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 third quarter
of fiscal 2022, ended March 31, 2022.
Revenue in the third quarter of fiscal 2022 was
$17.6 million, a decrease of 36% compared to $27.5 million in the
same prior year quarter. Excluding COVID-19 related immunization
and testing revenue of $4.3 million in the third quarter of fiscal
2022 and $16.8 million in the prior year period, revenue increased
24% compared to the prior year period. Customer billings of $17.1
million decreased 45% compared to $31.0 million for the same prior
year quarter. Immunization-related mailback billings were $2.9
million in the third quarter of fiscal 2022 compared to $20.2
million in the prior year period. Excluding COVID-19 related
immunization mailbacks, customer billings increased 31% compared to
the prior year period. Third quarter 2022 gross margin was 28% as
compared to gross margin of 49% in the third quarter of 2021.
SG&A increased by approximately $0.5 million or 13% to $4.7
million in the third 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, $0.1 million in
management transition costs and continued investment in sales and
marketing.
The Company reported near breakeven operating
income in the third quarter of 2022, compared to operating income
of $9.0 million in the third quarter of 2021. Sharps recorded a net
loss of $0.3 million, or ($0.01) per basic and diluted share, in
the third quarter of fiscal 2022, as compared to net income of $6.9
million, or $0.41 per basic and $0.40 per diluted share in the
third quarter of fiscal 2021. Sharps reported EBITDA of $0.7
million in the third quarter of fiscal 2022 compared to EBITDA of
$9.6 million in the third quarter of fiscal 2021. (See
Reconciliation of Net Income (Loss) to EBITDA in the supplemental
table included at the end of this release).
Pat Mulloy, President and Chief Executive
Officer of Sharps, stated, “Our third quarter results are largely
in line with our expectations and reflect a return to more
normalized market conditions following unusually strong performance
in the March quarter of fiscal 2021, which benefitted significantly
from COVID-19 immunization activity. March has historically been
our slowest revenue quarter, due to seasonality and customer
ordering patterns, and we are pleased that third quarter 2022
revenue of $17.6 million showed a significant increase as compared
to third quarter fiscal 2020 pre-COVID revenue of $10.4 million.
Gross margin of 28% was lower than anticipated primarily due to
higher costs related to: hiring additional operating personnel to
meet increased demand, which required increased wages to match
market conditions and higher fuel costs associated with our
route-based business. During the quarter, the Company implemented a
number of customer price increases designed to cover
the heightened costs of providing our solutions and services,
however, those increases were not yet fully reflected in revenue
during the third quarter of fiscal 2022. We expect that the full
impact of our cost mitigation initiatives will alleviate potential
continued cost increases going forward.
“As we continue to establish Sharps as a leading
and comprehensive provider of medical, pharmaceutical and hazardous
waste management solutions, we are growing our route-based
footprint, and we’re pleased to have achieved a 12% increase in
route-based billings in the third quarter, directly related to
continued demand for our solution offerings across the markets we
serve. We saw particular strength from the Professional market,
where billings increased 19% in the third quarter. In our
route-based business, we’re pleased to report we have completed the
integration of Midwest Medical, a full-service, route-based
provider of medical and hazardous waste solutions serving about 600
customer locations across Kansas, strengthening our foothold in the
region. Our MedSafe remains well positioned as an effective
solution to address the tremendous market opportunity related to
the safe, cost-efficient and DEA compliant disposal of unused
medications. We are focused on our continued rollout of
MedSafe to retail pharmacies as well as the long-term care market
and as we previously discussed, during the quarter we announced a
partnership with PharMerica, a nationwide leader in long-term care
pharmacy services, and look forward to working with them and other
long term care pharmacies to solve a complex problem.”
Mr. Mulloy concluded, “It is increasingly
apparent to me since being appointed CEO in early April, that there
is a huge opportunity to truly scale our business, both organically
and through our strategic acquisition strategy. We are intent on
growing our leadership position as a comprehensive provider of
medical waste solutions for the population of small to medium
quantity generators we serve, and believe we have the people,
products and infrastructure to continue expanding our geographic
reach and to capture additional market share. Furthermore,
our acquisition pipeline is robust, which we expect will offer
additional opportunities for us to strengthen our route-based
offering.”
