Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001337013 | |
Entity Registrant Name | InfuSystem Holdings, Inc | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35020 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3341405 | |
Entity Address, Address Line One | 3851 West Hamlin Road | |
Entity Address, City or Town | Rochester Hills | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48309 | |
City Area Code | 248 | |
Local Phone Number | 291-1210 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | INFU | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,468,797 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,761 | $ 9,648 |
Accounts receivable, net | 14,693 | 14,720 |
Inventories | 3,229 | 3,001 |
Other current assets | 2,804 | 2,402 |
Total current assets | 23,487 | 29,771 |
Medical equipment for sale or rental | 1,045 | 1,603 |
Medical equipment in rental service, net of accumulated depreciation | 35,769 | 35,611 |
Property & equipment, net of accumulated depreciation | 4,327 | 4,296 |
Intangible assets, net | 11,321 | 11,177 |
Operating lease right of use assets | 4,376 | 4,461 |
Deferred income taxes | 10,147 | 9,967 |
Other assets | 115 | 105 |
Total assets | 90,587 | 96,991 |
Current liabilities: | ||
Accounts payable | 6,553 | 6,779 |
Current portion of long-term debt | 671 | 9,423 |
Other current liabilities | 4,934 | 6,795 |
Total current liabilities | 12,158 | 22,997 |
Long-term debt, net of current portion | 31,747 | 29,378 |
Operating lease liabilities, net of current portion | 3,733 | 3,864 |
Total liabilities | 47,638 | 56,239 |
Stockholders’ equity: | ||
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued | 0 | 0 |
Common stock, $.0001 par value: authorized 200,000,000 shares; issued and outstanding 23,915,091 and 20,396,602, respectively, as of March 31, 2021, and issued and outstanding 23,816,193 and 20,297,704, respectively, as of December 31, 2020 | 2 | 2 |
Additional paid-in capital | 86,163 | 84,785 |
Accumulated other comprehensive income | 158 | 0 |
Retained deficit | (43,374) | (44,035) |
Total stockholders’ equity | 42,949 | 40,752 |
Total liabilities and stockholders’ equity | $ 90,587 | $ 96,991 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 23,915,091 | 23,816,193 |
Common stock, shares outstanding (in shares) | 20,396,602 | 20,297,704 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net revenues | $ 24,463 | $ 21,553 |
Cost of revenues | 9,887 | 8,890 |
Gross profit | 14,576 | 12,663 |
Selling, general and administrative expenses: | ||
Provision for doubtful accounts | (70) | 285 |
Amortization of intangibles | 1,043 | 1,075 |
Selling and marketing | 2,376 | 2,618 |
General and administrative | 10,354 | 8,652 |
Total selling, general and administrative | 13,703 | 12,630 |
Operating income | 873 | 33 |
Other expense: | ||
Interest expense | (322) | (403) |
Other expense | (69) | (19) |
Income (Loss) before income taxes | 482 | (389) |
Benefit from (provision for) income taxes | 179 | (29) |
Net income (loss) | $ 661 | $ (418) |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ 0.03 | $ (0.02) |
Diluted (in dollars per share) | $ 0.03 | $ (0.02) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 20,338,160 | 19,918,298 |
Diluted (in shares) | 21,937,639 | 19,918,298 |
Comprehensive income (loss): | ||
Net income (loss) | $ 661 | $ (418) |
Other comprehensive income: | ||
Unrealized gain on hedges | 158 | 0 |
Net comprehensive income (loss) | $ 819 | $ (418) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balances (in shares) at Dec. 31, 2019 | 23,401 | (3,518) | ||||
Balances at Dec. 31, 2019 | $ 2 | $ 83,699 | $ (61,367) | $ 0 | $ 0 | $ 22,334 |
Stock-based shares issued upon vesting - gross (in shares) | 152 | 0 | ||||
Stock-based shares issued upon vesting - gross | $ 0 | 0 | 0 | 0 | $ 0 | 0 |
Stock-based compensation expense | $ 0 | 206 | 0 | 0 | $ 0 | 206 |
Employee stock purchase plan (in shares) | 14 | 0 | ||||
Employee stock purchase plan | $ 0 | 74 | 0 | $ 0 | 74 | |
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation (in shares) | (52) | 0 | ||||
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation | $ 0 | (426) | 0 | 0 | $ 0 | (426) |
Common stock issued (in shares) | 28 | 0 | ||||
Common stock issued | $ 0 | 250 | 0 | 0 | $ 0 | 250 |
Net income (loss) | $ 0 | 0 | (418) | 0 | $ 0 | (418) |
Balances (in shares) at Mar. 31, 2020 | 23,543 | (3,518) | ||||
Balances at Mar. 31, 2020 | $ 2 | 83,803 | (61,785) | 0 | $ 0 | 22,020 |
Balances (in shares) at Dec. 31, 2020 | 23,816 | (3,518) | ||||
Balances at Dec. 31, 2020 | $ 2 | 84,785 | (44,035) | 0 | $ 0 | 40,752 |
Stock-based shares issued upon vesting - gross (in shares) | 129 | 0 | ||||
Stock-based shares issued upon vesting - gross | $ 0 | 139 | 0 | 0 | $ 0 | 139 |
Stock-based compensation expense | 0 | 1,635 | 0 | 0 | 0 | 1,635 |
Employee stock purchase plan | $ 0 | 169 | 0 | $ 0 | 169 | |
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation (in shares) | (30) | 0 | ||||
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation | $ 0 | (565) | 0 | 0 | $ 0 | (565) |
Net income (loss) | 0 | 0 | 661 | 0 | 0 | 661 |
Other comprehensive income | 158 | 158 | ||||
Balances (in shares) at Mar. 31, 2021 | 23,915 | (3,518) | ||||
Balances at Mar. 31, 2021 | $ 2 | $ 86,163 | $ (43,374) | $ 158 | $ 0 | $ 42,949 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 661 | $ (418) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Provision for doubtful accounts | (70) | 285 |
Depreciation | 2,527 | 2,328 |
Loss on disposal of and reserve adjustments for medical equipment | 597 | 105 |
Loss (Gain) on sale of medical equipment | 89 | (1,140) |
Amortization of intangible assets | 1,043 | 1,075 |
Amortization of deferred debt issuance costs | 96 | 4 |
Stock-based compensation | 1,635 | 206 |
Deferred income taxes | (180) | 9 |
Changes in assets - (Increase)/Decrease: | ||
Accounts receivable | (420) | (1,628) |
