Sharps Compliance Corp. (NASDAQ: SMED) (“Sharps” or the “Company”),
a leading full-service national provider of comprehensive waste
management solutions including medical, pharmaceutical and
hazardous, today reported financial results for the second quarter
of fiscal 2022, ended December 31, 2021.
Revenue in the second quarter of fiscal 2022
grew 11% to $18.9 million, compared to $17.0 million in the same
prior year quarter and grew 36% sequentially. Customer billings of
$17.0 million decreased 8% compared to $18.5 million for the same
prior year quarter. Second quarter 2022 gross margin increased to
35%, as compared to gross margin of 33% in the second quarter of
2021. SG&A increased by approximately $0.6 million or 17% to
$4.4 million in the second quarter of fiscal 2022, compared to the
same prior year quarter. The increase in SG&A is related
primarily to $0.2 million in acquisition related costs, a $0.2
million increase in the accrual of management incentive
compensation and continued investment in sales and marketing.
The Company reported operating income of $2.0
million in the second quarter of 2022, compared to operating income
of $1.7 million in the second quarter of 2021. Sharps recorded net
income of $1.4 million, or $0.07 per basic and diluted share, in
the second quarter of fiscal 2022, as compared to net income of
$1.2 million, or $0.07 per basic and diluted share in the second
quarter of fiscal 2021. Sharps recorded improved EBITDA of $2.6
million in the second quarter of fiscal 2022 compared to EBITDA of
$2.2 million in the second quarter of fiscal 2021. (See
Reconciliation of Net Income to EBITDA in the supplemental table
included at the end of this release).
David P. Tusa, President and Chief Executive
Officer of Sharps, stated, “We delivered strong second quarter
results as demonstrated by solid revenue growth, improved gross
margin and consistent profitability, which we believe is reflective
of our success in establishing Sharps as a leading and
comprehensive provider of medical, pharmaceutical and hazardous
waste management solutions. We were pleased with the 17% increase
in the route-based customer locations which was directly related to
continued demand for our solution offerings across the markets we
serve, and particularly our Professional market billings which
increased 15% for the second quarter. Unused medication billings
increased 9% for the quarter as a result of a 25% increase in the
number of MedSafe Inner Liners sold for the quarter. The sequential
$2.8 million increase in quarterly immunization-related customer
billings was a result of retail pharmacies continuing to administer
COVID-19 vaccines and booster shots. For the second quarter and
fiscal year to date, the reduction in customer billings for the
Long-Term Care segment was a result of significantly increased
volume, in the prior year, driven by the impact of COVID-19 in
Long-Term Care communities.”
Tusa added, “We pride ourselves on our ability
to solve complex problems for our customers. The latest problem we
are solving is the industry challenge regarding the proper,
cost-effective, and compliant management of unused medications,
including controlled substances and hazardous wastes, such as blood
thinners, in the long-term care and assisted living markets. In
fact, the Secure and Responsible Drug Disposal Act approved by the
DEA in 2014 was written primarily to address proper and compliant
unused medication management practices in long-term care
communities which have been very inconsistent. To help customers
meet the new requirements set forth in the new DEA rules, we
designed the MedSafe to address the proper and cost-effective
collection and destruction of unused medications, including
controlled substances. MedSafe has seen solid demand from retail
pharmacy and other settings, such as government, and we believe
Sharps is the leader in the retail pharmacy and government markets
for the cost-effective and compliant disposal of unused
medications. We are now taking our vast knowledge, experience and
success gained from introducing MedSafe in the retail pharmacy and
government settings and bringing this solution to the long-term
care and assisted living markets, where we believe the MedSafe has
the opportunity to become the industry standard. We are excited
about our recently announced partnership with PharMerica, a
nationwide leader in long-term care pharmacy services, and look
forward to working with them to solve a complex problem.”
Second Quarter Review
Professional market billings increased 15% to
$5.2 million in the second quarter of fiscal 2022 as compared to
$4.5 million in the second quarter of 2021 consistent with the
increase in route-based customer locations.
Retail market billings grew 4% to $6.4 million
in the second quarter of fiscal 2022 as compared to $6.1 million in
the same prior year period. Within the retail market, immunization
related orders were down slightly at $4.6 million in the second
quarter of fiscal 2022 compared to $4.8 million in the prior
year.