Third Quarter Review
Professional market billings increased 19% to
$5.5 million in the third quarter of fiscal 2022 as compared to
$4.6 million in the third quarter of 2021 consistent with the
increase in route-based customer locations.
Retail market billings decreased 79% to $4.6
million in the third quarter of fiscal 2022 as compared to $21.7
million in the same prior year period. Within the retail market,
immunization related orders were down significantly at $2.9 million
in the third quarter of fiscal 2022 compared to $20.2 million in
the same prior year period. As noted above, immunization
activity in the third quarter of 2021 was very strong related to
the initial availability of the COVID-19 vaccine to the broader
public in the U.S. Compared to the pre-COVID third quarter of
fiscal 2020, retail market billings increased 98% from $2.3 million
reflecting an increase in immunization and testing related orders
of over 340% from $0.7 million in the third quarter of fiscal
2020.
Pharmaceutical Manufacturer market billings
increased by $1.9 million, or 341% to $2.5 million in the third
quarter of fiscal 2022 as compared to $0.6 million in the same
prior year period due to the timing of inventory builds for patient
support programs.
Long-Term Care billings decreased 10% to $0.9
million in the third quarter of fiscal 2022 compared to $1.0
million in the prior year period, related primarily to heightened
volumes of COVID-19 related waste management in the prior year,
most of which impacted the route-based business customer
billings.
Home Health Care market billings increased 21%
to $2.8 million in the third quarter of fiscal 2022 compared to
$2.3 million in the third quarter of fiscal 2021, driving most of
the $0.9 million increase in billings for other (non-mailback)
solutions.
Billings for Unused Medications of $2.1 million
in the third quarter of fiscal 2022 were essentially flat as
compared to $2.1 million in the same prior year period. Within the
Unused Medications category, MedSafe billings increased 19% to $1.5
million from $1.2 million in the prior year period, consistent with
a 20% increase in MedSafe liners shipped and a 19% increase in
MedSafe liners returned for processing. The increase in MedSafe
billings was mostly offset by a decrease in TakeAway envelope sales
due to higher-than-normal sales in the prior year quarter.
First Nine Months Fiscal 2022
Results
Sharps recorded revenue of $50.4 million in the
first nine months of fiscal 2022, a decrease of 13% compared to
revenue of $57.7 million in the first nine months of fiscal 2021.
Customer billings decreased 26% to $46.8 million for the first nine
months of fiscal 2022. Professional market billings increased 15%
to $15.2 million in the first nine months of fiscal 2022 as
compared to $13.3 million in the same prior year period. Retail
market billings decreased 53% to $14.8 million as compared to $31.5
million in the first nine months of fiscal 2021, with billings for
flu shot / COVID-19 related orders decreasing to $9.3 million
compared to $26.6 million in the first nine months in the prior
year related to lower immunization and testing activity in the
current year as described above. Long-Term Care market billings
decreased 28% to $2.4 million as compared to $3.3 million in the
prior year period related primarily to heightened volumes of
COVID-19 related waste management in the prior year, most of which
impacted the route-based business customer billings. During the
first nine months of fiscal 2022, Pharmaceutical Manufacturer
market billings increased 2% to $4.9 million as compared to $4.8
million in the first nine months of fiscal 2021. Home Health Care
market billings decreased 10% to $6.8 million for the first nine
months of fiscal 2022 compared to $7.5 million in the first nine
months of 2021 due to the timing of distributor orders.
The 5% increase in route-based pickup revenue to
$10.8 million was negatively impacted by heightened volumes of
COVID-19 related waste management in the prior year in long-term
care of about $0.6 million and in the professional market for labs
of about $0.2 million. Route-based revenue generated by our
acquired businesses accounted for $0.6 million of revenue.
Excluding the prior year COVID-19 bump and the positive impact of
the acquired businesses, organic route-based business increased 9%,
consistent with the growth in organic customer locations of 13%.
Unused medications billings increased 7% to $6.6 million as
compared to $6.2 million in the first nine months of fiscal 2021.
Within unused medications, MedSafe billings increased 20% to $4.7
million consistent with a 27% increase in MedSafe liners shipped
and a 26% increase in MedSafe liners returned for processing.