Inventories | (154) | (1,333) |
Other current assets | (244) | (340) |
Other assets | (40) | (19) |
Changes in liabilities - (Decrease)/Increase: | ||
Accounts payable and other liabilities | (2,889) | 1,423 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,651 | 557 |
INVESTING ACTIVITIES | ||
Acquisition of business | (1,204) | 0 |
Purchase of medical equipment | (2,336) | (4,007) |
Purchase of property and equipment | (138) | (529) |
Proceeds from sale of medical equipment, property and equipment | 876 | 500 |
NET CASH USED IN INVESTING ACTIVITIES | (2,802) | (4,036) |
FINANCING ACTIVITIES | ||
Principal payments on long-term debt | (40,093) | (9,229) |
Cash proceeds from long-term debt | 34,000 | 10,468 |
Debt issuance costs | (386) | 0 |
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans | (565) | (426) |
Cash proceeds from stock plans | 308 | 74 |
Common stock - issued | 0 | 250 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (6,736) | 1,137 |
Net change in cash and cash equivalents | (6,887) | (2,342) |
Cash and cash equivalents, beginning of period | 9,648 | 2,647 |
Cash and cash equivalents, end of period | $ 2,761 | $ 305 |
Note 1 - Basis of Presentation,
Note 1 - Basis of Presentation, Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. Basis of Presentation, Nature of Operations and Summary of Significant Accounting Policies The terms “InfuSystem”, the “Company”, “we”, “our” and “us” are used herein to refer to InfuSystem Holdings, Inc. and its subsidiaries. InfuSystem is a leading provider of infusion pumps and related products and services for patients in the home, oncology clinics, ambulatory surgery centers, and other sites of care. The Company provides products and services to hospitals, oncology practices and facilities and other alternative site health care providers. Headquartered in Rochester Hills, Michigan, the Company delivers local, field-based customer support, and also operates pump service and repair Centers of Excellence in Michigan, Kansas, California, Massachusetts, Texas and Ontario, Canada. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, the unaudited condensed consolidated financial statements do not not may 10 December 31, 2020 The unaudited condensed consolidated financial statements are prepared in conformity with GAAP, which requires the use of estimates, judgments and assumptions that affect the amounts of assets and liabilities at the reporting date and the amounts of revenue and expenses in the periods presented. The Company believes that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Derivatives Accounting Policy The Company recognizes all derivative financial instruments as cash flow hedges which are shown as either assets or liabilities on the Company’s consolidated balance sheets at fair value. For derivative contracts which can be classified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recorded to Accumulated Other Comprehensive Income in the consolidated balance sheets. The underlying hedge transaction is realized when the interest payments on debt are accrued, the applicable amount of gain or loss included in Accumulated Other Comprehensive Income is reclassified in earnings in the consolidated statements of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. The cash flows from derivatives are classified as operating activities. The Company maintains a policy of requiring that all derivative instruments be governed by an International Swaps and Derivatives Association Master Agreement and settle on a net basis. The fair value of the Company’s derivative financial instruments are categorized as Level 2 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements and Developments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recent Accounting Pronouncements and Developments In June 2016, No. 2016 13, 326 326 not 326 January 1, 2020, November 2019, December 15, 2022 326 |
Note 3 - Business Combinations
Note 3 - Business Combinations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combinations Acquisitions Accounted for Using the Purchase Method On February 3, 2021 ( FilAMed’s results of operations are included in the Company’s consolidated statements of operations from the Closing Date. Purchase Price Allocation Pursuant to FASB Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, Amount Property and equipment $ 102 Inventories 74 Medical equipment held for sale or rental 38 Intangible assets 1,186 Total - preliminary purchase price $ 1,400 On the Closing Date, the Company made an initial payment of $1.2 million. As of March 31, 2021, not |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. Revenue Recognition The following table presents the Company’s disaggregated revenue by offering type (in thousands): Three Months Ended March 31, 2021 2020 Total Net Revenues Percentage of Total Net Revenues Total Net Revenues Percentage of Total Net Revenues Third-Party Payer Rentals $ 12,794 52.3 % $ 11,236 52.1 % Direct Payer Rentals 8,086 33.1 % 6,859 31.8 % Product Sales 3,583 14.6 % 3,458 16.1 % Total $ 24,463 100.0 % $ 21,553 100.0 % Third-Party Payer Rentals are entirely attributed to revenues of the Integrated Therapy Services (“ITS”) segment. Product Sales are entirely attributed to revenues of the Durable Medical Equipment Services (“DME Services”) segment. For the three March 31, 2021, three March 31, 2020, |
Note 5 - Medical Equipment
