Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 07, 2020 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 20,069,522 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 305 | $ 2,647 |
Accounts receivable, net | 13,985 | 12,097 |
Inventories | 4,232 | 2,899 |
Other current assets | 2,002 | 1,662 |
Total current assets | 20,524 | 19,305 |
Medical equipment for sale or rental | 3,040 | 1,306 |
Medical equipment in rental service, net of accumulated depreciation | 34,806 | 33,225 |
Property & equipment, net of accumulated depreciation | 4,382 | 4,037 |
Intangible assets, net | 14,388 | 15,463 |
Operating lease right of use assets | 5,380 | 5,733 |
Other assets | 158 | 155 |
Total assets | 82,678 | 79,224 |
Current liabilities: | ||
Accounts payable | 12,795 | 7,962 |
Current portion of long-term debt | 7,295 | 8,082 |
Other current liabilities | 3,708 | 5,803 |
Total current liabilities | 23,798 | 21,847 |
Long-term debt, net of current portion | 32,325 | 30,295 |
Deferred income taxes | 113 | 104 |
Operating lease liabilities, net of current portion | 4,422 | 4,644 |
Total liabilities | 60,658 | 56,890 |
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 23,543,414 and 20,024,925, respectively, as of March 31, 2020 and 23,400,625 and 19,882,136, respectively, as of December 31, 2019 | 2 | 2 |
Additional paid-in capital | 83,803 | 83,699 |
Retained deficit | (61,785) | (61,367) |
Total stockholders’ equity | 22,020 | 22,334 |
Total liabilities and stockholders’ equity | $ 82,678 | $ 79,224 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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) | 23,543,414 | 23,400,625 |
Common stock, shares outstanding (in shares) | 20,024,925 | 19,882,136 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net revenues | $ 21,553 | $ 18,193 |
Cost of revenues | 8,890 | 7,852 |
Gross profit | 12,663 | 10,341 |
Selling, general and administrative expenses: | ||
Provision for doubtful accounts | 285 | (98) |
Amortization of intangibles | 1,075 | 1,125 |
Selling and marketing | 2,618 | 2,602 |
General and administrative | 8,652 | 7,132 |
Total selling, general and administrative | 12,630 | 10,761 |
Operating income (loss) | 33 | (420) |
Other expense: | ||
Interest expense | (403) | (460) |
Other expense | (19) | (21) |
Loss before income taxes | (389) | (901) |
Provision for income taxes | (29) | (59) |
Net loss | $ (418) | $ (960) |
Net loss per share: | ||
Basic and diluted (in dollars per share) | $ (0.02) | $ (0.05) |
Weighted average shares outstanding: | ||
Basic and diluted (in shares) | 19,918,298 | 19,580,049 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balances (in shares) at Dec. 31, 2018 | 23,096 | (3,518) | |||
Balances at Dec. 31, 2018 | $ 2 | $ 83,167 | $ (62,728) | $ 20,441 | |
Stock-based shares issued upon vesting - gross (in shares) | 151 | ||||
Stock-based shares issued upon vesting - gross | |||||
Stock-based compensation expense | 246 | 246 | |||
Employee stock purchase plan (in shares) | 19 | ||||
Employee stock purchase plan | 53 | 53 | |||
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation (in shares) | (45) | ||||
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation | (37) | (37) | |||
Net income (loss) | (960) | (960) | |||
Net loss | (960) | (960) | |||
Balances (in shares) at Mar. 31, 2019 | 23,221 | (3,518) | |||
Balances at Mar. 31, 2019 | $ 2 | 83,429 | (63,688) | 19,743 | |
Balances (in shares) at Dec. 31, 2019 | 23,401 | (3,518) | |||
Balances at Dec. 31, 2019 | $ 2 | 83,699 | (61,367) | 22,334 | |
Stock-based shares issued upon vesting - gross (in shares) | 152 | ||||
Stock-based shares issued upon vesting - gross | |||||
Stock-based compensation expense | 206 | 206 | |||
Employee stock purchase plan (in shares) | 14 | ||||
Employee stock purchase plan | 74 | 74 | |||
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation (in shares) | (52) | ||||
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation | (426) | (426) | |||
Net income (loss) | (418) | (418) | |||
Common stock - issued (in shares) | 28 | ||||
Common stock - issued | 250 | 250 | |||
Net loss | (418) | (418) | |||
Balances (in shares) at Mar. 31, 2020 | 23,543 | (3,518) | |||
Balances at Mar. 31, 2020 | $ 2 | $ 83,803 | $ (61,785) | $ 22,020 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 557 | $ 1,269 |
INVESTING ACTIVITIES | ||
Purchase of medical equipment and property | (4,536) | (3,535) |
Proceeds from sale of medical equipment and property | 500 | 764 |
