OLATHE, Kan., Aug. 11, 2016 (GLOBE NEWSWIRE) -- Hooper Holmes, Inc. (NYSE MKT:HH) today announced financial results for the quarter ended June 30, 2016.
Consolidated revenues totaled $7.6 million for the second quarter of 2016, essentially flat compared to the second quarter of 2015. The Company recorded a net loss of $2.5 million for the second quarter of 2016 compared to a net loss of $3.4 million for the second quarter of 2015, a 26% improvement. Adjusted EBITDA for the second quarter 2016 was a loss of $1.1 million, an improvement of approximately 10% compared to the second quarter 2015.
Gross profit for the 2016 second quarter increased to $1.8 million, compared to $1.7 million for the same period last year. Selling, general and administrative expense for the three month period ending June 30, 2016, totaled $3.8 million, essentially flat compared to the second quarter of 2015.
Henry Dubois, President and CEO of Hooper Holmes commented, "We continued to execute our business plan in the first half of the year and lay the groundwork for a strong second half. Revenue improved 11.5% and gross margin improved 33%, compared to first six months of 2015. We expanded our delivery model in the second quarter through an agreement with MinuteClinic, the walk-in clinic located inside select CVS Pharmacy and Target stores, and by adding onsite flu vaccines and other new services to our product line. Our delivery model is highly scalable, and as our top line revenues grow we believe we will expand our margins and increase market share."
The Company will host a conference call today, Thursday, August 11, 2016, at 7:30 a.m. CT (8:30 a.m. ET) to discuss its second quarter 2016 financial results. A slide presentation will accompany the conference call and is available on the Company’s website located at www.hooperholmes.com.
To participate in the conference call, please dial 877-591-4951 or internationally 1-719-325-4819, conference ID: 4806086, five to ten minutes before the call is scheduled to begin. A live webcast will be hosted on the Company's website located at www.hooperholmes.com. A replay of the conference call will be available through August 18, 2016, by dialing 877-870-5176, or internationally 1-858-384-5517. The access code for the replay is 4806086.
About Hooper Holmes
Hooper Holmes mobilizes a national network of health professionals to provide on-site health screenings, laboratory testing, risk assessment and sample collection services to wellness and disease management companies, employers and brokers, government organizations and academic institutions nationwide. Under the Accountable Health Solutions brand, the Company combines smart technology, healthcare and behavior change expertise to offer comprehensive health and wellness programs that improve health, increase efficiencies and reduce healthcare delivery costs.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intends," "plan," and "will" or, in each case, their negative, and other variations or comparable terminology. These forward-looking statements include all statements other than historical facts. Any forward-looking statement made by management during this call is not a guarantee of future performance, and actual results may differ materially from those expressed in or suggested by the forward-looking statements, as a result of various factors, including, without limitation the factors discussed in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2015, as the same may be updated from time-to-time in subsequent filings with the Securities and Exchange Commission. Any forward-looking statement made by management on this call speaks only as of the date hereof, and the Company has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. In addition, management uses the non-GAAP performance measures EBITDA and Adjusted EBITDA on this call. You can find a reconciliation of such measures to their nearest GAAP equivalent in the Company’s earnings release, which is available on our website.
|Hooper Holmes, Inc.|
|Consolidated Balance Sheets|
|June 30, 2016||December 31, 2015|
|Cash and cash equivalents||$||102||$||2,035|
|Accounts receivable, net of allowance for doubtful accounts||5,376||5,565|
|Other current assets||319||331|
|Total current assets||6,778||8,498|
|Property, plant and equipment, net||2,134||2,771|
|Intangible assets, net||4,681||5,331|
|LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY|
|Total current liabilities||14,561||15,855|
|Other long term liabilities||544||1,611|
|Commitments and contingencies|
|Stockholders' (deficit) equity:|
|Additional paid-in capital||164,089||156,195|
|Less: Treasury stock at cost||-||(71||)|
|Total stockholders' (deficit) equity||(477||)||217|
|Total liabilities and stockholders' (deficit) equity||$||14,628||$||17,683|
|HOOPER HOLMES INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|(unaudited; in thousands, except share and per share data)|
|Three months ended June 30,||Six months ended June 30,|
|Cost of operations||5,878||5,969||11,659||10,918|
|Selling, general and administrative expenses||3,724||3,811||7,551||6,471|
|Operating loss from continuing operations||(2,180||)||(2,711||)||(4,655||)||(4,725||)|
|Interest expense, net||1,011||626||1,800||709|
|Loss from continuing operations before taxes||(2,304||)||(3,337||)||(5,568||)||(5,434||)|
|Income tax expense||5||5||10||10|
|Loss from continuing operations||(2,309||)||(3,342||)||(5,578||)||(5,444||)|
|Loss from discontinued operations||(150||)||(21||)||(309||)||(25||)|
|Reconciliation of GAAP results to Non-GAAP results|
|Other debt related costs included in interest expense||786||468||1,362||551|
|Income tax expense||5||5||10||10|
|Depreciation and amortization||708||580||1,409||873|
|Share-based compensation expense||390||103||470||193|
|Portamedic contingent liability||-||-||150||-|
|Write-off of Additional Warrant||(887||)||-||(887||)||-|
|Adjusted (Non-GAAP) EBITDA||$||(1,109||)||$||(1,198||)||$||(2,502||)||$||(2,747||)|
|Adjusted EBITDA for second quarter 2016 was ($1.1 million), compared to ($1.2 million) of adjusted EBITDA in the second quarter of 2016. The above|
schedule is a description of adjustments made to net loss.
|Income (loss) per share|
|Weighted average number of shares:|
|Basic and diluted||8,602,590||5,162,786||8,329,568||4,944,824|
For further information: Hooper Holmes Henry E. Dubois President and CEO (913) 764-1045 Investors: Andrew Berger S.M. Berger & Company (216) 464-6400
Source:Hooper Holmes, Inc.