Gross margin was 26% for the first nine months
of fiscal 2022 as compared to 39% in first nine months of fiscal
2021. SG&A expense increased 13% to $13.3 million in the first
nine months of fiscal 2022 compared to $11.7 million in the first
nine months of fiscal 2021, related to $0.4 million in acquisition
related costs, $0.1 million in management transition costs, a $0.4
million increase in the accrual of management incentive
compensation and the Company’s continued investments in sales and
marketing. The Company recorded an operating loss of $0.9 million
in the first nine months of fiscal 2022 as compared to operating
income of $10.3 million in the first nine months of fiscal
2021.
Net loss for the first nine months of fiscal
2022 was $1.0 million or a net loss of $0.06 per basic and diluted
share compared to net income of $7.8 million or $0.47 per basic and
$0.46 per diluted share for the first nine months of fiscal
2021.
Sharps recorded EBITDA of $1.0 million in the
first nine months of fiscal 2022, as compared to EBITDA of $11.8
million in the first nine months of fiscal 2021. (See
Reconciliation of Net Income (Loss) to EBITDA in the supplemental
table included at the end of this release).
Financial Flexibility and a Strong
Balance Sheet
Cash was $26.7 million at March 31, 2022,
compared to cash of $27.8 million at June 30, 2021. The Company had
working capital of $37.1 million at March 31, 2022 compared to
working capital of $27.9 million at June 30, 2021.
Restatement of Financial Reports for the
Periods Ended September 30, 2021 and December 31, 2021
On May 5, 2022, the Audit Committee of the Board
of Directors of or the Company concluded that the unaudited
consolidated financial statements included in the Company’s
Quarterly Reports on Form 10-Q for the quarterly periods ended
September 30, 2021 and December 31, 2021, filed with the Securities
and Exchange Commission on November 3, 2021 and February 2, 2022,
respectively (the “Initial Filings”), should not be relied upon
because the Company had under reported freight costs associated
with immunization related mailbacks returned for treatment. This
occurred primarily as a result of a misunderstanding with the
applicable carrier regarding certain charges for services rendered
during these periods.
We intend to file amendments to the Initial
Filings in order to restate the unaudited consolidated financial
statements as of and for the quarterly and year-to-date periods
ended September 30, 2021 and December 31, 2021 (such amendments,
the “Amended Filings”).
We anticipate that the amended Quarterly Report
on Form 10-Q for the quarterly period ended September 30, 2021 will
reflect an increase in operating loss of approximately $0.7 million
and an increase in net loss of approximately $0.6 million resulting
in a net loss of approximately $1.3 million as compared to a net
loss originally reported of approximately $0.8 million.
We anticipate the amended Quarterly Report on
Form 10-Q for the quarterly period ended December 31, 2021 will
reflect, for the fiscal quarter then ended, a decrease in operating
income of approximately $1.2 million and a decrease in net income
of approximately $0.9 million, resulting in net income of
approximately $0.6 million as compared to net income originally
reported of approximately $1.4 million. For the six-month period
ended December 31, 2021, we anticipate that there will be a
reduction in operating income of approximately $1.9 million and a
reduction in net income of approximately $1.4 million, resulting in
a net loss of approximately $0.8 million as compared to net income
originally reported of approximately $0.6 million.
Previously reported amounts for revenue, total
cash flows from operating activities, and net changes in cash and
cash equivalents are not affected by the adjustments described
above.
The Company’s earnings and press releases and
similar communications, to the extent that they relate to our
financial statements for the Initial Filings, should no longer be
relied upon.
Further details related to the restatement may
be found in the Form 8-K filed by the Company today, May 11,
2022.
Third Quarter Fiscal Year 2022 Webcast
and Conference Call
The Company will host a teleconference tomorrow,
May 12, 2022, 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 (877) 545-0320.
International callers may access the call by dialing (973)
528-0002. Callers should use conference entry code 797852. The
webcast can be monitored at www.sharpsinc.com.
