Weighted average discount rate: Operating leases 6.6 % |
Lessee, Operating Lease, Assets and Liabilities [Table Text Block] | March 31, 2019 Operating lease ROU assets $ 2,671 Current operating lease liabilities (included in other current liabilities) 1,311 Operating lease liabilities, net of current portion 1,479 Total operating lease liabilities $ 2,790 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases (a) 2019 $ 1,094 2020 818 2021 292 2022 232 2023 230 Thereafter 611 Total undiscounted lease payments 3,277 Less: Imputed interest (487 ) Total lease liabilities $ 2,790 |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] | Capital Leases Operating Leases (As Revised) Total (As Revised) 2019 $ 33 $ 1,745 $ 1,778 2020 - 1,347 1,347 2021 - 726 726 2022 - 624 624 2023 - 636 636 Thereafter - 3,071 3,071 Total require payments $ 33 $ 8,149 $ 8,182 Less amounts representing interest (3.5%) - Present value of minimum lease payments 33 Less current maturities (33 ) Long-term capital lease liability $ - |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregated Revenue by Revenue Stream (Details) - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Third-Party Payor Rental Revenue [Member] | ||
Revenue | 48.10% | 48.60% |
Director Payer Rentals [Member] | ||
Revenue | 34.70% | 38.90% |
Revenue, Product and Service Benchmark [Member] | ||
Revenue | 17.20% | 12.50% |
Revenue from Contract with Customer Benchmark [Member] | ||
Revenue | 100.00% | 100.00% |
Note 4 - Medical Equipment (Det
Note 4 - Medical Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Depreciation Expense Related to Medical Equipment | $ 1.7 | $ 1.5 |
Note 4 - Medical Equipment - Su
Note 4 - Medical Equipment - Summary of Medical Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Medical Equipment for sale or rental | $ 1,810 | $ 1,601 |
Medical Equipment in rental service | 65,131 | 61,429 |
Medical Equipment in rental service - pump reserve | (562) | (530) |
Accumulated depreciation | (38,460) | (37,411) |
Medical Equipment in rental service - net | 26,109 | 23,488 |
Total | $ 27,919 | $ 25,089 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Depreciation, Nonproduction | $ 0.1 | $ 0.1 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Gross Assets | $ 5,869 | $ 6,054 |
Accumulated Depreciation | (4,501) | (4,609) |
Total | 1,368 | 1,445 |
Furniture and Fixtures [Member] | ||
Gross Assets | 3,750 | 3,717 |
Accumulated Depreciation | (3,318) | (3,257) |
Total | 432 | 460 |
Automobiles [Member] | ||
Gross Assets | 117 | 118 |
Accumulated Depreciation | (81) | (95) |
Total | 36 | 23 |
Leasehold Improvements [Member] | ||
Gross Assets | 2,002 | 2,219 |
Accumulated Depreciation | (1,102) | (1,257) |
Total | $ 900 | $ 962 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 1,125 | $ 1,187 |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Carrying Amount and Accumulated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Amortizable intangible assets, accumulated amortization | $ (32,183) | $ (31,058) |
Amortization expense, total | 16,740 | |
Total nonamortizable and amortizable intangible assets, gross assets | 50,923 | 50,923 |
Total nonamortizable and amortizable intangible assets, net | 18,740 | 19,865 |
Trade Names [Member] | ||
Amortizable intangible assets, gross assets | 23 | 23 |
Amortizable intangible assets, accumulated amortization | (23) | (23) |
Amortization expense, total | ||
Physician and Customer Relationships [Member] | ||
Amortizable intangible assets, gross assets | 36,534 | 36,534 |
Amortizable intangible assets, accumulated amortization | (24,769) | (24,175) |
Amortization expense, total | 11,765 | 12,359 |
Noncompete Agreements [Member] | ||
Amortizable intangible assets, gross assets | 1,136 | 1,136 |
Amortizable intangible assets, accumulated amortization | (1,136) | (1,136) |
Amortization expense, total | ||
Computer Software, Intangible Asset [Member] | ||
Amortizable intangible assets, gross assets | 11,230 | 11,230 |
Amortizable intangible assets, accumulated amortization | (6,255) | (5,724) |
Amortization expense, total | 4,975 | 5,506 |
Trade Names 1 [Member] | ||
Nonamortizable intangible assets | $ 2,000 | $ 2,000 |
Note 6 - Intangible Assets - Ex