Note 5 - Medical Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Medical Equipment and Property Disclosure [Text Block] | 5. Medical Equipment Medical equipment consisted of the following (in thousands): March 31, December 31, 2021 2020 Medical Equipment for sale or rental $ 1,107 $ 1,636 Medical Equipment for sale or rental - pump reserve (62 ) (33 ) Medical Equipment for sale or rental - net 1,045 1,603 Medical Equipment in rental service 85,080 83,411 Medical Equipment in rental service - pump reserve (1,332 ) (893 ) Accumulated depreciation (47,979 ) (46,907 ) Medical Equipment in rental service - net 35,769 35,611 Total $ 36,814 $ 37,214 Depreciation expense for medical equipment for the three March 31, 2021 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2021 December 31, 2020 Gross Assets Accumulated Depreciation Total Gross Assets Accumulated Depreciation Total Furniture, fixtures, and equipment $ 3,989 $ (2,144 ) $ 1,845 $ 3,742 $ (2,018 ) $ 1,724 Automobiles 117 (105 ) 12 117 (102 ) 15 Leasehold improvements 3,417 (947 ) 2,470 3,416 (859 ) 2,557 Total $ 7,523 $ (3,196 ) $ 4,327 $ 7,275 $ (2,979 ) $ 4,296 Depreciation expense for property and equipment was $0.2 million for both of the three March 31, 2021 March 31, 2020. |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7. Intangible Assets The carrying amount and accumulated amortization of intangible assets consisted of the following (in thousands): March 31, 2021 December 31, 2020 Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Nonamortizable intangible assets Trade names $ 2,000 $ - $ 2,000 $ 2,000 $ - $ 2,000 Amortizable intangible assets: Trade names 23 (23 ) - 23 (23 ) - Physician and customer relationships 36,534 (29,518 ) 7,016 36,534 (28,924 ) 7,610 Software 11,230 (10,083 ) 1,147 11,230 (9,663 ) 1,567 Acquisition - FilAMed 1,186 (28 ) 1,158 - - - Total nonamortizable and amortizable intangible assets $ 50,973 $ (39,652 ) $ 11,321 $ 49,787 $ (38,610 ) $ 11,177 Amortization expense for the three March 31, 2021 five March 31, 2021 2026 and 2021 2022 2023 2024 2025 thereafter Total Amortization expense $ 3,043 $ 2,221 $ 717 $ 717 $ 537 $ 2,086 $ 9,321 |
Note 8 - Debt
Note 8 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Debt On February 5, 2021, “2021 2021 The 2021 February 5, 2026. may 2021 may February 5, 2021, March 23, 2015 ( “2015 Amounts outstanding under the Revolving Facility bear interest at a variable rate equal to, at the Company’s election, a LIBO Rate for Eurodollar loans or an Alternate Base Rate for ABR loans, as defined by the 2021 2021 The 2021 ● a minimum fixed charge coverage ratio (defined as the ratio of consolidated EBITDA (as defined in the 2021 2021 four 1.00; ● a maximum leverage ratio (defined as total indebtedness to EBITDA for the prior four 1.00. The 2021 Simultaneous with the execution of the 2021 first On February 5, 2021, 2021 2015 2015 2015 2015 2021 At December 31, 2020, 2015 November 9, 2024, three December 31, 2020. December 31, 2020 30 December 31, 2020 December 31, 2020 The 2021 March 31, 2021, 2021 On April 15, 2019, third not 842. March 31, 2021 As referenced above, the Company executed and closed the 2021 first 2021, 2015 March 31, 2021 2021 December 31, 2020 2015 March 31, December 31, 2021 2020 Revolving Facility: Gross availability $ 75,000 $ 11,750 Outstanding draws (32,000 ) - Letter of credit (800 ) (800 ) Landlord reserves - (162 ) Availability on Revolving Facility $ 42,200 $ 10,788 The Company had future maturities of its long-term debt as of March 31, 2021 2021 2022 2023 2024 2025 and thereafter Total Revolving Facility $ - $ - $ - $ - $ 32,000 $ 32,000 Other financing 551 222 - - - 773 Total $ 551 $ 222 $ - $ - $ 32,000 $ 32,773 The following is a breakdown of the Company’s current and long-term debt (in thousands): March 31, 2021 December 31, 2020 Current Portion Long-Term Portion Total Current Portion Long-Term Portion Total Revolving Facility $ - $ 32,000 32,000 Revolving Facility $ - $ - $ - Term Loan - - - Term Loan 4,615 17,305 21,920 Equipment Line - - - Equipment Line 1,600 4,400 6,000 2019 Equipment Line - - - 2019 Equipment Line 2,500 7,500 10,000 Other financing 745 28 773 Other financing 725 222 947 745 32,028 32,773 9,440 29,427 38,867 Unamortized value of debt issuance costs (74 ) (281 ) (355 ) Unamortized value of debt issuance costs (17 ) (49 ) (66 ) Total $ 671 $ 31,747 $ 32,418 Total $ 9,423 $ 29,378 $ 38,801 As of March 31, 2021, 2021 March 31, 2021 March 31, 2021 |
Note 9 - Derivative Financial I
Note 9 - Derivative Financial Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. Derivative Financial Instruments and Hedging Activities During the quarter ended March 31, 2021, not The Company is exposed to interest rate risk related to its variable rate debt obligations under the 2021 February 2021, two five February 5, 2026. 30 not The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts designated as cash flow hedges (in thousands): March 31, 2021 (a) Balance Sheet Location Notional Fair Value Derivative Assets Derivatives designated as hedges: Cash Flow Hedges Interest Rate Swaps Other Current Assets $ 20,000 $ 158 (a) No December 31, 2020. The table below presents the effect of our derivative financial instruments designated as hedging instruments in the income statement and in AOCI: Three Months Ended March 31, 2021 (a) Gain/(Loss) on derivatives recognized in Interest Expense (b) Total Interest Expense (c) Gain/(Loss) Recognized in AOC (d) Cash Flow Hedges Interest Rate Swaps $ (10 ) $ (322 ) $ 158 (a) No three March 31, 2020 (b) Reclassified from AOCI (c) As presented in the Income Statement (d) $125 thousand expense expected to be reclassified into earnings within the next 12 The Company did not three March 31, 2021. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes During the three March 31, 2021, three March 31, 2020, On March 27, 2020, CARES) Act was enacted in response to the COVID- 19 CARES Act among other things, March 31, 2021. $0.7 two December 31, 2021 2022, |
Note 11 - Commitments, Continge
Note 11 - Commitments, Contingencies and Litigation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments, Contingencies and Litigation From time to time in the ordinary course of its business, the Company may may not not, not not The Company is not |
Note 12 - Earnings (Loss) Per S
