We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Auxilio, Inc. (delisted) | AMEX:AUXO | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.47 | 0 | 00:00:00 |
From Feb 2020 to Feb 2025
Expansion into New Service Lines and Cross Selling Initiatives Continue to Accelerate
Auxilio, Inc. (NYSE MKT: AUXO), a leading provider of enterprise security and document workflow solutions for the healthcare industry, today announced financial results for the second quarter ended June 30, 2017.
Financial and operational highlights for the second quarter of 2017 include:
Recent operational highlights include:
“Auxilio’s second quarter was one of strategic execution, and great progress was made. We continue making considerable investments to expand our service offering platform and bolster our sales and marketing capabilities in both Security and Managed Document Solutions. It is great to see that effort translating into new contract wins like those recently announced, and we expect the benefits of these investments to become increasingly apparent through the balance of the year,” stated Joseph J. Flynn, CEO of Auxilio. “While the legislative uncertainty in Washington and status of the Affordable Care Act has created a new dynamic for the industry to contend with, it also provides an unfiltered view of where our healthcare customer’s budget priorities lie. While we did see some delivery delays during the quarter in non-core areas, it was increasingly apparent that security is viewed as an absolute necessity regardless of extraneous factors such as those in Washington. There is undoubtedly an urgent need to better protect patient health information as it is travels across the enterprise, and we are well positioned to provide an efficient and secure solution to our customers.”
Financial Results for the three and six months ended June 30, 2017
For the three months ended June 30, 2017, the Company reported revenues of $16.8 million, an increase of 10% when compared to $15.2 million reported in the second quarter of 2016.
Cost of revenue for the second quarter of 2017 was $12.4 million, compared to $12.1 million in 2016. Overall, the Company incurred approximately $1.2 million in additional professional services staffing costs. Gross profit for the second quarter of 2017 was $4.4 million, or 26% of revenues, compared to $3.1 million or 20% of revenues, for the same period in 2016. The increase in gross margin is due to higher gross margins from professional services delivered by CynergisTek.
Operating expenses for the second quarter were $3.8 million, an increase from $2.4 million in the second quarter of 2016. Sales and marketing expenses increased by 88% in the second quarter to $1.4 million due to the addition of the CynergisTek’s sales and marketing teams. General and administrative expenses increased 50% to $2.5 million. The increase in G&A was primarily attributed to approximately $0.2 million in staffing costs, $0.1 million in rent, $0.1 million in professional fees, $0.4 million in amortization of intangibles; most of which are directly related to the CynergisTek acquisition. Operating expenses for the quarter included approximately $0.2 million of non-recurring expenses for severance, integration and acquisition related expenses.
Income from operations was $0.5 million for the three months ended June 30, 2017 compared to operating income of $0.7 million in the second quarter of 2016.
For the three months ended June 30, 2017, the Company reported net income of $0.1 million, or $0.01 per basic and diluted share, compared to net income of $0.6 million, or $0.08 per basic and diluted share, in the same period of 2016.
Non-GAAP adjusted earnings per share for the second quarter was $0.08 per basic and diluted share after adjusting for amortization of intangibles, stock based compensation and depreciation of $0.7 million, compared to $0.11 per basic and diluted share after adjusting for amortization of intangibles, stock based compensation and depreciation of $0.2 million for the same period of 2016.
For the six months ended June 30, 2017, the Company reported revenues of $35.1 million, an increase of 18% compared to $29.7 million reported in the same period of 2016.
Cost of revenue was $26.1 million compared to $24.3 million in 2016 representing an increase of $1.8 million. Gross profit for the six months ended June 30, 2017, was $9.0 million, or 26% of revenues, compared to $5.4 million, or 18% of revenues, for the same period in 2016.
Operating expenses for the six months ended June 30, 2017, were $8.0 million, an increase of 66% from $4.8 million in the same period of 2016. Operating expenses for the six months included approximately $0.4 million of non-recurring expenses for severance, integration and acquisition related expenses.
Net income for the six months ended June 30, 2017 was $0.1 million, or $0.01 per basic and diluted share, compared to net income of $0.5 million, or $0.06 per basic and diluted share, in the same period of 2016. Non-GAAP adjusted earnings per share for the six months ended June 30, 2017 was $0.15 per basic and $0.14 per diluted share after adjusting for amortization of intangibles, stock based compensation and depreciation expense of $1.3 million, compared to $0.12 per basic and diluted share after adjusting for amortization of intangibles, stock based compensation and depreciation expense of $0.5 million for the same period of 2016.