A telephonic replay will be available through
June 11, 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 45246. 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:
Pat MulloySharps Compliance Corp.Chief Executive Officer and
PresidentPhone: (713)
660-3514Email: pmulloy@sharpsinc.com |
John Nesbett/Jennifer BelodeauIMS Investor RelationsPhone: (203)
972-9200Email: sharps@imsinvestorrelations.com |
FINANCIAL TABLES FOLLOW
Sharps Compliance Corp. and
SubsidiariesCondensed Consolidated Statements of
Operations(in thousands, except per share
data)(Unaudited)
|
Three-Months Ended |
|
|
Nine-Months Ended |
|
|
March 31, |
|
|
March 31, |
|
|
2022 |
|
2021 |
% Change |
|
2022 |
|
2021 |
% Change |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
17,579 |
|
|
$ |
27,528 |
|
(36.1)% |
|
$ |
50,372 |
|
|
$ |
57,690 |
|
(12.7)% |
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
12,601 |
|
|
|
14,129 |
|
(10.8)% |
|
|
37,266 |
|
|
|
35,031 |
|
6.4% |
Gross profit |
|
4,978 |
|
|
|
13,399 |
|
(62.8)% |
|
|
13,106 |
|
|
|
22,659 |
|
(42.2)% |
Gross margin |
|
28.3 |
% |
|
|
48.7 |
% |
|
|
|
26.0 |
% |
|
|
39.3 |
% |
|
SG&A expense |
|
4,713 |
|
|
|
4,181 |
|
12.7% |
|
|
13,301 |
|
|
|
11,725 |
|
13.4% |
Depreciation and
amortization |
|
272 |
|
|
|
216 |
|
|
|
|
726 |
|
|
|
625 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
|
(7 |
) |
|
|
9,002 |
|
|
|
|
(921 |
) |
|
|
10,309 |
|
|
Operating margin |
|
0.0 |
% |
|
|
32.7 |
% |
|
|
|
(1.8 |
)% |
|
|
17.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
16 |
|
|
|
— |
|
|
|
|
30 |
|
|
|
— |
|
|
Interest expense |
|
(53 |
) |
|
|
(55 |
) |
|
|
|
(167 |
) |
|
|
(134 |
) |
|
Income associated with
derivative instrument |
|
44 |
|
|
|
26 |
|
|
|
|
78 |
|
|
|
41 |
|
|
Total other income (expense) |
|
7 |
|
|
|
(29 |
) |
|
|
|
(59 |
) |
|
|
(93 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes |
|
— |
|
|
|
8,973 |
|
|
|
|
(980 |
) |
|
|
10,216 |
|
|
Income tax expense |
|
287 |
|
|
|
2,123 |
|
|
|
|
66 |
|
|
|
2,431 |
|
|
Net Income
(Loss) |
$ |
(287 |
) |
|
$ |
6,850 |
|
|
|
$ |
(1,046 |
) |
|
$ |
7,785 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Per
Share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
0.41 |
|
|
|
$ |
(0.06 |
) |
|
$ |
0.47 |
|
|
Diluted |
$ |
(0.01 |
) |
|
$ |
0.40 |
|
|
|
$ |
(0.06 |
) |
|
$ |
0.46 |
|
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
19,412 |
|
|
|
16,556 |
|
|
|
|
18,842 |
|
|
|
16,481 |
|
|
Diluted |
|
19,412 |
|
|
|
17,187 |
|
|
|
|
18,842 |
|
|
|
16,978 |
|
|
Sharps Compliance Corp. and
SubsidiariesCondensed Consolidated Balance
Sheets(in
thousands)(Unaudited)
|
March 31, |
|
June 30, |
|
2022 |
|
2021 |
ASSETS: |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
26,744 |
|
$ |
27,767 |
Accounts receivable, net |
|
14,790 |
|
|
9,738 |
Inventory |
|
6,979 |
|
|
6,114 |
Contract asset |
|
16 |
|
|
20 |
Prepaid and other current assets |