Note 6 - Intangible Assets - Expected Annual Amortization Expense for Intangible Assets (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Amortization expense, 2019 | $ 3,277 |
Amortization expense, 2020 | 4,285 |
Amortization expense, 2021 | 3,930 |
Amortization expense, 2022 | 2,051 |
Amortization expense, 2023 | 548 |
Amortization expense, 2024 and thereafter | 2,649 |
Amortization expense, total | $ 16,740 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Feb. 05, 2019 | Dec. 31, 2018 | |
Long-term Debt, Total | $ 32,856 | $ 33,745 | ||
Equipment Line [Member] | ||||
Long-term Debt, Total | 2,562 | $ 2,562 | ||
Credit Facility [Member] | Term Loan [Member] | ||||
Long-term Debt, Total | $ 30,400 | |||
Credit Facility [Member] | Eurodollar Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | |||
LIBOR Rate | 2.50% | |||
Credit Facility [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
Credit Facility [Member] | CB Floating Rate Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | |||
Lender Prime Rate | 5.50% | |||
Credit Facility [Member] | CB Floating Rate Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate, Before Margin Rate | 2.50% | |||
Credit Facility [Member] | Maximum [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Credit Facility [Member] | Maximum [Member] | CB Floating Rate Loan [Member] | Greater of Prime Rate or LIBOR Plus 2.5% [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Credit Facility [Member] | Minimum [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Credit Facility [Member] | Minimum [Member] | CB Floating Rate Loan [Member] | Greater of Prime Rate or LIBOR Plus 2.5% [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | (1.00%) | |||
Credit Facility [Member] | Equipment Line [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,000 | |||
Long-term Line of Credit, Total | $ 2,600 | |||
Credit Facility [Member] | Equipment Line [Member] | Maximum [Member] | Forecast [Member] | ||||
Capital Expenditures Incurred but Not yet Paid | $ 7,000 |
Note 7 - Debt - Summary of Revo
Note 7 - Debt - Summary of Revolver Based Upon Borrowers' Eligible Accounts Receivable and Inventory (Details) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Gross availability | $ 10,922 | $ 9,973 |
Outstanding draws | ||
Letters of credit | (1,750) | (750) |
Landlord reserves | (71) | (70) |
Availability on Revolver | $ 9,101 | $ 9,153 |
Note 7 - Debt - Summary of Futu
Note 7 - Debt - Summary of Future Maturities of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2019 | $ 4,016 | |
2020 | 5,286 | |
2021 | 22,144 | |
2022 | 512 | |
Total | 898 | |
Long-term Debt, Total | 32,856 | $ 33,745 |
Unamortized value of the debt issuance costs, 2019 | (29) | |
Unamortized value of the debt issuance costs, 2020 | (39) | |
Unamortized value of the debt issuance costs, 2021 | (39) | |
Unamortized value of the debt issuance costs, 2022 | ||
Unamortized value of the debt issuance costs, 2023 and thereafter | ||
Unamortized value of the debt issuance costs, Total | (107) | (114) |
Equipment Line [Member] | ||
2019 | 128 | |
2020 | 512 | |
2021 | 512 | |
2022 | 512 | |
Total | 898 | |
Long-term Debt, Total | 2,562 | 2,562 |
Term Loan A [Member] | ||
2019 | 2,688 | |
2020 | 3,584 | |
2021 | 16,143 | |
2022 | ||
Total | 22,415 | |
Long-term Debt, Total | 22,415 | 23,311 |
Term Loan C [Member] | ||
2019 | 1,229 | |
2020 | 1,229 | |
2021 | 5,528 | |
2022 | ||
Total | 7,986 | |
Long-term Debt, Total | $ 7,986 | $ 7,986 |
Note 7 - Debt - Summary of Comp
Note 7 - Debt - Summary of Company's Current and Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current portion of long-term debt | $ 5,337 | $ 4,903 |
Long-term debt | 27,519 | 28,842 |
Total | 32,856 | 33,745 |
Unamortized value of the debt issuance costs, current portion of long-term debt | (39) | (38) |
Unamortized value of the debt issuance costs, long-term debt | (68) | (76) |
Unamortized value of the debt issuance costs, Total | (107) | (114) |
Equipment Line [Member] | ||
Current portion of long-term debt | 256 | 128 |
Long-term debt | 2,306 | 2,434 |
Total | 2,562 | 2,562 |
Term Loan A [Member] | ||
Current portion of long-term debt | 3,584 | 3,584 |
Long-term debt | 18,831 | 19,727 |
Total | 22,415 | 23,311 |
Term Loan C [Member] | ||
Current portion of long-term debt | 1,536 | 1,229 |
Long-term debt | 6,450 | 6,757 |