At June 30, 2017, the Company had $2.8 million of cash and cash equivalents. The Company maintains a line of credit, which was recently amended and increased to $5.0 million, subject to borrowing base limitations.
Conference Call InformationDate: Friday, August 11, 2017Time: 9:30am PT, 12:30 pm ETUS: 1-800-406-5345International: 1-913-312-1458Conference ID: 9500978Webcast: http://public.viavid.com/index.php?id=125736
A replay of the call will be available from 3:30 pm ET on August 11, 2017 to 11:59 pm ET on August 25, 2017. To access the replay, please dial 1-844-512-2921 from the U.S. and 1-412-317-6671 from outside the U.S. The PIN is 9500978.
About Auxilio, Inc.
Auxilio (www.auxilioinc.com) is a leading provider bundling best of breed IT security and workflow solutions into its managed document services program designed exclusively for the healthcare industry. Since 2004, the company has saved more than $80 million for its clients by providing a vendor neutral program that enhances security of printed, stored data and digital documents while driving out costs and inefficiencies within the patient information logistical chain. The company’s document management best practices and intelligent workflow automation suite transforms printed documents to digital workflows, reducing waste and improving end-user satisfaction.
About CynergisTek
CynergisTek, an Auxilio company, (www.cynergistek.com) is a top-ranked cybersecurity, privacy and compliance consulting firm. The company offers solutions to help organizations measure privacy, security and compliance programs against regulatory requirements and assists in developing risk management best practices. Since 2004 the company has served as a partner to hundreds in the healthcare industry and is dedicated to supporting and educating the industry by contributing to relevant industry associations. The company has been named in numerous research reports as one of the top firms that provider organizations turn to for privacy and security, and won the 2017 Best in KLAS award for Cyber Security Advisory Services.
Forward Looking Statements
This release contains certain forward-looking statements relating to the business of Auxilio, Inc. that can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “may” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product/services development, long and uncertain sales cycles, the ability to obtain or maintain patent or other proprietary intellectual property protection, market acceptance, future capital requirements, competition from other providers, the ability of our vendors to continue supplying the company with equipment, parts, supplies and services at comparable terms and prices and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which are available at http://www.sec.gov. Auxilio, Inc. is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
AUXILIO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2017DECEMBER 31, 2016
(unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,834,859 $ 6,090,844 Accounts receivable 11,286,721 9,614,486 Supplies 1,073,091 1,087,318 Prepaid and other current assets 1,514,589 438,140 Total current assets 16,709,260 17,230,788 Property and equipment, net 940,906 689,418 Deposits 87,376 41,522 Deferred income taxes 5,282,531 5,282,531 Intangible assets, net 12,121,709 1,112,395 Goodwill 18,525,206 2,109,143 Total assets $ 53,666,988 $ 26,465,797 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 9,647,313 $ 7,736,207 Accrued compensation and benefits 2,890,213 2,495,156 Deferred revenue 1,653,904 562,679 Current portion of long-term liabilities 4,022,339 606,686 Total current liabilities 18,213,769 11,400,728 Long-term liabilities: Term loan, less current portion 10,628,333 750,000 Promissory notes to related parties, less current portion 7,500,000 - Capital lease obligations, less current portion 187,091 199,644 Total long-term liabilities 18,315,424 949,644 Total liabilities 36,529,193 12,350,372 Commitments and contingencies Stockholders' equity: Common stock, par value at $0.001, 33,333,333 shares authorized, 9,499,016 and 8,185,936 shares issued and outstanding at June 30, 2017 and December 31, 2016 9,499 8,186 Additional paid-in capital 30,926,034 27,985,448 Accumulated deficit (13,797,738 ) (13,878,209 ) Total stockholders’ equity 17,137,795 14,115,425 Total liabilities and stockholders’ equity $ 53,666,988 $ 26,465,797 AUXILIO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Revenues $ 16,798,912 $ 15,162,070 $ 35,053,601 $ 29,677,709 Cost of revenues 12,435,758 12,070,163 26,103,300 24,276,490 Gross profit 4,363,154 3,091,907 8,950,301 5,401,219 Operating expenses: Sales and marketing 1,371,847 730,149 2,740,855 1,401,496 General and administrative expenses 2,472,576 1,649,006 5,258,577 3,412,027 Total operating expenses 3,844,423 2,379,155 7,999,432 4,813,523 Income from operations 518,731 712,752 950,869 587,696 Other income (expense): Other income 3 - 22 - Interest expense (376,547 ) (23,554 ) (788,881 ) (49,254 ) Total other income (expense) (376,544 ) (23,554 ) (788,859 ) (49,254 ) Income before provision for income taxes 142,187 689,198 162,010 538,442 Income tax expense (68,000 ) (41,600 ) (81,539 ) (44,000 ) Net income $ 74,187 $ 647,598 $ 80,471 $ 494,442 Net income per share: Basic $ .01 $ .08 $ .01 $ .06 Diluted $ .01 $ .08 $ .01 $ .06 Number of weighted average shares: Basic 9,438,990 8,170,328 9,328,759 8,160,457 Diluted 10,281,042 8,270,914 10,038,271 8,302,490 AUXILIO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY SIX MONTHS ENDED JUNE 30, 2017 (UNAUDITED) Additional Total Common Stock Paid-in Accumulated Stockholders’ Shares Amount Capital Deficit EquityBalance at December 31, 2016
8,185,936$
8,186
$ 27,985,448 $ (13,878,209 ) $ 14,115,425 Stock compensation expense for options and warrants granted to employees and directors - - 59,265 - 59,265 Stock compensation expense for restricted stock units granted to employees - - 44,183 - 44,183 Common stock issued in connection with the acquisition of CynergisTek, Inc. 1,166,666 1,166 2,770,833 - 2,771,999 Stock options and warrants exercised 146,204 31 66,421 - 66,452 Reverse stock split round-up shares issued 210 116 (116 ) - - Net income - - - 80,471 80,471 Balance at June 30, 2017 9,499,016 $ 9,499 $ 30,926,034 $ (13,797,738 ) $ 17,137,795 AUXILIO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2017 2016 Cash flows from operating activities: Net income $ 80,471 $ 494,442 Adjustments to reconcile net income to net cash used for operating activities: Depreciation 190,159 101,854 Amortization of intangible assets 1,040,686 270,833 Stock compensation expense for warrants and options granted to employees and directors 59,265 102,192 Stock compensation expense for restricted stock units granted to employees 44,183 - Changes in operating assets and liabilities: Accounts receivable 54,163 (1,314,263 ) Supplies 14,227 131,845 Prepaid and other current assets (730,009 ) 135,374 Deposits (45,854 ) 16,596 Accounts payable and accrued expenses (1,104,097 ) (550,036 ) Accrued compensation and benefits (640,465 ) (689,213 ) Deferred revenue (287,087 ) (314,332 ) Net cash used for operating activities (1,324,358 ) (1,614,708 ) Cash flows from investing activities: Purchases of property and equipment (220,126 ) (128,184 ) Amount paid to purchase CynergisTek, net of cash received (13,448,522 ) - Net cash used for investing activities (13,668,648 ) (128,184 ) Cash flows from financing activities: Proceeds from term loan 14,000,000 - Payments on term loans (2,241,667 ) (250,000 ) Payments on capital leases (87,764 ) (54,978 ) Proceeds from issuance of common stock through stock options 66,452 60,151 Net cash provided by (used for) financing activities 11,737,021 (244,827 ) Net decrease in cash and cash equivalents (3,255,985 ) (1,987,719 ) Cash and cash equivalents, beginning of period 6,090,844 6,436,732 Cash and cash equivalents, end of period $ 2,834,859 $ 4,449,013 AUXILIO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (UNAUDITED) Six Months Ended June 30, 2017 2016 Supplemental disclosure of cash flow information: Interest paid $ 547,672 $ 49,254 Income taxes paid $ 178,950 $ 71,703Non-cash investing and financing activities:
Property and equipment acquired through capital leases $ 110,864 $ 22,170 Common stock issued in connection with the acquisition of CynergisTek, Inc. $ 2,772,000 $ - Promissory notes issued in connection with the acquisition of CynergisTek, Inc. $ 9,000,000 $ - Fair value of earn-out liability in connection with the acquisition of CynergisTek, Inc. $ 2,356,000 $ -
View source version on businesswire.com: http://www.businesswire.com/news/home/20170810005975/en/
Investor Relations Contact:MZ North AmericaMike Cole(949) 259-4988Mike.cole@mzgroup.usorMedia Contact:Aria MarketingDanielle JohnsSenior Account Executive(617) 332-9999 x241djohns@ariamarketing.com
1 Year AUXILIO, Inc. Chart |
1 Month AUXILIO, Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