Pharmaceutical Manufacturer market billings
decreased by $1.2 million to $1.9 million in the second quarter of
fiscal 2022 as compared to $3.1 million in the same prior year
period due to the timing of inventory builds for patient support
programs, driving over half of the $1.7 million decrease in
mailback solution billings.
Long-Term Care billings decreased by $0.3
million to $0.8 million in the second quarter of fiscal 2022
compared to $1.1 million in the prior year period, related
primarily to heightened volumes of COVID-19 related waste
management in the prior year, most of which adversely impacted the
route-based business customer billings.
Home Health Care market billings decreased $0.8
million to $2.0 million in the second quarter of fiscal 2022
compared to $2.8 million in the second quarter of fiscal 2021 due
to the timing of distributor orders, driving some of the $1.7
million decrease in mailback solution billings.
Billings for Unused Medications grew 9% to $1.9
million in the second quarter of fiscal 2022 as compared to $1.7
million in the same prior year period as result of the 25% increase
in the number of MedSafe Inner Liners sold.
First Six Months Fiscal 2022
Results
Sharps recorded revenue of $32.8 million in the
first half of fiscal 2022, an increase of 9% compared to revenue of
$30.2 million in the first half of fiscal 2021. Customer billings
decreased 7% to $29.7 million for the first half of fiscal 2022.
Professional market billings increased 12% to $9.7 million in the
first half of fiscal 2022 as compared to $8.7 million in the same
prior year period. Retail market billings increased 5% to $10.2
million as compared to $9.8 million in the first half of fiscal
2021, with billings for flu shot / COVID-19 related orders
relatively flat at $6.4 million, and unused medications billings
also relatively flat at $2.2 million. Long-Term Care market
billings decreased 35% to $1.5 million as compared to $2.4 million
in the prior year period. During the first half of fiscal 2022,
Pharmaceutical Manufacturer market billings decreased 44% to $2.4
million as compared to $4.2 million in the first half of fiscal
2021. Home Health Care market billings decreased 23% to $4.0
million for the first half of fiscal 2022 compared to $5.2 million
in the first half of 2021.
Gross margin was essentially flat at 30.6% for
the first half of fiscal 2022 as compared to 30.7% in first half of
fiscal 2021 despite being negatively impacted by a $0.8 million
increase in the fixed cost component of cost of sales. SG&A
expense increased 14% to $8.6 million in the first half of fiscal
2022 compared to $7.5 million in the first half of fiscal 2021,
related to $0.2 million in acquisition related costs, a $0.5
million increase in the accrual of management incentive
compensation and the Company’s continued investments in sales and
marketing. The Company recorded operating income of $1.0 million in
the first half of fiscal 2022 as compared to operating income of
$1.3 million in the first half of fiscal 2021.
Net income for the first half of fiscal 2022 was
$0.6 million, or $0.03 per basic and diluted share compared to net
income of $0.9 million or $0.06 per basic and diluted share for the
first half of fiscal 2021.
Sharps recorded EBITDA of $2.2 million in the
first half of fiscal 2022, consistent with EBITDA in the first half
of fiscal 2021. (See Reconciliation of Net Income to EBITDA in the
supplemental table included at the end of this release).
Financial Flexibility and a Strong
Balance Sheet
Cash was $36.0 million at December 31, 2021,
compared to cash of $27.8 million at June 30, 2021. The Company had
working capital of $42.8 million at December 31, 2021 compared to
working capital of $27.9 million at June 30, 2021.
Mr. Tusa concluded, “Looking forward, we’re
energized to continue capitalizing on the opportunities we’re
seeing to grow our leadership position in all of the markets we
serve and all solutions we offer. We continue to focus on the
growth of our route-based business and complementing this with
acquisition opportunities. The acquisition pipeline remains
vibrant, and we believe we have the opportunity to close more
acquisitions during the calendar year 2022.
“Regarding immunizations, we’ve seen that the
ongoing emergence of new variants causes the COVID-19 related
business landscape to remain fluid. As we move through the balance
of fiscal year 2022, future immunization-related orders should be
driven by the timing and volume of the continued roll out of
COVID-19 shots and boosters. As a point of reference, only
approximately 40% of fully vaccinated Americans have received a
booster to-date. Additionally, there are new vaccines being
developed to address specific variants, such as Omicron, which
could be available by March of 2022. We remain confident that we
are well positioned to continue to support our immunization
customers, with mailback inventory and increased treatment capacity
to meet the continuing demands of this business."
