Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - HOOPER HOLMES INC | q22016earningspresentati.htm |
| 8-K - 8-K - HOOPER HOLMES INC | hh8-kreq22016earningsrelea.htm |
Hooper Holmes Confidential
News Release
For further information:
Hooper Holmes
Henry E. Dubois
President and CEO
(913) 764-1045
Investors: Andrew Berger
S.M. Berger & Company
(216) 464-6400
Hooper Holmes Announces Second Quarter 2016 Financial Results
OLATHE, Kan., Thursday, August 11, 2016 -- 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."
Conference Call
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.
Hooper Holmes Confidential
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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.
More information is available at hooperholmes.com and at accountablehealthsolutions.com.
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 Confidential
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Hooper Holmes, Inc.
Consolidated Balance Sheets
(in thousands)
June 30, 2016 December 31, 2015
ASSETS (unaudited)
Current assets:
Cash and cash equivalents 102$ 2,035$
Accounts receivable, net of allowance for doubtful accounts 5,376 5,565
Inventories 981 567
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
Goodwill 633 633
Other assets 402 450
Total assets 14,628 17,683
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable 4,734 5,339
Accrued expenses 4,685 5,186
Short-term debt 5,142 5,330
Total current liabilities 14,561 15,855
Other long term liabilities 544 1,611
Commitments and contingencies
Stockholders' (deficit) equity:
Common stock 349 3,121
Additional paid-in capital 164,089 156,195
Accumulated deficit (164,915) (159,028)
(477) 288
Less: Treasury stock at cost - (71)
Total stockholders' (deficit) equity (477) 217
Total liabilities and stockholders' (deficit) equity 14,628$ 17,683$
Hooper Holmes Confidential
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HOOPER HOLMES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except share and per share data)
2016 2015 2016 2015
Revenues 7,643$ 7,662$ 14,884$ 13,343$
Cost of operations 5,878 5,969 11,659 10,918
Gross profit 1,765 1,693 3,225 2,425
Selling, general and administrative expenses 3,724 3,811 7,551 6,471
Transaction costs 221 593 329 679
Operating loss from continuing operations (2,180) (2,711) (4,655) (4,725)
Interest expense, net 1,011 626 1,800 709
Other income (887) - (887) -
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)
Discontinued operations:
Loss from discontinued operations (150) (21) (309) (25)
Net loss (2,459)$ (3,363)$ (5,887)$ (5,469)$
Reconciliation of GAAP results to Non-GAAP results
Interest expense 225$ 158$ 438$ 158$
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
Stock payments (100) - 50 -
Transaction costs 221 593 329 679
Transition costs 2 258 54 258
Portamedic contingent liability - - 150 -
Write-off of Additional Warrant (887) - (887) -
Adjusted (Non-GAAP) EBITDA (1,109)$ (1,198)$ (2,502)$ (2,747)$
Income (loss) per share
Continuing operations:
Basic (0.27)$ (0.65)$ (0.67)$ (1.10)$
Diluted (0.27) (0.65) (0.67) (1.10)
Discontinued operations:
Basic (0.02) (0.00) (0.04) (0.01)
Diluted (0.02) (0.00) (0.04) (0.01)
Net loss:
Basic (0.29) (0.65) (0.71) (1.11)
Diluted (0.29) (0.65) (0.71) (1.11)
Weighted average number of shares:
Basic and diluted 8,602,590 5,162,786 8,329,568 4,944,824
Three months ended June 30, Six months ended June 30,
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.