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Digirad Corporation Reports Second Quarter 2009 Financial Results
Date:7/23/2009

POWAY, Calif., July 23 /PRNewswire-FirstCall/ -- Digirad Corporation (Nasdaq: DRAD), today reported that stronger revenue from its Product (nuclear camera) business combined with company-wide efficiency measures resulted in improved gross margins, $784,000 in net profits and more than $3 million in positive cash flow in its second quarter ended June 30, 2009.

Digirad CEO Todd Clyde said, "We saw strong performance by our DIS personnel and equipment leasing business and a rebound in our camera business in the second quarter. Selling more cameras, increasing utilization, and driving other operational and overhead efficiencies allowed us to generate profit from operations, positive cash flow and a second consecutive quarter of net income." Clyde continued, "Our cash position increased to more than $31 million, a solid achievement that highlights our 2009 focus and commitment to create a consistently profitable, cash generating company."

Second Quarter Financial Highlights:

  • Total revenue was $18.6 million, compared to $19.9 million in the second-quarter of 2008, mainly due to the sale of certain DIS hubs earlier this year and fewer nuclear camera sales. DIS revenue declined slightly to $13.6 million compared to $14.2 million in the second-quarter of 2008 and Product revenues declined slightly to $5.0 million compared to $5.7 million in the second-quarter 2008, but increased from $3.9 million in the 2009 first quarter.
  • Gross profit increased to $5.9 million, or 32% of revenue, compared to $4.6 million, or 23%, in second-quarter of 2008.
  • Net income was $0.8 million, or $0.04 per share, compared to net loss of $1.2 million, or $(0.06) per share, in second-quarter of 2008.
  • Cash and c
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SOURCE Digirad Corporation
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