Second Quarter Fiscal Year 2022 Webcast
and Conference Call
The Company will host a teleconference today
beginning at 11:00 a.m. Eastern Time, during which management will
review the financial and operating results for the period and
discuss Sharps’ corporate strategy and outlook. A
question-and-answer session will follow.
The Sharps Compliance conference call can be
accessed by domestic callers by dialing (888) 506-0062.
International callers may access the call by dialing (973)
528-0011. Callers should use conference entry code 618730. The
webcast can be monitored at www.sharpsinc.com.
A telephonic replay will be available through
February 25, 2022. To listen to the replay, domestic callers should
dial (877) 481-4010 and international callers should dial (919)
882-2331 and enter replay ID number 44124. Transcript will also be
posted to the Sharps Compliance website, once
available.
About Sharps Compliance
Corp.
Headquartered in Houston, Texas, Sharps
Compliance (NASDAQ: SMED) is a leading business-to-business
services provider to the healthcare, long-term care and retail
pharmacy markets. Sharps Compliance offers comprehensive solutions
for the management of regulated medical waste, hazardous waste and
unused medications. For more information, visit:
www.sharpsinc.com.
Forward-Looking Statements
The information made available in this news
release contains certain forward-looking statements relating to the
Company that are based on the beliefs of the Company’s management
as well as assumptions made by and information currently available
to the Company’s management. When used in this document, the words
"may," “position,” "plan," “potential,” “designed,” “continue,”
"anticipate," "believe," "expect," "estimate," “project,” and
“intend” and words or phrases of similar import, as they relate to
the Company or its subsidiaries or Company management, are intended
to identify forward-looking statements. Such statements reflect the
known and unknown risks, uncertainties and assumptions
related to certain factors including, without limitation,
competitive factors, general economic conditions, customer
relations, relationships with vendors, governmental regulation and
supervision, seasonality, distribution networks, product
introductions and acceptance, technological change, changes in
industry practices, onetime events and other factors described
herein including the impact of the coronavirus COVID-19
(“COVID-19”) pandemic on our operations and financial results.
Based upon changing conditions, should any one or more of these
risks or uncertainties materialize, or should any underlying
assumptions prove incorrect, actual results may vary materially
from those described herein as anticipated, believed, estimated,
expected or intended. Consequently, no forward-looking statements
can be guaranteed. When considering these forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements in the Company’s Quarterly Reports on Form
10-Q, our Annual Report on Form 10-K, and our other filings with
the Securities and Exchange Commission. Actual results may vary
materially. You are cautioned not to place undue reliance on any
forward-looking statements. You should also understand that it is
not possible to predict or identify all such factors and as such
should not consider the preceding list or the risk factors to be a
complete list of all potential risks and uncertainties. The Company
does not intend to update these forward-looking statements.
Non-GAAP Measures
This release contains certain financial
information not derived in accordance with generally accepted
accounting principles (“GAAP”), including customer billings
information and EBITDA. The Company believes this information is
useful to investors and other interested parties. EBITDA is a
significant performance metric used by management and by external
users of our financial statements such as investors, research
analysts and others to assess the financial performance of our
assets without regard to financing methods, capital structure or
historical cost basis; the ability of our assets to generate cash
sufficient to pay interest costs and support our indebtedness; and
our operating performance and return on capital as compared to
those of other companies in our industry. Such information should
not be considered as a substitute for any measure derived in
accordance with GAAP, or as an alternative to cash flow from
operating activities or measure of our liquidity and may not be
comparable to other similarly titled measures of other companies.
Reconciliation of this information to the most comparable GAAP
measures is included as an attachment to this release.