NET CASH USED IN INVESTING ACTIVITIES | (4,036) | (2,771) |
FINANCING ACTIVITIES | ||
Principal payments on term loans, equipment line, revolving credit facility and other financing | (9,229) | (929) |
Cash proceeds from 2019 equipment line and revolving credit facility | 10,468 | |
Debt issuance costs | (3) | |
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans | (426) | (37) |
Cash proceeds - stock plans | 74 | 53 |
Common stock - issued | 250 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 1,137 | (916) |
Net change in cash and cash equivalents | (2,342) | (2,418) |
Cash and cash equivalents, beginning of period | 2,647 | 4,318 |
Cash and cash equivalents, end of period | $ 305 | $ 1,900 |
Note 1 - Basis of Presentation,
Note 1 - Basis of Presentation, Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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 for patients in the home, oncology clinics, ambulatory surgery centers, and other sites of care. The Company provides products and services to hospitals, oncology practices and facilities and other alternative site health care providers. Headquartered in Rochester Hills, Michigan, the Company delivers local, field-based customer support, and also operates pump service and 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, 2019 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. In particular, the coronavirus (COVID- 19 may not 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, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. In June 2016, No. 2016 13, 326 326 not 326 January 1, 2020, November 2019, December 15, 2022 326 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
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 (in thousands): Three Months Ended March 31 2020 2019 Third-Party Payer Rentals $ 11,236 $ 8,747 Direct Payer Rentals 6,859 6,321 Product Sales 3,458 3,125 Total - Net revenues $ 21,553 $ 18,193 Third-Party Payer Rentals are entirely attributed to revenues of the Integrated Therapy Services (“ITS”) segment. Product Sales are entirely attributed to revenues of the Durable Medical Equipment Services (“DME Services”) segment. For the three March 31, 2020, $2.9 $4.0 three March 31, 2019, $2.6 $3.7 The following table presents the Company’s disaggregated revenue by offering type as a percentage of total net revenues: Three Months Ended March 31 2020 2019 Third-Party Payer Rentals 52.1 % 48.1 % Direct Payer Rentals 31.8 % 34.7 % Product Sales 16.1 % 17.2 % Total - Net revenues 100.0 % 100.0 % |
Note 4 - Medical Equipment
Note 4 - Medical Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Medical Equipment and Property Disclosure [Text Block] | 4 . Medical Equipment Medical equipment consisted of the following (in thousands): March 31, December 31, 2020 2019 Medical Equipment for sale or rental $ 3,068 $ 1,334 Medical Equipment for sale or rental - pump reserve (28 ) (28 ) Medical Equipment for sale or rental - net 3,040 1,306 Medical Equipment in rental service 79,100 75,853 Medical Equipment in rental service - pump reserve (746 ) (720 ) Accumulated depreciation (43,548 ) (41,908 ) Medical Equipment in rental service - net 34,806 33,225 Total $ 37,846 $ 34,531 Depreciation expense for medical equipment for the three March 31, 2020 $2.1 $1.7 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5 . Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2020 December 31, 2019 Gross Assets Accumulated Depreciation Total Gross Assets Accumulated Depreciation Total Furniture, fixtures, and equipment $ 3,669 $ (2,037 ) $ 1,632 $ 3,202 $ (1,928 ) $ 1,274 Automobiles 117 (93 ) 24 117 (90 ) 27 Leasehold improvements 3,439 (713 ) 2,726 3,366 (630 ) 2,736 Total $ 7,225 $ (2,843 ) $ 4,382 $ 6,685 $ (2,648 ) $ 4,037 Depreciation expense for property and equipment for the three March 31, 2020 $0.2 $0.1 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6 . Intangible Assets The carrying amount and accumulated amortization of intangible assets consisted of the following (in thousands): March 31, 2020 December 31, 2019 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 (27,143 ) 9,391 36,534 (26,550 ) 9,984 Software 11,230 (8,233 ) 2,997 11,230 (7,751 ) 3,479 Total nonamortizable and amortizable intangible assets $ 49,787 $ (35,399 ) $ 14,388 $ 49,787 $ (34,324 ) $ 15,463 Amortization expense for both the three March 31, 2020 2019 $1.1 March 31, 2020 4/1-12/31/2020 2021 2022 2023 2024 2025 and thereafter Total Amortization expense $ 3,210 $ 3,930 $ 2,051 $ 548 $ 548 $ 2,101 $ 12,388 |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7 . Debt On February 5, 2019, fifth March 23, 2015 ( ● increase our borrowing capacity under the equipment line to $8.0 ● revise the definition of earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, to include additional add-back adjustments for the years ended or ending December 31, 2018 2019; ● revise the definition of fixed charge coverage ratio for the year ending December 31, 2019 $7.0 December 31, 2019; ● revise the Credit Agreement’s maximum permitted indebtedness to finance the acquisition, construction or improvement of any fixed or capital assets; and ● revise the maximum leverage ratio for each of the quarters during December 31, 2018 December 31, 2019. On April 15, 2019, $2.0 third 36 not 842. March 31, 2020 $1.4 On November 7, 2019, sixth ● provide for a 2019 “2019 $10.0 $8.0 may December 31, 2020, not 90.0% ● increase the commitment for the revolving credit facility (the “Revolver”) under the Credit Agreement to $11.8 ● revise the definition of EBITDA to include the following additional or revised add-back adjustments: (i) one not $0.3 December 31, 2019 one not $0.3 December 31, 2019 not x $0.1 December 31, 2018; ( $0.2 December 31, 2018 March 31, 2019; $0.2 September 30, 2019 December 31, 2020; ● revise the definition of Fixed Charge Coverage Ratio to mean, for any period, the ratio of (a) EBITDA minus Maintenance Capital Expenditures (defined to mean, for any period, 50.0% ● revise the definitions of Revolving Credit Maturity Date and Term Maturity Date to mean the date five 2019 ● reflect the refinancing of the Term A Loans, Term B Loans and Term C Loan as a single Term Loan on the Sixth Amendment Effective Date and, commencing on the last Business Day of December 2019, $1.2 ● revise Section 5.01 x 30 30 may These debt amendments were accounted for as debt modifications. As of March 31, 2020, As of March 31, 2020, 2019 $25.4 $7.2 $4.3 March 31, 2020, $16.6 $11.8 March 31, December 31, 2020 2019 Revolver: Gross availability $ 11,750 $ 11,750 Outstanding draws (1,402 ) - Letters of credit (1,750 ) (1,750 ) Landlord reserves (161 ) (150 ) Availability on Revolver $ 8,437 $ 9,850 The Company had future maturities of loans and other financing as of March 31, 2020 2020 2021 2022 2023 2024 and thereafter Total Term Loan $ 3,461 $ 4,615 $ 4,615 $ 4,615 $ 8,074 $ 25,380 Equipment Line 1,200 1,600 1,600 1,600 1,200 7,200 2019 Equipment Line 214 855 855 855 1,495 4,274 Unamortized value of the debt issuance costs (13 ) (17 ) (17 ) (17 ) (15 ) (79 ) Other financing 496 725 222 - - 1,443 Revolver - - - - 1,402 1,402 Total $ 5,358 $ 7,778 $ 7,275 $ 7,053 $ 12,156 $ 39,620 The following is a breakdown of the Company’s current and long-term debt (in thousands): March 31, 2020 December 31, 2019 Current Portion Long-Term Portion Total Current Portion Long-Term Portion Total Term Loan $ 4,615 $ 20,765 $ 25,380 Term Loan $ 5,768 $ 21,919 $ 27,687 Equipment Line 1,600 5,600 7,200 Equipment Line 1,600 6,000 7,600 2019 Equipment Line 427 3,847 4,274 2019 Equipment Line 79 1,495 1,574 Unamortized value of debt issuance costs (17 ) (62 ) (79 ) Unamortized value of debt issuance costs (17 ) (66 ) (83 ) Other financing 670 773 1,443 Other financing 652 947 1,599 Revolver - 1,402 1,402 Revolver - - - Total $ 7,295 $ 32,325 $ 39,620 Total $ 8,082 $ 30,295 $ 38,377 As of March 31, 2020, 30 2.00% 3.00% 2.50%, 1.00% 0.25% March 31, 2020 3.25% 0.75% 2.50% March 31, 2020 2.94% 3.44% 0.50% |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes During the three March 31, 2020, $0.1 three March 31, 2019, $0.1 The Company’s realization of its deferred tax assets is dependent upon many factors, including, but not no not March 31, 2020 December 31, 2019. On March 27, 2020, 19 19 |
Note 9 - Commitments, Contingen
Note 9 - Commitments, Contingencies and Litigation | 3 Months Ended |
Mar. 31, 2020 | |
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 Per Share