Note 12 - Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Earnings (Loss) Per Share Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted income per share assumes the issuance of potentially dilutive shares of common stock during the period. The following table reconciles the numerators and denominators of the basic and diluted income per share computations: Three Months Ended March 31, Numerator: 2021 2020 Net income (loss) (in thousands) $ 661 $ (418 ) Denominator: Weighted average common shares outstanding: Basic 20,338,160 19,918,298 Dilutive effect of common stock equivalents 1,599,479 - Diluted 21,937,639 19,918,298 Net income (loss) per share: Basic $ 0.03 $ (0.02 ) Diluted $ 0.03 $ (0.02 ) For the three March 31, 2021, not three March 31, 2020, not |
Note 13 - Leases
Note 13 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 13. Leases The Company’s operating leases are primarily for office space, service facility centers and equipment under operating lease arrangements that expire at various dates over the next ten not one five not not not not Payments due under the Company’s operating leases include fixed payments as well as variable payments. For the Company’s office leases, variable payments include amounts for the Company’s proportionate share of operating expenses, utilities, property taxes, insurance, common area maintenance and other facility-related expenses. For the Company’s equipment leases, variable payments may The components of lease costs for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Operating lease cost $ 348 $ 424 Variable lease cost 57 112 Total lease cost $ 405 $ 536 Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities and ROU assets: Operating cash flow from operating leases $ 375 $ 451 ROU assets obtained in exchange for lease obligations: Operating leases $ 281 $ 118 Weighted average remaining lease terms and discount rates for the Company’s operating leases are as follows: As of March 31, 2021 2020 Years Years Weighted average remaining lease term: 6.6 7.3 Rate Rate Weighted average discount rate: 7.7 % 7.7 % Future maturities of lease liabilities as of March 31, 2021 Operating Leases 2021 $ 830 2022 1,179 2023 979 2024 949 2025 914 Thereafter 2,253 Total undiscounted lease payments 7,104 Less: Imputed interest (2,347 ) Total lease liabilities $ 4,757 |
Note 14 - Business Segment Info
Note 14 - Business Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Business Segment Information The Company’s reportable segments are organized based on service platforms, with the ITS segment reflecting higher margin rental revenues that generally include payments made by third The financial information summarized below is presented by reportable segment for the three March 31, 2021 2020: 2021 Corporate/ (in thousands) ITS DME Services Eliminations Total Net revenues - external $ 15,911 $ 8,552 $ - $ 24,463 Net revenues - internal - 1,446 (1,446 ) - Total net revenues 15,911 9,998 (1,446 ) 24,463 Gross profit 10,003 4,573 - 14,576 Selling , general and administrative expenses 13,703 13,703 Interest expense (322 ) (322 ) Other expense (69 ) (69 ) Benefit from income taxes 179 179 Net income $ 661 Total assets $ 62,508 $ 26,079 $ 2,000 $ 90,587 Purchases of medical equipment $ 1,621 $ 715 $ - $ 2,336 Depreciation and amortization of intangible assets $ 2,696 $ 874 $ - $ 3,570 2020 Corporate/ (in thousands) ITS DME Services Eliminations Total Net revenues - external $ 14,126 $ 7,427 $ - $ 21,553 Net revenues - internal - 1,238 (1,238 ) - Total net revenues 14,126 8,665 (1,238 ) 21,553 Gross profit 9,106 3,557 - 12,663 Selling, general and administrative expenses 12,630 12,630 Interest expense (403 ) (403 ) Other expense (19 ) (19 ) Provision for income taxes (29 ) (29 ) Net loss $ (418 ) Total assets $ 54,762 $ 25,916 $ 2,000 $ 82,678 Purchases of medical equipment $ 2,357 $ 1,650 $ - $ 4,007 Depreciation and amortization of intangible assets $ 2,654 $ 748 $ - $ 3,402 |
Note 15 - COVID-19
Note 15 - COVID-19 | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | 15. COVID- 19 On March 11, 2020, 19 During the period of the pandemic, we took may 19, 19 not three March 31, 2021, |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent Events On April 18, 2021, OB Healthcare ), a privately held biomedical services company, for an approximate purchase price of $6.3 million. The initial accounting for the business combination, including the estimated fair value of the assets and liabilities acquired, is incomplete as a result of the timing of the acquisition. OB Healthcare specializes in on-site repair, preventative maintenance, and device physical inventory management to hospitals and healthcare systems nationwide. The acquisition further develops and expands InfuSystem s DME segment and complements the Company s purchase of FilAMed. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Derivatives, Policy [Policy Text Block] | Derivatives Accounting Policy The Company recognizes all derivative financial instruments as cash flow hedges which are shown as either assets or liabilities on the Company’s consolidated balance sheets at fair value. For derivative contracts which can be classified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recorded to Accumulated Other Comprehensive Income in the consolidated balance sheets. The underlying hedge transaction is realized when the interest payments on debt are accrued, the applicable amount of gain or loss included in Accumulated Other Comprehensive Income is reclassified in earnings in the consolidated statements of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. The cash flows from derivatives are classified as operating activities. The Company maintains a policy of requiring that all derivative instruments be governed by an International Swaps and Derivatives Association Master Agreement and settle on a net basis. The fair value of the Company’s derivative financial instruments are categorized as Level 2 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Amount Property and equipment $ 102 Inventories 74 Medical equipment held for sale or rental 38 Intangible assets 1,186 Total - preliminary purchase price $ 1,400 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2021 2020 Total Net Revenues Percentage of Total Net Revenues Total Net Revenues Percentage of Total Net Revenues Third-Party Payer Rentals $ 12,794 52.3 % $ 11,236 52.1 % Direct Payer Rentals 8,086 33.1 % 6,859 31.8 % Product Sales 3,583 14.6 % 3,458 16.1 % Total $ 24,463 100.0 % $ 21,553 100.0 % |