For more information contact:
Diana P. DiazSharps Compliance Corp.Executive Vice President and
Chief Financial OfficerPhone: (713) 660-3547Email:
ddiaz@sharpsinc.com |
John Nesbett/Jennifer BelodeauIMS Investor RelationsPhone: (203)
972-9200Email: jnesbett@institutionalms.com |
|
|
FINANCIAL TABLES FOLLOW
Sharps Compliance Corp. and
SubsidiariesCondensed Consolidated Statements of
Operations(in thousands, except per share
data)(Unaudited)
|
Three-Months Ended |
|
|
Six-Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
% Change |
|
|
2021 |
|
|
|
2020 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
18,878 |
|
|
$ |
17,011 |
|
11.0 |
% |
|
$ |
32,793 |
|
|
$ |
30,162 |
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
12,271 |
|
|
|
11,374 |
|
7.9 |
% |
|
|
22,765 |
|
|
|
20,902 |
|
8.9 |
% |
Gross profit |
|
6,607 |
|
|
|
5,637 |
|
17.2 |
% |
|
|
10,028 |
|
|
|
9,260 |
|
8.3 |
% |
Gross margin |
|
35.0 |
% |
|
|
33.1 |
% |
|
|
|
30.6 |
% |
|
|
30.7 |
% |
|
SG&A expense |
|
4,388 |
|
|
|
3,756 |
|
16.8 |
% |
|
|
8,588 |
|
|
|
7,544 |
|
13.8 |
% |
Depreciation and
amortization |
|
236 |
|
|
|
205 |
|
|
|
|
454 |
|
|
|
409 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
1,983 |
|
|
|
1,676 |
|
|
|
|
986 |
|
|
|
1,307 |
|
|
Operating margin |
|
10.5 |
% |
|
|
9.9 |
% |
|
|
|
3.0 |
% |
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
14 |
|
|
|
— |
|
|
|
|
14 |
|
|
|
— |
|
|
Interest expense |
|
(58 |
) |
|
|
(47 |
) |
|
|
|
(114 |
) |
|
|
(79 |
) |
|
Income associated with
derivative instrument |
|
27 |
|
|
|
10 |
|
|
|
|
34 |
|
|
|
15 |
|
|
Total other expense |
|
(17 |
) |
|
|
(37 |
) |
|
|
|
(66 |
) |
|
|
(64 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
1,966 |
|
|
|
1,639 |
|
|
|
|
920 |
|
|
|
1,243 |
|
|
Income tax expense |
|
529 |
|
|
|
411 |
|
|
|
|
273 |
|
|
|
308 |
|
|
Net
Income |
$ |
1,437 |
|
|
$ |
1,228 |
|
|
|
$ |
647 |
|
|
$ |
935 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per
Share |
|
|
|
|
|
|
|
|
|
Basic and Diluted |
$ |
0.07 |
|
|
$ |
0.07 |
|
|
|
$ |
0.03 |
|
|
$ |
0.06 |
|
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
19,245 |
|
|
|
16,497 |
|
|
|
|
18,562 |
|
|
|
16,444 |
|
|
Diluted |
|
19,400 |
|
|
|
16,929 |
|
|
|
|
18,656 |
|
|
|
16,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sharps Compliance Corp. and
SubsidiariesCondensed Consolidated Balance
Sheets(in
thousands)(Unaudited)
|
December 31, |
|
June 30, |
|
2021 |
|
2021 |
ASSETS: |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
36,001 |
|
$ |
27,767 |
Accounts receivable, net |
|
13,047 |
|
|
9,738 |
Inventory |
|
6,821 |
|
|
6,114 |
Contract asset |
|
18 |
|
|
20 |
Prepaid and other current assets |
|
1,857 |
|
|
1,459 |
Total current assets |
|
57,744 |
|
|
45,098 |
Property, plant and equipment,
net |
|
11,155 |
|
|
10,843 |
Operating lease right of use
asset |
|
9,073 |
|
|
8,353 |
Financing lease right of use
asset, net |
|
980 |
|
|
907 |
Inventory, net of current
portion |
|
957 |
|
|
989 |
Other assets |
|
154 |
|
|
110 |
Goodwill |
|
7,996 |
|
|
6,735 |
Intangible assets, net |
|
2,772 |
|
|
2,239 |
Deferred tax asset, net |
|
— |
|
|
157 |
Total assets |
$ |
90,831 |
|
$ |
75,431 |
|
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
3,592 |
|
$ |
2,922 |