Note 10 - Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10 . Loss Per Share Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss 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 per share computations: Three Months Ended March 31 Numerator: 2020 2019 Net loss (in thousands) $ (418 ) $ (960 ) Denominator: Weighted average common shares outstanding: Basic 19,918,298 19,580,049 Dilutive effect of non-vested awards - - Diluted 19,918,298 19,580,049 Net loss per share: Basic and diluted $ (0.02 ) $ (0.05 ) For both the three March 31, 2020 2019, not |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 1 1 . Leases The Company’s operating leases are primarily for office space, service facility centers and equipment under operating lease arrangements that expire at various dates over the next ten not one five not not not not Payments due under the Company’s operating leases include fixed payments as well as variable payments. For the Company’s 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 the Company’s equipment leases, variable payments may The components of lease costs consisted of the following (in thousands): Three Months Ended March 31 2020 2019 Operating lease cost $ 424 $ 387 Variable lease cost 112 75 Total lease cost $ 536 $ 462 Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands): Three Months Ended March 31 2020 2019 Cash paid for amounts included in the measurement of lease liabilities and ROU assets: Operating cash flow from operating leases $ 451 $ 360 ROU assets obtained in exchange for lease obligations: Operating leases 118 112 Weighted average remaining lease terms and discount rates for the Company’s leases are as follows: As of March 31 2020 2019 Years Years Weighted average remaining lease term: Operating leases 7.3 4.0 Rate Rate Weighted average discount rate: Operating leases 7.7 % 6.6 % Future maturities of lease liabilities as of March 31, 2020 Operating Leases 2020 $ 1,094 2021 1,055 2022 991 2023 924 2024 947 Thereafter 3,166 Total undiscounted lease payments 8,177 Less: Imputed interest (2,460 ) Total lease liabilities $ 5,717 |
Note 12 - Business Segment Info
Note 12 - Business Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. Business Segment Information During the fourth 2019, one two third The financial information summarized below is presented by reportable segment for the quarters ended March 31, 2020 2019: 2020 Corporate/ (in thousands) ITS DME Services Eliminations Total Net revenues - external $ 14,126 $ 7,427 $ - $ 21,553 Net revenues - internal - 1,238 (1,238 ) - Total net revenues 14,126 8,665 (1,238 ) 21,553 Gross profit 9,106 3,557 - 12,663 Selling , general and administrative expenses 12,630 12,630 Interest expense (403 ) (403 ) Other expense (19 ) (19 ) Provision for income taxes (29 ) (29 ) Net loss $ (418 ) Total Assets $ 54,762 $ 25,916 $ 2,000 $ 82,678 Purchases of medical equipment $ 2,357 $ 1,650 $ - $ 4,007 Depreciation and amortization of intangible assets $ 2,654 $ 748 $ - $ 3,402 2019 Corporate/ (in thousands) ITS DME Services Eliminations Total Net revenues - external $ 11,306 $ 6,887 $ - $ 18,193 Net revenues - internal - 949 (949 ) - Total net revenues 11,306 7,836 (949 ) 18,193 Gross profit 6,927 3,414 - 10,341 Selling, general and administrative expenses 10,761 10,761 Interest expense (460 ) (460 ) Other expense (21 ) (21 ) Provision for income taxes (59 ) (59 ) Net loss $ (960 ) Total Assets $ 43,953 $ 21,292 $ 2,000 $ 67,245 Purchases of medical equipment $ 2,531 $ 964 $ - $ 3,495 Depreciation and amortization of intangible assets $ 2,195 $ 710 $ - $ 2,905 |
Note 13 - COVID-19
Note 13 - COVID-19 | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | 1 3 . COVID- 19 On March 11, 2020, 19 We have taken a number of precautionary and preemptive steps to protect the safety and well-being of our employees while ensuring continuity of service to our clients, including, transitioning our employees to a remote work environment, suspending employee travel, canceling participation in industry events and in-person group meetings, promoting social distancing and enhanced cleaning and sanitization efforts across office locations, and implementing protocols to quarantine employees who may 19, 19 19 not 19 may may 19 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31 2020 2019 Third-Party Payer Rentals $ 11,236 $ 8,747 Direct Payer Rentals 6,859 6,321 Product Sales 3,458 3,125 Total - Net revenues $ 21,553 $ 18,193 Three Months Ended March 31 2020 2019 Third-Party Payer Rentals 52.1 % 48.1 % Direct Payer Rentals 31.8 % 34.7 % Product Sales 16.1 % 17.2 % Total - Net revenues 100.0 % 100.0 % |
Note 4 - Medical Equipment (Tab