Note 5 - Medical Equipment (Tab
Note 5 - Medical Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Medical Equipment [Table Text Block] | March 31, December 31, 2021 2020 Medical Equipment for sale or rental $ 1,107 $ 1,636 Medical Equipment for sale or rental - pump reserve (62 ) (33 ) Medical Equipment for sale or rental - net 1,045 1,603 Medical Equipment in rental service 85,080 83,411 Medical Equipment in rental service - pump reserve (1,332 ) (893 ) Accumulated depreciation (47,979 ) (46,907 ) Medical Equipment in rental service - net 35,769 35,611 Total $ 36,814 $ 37,214 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2021 December 31, 2020 Gross Assets Accumulated Depreciation Total Gross Assets Accumulated Depreciation Total Furniture, fixtures, and equipment $ 3,989 $ (2,144 ) $ 1,845 $ 3,742 $ (2,018 ) $ 1,724 Automobiles 117 (105 ) 12 117 (102 ) 15 Leasehold improvements 3,417 (947 ) 2,470 3,416 (859 ) 2,557 Total $ 7,523 $ (3,196 ) $ 4,327 $ 7,275 $ (2,979 ) $ 4,296 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Carrying Amount and Accumulated Amortization of Identifiable Intangible Assets [Table Text Block] | March 31, 2021 December 31, 2020 Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Nonamortizable intangible assets Trade names $ 2,000 $ - $ 2,000 $ 2,000 $ - $ 2,000 Amortizable intangible assets: Trade names 23 (23 ) - 23 (23 ) - Physician and customer relationships 36,534 (29,518 ) 7,016 36,534 (28,924 ) 7,610 Software 11,230 (10,083 ) 1,147 11,230 (9,663 ) 1,567 Acquisition - FilAMed 1,186 (28 ) 1,158 - - - Total nonamortizable and amortizable intangible assets $ 50,973 $ (39,652 ) $ 11,321 $ 49,787 $ (38,610 ) $ 11,177 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2026 and 2021 2022 2023 2024 2025 thereafter Total Amortization expense $ 3,043 $ 2,221 $ 717 $ 717 $ 537 $ 2,086 $ 9,321 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | March 31, December 31, 2021 2020 Revolving Facility: Gross availability $ 75,000 $ 11,750 Outstanding draws (32,000 ) - Letter of credit (800 ) (800 ) Landlord reserves - (162 ) Availability on Revolving Facility $ 42,200 $ 10,788 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2021 2022 2023 2024 2025 and thereafter Total Revolving Facility $ - $ - $ - $ - $ 32,000 $ 32,000 Other financing 551 222 - - - 773 Total $ 551 $ 222 $ - $ - $ 32,000 $ 32,773 |
Schedule of Debt [Table Text Block] | March 31, 2021 December 31, 2020 Current Portion Long-Term Portion Total Current Portion Long-Term Portion Total Revolving Facility $ - $ 32,000 32,000 Revolving Facility $ - $ - $ - Term Loan - - - Term Loan 4,615 17,305 21,920 Equipment Line - - - Equipment Line 1,600 4,400 6,000 2019 Equipment Line - - - 2019 Equipment Line 2,500 7,500 10,000 Other financing 745 28 773 Other financing 725 222 947 745 32,028 32,773 9,440 29,427 38,867 Unamortized value of debt issuance costs (74 ) (281 ) (355 ) Unamortized value of debt issuance costs (17 ) (49 ) (66 ) Total $ 671 $ 31,747 $ 32,418 Total $ 9,423 $ 29,378 $ 38,801 |
Note 9 - Derivative Financial_2
Note 9 - Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | March 31, 2021 (a) Balance Sheet Location Notional Fair Value Derivative Assets Derivatives designated as hedges: Cash Flow Hedges Interest Rate Swaps Other Current Assets $ 20,000 $ 158 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2021 (a) Gain/(Loss) on derivatives recognized in Interest Expense (b) Total Interest Expense (c) Gain/(Loss) Recognized in AOC (d) Cash Flow Hedges Interest Rate Swaps $ (10 ) $ (322 ) $ 158 |
Note 12 - Earnings (Loss) Per_2
Note 12 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, Numerator: 2021 2020 Net income (loss) (in thousands) $ 661 $ (418 ) Denominator: Weighted average common shares outstanding: Basic 20,338,160 19,918,298 Dilutive effect of common stock equivalents 1,599,479 - Diluted 21,937,639 19,918,298 Net income (loss) per share: Basic $ 0.03 $ (0.02 ) Diluted $ 0.03 $ (0.02 ) |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2021 2020 Operating lease cost $ 348 $ 424 Variable lease cost 57 112 Total lease cost $ 405 $ 536 Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities and ROU assets: Operating cash flow from operating leases $ 375 $ 451 ROU assets obtained in exchange for lease obligations: Operating leases $ 281 $ 118 As of March 31, 2021 2020 Years Years Weighted average remaining lease term: 6.6 7.3 Rate Rate Weighted average discount rate: 7.7 % 7.7 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2021 $ 830 2022 1,179 2023 979 2024 949 2025 914 Thereafter 2,253 Total undiscounted lease payments 7,104 Less: Imputed interest (2,347 ) Total lease liabilities $ 4,757 |
Note 14 - Business Segment In_2
Note 14 - Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2021 Corporate/ (in thousands) ITS DME Services Eliminations Total Net revenues - external $ 15,911 $ 8,552 $ - $ 24,463 Net revenues - internal - 1,446 (1,446 ) - Total net revenues 15,911 9,998 (1,446 ) 24,463 Gross profit 10,003 4,573 - 14,576 Selling , general and administrative expenses 13,703 13,703 Interest expense (322 ) (322 ) Other expense (69 ) (69 ) Benefit from income taxes 179 179 Net income $ 661 Total assets $ 62,508 $ 26,079 $ 2,000 $ 90,587 Purchases of medical equipment $ 1,621 $ 715 $ - $ 2,336 Depreciation and amortization of intangible assets $ 2,696 $ 874 $ - $ 3,570 2020 Corporate/ (in thousands) ITS DME Services Eliminations Total Net revenues - external $ 14,126 $ 7,427 $ - $ 21,553 Net revenues - internal - 1,238 (1,238 ) - Total net revenues 14,126 8,665 (1,238 ) 21,553 Gross profit 9,106 3,557 - 12,663 Selling, general and administrative expenses 12,630 12,630 Interest expense (403 ) (403 ) Other expense (19 ) (19 ) Provision for income taxes (29 ) (29 ) Net loss $ (418 ) Total assets $ 54,762 $ 25,916 $ 2,000 $ 82,678 Purchases of medical equipment $ 2,357 $ 1,650 $ - $ 4,007 Depreciation and amortization of intangible assets $ 2,654 $ 748 $ - $ 3,402 |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands | Feb. 03, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Payments to Acquire Businesses, Gross | $ 1,204 | $ 0 | ||