Accrued liabilities |
|
3,208 |
|
|
3,940 |
Operating lease liability |
|
2,457 |
|
|
2,368 |
Financing lease liability |
|
189 |
|
|
160 |
Current maturities of long-term debt |
|
480 |
|
|
735 |
Contract liability |
|
5,062 |
|
|
7,028 |
Total current liabilities |
|
14,988 |
|
|
17,153 |
Contract liability, net of
current portion |
|
408 |
|
|
1,461 |
Operating lease liability, net
of current portion |
|
6,752 |
|
|
6,118 |
Financing lease liability, net
of current portion |
|
804 |
|
|
741 |
Other liabilities |
|
23 |
|
|
45 |
Deferred tax liability,
net |
|
53 |
|
|
— |
Long-term debt, net of current
portion |
|
3,172 |
|
|
3,329 |
Total liabilities |
|
26,200 |
|
|
28,847 |
Stockholders' equity |
|
64,631 |
|
|
46,584 |
Total liabilities and stockholders' equity |
$ |
90,831 |
|
$ |
75,431 |
|
Sharps Compliance Corp. and
SubsidiariesSupplemental Customer Billing and
Revenue Information(in
thousands)(Unaudited)
|
|
Three-Months Ended December 31, |
|
|
2021 |
|
% Total |
|
2020 |
|
|
$ Change |
|
% |
BILLINGS BY
MARKET: |
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
6,365 |
|
37.5 |
% |
|
$ |
6,139 |
|
|
$ |
226 |
|
|
3.7 |
% |
Professional |
|
|
5,199 |
|
30.6 |
% |
|
|
4,538 |
|
|
|
661 |
|
|
14.6 |
% |
Home Health Care |
|
|
2,028 |
|
11.9 |
% |
|
|
2,832 |
|
|
|
(804 |
) |
|
(28.4 |
)% |
Pharmaceutical Manufacturer |
|
|
1,901 |
|
11.2 |
% |
|
|
3,062 |
|
|
|
(1,161 |
) |
|
(37.9 |
)% |
Long-Term Care |
|
|
752 |
|
4.4 |
% |
|
|
1,060 |
|
|
|
(308 |
) |
|
(29.1 |
)% |
Government |
|
|
564 |
|
3.3 |
% |
|
|
497 |
|
|
|
67 |
|
|
13.5 |
% |
Environmental |
|
|
54 |
|
0.3 |
% |
|
|
179 |
|
|
|
(125 |
) |
|
(69.8 |
)% |
Other |
|
|
137 |
|
0.8 |
% |
|
|
159 |
|
|
|
(22 |
) |
|
(13.8 |
)% |
Subtotal |
|
|
17,000 |
|
100.0 |
% |
|
|
18,466 |
|
|
|
(1,466 |
) |
|
(7.9 |
)% |
GAAP Adjustment * |
|
|
1,878 |
|
|
|
|
(1,455 |
) |
|
|
3,333 |
|
|
|
Revenue Reported |
|
$ |
18,878 |
|
|
|
$ |
17,011 |
|
|
$ |
1,867 |
|
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six-Months Ended December 31, |
|
|
2021 |
|
% Total |
|
2020 |
|
|
$ Change |
|
% |
BILLINGS BY
MARKET: |
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
10,232 |
|
34.4 |
% |
|
$ |
9,786 |
|
|
$ |
446 |
|
|
4.6 |
% |
Professional |
|
|
9,716 |
|
32.7 |
% |
|
|
8,671 |
|
|
|
1,045 |
|
|
12.1 |
% |
Home Health Care |
|
|
3,967 |
|
13.3 |
% |
|
|
5,180 |
|
|
|
(1,213 |
) |
|
(23.4 |
)% |
Pharmaceutical Manufacturer |
|
|
2,397 |
|
8.1 |
% |
|
|
4,241 |
|
|
|
(1,844 |
) |
|
(43.5 |
)% |
Long-Term Care |
|
|
1,530 |
|
5.1 |
% |
|
|
2,369 |
|
|
|
(839 |
) |
|
(35.4 |
)% |
Government |
|
|
1,271 |
|
4.3 |
% |
|
|
1,012 |
|
|
|
259 |
|
|
25.6 |
% |
Environmental |
|
|
85 |
|
0.3 |
% |
|
|
314 |
|
|
|
(229 |
) |
|
(72.9 |
)% |
Other |
|
|
526 |
|
1.8 |
% |
|
|
321 |
|
|
|
205 |
|
|
63.9 |
% |
Subtotal |
|
|
29,724 |
|
100.0 |
% |
|
|
31,894 |
|
|
|
(2,170 |
) |
|
(6.8 |
)% |
GAAP Adjustment * |
|
|
3,069 |
|
|
|
|
(1,732 |
) |
|
|
4,801 |
|
|
|
Revenue Reported |
|
$ |
32,793 |
|
|
|
$ |
30,162 |
|
|
$ |
2,631 |
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Represents the net impact of the revenue recognition adjustments
to arrive at reported GAAP revenue. Customer billings include all
invoiced amounts for products shipped or services rendered during