Note 4 - Medical Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Medical Equipment [Table Text Block] | March 31, December 31, 2020 2019 Medical Equipment for sale or rental $ 3,068 $ 1,334 Medical Equipment for sale or rental - pump reserve (28 ) (28 ) Medical Equipment for sale or rental - net 3,040 1,306 Medical Equipment in rental service 79,100 75,853 Medical Equipment in rental service - pump reserve (746 ) (720 ) Accumulated depreciation (43,548 ) (41,908 ) Medical Equipment in rental service - net 34,806 33,225 Total $ 37,846 $ 34,531 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2020 December 31, 2019 Gross Assets Accumulated Depreciation Total Gross Assets Accumulated Depreciation Total Furniture, fixtures, and equipment $ 3,669 $ (2,037 ) $ 1,632 $ 3,202 $ (1,928 ) $ 1,274 Automobiles 117 (93 ) 24 117 (90 ) 27 Leasehold improvements 3,439 (713 ) 2,726 3,366 (630 ) 2,736 Total $ 7,225 $ (2,843 ) $ 4,382 $ 6,685 $ (2,648 ) $ 4,037 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Carrying Amount and Accumulated Amortization of Identifiable Intangible Assets [Table Text Block] | March 31, 2020 December 31, 2019 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 (27,143 ) 9,391 36,534 (26,550 ) 9,984 Software 11,230 (8,233 ) 2,997 11,230 (7,751 ) 3,479 Total nonamortizable and amortizable intangible assets $ 49,787 $ (35,399 ) $ 14,388 $ 49,787 $ (34,324 ) $ 15,463 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 4/1-12/31/2020 2021 2022 2023 2024 2025 and thereafter Total Amortization expense $ 3,210 $ 3,930 $ 2,051 $ 548 $ 548 $ 2,101 $ 12,388 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | March 31, December 31, 2020 2019 Revolver: Gross availability $ 11,750 $ 11,750 Outstanding draws (1,402 ) - Letters of credit (1,750 ) (1,750 ) Landlord reserves (161 ) (150 ) Availability on Revolver $ 8,437 $ 9,850 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2020 2021 2022 2023 2024 and thereafter Total Term Loan $ 3,461 $ 4,615 $ 4,615 $ 4,615 $ 8,074 $ 25,380 Equipment Line 1,200 1,600 1,600 1,600 1,200 7,200 2019 Equipment Line 214 855 855 855 1,495 4,274 Unamortized value of the debt issuance costs (13 ) (17 ) (17 ) (17 ) (15 ) (79 ) Other financing 496 725 222 - - 1,443 Revolver - - - - 1,402 1,402 Total $ 5,358 $ 7,778 $ 7,275 $ 7,053 $ 12,156 $ 39,620 |
Schedule of Debt [Table Text Block] | March 31, 2020 December 31, 2019 Current Portion Long-Term Portion Total Current Portion Long-Term Portion Total Term Loan $ 4,615 $ 20,765 $ 25,380 Term Loan $ 5,768 $ 21,919 $ 27,687 Equipment Line 1,600 5,600 7,200 Equipment Line 1,600 6,000 7,600 2019 Equipment Line 427 3,847 4,274 2019 Equipment Line 79 1,495 1,574 Unamortized value of debt issuance costs (17 ) (62 ) (79 ) Unamortized value of debt issuance costs (17 ) (66 ) (83 ) Other financing 670 773 1,443 Other financing 652 947 1,599 Revolver - 1,402 1,402 Revolver - - - Total $ 7,295 $ 32,325 $ 39,620 Total $ 8,082 $ 30,295 $ 38,377 |
Note 10 - Loss Per Share (Table
Note 10 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31 Numerator: 2020 2019 Net loss (in thousands) $ (418 ) $ (960 ) Denominator: Weighted average common shares outstanding: Basic 19,918,298 19,580,049 Dilutive effect of non-vested awards - - Diluted 19,918,298 19,580,049 Net loss per share: Basic and diluted $ (0.02 ) $ (0.05 ) |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31 2020 2019 Operating lease cost $ 424 $ 387 Variable lease cost 112 75 Total lease cost $ 536 $ 462 Three Months Ended March 31 2020 2019 Cash paid for amounts included in the measurement of lease liabilities and ROU assets: Operating cash flow from operating leases $ 451 $ 360 ROU assets obtained in exchange for lease obligations: Operating leases 118 112 As of March 31 2020 2019 Years Years Weighted average remaining lease term: Operating leases 7.3 4.0 Rate Rate Weighted average discount rate: Operating leases 7.7 % 6.6 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2020 $ 1,094 2021 1,055 2022 991 2023 924 2024 947 Thereafter 3,166 Total undiscounted lease payments 8,177 Less: Imputed interest (2,460 ) Total lease liabilities $ 5,717 |
Note 12 - Business Segment In_2
Note 12 - Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2020 Corporate/ (in thousands) ITS DME Services Eliminations Total Net revenues - external $ 14,126 $ 7,427 $ - $ 21,553 Net revenues - internal - 1,238 (1,238 ) - Total net revenues 14,126 8,665 (1,238 ) 21,553 Gross profit 9,106 3,557 - 12,663 Selling , general and administrative expenses 12,630 12,630 Interest expense (403 ) (403 ) Other expense (19 ) (19 ) Provision for income taxes (29 ) (29 ) Net loss $ (418 ) Total Assets $ 54,762 $ 25,916 $ 2,000 $ 82,678 Purchases of medical equipment $ 2,357 $ 1,650 $ - $ 4,007 Depreciation and amortization of intangible assets $ 2,654 $ 748 $ - $ 3,402 2019 Corporate/ (in thousands) ITS DME Services Eliminations Total Net revenues - external $ 11,306 $ 6,887 $ - $ 18,193 Net revenues - internal - 949 (949 ) - Total net revenues 11,306 7,836 (949 ) 18,193 Gross profit 6,927 3,414 - 10,341 Selling, general and administrative expenses 10,761 10,761 Interest expense (460 ) (460 ) Other expense (21 ) (21 ) Provision for income taxes (59 ) (59 ) Net loss $ (960 ) Total Assets $ 43,953 $ 21,292 $ 2,000 $ 67,245 Purchases of medical equipment $ 2,531 $ 964 $ - $ 3,495 Depreciation and amortization of intangible assets $ 2,195 $ 710 $ - $ 2,905 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues, Total | $ 21,553 | $ 18,193 |
