Consolidated gross profit for full-year 2007 increased by eight percent to $20.5 million, or 28 percent of revenues, compared to $19.1 million, or 26 percent of revenues in 2006.
Net loss for the quarter was $1.1 million, or $(0.06) per share, compared to a fourth-quarter 2006 net loss of $149,000, or $(0.01) per share. The $1.0 million increase in net loss for fourth-quarter 2007 was due in part to a decline in DIS gross profit, increased amortization costs associated with the intangible assets arising from the Ultrascan acquisition of $185,000, and a fourth-quarter charge of $300,000 primarily from impairment of certain long-term assets.
Despite higher net losses for the fourth quarter, net loss for the year declined more than 75 percent to $1.4 million, or $(0.07) per share, compared to a net loss of $6.3 million, or $(0.34) per share, incurred in 2006. Total operating expenses for full-year 2007 declined to $23.4 million, or 32 percent of revenues, from $27.3 million, or 38 percent of revenues, in 2006.
For the quarter, DIS operated 136 units, both nuclear and ultrasound, with an overall asset utilization rate of 60 percent, compared to 83 units (all nuclear) and an asset utilization rate of 56 percent for fourth-quarter 2006. During the quarter the Company continued to upgrade its mobile imaging services' nuclear camera fleet by replacing six single-head cameras with its multi-headed Cardius XPO configuration. The Company's fleet of mobile cameras now includes 61 multi-headed cameras. The ongoing upgrades are expected to increase reliability and patient throughput and thereby lead to higher utilization and lower labor costs in subsequent periods.
Cash and equivalents and securities available for sale on December 31,
2007, totaled $31.7 million, compared to $44.3 million on December 31,
2006. Cash usage for 2007 included $8.8 million in payments toward the
|SOURCE Digirad Corporation|
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