the period reported. GAAP revenue includes customer billings as
well as numerous adjustments necessary to reflect, (i) the deferral
of a portion of current period sales, (ii) recognition of certain
revenue associated with product returned for treatment and
destruction and (iii) provisions for certain product returns and
discounts to customers which are accounted for as reductions in
sales in the same period the related sales are recorded. |
|
Sharps Compliance Corp. and
SubsidiariesSupplemental Customer Billing by
Solution Information(in
thousands)(Unaudited)
|
Three-Months Ended December 31, |
|
2021 |
|
% Total |
|
2020 |
|
$ Change |
|
% |
BILLINGS BY
SOLUTION: |
|
|
|
|
|
|
|
|
|
Mailbacks |
$ |
10,192 |
|
60.0 |
% |
|
$ |
11,907 |
|
$ |
(1,715 |
) |
|
(14.4 |
)% |
Route-Based Pickup |
|
3,551 |
|
20.9 |
% |
|
|
3,491 |
|
|
60 |
|
|
1.7 |
% |
Unused Medications |
|
1,865 |
|
11.0 |
% |
|
|
1,713 |
|
|
152 |
|
|
8.9 |
% |
Third Party Treatment |
|
54 |
|
0.3 |
% |
|
|
179 |
|
|
(125 |
) |
|
(69.8 |
)% |
Other |
|
1,338 |
|
7.8 |
% |
|
|
1,176 |
|
|
162 |
|
|
13.8 |
% |
Total Billings by Solution |
$ |
17,000 |
|
100.0 |
% |
|
$ |
18,466 |
|
$ |
(1,466 |
) |
|
(7.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
Six-Months Ended December 31, |
|
2021 |
|
% Total |
|
2020 |
|
$ Change |
|
% |
BILLINGS BY
SOLUTION: |
|
|
|
|
|
|
|
|
|
Mailbacks |
$ |
15,749 |
|
53.0 |
% |
|
$ |
18,346 |
|
$ |
(2,597 |
) |
|
(14.2 |
)% |
Route-Based Pickup |
|
6,750 |
|
22.7 |
% |
|
|
6,647 |
|
|
103 |
|
|
1.5 |
% |
Unused Medications |
|
4,494 |
|
15.1 |
% |
|
|
4,074 |
|
|
420 |
|
|
10.3 |
% |
Third Party Treatment |
|
85 |
|
0.3 |
% |
|
|
314 |
|
|
(229 |
) |
|
(72.9 |
)% |
Other |
|
2,646 |
|
8.9 |
% |
|
|
2,513 |
|
|
133 |
|
|
5.3 |
% |
Total Billings by Solution |
$ |
29,724 |
|
100.0 |
% |
|
$ |
31,894 |
|
$ |
(2,170 |
) |
|
(6.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
Sharps Compliance Corp. and
SubsidiariesSupplemental Table to Reconcile Net
Income to EBITDA*(in
thousands)(Unaudited)
|
Three-Months Ended |
|
Six-Months Ended |
|
December 31, |
|
December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Net Income |
$ |
1,437 |
|
$ |
1,228 |
|
$ |
647 |
|
$ |
935 |
Income tax expense |
|
529 |
|
|
411 |
|
|
273 |
|
|
308 |
Interest expense, net |
|
44 |
|
|
47 |
|
|
100 |
|
|
79 |
Depreciation and amortization |
|
584 |
|
|
500 |
|
|
1,166 |
|
|
923 |
|
|
|
|
|
|
|
|
EBITDA |
$ |
2,594 |
|
$ |
2,186 |
|
$ |
2,186 |
|
$ |
2,245 |
|
|
|
|
|
|
|
|
*The Company defines earnings before interest, taxes, depreciation
and amortization (“EBITDA”) as net income, plus income tax expense
(benefit), net interest expense, and depreciation and amortization.
Other companies may define EBITDA differently. EBITDA is presented
because it is a financial measure that is frequently requested by
third parties. However, EBITDA is not considered under
generally accepted accounting principles as a primary measure of an
entity’s financial results, and accordingly, EBITDA should not be
considered an alternative to operating income, net income, or cash
flows as determined under generally accepted accounting principles
and as reported by the Company. |
|
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