Digirad Corporation Reports First Quarter 2012 Financial Results
Positive Trends in Both Product and Service Revenue and Margins Continue
(firmenpresse) - POWAY, CA -- (Marketwire) -- 04/27/12 -- Digirad Corporation (NASDAQ: DRAD) today reported 2012 first quarter revenue of $13.0 million and an ending cash and available-for-sale securities balance of $29.1 million at March 31, 2012.
Digirad CEO Todd Clyde commented, "Positive changes in both internal organization and external business environment continued to accelerate during the first quarter at Digirad. Both sides of the business -- Product and DIS -- trended up sequentially in the first quarter over the fourth quarter of 2011. Demand for our portable ergo camera picked up in the first quarter as we sold twice as many units as in the prior quarter. On the service side, new physician groups are signing up for DIS days as reimbursement has stabilized and the positive clinical and economic drivers become clearer."
Clyde continued, "Our commercial activities and R&D efforts are now also picking up as we explore new ways to accelerate growth in our Product business. Those activities, combined with an enhanced, shareholder-driven Board and additions to the management team, are creating excitement in the organization as we look to the coming year. In 2012, we expect to generate positive cash flow from our DIS business and increase sales of both our cardiac and ergo cameras. We also continue to explore various strategic initiatives, including examining where our core solid state camera technologies can be applied with greater success in the marketplace."
Total revenue for the first quarter of 2012 was $13.0 million, compared to $14.2 million for the same period in the prior year and up from $11.9 million in the fourth quarter of 2011. DIS-only revenue for the first quarter of 2012 was $9.3 million, compared to $9.6 million for the same period of the prior year and $9.0 million in the prior sequential quarter. Product revenue for the first quarter of 2012 was $3.7 million, compared to $4.6 million for the same period of the prior year and $2.9 million in the prior quarter.
Gross profit for the first quarter of 2012 was $3.7 million, or 28.3 percent of revenue, up from $3.5 million, or 24.8 percent of revenue, in the same period of the prior year and $3.1 million, or 26.0 percent of revenue, in the prior quarter driven by lower radiopharmaceutical costs and due to a one-time workers' compensation insurance refund.
Net loss for the first quarter of 2012 was $1.3 million, or $0.07 loss per share, compared to net loss of $0.4 million, or $0.02 loss per share, in the same period of the prior year and a net loss of $2.8 million, or $0.15 loss per share, in the prior quarter.
Cash and cash equivalents and available-for-sale securities totaled $29.1 million, or $1.54 per share as of March 31, 2012. Cash and cash equivalents and available-for-sale securities totaled $30.4 million, or $1.61 per share as of December 31, 2011. The primary use of cash in the quarter was related to the typical first quarter slowdown of collections associated with annual changes in payor coding. That impact is expected to reverse itself in the current quarter.
During the first quarter of 2012, DIS asset utilization was 56.1 percent on 128 systems (nuclear and ultrasound), compared to 57.6 percent on 131 systems (nuclear and ultrasound) in the prior year first quarter and 56 percent on 130 systems (nuclear and ultrasound) in the prior quarter.
A conference call is scheduled for 11:00 a.m. EDT today to discuss the results and management's outlook. The call may be accessed by dialing 877-941-1427 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 ; an archived replay of the webcast will be available within 15 minutes of the end of the conference call.
Digirad is a leading provider of diagnostic imaging products. Digirad also provides the ability for its physician customers to lease its qualified personnel, imaging systems and related items required to perform nuclear imaging in their own offices. For more information, please visit . Digirad® and Cardius® are registered trademarks of Digirad Corporation.
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's camera systems and services, reliability, recalls, and other risks detailed in Digirad's filings with the U.S. Securities and Exchange Commission, including 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.
Matt Clawson
Allen & Caron
949-474-4300
Todd Clyde
CEO
858-726-1600
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Datum: 27.04.2012 - 05:30 Uhr
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