Digirad Corporation Reports 2012 Third Quarter and Nine-Month Financial Results
(firmenpresse) - POWAY, CA -- (Marketwire) -- 11/01/12 -- Digirad Corporation (NASDAQ: DRAD) today reported 2012 third quarter revenue of $11.8 million, 2012 nine-month revenue of $37.5 million and an ending cash, cash equivalents and available-for-sale securities balance of $27.2 million. The net use of cash during the nine months ended September 30, 2012 included approximately $1.0 million to repurchase approximately 490,000 shares of Digirad common stock under the Company's stock repurchase program.
Digirad CEO Todd Clyde commented, "The Digirad Imaging Solutions (DIS) business continued to generate cash in the 2012 third quarter, though revenues in the period lagged slightly due to a lower-than-normal number of days serviced during the summer season. In addition, hospital and cardiology practice camera sales continued to be soft, although we have seen orders and unit sales begin to rebound recently, delivering positive momentum to kick off the fourth quarter."
Clyde continued, "It has been a time of substantial change and progress within the Company following the recent restructuring of our Board of Directors. We have made positive changes to our executive team, including a new CFO and new leadership for our commercial operations team. In addition, we are nearing the end of the in-depth business assessment being undertaken by the Company, led by the Board's Strategic Advisory committee. We look forward to sharing the resulting strategy to drive growth and deliver increasing shareholder value in the near future."
Total revenue for the third quarter of 2012 was $11.8 million, compared to $13.4 million for the same period in the prior year and down from $12.7 million in the second quarter of 2012. DIS-only revenue for the third quarter of 2012 was $8.9 million, compared to $9.3 million for the same period of the prior year and $9.4 million in the prior sequential quarter. Product revenue for the third quarter of 2012 was $3.0 million, compared to $4.1 million for the same period of the prior year and $3.3 million in the prior quarter.
Gross profit for the third quarter of 2012 was $3.1 million, or 26.5 percent of revenue, compared to $4.2 million, or 30.9 percent of revenue, in the same period of the prior year and $3.7 million, or 29.0 percent of revenue in the prior quarter.
Net loss for the third quarter of 2012 was $0.9 million, or $0.05 loss per share, compared to a net income of $0.1 million, or $0.01 income per share, in the same period of the prior year and a net loss of $0.9 million, or $0.05 loss per share, in the prior quarter.
Cash, cash equivalents and available-for-sale securities totaled $27.2 million, or $1.42 per share, as of September 30, 2012. Cash, cash equivalents and available-for-sale securities totaled $30.5 million, or $1.61 per share, as of December 31, 2011. Beyond operations in the 2012 third quarter, the cash, cash equivalents and available-for-sale securities balance included use of $0.4 million of cash used to purchase approximately 219,000 shares of Digirad Common Stock under the Company's stock repurchase program.
During the third quarter of 2012, DIS asset utilization was 55 percent on 127 systems (nuclear and ultrasound), compared to 56 percent on 130 systems (nuclear and ultrasound) in the prior year third quarter and 55 percent on 128 systems (nuclear and ultrasound) in the prior quarter.
Total revenue for the nine months ended September 30, 2012 was $37.5 million, compared to $41.9 million for the prior year period. DIS revenue for the nine months ended September 30, 2012 was $27.5 million, compared to $28.8 million for the prior year period, and Product revenue for the nine months ended September 30, 2012, was $10.0 million compared to $13.0 million for the prior year period.
Gross profit for the nine months ended September 30, 2012 was $10.5 million, or 28.0 percent of revenue, compared to $11.7 million, or 27.9 percent of revenue, for the prior year period.
Net loss for the nine months ended September 30, 2012 was $3.1 million, or $0.16 loss per share, compared to a net loss of $0.5 million, or $0.03 loss per share, for the prior year period. Included in the net loss for the 2012 period was approximately $0.4 million in legal and administrative costs associated with shareholder negotiations that were completed during the Company's second quarter.
During the nine months ended September 30, 2012, DIS asset utilization was 55 percent on 127 systems (nuclear and ultrasound), compared to 57 percent on 131 systems (nuclear and ultrasound) in the prior year period.
In total, the Company has used $1.0 million to purchase Digirad Common Stock under the Company's stock repurchase program during the nine months ended September 30, 2012.
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 877-941-4775 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 the Company's 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 the Company's 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 the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports. Readers are cautioned to not place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Digirad undertakes no obligation to revise or update the forward-looking statements contained herein.
Matt Clawson
Allen & Caron
949-474-4300
Jeffry Keyes
CFO
858-726-1600
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Datum: 01.11.2012 - 06:30 Uhr
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