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Digirad Corporation Reports Financial Results for 2008 Second Quarter and Six Months
Date:7/24/2008

1 million from $25.5 million for six-months 2007 due primarily to the addition of ultrasound imaging services. Product-related revenue was $10.1 million, compared to $10.8 million for six-months 2007, the decline being attributable to pressures on reimbursements and slowing economic conditions, primarily felt in first-quarter 2008.

Gross profit for the six-months ended June 30, 2008 declined to $9.0 million, or 23 percent of revenue, from $11.3 million, or 31 percent of revenue, for the first six months of 2007. The decline was due to lower production volumes, higher labor and other servicing costs related to DIS, and growth initiatives.

Operating expenses for the six-months ended June 30, 2008 were $12.1 million, or 32 percent of revenues, compared to $11.8 million, or 32 percent of revenues, for the same period in 2007. Amortization costs were higher due to the acquisition of Ultrascan in second-quarter 2007.

Net loss for the six-months ended June 30, 2008 was $2.6 million, or $(0.13) per basic and diluted share, compared to net income of $312,000, or $0.02 per diluted share, in the six-months ended June 30, 2007. Stock-based compensation expense was $413,000 for the first six months 2008, compared to $625,000 for the same period in 2007.

Cash and equivalents and securities available for sale on June 30, 2008, totaled $26.9 million, compared to $26.4 million on March 31, 2008, and $31.7 million on December 31, 2007. Receivables on June 30, 2008, were $8.9 million, compared to $9.8 million on March 31, 2008, and $8.5 million on December 31, 2007. Inventory on June 30, 2008, was $5.7 million, compared $5.8 million on March 31, 2008, and $5.5 million on December 31, 2007.

Management Reaffirms Guidance for Full-Year 2008

Management continues to anticipate consolidated revenues in a range of $75 million to $81 million, consisting of DIS revenue of $56 million to $60 million and product-related revenue of $19 million to $21 mill
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SOURCE Digirad Corporation
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