Total | $ 7,986 | $ 7,986 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 59 | $ 58 |
Note 10 - (Loss) Earnings Per_3
Note 10 - (Loss) Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 300 |
Note 10 - (Loss) Earnings Per_4
Note 10 - (Loss) Earnings Per Share - Summary of Income and Share Amounts Utilized to Calculate Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net (loss) income (in thousands) | $ (960) | $ 204 |
Basic (in shares) | 19,580,049 | 22,799,221 |
Dilutive effect of non-vested awards (in shares) | 57,900 | |
Diluted (in shares) | 19,580,049 | 22,857,121 |
Basic (in dollars per share) | $ (0.05) | $ 0.01 |
Diluted (in dollars per share) | $ (0.05) | $ 0.01 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Liability, Total | $ 2,790 | $ 3,100 | |
Operating Lease, Cost | 387 | ||
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 4,200 | ||
Lessor, Operating Lease, Lease Not yet Commenced, Term of Contract | 10 years | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 1,745 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 1,347 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 726 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 624 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 636 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 3,071 | ||
Operating Lease, Right-of-Use Asset | $ 2,671 | $ 3,100 | |
Restatement Adjustment [Member] | Error Correction for Overstated Lease Maturities Under Previous Lease Accounting as of December 31, 2018 [Member] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | (121) | ||
Operating Leases, Future Minimum Payments, Due in Two Years | (370) | ||
Operating Leases, Future Minimum Payments, Due in Three Years | (381) | ||
Operating Leases, Future Minimum Payments, Due in Four Years | (392) | ||
Operating Leases, Future Minimum Payments, Due in Five Years | (404) | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ (2,528) | ||
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term | 5 years |
Note 11 - Leases - Lease Cost (
Note 11 - Leases - Lease Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating lease cost | $ 387 |
Variable lease cost | 75 |
Total lease cost | 462 |
Operating cash flow from operating leases | 360 |
Operating leases | $ 3,060 |
Operating leases (Year) | 4 years |
Operating leases | 6.60% |
Note 11 - Leases - Operating Le
Note 11 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 2,671 | $ 3,100 | |
Current operating lease liabilities (included in other current liabilities) | 1,311 | ||
Operating lease liabilities, net of current portion | 1,479 | ||
Total operating lease liabilities | $ 2,790 | $ 3,100 |
Note 11 - Leases - Maturities o
Note 11 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
2019 | $ 1,094 | |
2020 | 818 | |
2021 | 292 | |
2022 | 232 | |
2023 | 230 | |
Thereafter | 611 | |
Total undiscounted lease payments | 3,277 | |
Less: Imputed interest | (487) | |
Total lease liabilities | $ 2,790 | $ 3,100 |
Note 11 - Leases - Schedule of
Note 11 - Leases - Schedule of Future Minimum Rental Payments Pursuant to Capital and Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2019, capital leases | $ 33 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,745 | |
2019 | 1,778 | |
2020, capital leases | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 1,347 | |
2020 | 1,347 | |
2021, capital leases | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 726 | |
2021 | 726 | |
2022, capital leases | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 624 | |
2022 | 624 | |
2023, capital leases | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 636 | |
2023 | 636 | |
Thereafter, capital leases | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 3,071 | |
Thereafter | 3,071 | |
Total required payments, capital leases | 33 | |
Total required payments, operating leases | 8,149 | |
Total required payments | 8,182 | |
Less amounts representing interest (3.5%), capital leases | ||
Present value of minimum lease payments, capital leases | 33 | |
Less current maturities, capital leases | (33) | |
Long-term capital lease liability, capital leases |
Note 11 - Leases - Schedule o_2
Note 11 - Leases - Schedule of Future Minimum Rental Payments Pursuant to Capital and Operating Leases (Details) (Parentheticals) | Dec. 31, 2018 |
Capital lease interest | 3.50% |