Direct Payer Rentals [Member] | ||
Revenues, Total | 6,859 | 6,321 |
ITS Segment [Member] | Direct Payer Rentals [Member] | ||
Revenues, Total | 2,900 | 2,600 |
DME Services Segment [Member] | Direct Payer Rentals [Member] | ||
Revenues, Total | $ 4,000 | $ 3,700 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregated Revenue by Revenue Stream (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues, Total | $ 21,553 | $ 18,193 |
Customer Concentration Risk [Member] | Third-Party Payor Rental Revenue [Member] | ||
Revenue | 52.10% | 48.10% |
Customer Concentration Risk [Member] | Direct Payer Rentals [Member] | ||
Revenue | 31.80% | 34.70% |
Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | ||
Revenue | 16.10% | 17.20% |
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | ||
Revenue | 100.00% | 100.00% |
Third-Party Payor Rental Revenue [Member] | ||
Revenues, Total | $ 11,236 | $ 8,747 |
Direct Payer Rentals [Member] | ||
Revenues, Total | 6,859 | 6,321 |
Product Sales [Member] | ||
Revenues, Total | $ 3,458 | $ 3,125 |
Note 4 - Medical Equipment (Det
Note 4 - Medical Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation Expense Related to Medical Equipment | $ 2.1 | $ 1.7 |
Note 4 - Medical Equipment - Su
Note 4 - Medical Equipment - Summary of Medical Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Medical Equipment for sale or rental | $ 3,068 | $ 1,334 |
Medical Equipment for sale or rental - pump reserve | (28) | (28) |
Medical Equipment for sale or rental - net | 3,040 | 1,306 |
Medical Equipment in rental service | 79,100 | 75,853 |
Medical Equipment in rental service - pump reserve | (746) | (720) |
Accumulated depreciation | (43,548) | (41,908) |
Medical Equipment in rental service - net | 34,806 | 33,225 |
Total | $ 37,846 | $ 34,531 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation, Nonproduction | $ 0.2 | $ 0.1 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Gross Assets | $ 7,225 | $ 6,685 |
Accumulated Depreciation | (2,843) | (2,648) |
Total | 4,382 | 4,037 |
Furniture and Fixtures [Member] | ||
Gross Assets | 3,669 | 3,202 |
Accumulated Depreciation | (2,037) | (1,928) |
Total | 1,632 | 1,274 |
Automobiles [Member] | ||
Gross Assets | 117 | 117 |
Accumulated Depreciation | (93) | (90) |
Total | 24 | 27 |
Leasehold Improvements [Member] | ||
Gross Assets | 3,439 | 3,366 |
Accumulated Depreciation | (713) | (630) |
Total | $ 2,726 | $ 2,736 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 1,075 | $ 1,125 |
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, 2020 | Dec. 31, 2019 |
Amortizable intangible assets, accumulated amortization | $ (35,399) | $ (34,324) |
Amortizable intangible assets, net | 12,388 | |
Total nonamortizable and amortizable intangible assets, gross assets | 49,787 | 49,787 |
Total nonamortizable and amortizable intangible assets, net | 14,388 | 15,463 |
Trade Names [Member] | ||
Amortizable intangible assets, gross assets | 23 | 23 |
Amortizable intangible assets, accumulated amortization | (23) | (23) |
Amortizable intangible assets, net | ||
Physician and Customer Relationships [Member] | ||
Amortizable intangible assets, gross assets | 36,534 | 36,534 |
Amortizable intangible assets, accumulated amortization | (27,143) | (26,550) |
Amortizable intangible assets, net | 9,391 | 9,984 |
Computer Software, Intangible Asset [Member] | ||
Amortizable intangible assets, gross assets | 11,230 | 11,230 |
Amortizable intangible assets, accumulated amortization | (8,233) | (7,751) |
Amortizable intangible assets, net | 2,997 | 3,479 |
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, 2020USD ($) |
Amortization expense, 2020 | $ 3,210 |
Amortization expense, 2021 | 3,930 |
Amortization expense, 2022 | 2,051 |
Amortization expense, 2023 | 548 |
Amortization expense, 2024 | 548 |
Amortization expense, 2025 and thereafter | 2,101 |