|
3,446 |
|
|
1,459 |
Total current assets |
|
51,975 |
|
|
45,098 |
Property, plant and equipment,
net |
|
11,786 |
|
|
10,843 |
Operating lease right of use
asset |
|
12,424 |
|
|
8,353 |
Financing lease right of use
asset, net |
|
932 |
|
|
907 |
Inventory, net of current
portion |
|
987 |
|
|
989 |
Other assets |
|
325 |
|
|
110 |
Goodwill |
|
10,216 |
|
|
6,735 |
Intangible assets, net |
|
4,541 |
|
|
2,239 |
Deferred tax asset, net |
|
150 |
|
|
157 |
Total assets |
$ |
93,336 |
|
$ |
75,431 |
|
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
3,090 |
|
$ |
2,922 |
Accrued liabilities |
|
4,104 |
|
|
3,940 |
Operating lease liability |
|
2,872 |
|
|
2,368 |
Financing lease liability |
|
189 |
|
|
160 |
Current maturities of long-term debt |
|
307 |
|
|
735 |
Contract liability |
|
4,285 |
|
|
7,028 |
Total current liabilities |
|
14,847 |
|
|
17,153 |
Contract liability, net of
current portion |
|
523 |
|
|
1,461 |
Operating lease liability, net
of current portion |
|
9,701 |
|
|
6,118 |
Financing lease liability, net
of current portion |
|
756 |
|
|
741 |
Other liabilities |
|
— |
|
|
45 |
Long-term debt, net of current
portion |
|
3,095 |
|
|
3,329 |
Total liabilities |
|
28,922 |
|
|
28,847 |
Stockholders' equity |
|
64,414 |
|
|
46,584 |
Total liabilities and stockholders' equity |
$ |
93,336 |
|
$ |
75,431 |
Sharps Compliance Corp. and
SubsidiariesSupplemental Customer Billing and
Revenue Information(in
thousands)(Unaudited)
|
|
Three-Months Ended March 31, |
|
|
2022 |
|
% Total |
|
2021 |
|
$ Change |
|
% |
BILLINGS BY
MARKET: |
|
|
|
|
|
|
|
|
|
|
Professional |
|
$ |
5,492 |
|
32.1% |
|
|
$ |
4,606 |
|
|
$ |
886 |
|
|
19.2% |
Retail |
|
|
4,575 |
|
26.8% |
|
|
|
21,714 |
|
|
|
(17,139 |
) |
|
(78.9)% |
Home Health Care |
|
|
2,786 |
|
16.3% |
|
|
|
2,299 |
|
|
|
487 |
|
|
21.2% |
Pharmaceutical Manufacturer |
|
|
2,503 |
|
14.6% |
|
|
|
567 |
|
|
|
1,936 |
|
|
341.4% |
Long-Term Care |
|
|
876 |
|
5.1% |
|
|
|
973 |
|
|
|
(97 |
) |
|
(10.0)% |
Government |
|
|
517 |
|
3.0% |
|
|
|
642 |
|
|
|
(125 |
) |
|
(19.5)% |
Environmental |
|
|
180 |
|
1.1% |
|
|
|
76 |
|
|
|
104 |
|
|
136.8% |
Other |
|
|
166 |
|
1.0% |
|
|
|
131 |
|
|
|
35 |
|
|
26.7% |
Subtotal |
|
|
17,095 |
|
100.0% |
|
|
|
31,008 |
|
|
|
(13,913 |
) |
|
(44.9)% |
GAAP Adjustment * |
|
|
484 |
|
|
|
|
(3,480 |
) |
|
|
3,964 |
|
|
|
Revenue Reported |
|
$ |
17,579 |
|
|
|
$ |
27,528 |
|
|
$ |
(9,949 |
) |
|
(36.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine-Months Ended March 31, |
|
|
2022 |
|
% Total |
|
2021 |
|
$ Change |
|
% |
BILLINGS BY
MARKET: |
|
|
|
|
|
|
|
|
|
|
Professional |
|
$ |
15,208 |
|
32.5% |
|
|
$ |
13,277 |
|
|
$ |
1,931 |
|
|
14.5% |
Retail |
|
|
14,807 |
|
31.6% |
|
|
|
31,500 |
|
|
|
(16,693 |
) |
|
(53.0)% |
Home Health Care |
|
|
6,753 |
|
14.4% |
|
|
|
7,479 |
|
|
|
(726 |
) |
|
(9.7)% |
Pharmaceutical Manufacturer |
|
|