FilAMed [Member] | ||||
Payments to Acquire Businesses, Gross | $ 1,200 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 200 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Purchase Price Allocation (Details) - FilAMed [Member] $ in Thousands | Feb. 03, 2021USD ($) |
Property and equipment | $ 102 |
Inventories | 74 |
Medical equipment held for sale or rental | 38 |
Intangible assets | 1,186 |
Total - preliminary purchase price | $ 1,400 |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues, Total | $ 24,463 | $ 21,553 |
Direct Payer Rentals [Member] | ||
Revenues, Total | 8,086 | 6,859 |
Direct Payer Rentals [Member] | ITS Segment [Member] | ||
Revenues, Total | 3,100 | 2,900 |
Direct Payer Rentals [Member] | DME Services Segment [Member] | ||
Revenues, Total | $ 5,000 | $ 4,000 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregated Revenue by Revenue Stream (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues, Total | $ 24,463 | $ 21,553 |
Customer Concentration Risk [Member] | Third-Party Payor Rental Revenue [Member] | ||
Percentage of total net revenues | 52.30% | 52.10% |
Customer Concentration Risk [Member] | Direct Payer Rentals [Member] | ||
Percentage of total net revenues | 33.10% | 31.80% |
Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | ||
Percentage of total net revenues | 14.60% | 16.10% |
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | ||
Percentage of total net revenues | 100.00% | 100.00% |
Third-Party Payor Rental Revenue [Member] | ||
Revenues, Total | $ 12,794 | $ 11,236 |
Direct Payer Rentals [Member] | ||
Revenues, Total | 8,086 | 6,859 |
Product Sales [Member] | ||
Revenues, Total | $ 3,583 | $ 3,458 |
Note 5 - Medical Equipment (Det
Note 5 - Medical Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation Expense Related to Medical Equipment | $ 2.3 | $ 2.1 |
Note 5 - Medical Equipment - Su
Note 5 - Medical Equipment - Summary of Medical Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Medical Equipment for sale or rental | $ 1,107 | $ 1,636 |
Medical Equipment for sale or rental - pump reserve | (62) | (33) |
Medical Equipment for sale or rental - net | 1,045 | 1,603 |
Medical Equipment in rental service | 85,080 | 83,411 |
Medical Equipment in rental service - pump reserve | (1,332) | (893) |
Accumulated depreciation | (47,979) | (46,907) |
Medical Equipment in rental service - net | 35,769 | 35,611 |
Total | $ 36,814 | $ 37,214 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation, Nonproduction | $ 0.2 | $ 0.2 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Gross Assets | $ 7,523 | $ 7,275 |
Accumulated Depreciation | (3,196) | (2,979) |
Total | 4,327 | 4,296 |
Furniture and Fixtures [Member] | ||
Gross Assets | 3,989 | 3,742 |
Accumulated Depreciation | (2,144) | (2,018) |
Total | 1,845 | 1,724 |
Automobiles [Member] | ||
Gross Assets | 117 | 117 |
Accumulated Depreciation | (105) | (102) |
Total | 12 | 15 |
Leasehold Improvements [Member] | ||
Gross Assets | 3,417 | 3,416 |
Accumulated Depreciation | (947) | (859) |
Total | $ 2,470 | $ 2,557 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 1,043 | $ 1,075 |
Note 7 - Intangible Assets - Su
Note 7 - Intangible Assets - Summary of Carrying Amount and Accumulated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortizable intangible assets, accumulated amortization | $ (39,652) | $ (38,610) |
Amortizable intangible assets, net | 9,321 | |
Total nonamortizable and amortizable intangible assets, gross assets | 50,973 | 49,787 |
Total nonamortizable and amortizable intangible assets, net | 11,321 | 11,177 |
Trade Names [Member] | ||
Amortizable intangible assets, gross assets | 23 | 23 |
Amortizable intangible assets, accumulated amortization | (23) | (23) |
Amortizable intangible assets, net | 0 | 0 |
Physician and Customer Relationships [Member] | ||
Amortizable intangible assets, gross assets | 36,534 | 36,534 |
Amortizable intangible assets, accumulated amortization | (29,518) | (28,924) |
Amortizable intangible assets, net | 7,016 | 7,610 |
Computer Software, Intangible Asset [Member] | ||
Amortizable intangible assets, gross assets | 11,230 | 11,230 |
Amortizable intangible assets, accumulated amortization | (10,083) | (9,663) |
Amortizable intangible assets, net | 1,147 | 1,567 |
Intangible Assets from FilAMed Acquisition [Member] | ||
Amortizable intangible assets, gross assets | 1,186 | 0 |
Amortizable intangible assets, accumulated amortization | (28) | 0 |
Amortizable intangible assets, net | 1,158 | 0 |
Trade Names 1 [Member] | ||
Nonamortizable intangible assets | $ 2,000 | $ 2,000 |
Note 7 - Intangible Assets - Ex
Note 7 - Intangible Assets - Expected Annual Amortization Expense for Intangible Assets (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Amortization expense, 2021 | $ 3,043 |
Amortization expense, 2022 | 2,221 |
Amortization expense, 2023 | 717 |
Amortization expense, 2024 | 717 |
Amortization expense, 2025 | 537 |
Amortization expense, 2026 and thereafter | 2,086 |
Amortization expense, Total | $ 9,321 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) $ in Thousands | Feb. 05, 2021USD ($) | Apr. 15, 2019USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Feb. 04, 2020USD ($) |
Revolving Credit Facility [Member] | |||||
Long-term Line of Credit, Total | $ 32,000 | $ 0 | |||