Amortization expense, Total | $ 12,388 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | Nov. 07, 2019 | Apr. 15, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Mar. 31, 2019 | Feb. 05, 2019 | Dec. 31, 2018 |
Long-term Debt, Total | $ 39,620 | $ 38,377 | ||||||
Term Loan [Member] | ||||||||
Long-term Debt, Total | 25,380 | 27,687 | ||||||
Equipment Line [Member] | ||||||||
Long-term Debt, Total | 7,200 | 7,600 | ||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 11,750 | 11,750 | ||||||
Long-term Debt, Total | 1,402 | |||||||
The 2019 Equipment Line [Member] | ||||||||
Long-term Debt, Total | 4,274 | 1,574 | ||||||
Credit Facility [Member] | Term Loan [Member] | ||||||||
Long-term Debt, Total | $ 25,400 | |||||||
Credit Facility [Member] | Eurodollar Loan [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | |||||||
LIBOR Rate | 0.75% | |||||||
Credit Facility [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||
Credit Facility [Member] | CB Floating Rate Loan [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.94% | |||||||
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] | CB Floating Rate Loan [Member] | CB Floating Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | (0.50%) | |||||||
Lender Prime Rate | 3.44% | |||||||
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 | |||||||
Line of Credit Facility Additional Maximum Borrowing Capacity | $ 10,000 | |||||||
Line of Credit Facility, Invoiced Hard Cost Maximum Percent | 90.00% | |||||||
Line of Credit Facility, Maximum One-time Charges | $ 300 | |||||||
Line of Credit Facility, Maximum Lease Buyout Expenses | $ 200 | $ 100 | ||||||
Debt Instrument, Periodic Payment, Principal | 1,200 | |||||||
Long-term Debt, Total | $ 7,200 | |||||||
Credit Facility [Member] | Equipment Line [Member] | Forecast [Member] | ||||||||
Line of Credit Facility, Maximum Lease Buyout Expenses | $ 200 | |||||||
Credit Facility [Member] | Equipment Line [Member] | Maximum [Member] | ||||||||
Capital Expenditures Incurred but Not yet Paid | 7,000 | |||||||
Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 11,800 | 11,800 | ||||||
Line of Credit Facility, Borrowing Base | 16,600 | |||||||
Credit Facility [Member] | The 2019 Equipment Line [Member] | ||||||||
Long-term Debt, Total | 4,300 | |||||||
Financing Agreement [Member] | ||||||||
Long-term Debt, Total | 1,443 | $ 1,599 | ||||||
Financing Agreement [Member] | Medical Equipment [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |||||||
Debt Instrument, Term (Month) | 3 years | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,400 |
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, 2020 | Dec. 31, 2019 |
Gross availability | $ 11,750 | $ 11,750 |
Outstanding draws | (1,402) | |
Letters of credit | (1,750) | (1,750) |
Landlord reserves | (161) | (150) |
Availability on Revolver | $ 8,437 | $ 9,850 |
Note 7 - Debt - Summary of Futu
Note 7 - Debt - Summary of Future Maturities of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 | $ 5,358 | |
2021 | 7,778 | |
2022 | 7,275 | |
2023 | 7,053 | |
2024 and thereafter | 12,156 | |
Long-term Debt, Total | 39,620 | $ 38,377 |
Unamortized value of the debt issuance costs, 2020 | (13) | |
Unamortized value of the debt issuance costs, 2021 | (17) | |
Unamortized value of the debt issuance costs, 2022 | (17) | |
Unamortized value of the debt issuance costs, 2023 | (17) | |
Unamortized value of the debt issuance costs, 2024 and thereafter | (15) | |
Unamortized value of the debt issuance costs, Total | (79) | (83) |
Financing Agreement [Member] | ||
2020 | 496 | |
2021 | 725 | |
2022 | 222 | |
2023 | ||
2024 and thereafter | ||
Long-term Debt, Total | 1,443 | 1,599 |
Equipment Line [Member] | ||
2020 | 1,200 | |
2021 | 1,600 | |
2022 | 1,600 | |
2023 | 1,600 | |
2024 and thereafter | 1,200 | |
Long-term Debt, Total | 7,200 | 7,600 |
The 2019 Equipment Line [Member] | ||
2020 | 214 | |
2021 | 855 | |
2022 | 855 | |
2023 | 855 | |
2024 and thereafter | 1,495 | |
Long-term Debt, Total | 4,274 | 1,574 |
Revolving Credit Facility [Member] | ||
2020 | ||
2021 | ||
2022 | ||
2023 | ||
2024 and thereafter | 1,402 | |
Long-term Debt, Total | 1,402 | |
Term Loan [Member] | ||
2020 | 3,461 | |
2021 | 4,615 | |
2022 | 4,615 | |
2023 | 4,615 | |
2024 and thereafter | 8,074 | |
Long-term Debt, Total | $ 25,380 | $ 27,687 |
Note 7 - Debt - Summary of Comp
Note 7 - Debt - Summary of Company's Current and Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current portion of long-term debt | $ 7,295 | $ 8,082 |
Long-term debt | 32,325 | 30,295 |
Total | 39,620 | 38,377 |
