Digirad Reports 2007 Third-Quarter, Nine-Month Financi... (ubsequent quarters. Operating expens...)

Digirad Reports 2007 Third-Quarter, Nine-Month Financial Results

Date:10/25/2007

ubsequent quarters."

Operating expenses for the quarter declined approximately $1.1 million to $5.7 million from $6.8 million in third quarter 2006; the decline being largely attributable to reduced headcount as a result of streamlining operations.

Nine-month consolidated revenues were $55.1 million, compared to $54.7 million for the first nine months of 2006. DIS revenue was $39.0 million, compared to $38.0 million for nine-months 2006. Product-related revenue was $16.1 million, compared to $16.7 million for the same period last year. Consolidated gross margin for nine months improved to 29.1%, or $16.0 million, from 25.9%, or $14.1 million, for nine-months 2006.

Total operating expenses for nine months declined to $17.6 million, or 31.9% of revenues, from $21.8 million, or 39.8% of revenues, for the same period a year ago.

"Looking forward, we will increase focus on revenue growth and continue to keep expenses under control, as we have during the last nine months," Casner stated. "As our year-over-year improvement indicates, we are clearly on track to achieve quarterly profitability. Furthermore, improved cash flow and an already-strong balance sheet allow us to now consider acquisitions and their potential to accelerate our progress along that path."

Cash and equivalents and securities available for sale on September 30, 2007, totaled $30.8 million, compared to $44.3 million on December 31, 2006. Cash usage for nine-months 2007 included $8.8 million in payments toward the acquisition of net assets from Ultrascan and $7.1 million for capital expenditures primarily associated with the Company's DIS operations, which were offset in part by positive cash flows from operations of $2.4 million during the nine-month period. Net receivables were $10.5 million compared to $7.5 million on December 31, 2006. The increase was due primarily to higher services revenues during the quarter and acquiring Ultrascan receivables. Net inventories were $5
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SOURCE Digirad Corporation
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Digirad Reports 2007 Third-Quarter, Nine-Month Financi...(ubsequent quarters. Operating expens...),Health