Letters of Credit Outstanding, Amount | 800 | 800 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000 | 11,750 | |||
The 2021 Credit Agreement [Member] | |||||
Percentage of Total Depreciation Expense | 50.00% | ||||
Debt Instrument, Covenant, Minimum Fixed Coverage Ratio | 1.20 | ||||
Debt Instrument, Covenant, Maximum Leverage Ratio | 3.50 | ||||
The 2021 Credit Agreement [Member] | Eurodollar Loan [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.11% | ||||
LIBOR Rate | 0.11% | ||||
The 2021 Credit Agreement [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | |||
The 2021 Credit Agreement [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | |||
The 2021 Credit Agreement [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% | |||
The 2021 Credit Agreement [Member] | ABR Loans [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | ||||
Lender Prime Rate | 3.25% | ||||
The 2021 Credit Agreement [Member] | ABR Loans [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | |||
The 2021 Credit Agreement [Member] | ABR Loans [Member] | Base Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | |||
The 2021 Credit Agreement [Member] | ABR Loans [Member] | Base Rate [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | |||
The 2021 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||||
Line of Credit Facility, Additional Borrowing Capacity Subject to Certain Conditions | 25,000 | ||||
Proceeds from Long-term Lines of Credit | 30,000 | ||||
The 2021 Credit Agreement [Member] | Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 7,000 | ||||
The 2015 Credit Agreement [Member] | |||||
Long-term Line of Credit, Total | $ 800 | ||||
The 2015 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Repayments of Long-term Lines of Credit | $ 8,200 | ||||
Three Term Notes Associated With the 2015 Credit Agreement [Member] | |||||
Debt Instrument, Face Amount | $ 37,900 | ||||
Credit Facility [Member] | Eurodollar Loan [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.19% | ||||
LIBOR Rate | 0.19% | ||||
Credit Facility [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Credit Facility [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Credit Facility [Member] | Eurodollar Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
Credit Facility [Member] | CB Floating Rate Loan [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.25% | ||||
Credit Facility [Member] | CB Floating Rate Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate, Before Margin Rate | 2.50% | ||||
Credit Facility [Member] | CB Floating Rate Loan [Member] | Greater of Prime Rate or LIBOR Plus 2.5% [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Credit Facility [Member] | CB Floating Rate Loan [Member] | Greater of Prime Rate or LIBOR Plus 2.5% [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
Credit Facility [Member] | CB Floating Rate Loan [Member] | CB Floating Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | (1.00%) | ||||
Lender Prime Rate | 3.25% | ||||
Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 11,800 | ||||
Letters of Credit Outstanding, Amount | 1,000 | ||||
Line of Credit Facility, Borrowing Base | $ 15,600 | ||||
Financing Agreement [Member] | Medical Equipment [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | ||||
Debt Instrument, Term (Month) | 36 months | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 800 |
Note 8 - Debt - Summary of Revo
Note 8 - Debt - Summary of Revolver Based Upon Borrowers' Eligible Accounts Receivable and Inventory (Details) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Gross availability | $ 75,000 | $ 11,750 |
Outstanding draws | (32,000) | 0 |
Letter of credit | (800) | (800) |
Landlord reserves | 0 | (162) |
Availability on Revolving Facility | $ 42,200 | $ 10,788 |
Note 8 - Debt - Summary of Futu
Note 8 - Debt - Summary of Future Maturities of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
2021 | $ 551 | |
2022 | 222 | |
2023 | 0 | |
2024 | 0 | |
2025 and thereafter | 32,000 | |
Total | 32,773 | $ 38,867 |
Financing Agreement [Member] | ||
2021 | 551 | |
2022 | 222 | |
2023 | 0 | |
2024 | 0 | |
2025 and thereafter | 0 | |
Total | 773 | 947 |
Revolving Credit Facility [Member] | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 and thereafter | 32,000 | |
Total | $ 32,000 | $ 0 |
Note 8 - Debt - Summary of Comp
Note 8 - Debt - Summary of Company's Current and Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term debt, current portion, gross | $ 745 | $ 9,440 |
Long-term debt, noncurrent portion, gross | 32,028 | 29,427 |
Total, gross | 32,773 | 38,867 |
Unamortized value of the debt issuance costs, current portion of long-term debt | (74) | (17) |
Unamortized value of the debt issuance costs, long-term debt | (281) | (49) |
Unamortized value of the debt issuance costs, Total | (355) | (66) |
Current portion of long-term debt | 671 | 9,423 |
Long-term debt | 31,747 | 29,378 |
Total | 32,418 | 38,801 |
Financing Agreement [Member] | ||
Long-term debt, current portion, gross | 745 | 725 |
Long-term debt, noncurrent portion, gross | 28 | 222 |
Total, gross | 773 | 947 |
Term Loan [Member] | ||
Long-term debt, current portion, gross | 0 | 4,615 |
Long-term debt, noncurrent portion, gross | 0 | 17,305 |
Total, gross | 0 | 21,920 |
Revolving Credit Facility [Member] | ||
Long-term debt, current portion, gross | 0 | 0 |
Long-term debt, noncurrent portion, gross | 32,000 | 0 |
Total, gross | 32,000 | 0 |
Equipment Line [Member] | ||
Long-term debt, current portion, gross | 0 | 1,600 |
Long-term debt, noncurrent portion, gross | 0 | 4,400 |
Total, gross | 0 | 6,000 |
The 2019 Equipment Line [Member] | ||
Long-term debt, current portion, gross | 0 | 2,500 |
Long-term debt, noncurrent portion, gross | 0 | 7,500 |
Total, gross | $ 0 | $ 10,000 |
Note 9 - Derivative Financial_3
Note 9 - Derivative Financial Instruments and Hedging Activities (Details Textual) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] $ in Thousands | Feb. 05, 2021 | Mar. 31, 2021USD ($) |