Unamortized value of the debt issuance costs, current portion of long-term debt | (17) | (17) |
Unamortized value of the debt issuance costs, long-term debt | (62) | (66) |
Unamortized value of the debt issuance costs, Total | (79) | (83) |
Financing Agreement [Member] | ||
Current portion of long-term debt | 670 | 652 |
Long-term debt | 773 | 947 |
Total | 1,443 | 1,599 |
Equipment Line [Member] | ||
Current portion of long-term debt | 1,600 | 1,600 |
Long-term debt | 5,600 | 6,000 |
Total | 7,200 | 7,600 |
The 2019 Equipment Line [Member] | ||
Current portion of long-term debt | 427 | 79 |
Long-term debt | 3,847 | 1,495 |
Total | 4,274 | 1,574 |
Revolving Credit Facility [Member] | ||
Current portion of long-term debt | ||
Long-term debt | 1,402 | |
Total | 1,402 | |
Term Loan [Member] | ||
Current portion of long-term debt | 4,615 | 5,768 |
Long-term debt | 20,765 | 21,919 |
Total | $ 25,380 | $ 27,687 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ 29 | $ 59 |
Note 10 - Loss Per Share - Summ
Note 10 - Loss 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, 2020 | Mar. 31, 2019 | |
Net loss | $ (418) | $ (960) |
Basic (in shares) | 19,918,298 | 19,580,049 |
Dilutive effect of non-vested awards (in shares) | ||
Diluted (in shares) | 19,918,298 | 19,580,049 |
Basic and diluted (in dollars per share) | $ (0.02) | $ (0.05) |
Note 11 - Leases - Lease Cost (
Note 11 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating lease cost | $ 424 | $ 387 |
Variable lease cost | 112 | 75 |
Total lease cost | 536 | 462 |
Operating cash flow from operating leases | 451 | 360 |
ROU assets obtained in exchange for lease obligations: Operating leases | $ 118 | $ 112 |
Weighted average remaining lease term: Operating leases (Year) | 7 years 109 days | 4 years |
Operating leases | 7.70% | 6.60% |
Note 11 - Leases - Maturities o
Note 11 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 1,094 |
2021 | 1,055 |
2022 | 991 |
2023 | 924 |
2024 | 947 |
Thereafter | 3,166 |
Total undiscounted lease payments | 8,177 |
Less: Imputed interest | (2,460) |
Total lease liabilities | $ 5,717 |
Note 12 - Business Segment In_3
Note 12 - Business Segment Information (Details Textual) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2020 | Sep. 30, 2019 | |
Number of Reportable Segments | 2 | 1 |
Note 12 - Business Segment In_4
Note 12 - Business Segment Information - Summary of Financial Information By Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Net revenues - external | $ 21,553 | $ 18,193 | |
Net revenues - internal | |||
Total net revenues | 21,553 | 18,193 | |
Gross profit | 12,663 | 10,341 | |
Selling , general and administrative expenses | 12,630 | 10,761 | |
Interest expense | (403) | (460) | |
Other expense | (19) | (21) | |
Provision for income taxes | (29) | (59) | |
Net loss | (418) | (960) | |
Total Assets | 82,678 | 67,245 | $ 79,224 |
Purchases of medical equipment | 4,007 | 3,495 | |
Depreciation and amortization of intangible assets | 3,402 | 2,905 | |
Corporate and Eliminations [Member] | |||
Net revenues - external | |||
Net revenues - internal | (1,238) | (949) | |
Total net revenues | (1,238) | (949) | |
Gross profit | |||
Selling , general and administrative expenses | 12,630 | 10,761 | |
Interest expense | (403) | (460) | |
Other expense | (19) | (21) | |
Provision for income taxes | (29) | (59) | |
Net loss | |||
Total Assets | 2,000 | 2,000 | |
Purchases of medical equipment | |||
Depreciation and amortization of intangible assets | |||
ITS Segment [Member] | Operating Segments [Member] | |||
Net revenues - external | 14,126 | 11,306 | |
Net revenues - internal | |||
Total net revenues | 14,126 | 11,306 | |
Gross profit | 9,106 | 6,927 | |
Selling , general and administrative expenses | |||
Interest expense | |||
Other expense | |||
Provision for income taxes | |||
Net loss | |||
Total Assets | 54,762 | 43,953 | |
Purchases of medical equipment | 2,357 | 2,531 | |
Depreciation and amortization of intangible assets | 2,654 | 2,195 | |
DME Services Segment [Member] | Operating Segments [Member] | |||
Net revenues - external | 7,427 | 6,887 | |
Net revenues - internal | 1,238 | 949 | |
Total net revenues | 8,665 | 7,836 | |
Gross profit | 3,557 | 3,414 | |
Selling , general and administrative expenses | |||
Interest expense | |||
Other expense | |||
Provision for income taxes | |||
Net loss | |||
Total Assets | 25,916 | 21,292 | |
Purchases of medical equipment | 1,650 | 964 | |
Depreciation and amortization of intangible assets | $ 748 | $ 710 |