4,900 |
|
10.5% |
|
|
|
4,808 |
|
|
|
92 |
|
|
1.9% |
Long-Term Care |
|
|
2,406 |
|
5.1% |
|
|
|
3,342 |
|
|
|
(936 |
) |
|
(28.0)% |
Government |
|
|
1,788 |
|
3.8% |
|
|
|
1,654 |
|
|
|
134 |
|
|
8.1% |
Environmental |
|
|
265 |
|
0.6% |
|
|
|
390 |
|
|
|
(125 |
) |
|
(32.1)% |
Other |
|
|
692 |
|
1.5% |
|
|
|
452 |
|
|
|
240 |
|
|
53.1% |
Subtotal |
|
|
46,819 |
|
100.0% |
|
|
|
62,902 |
|
|
|
(16,083 |
) |
|
(25.6)% |
GAAP Adjustment * |
|
|
3,553 |
|
|
|
|
(5,212 |
) |
|
|
8,765 |
|
|
|
Revenue Reported |
|
$ |
50,372 |
|
|
|
$ |
57,690 |
|
|
$ |
(7,318 |
) |
|
(12.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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 March 31, |
|
|
2022 |
|
% Total |
|
2021 |
|
$ Change |
|
% |
BILLINGS
BY SOLUTION: |
|
|
|
|
|
|
|
|
|
Mailbacks |
$ |
8,992 |
|
52.5% |
|
|
$ |
24,373 |
|
$ |
(15,381 |
) |
|
(63.1)% |
Route-Based Pickup |
|
4,044 |
|
23.7% |
|
|
|
3,597 |
|
|
447 |
|
|
12.4% |
Unused Medications |
|
2,098 |
|
12.3% |
|
|
|
2,078 |
|
|
20 |
|
|
1.0% |
Third Party Treatment |
|
180 |
|
1.1% |
|
|
|
76 |
|
|
104 |
|
|
136.8% |
Other |
|
|
1,781 |
|
10.4% |
|
|
|
884 |
|
|
897 |
|
|
101.5% |
Total Billings by Solution |
$ |
17,095 |
|
100.0% |
|
|
$ |
31,008 |
|
$ |
(13,913 |
) |
|
(44.9)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine-Months Ended March 31, |
|
|
2022 |
|
% Total |
|
2021 |
|
$ Change |
|
% |
BILLINGS
BY SOLUTION: |
|
|
|
|
|
|
|
|
|
Mailbacks |
$ |
24,741 |
|
52.7% |
|
|
$ |
42,719 |
|
$ |
(17,978 |
) |
|
(42.1)% |
Route-Based Pickup |
|
10,794 |
|
23.1% |
|
|
|
10,244 |
|
|
550 |
|
|
5.4% |
Unused Medications |
|
6,592 |
|
14.1% |
|
|
|
6,152 |
|
|
440 |
|
|
7.2% |
Third Party Treatment |
|
265 |
|
0.6% |
|
|
|
390 |
|
|
(125 |
) |
|
(32.1)% |
Other |
|
|
4,427 |
|
9.5% |
|
|
|
3,397 |
|
|
1,030 |
|
|
30.3% |
Total Billings by Solution |
$ |
46,819 |
|
100.0% |
|
|
$ |
62,902 |
|
$ |
(16,083 |
) |
|
(25.6)% |
Sharps Compliance Corp. and
SubsidiariesSupplemental Table to Reconcile Net
Income (Loss) to EBITDA*(in
thousands)(Unaudited)
|
Three-Months Ended |
|
Nine-Months Ended |
|
March 31, |
|
March 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
(287 |
) |
|
$ |
6,850 |
|
$ |
(1,046 |
) |
|
$ |
7,785 |
Income tax expense |
|
287 |
|
|
|
2,123 |
|
|
66 |
|
|
|
2,431 |
Interest expense, net |
|
37 |
|
|
|
55 |
|
|
137 |
|
|
|
134 |
Depreciation and amortization |
|
654 |
|
|
|
522 |
|
|
1,820 |
|
|
|
1,445 |
|
|
|
|
|
|
|
|
EBITDA |
$ |
691 |
|
|
$ |
9,550 |
|
$ |
977 |
|
|
$ |
11,795 |
|
|
|
|
|
|
|
|
*The Company defines earnings before interest, taxes, depreciation
and amortization (“EBITDA”) as net income (loss), plus income tax
expense, 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. |
Sharps Compliance (NASDAQ:SMED)
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Sharps Compliance (NASDAQ:SMED)
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