Derivative, Number of Instruments Held, Total | 2 | |
Derivative, Term of Contract (Year) | 5 years | |
Derivative, Fixed Interest Rate | 0.73% | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (125) | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 0 |
Note 9 - Derivative Financial_4
Note 9 - Derivative Financial Instruments and Hedging Activities - Fair Value and Notional Amounts of Cash Flow Hedges (Details) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - Other Current Assets [Member] $ in Thousands | Mar. 31, 2021USD ($) | [1] |
Notional | $ 20,000 | |
Fair Value Derivative Assets | $ 158 | |
[1] | No derivative instruments existed at December 31, 2020. |
Note 9 - Derivative Financial_5
Note 9 - Derivative Financial Instruments and Hedging Activities - Derivative Financial Instruments Designated As Hedging Instruments In the Income Statement and in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Gain/(Loss) Recognized in AOC | $ 158 | $ 0 | |
Interest Rate Swap [Member] | |||
Gain/(Loss) Recognized in AOC | [1],[2] | 158 | |
Interest Rate Swap [Member] | Interest Expense [Member] | |||
Gain/(Loss) on derivatives recognized in Interest Expense | [2],[3] | (10) | |
Total Interest Expense | [2],[4] | $ (322) | |
[1] | $125 thousand expense expected to be reclassified into earnings within the next 12 months | ||
[2] | No derivatives instruments existed for the three months ended March 31, 2020 | ||
[3] | Reclassified from AOCI | ||
[4] | As presented in the Income Statement |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ (179) | $ 29 |
Other Liabilities [Member] | ||
Accrued Payroll Taxes | $ 700 | |
Maximum [Member] | ||
Income Tax Expense (Benefit), Total | $ 100 |
Note 12 - Earnings (Loss) Per_3
Note 12 - Earnings (Loss) Per Share (Details Textual) shares in Millions | 3 Months Ended |
Mar. 31, 2021shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.1 |
Note 12 - Earnings (Loss) Per_4
Note 12 - Earnings (Loss) Per Share - Summary of Income and Share Amounts Utilized to Calculate Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income (loss) | $ 661 | $ (418) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 20,338,160 | 19,918,298 |
Dilutive effect of common stock equivalents (in shares) | 1,599,479 | 0 |
Diluted (in shares) | 21,937,639 | 19,918,298 |
Basic (in dollars per share) | $ 0.03 | $ (0.02) |
Diluted (in dollars per share) | $ 0.03 | $ (0.02) |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) - Office Leases With Renewal Options Not Reasonably Certain to Exercise [Member] | Mar. 31, 2021 |
Minimum [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 13 - Leases - Lease Cost (
Note 13 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease cost | $ 348 | $ 424 |
Variable lease cost | 57 | 112 |
Total lease cost | 405 | 536 |
Operating cash flow from operating leases | 375 | 451 |
ROU assets obtained in exchange for lease obligations: Operating leases | $ 281 | $ 118 |
Weighted average remaining lease term: (Year) | 6 years 7 months 6 days | 7 years 3 months 18 days |
Weighted average discount rate: | 7.70% | 7.70% |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2021 | $ 830 |
2022 | 1,179 |
2023 | 979 |
2024 | 949 |
2025 | 914 |
Thereafter | 2,253 |
Total undiscounted lease payments | 7,104 |
Less: Imputed interest | (2,347) |
Total lease liabilities | $ 4,757 |
Note 14 - Business Segment In_3
Note 14 - Business Segment Information - Summary of Financial Information By Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Net revenues - external | $ 24,463 | $ 21,553 | |
Net revenues - internal | 0 | 0 | |
Total net revenues | 24,463 | 21,553 | |
Gross profit | 14,576 | 12,663 | |
Selling , general and administrative expenses | 13,703 | 12,630 | |
Interest expense | (322) | (403) | |
Other expense | (69) | (19) | |
Benefit from income taxes | 179 | (29) | |
Net income (loss) | 661 | (418) | |
Total assets | 90,587 | 82,678 | $ 96,991 |
Purchases of medical equipment | 2,336 | 4,007 | |
Depreciation and amortization of intangible assets | 3,570 | 3,402 | |
Corporate and Eliminations [Member] | |||
Net revenues - external | 0 | 0 | |
Net revenues - internal | (1,446) | (1,238) | |
Total net revenues | (1,446) | (1,238) | |
Gross profit | 0 | 0 | |
Selling , general and administrative expenses | 13,703 | 12,630 | |
Interest expense | (322) | (403) | |
Other expense | (69) | (19) | |
Benefit from income taxes | 179 | (29) | |
Net income (loss) | |||
Total assets | 2,000 | 2,000 | |
Purchases of medical equipment | 0 | 0 | |
Depreciation and amortization of intangible assets | 0 | 0 | |
ITS Segment [Member] | Operating Segments [Member] | |||
Net revenues - external | 15,911 | 14,126 | |
Net revenues - internal | 0 | 0 | |
Total net revenues | 15,911 | 14,126 | |
Gross profit | 10,003 | 9,106 | |
Selling , general and administrative expenses | |||
Interest expense | |||
Other expense | |||
Benefit from income taxes | |||
Net income (loss) | |||
Total assets | 62,508 | 54,762 | |
Purchases of medical equipment | 1,621 | 2,357 | |
Depreciation and amortization of intangible assets | 2,696 | 2,654 | |
DME Services Segment [Member] | Operating Segments [Member] | |||
Net revenues - external | 8,552 | 7,427 | |
Net revenues - internal | 1,446 | 1,238 | |
Total net revenues | 9,998 | 8,665 | |
Gross profit | 4,573 | 3,557 | |
Selling , general and administrative expenses | |||
Interest expense | |||
Other expense | |||
Benefit from income taxes | |||
Net income (loss) | |||
Total assets | 26,079 | 25,916 | |
Purchases of medical equipment | 715 | 1,650 | |
Depreciation and amortization of intangible assets | $ 874 | $ 748 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) $ in Millions | Apr. 18, 2021USD ($) |
Subsequent Event [Member] | Acquisition of OB Healthcare [Member] | |
Business Combination, Consideration Transferred, Total | $ 6.3 |