LAS VEGAS, April 18, 2017 (GLOBE NEWSWIRE) -- Medical Imaging Corp. (OTC:MEDD) (“MEDD”), (OTC PINK:MEDD) a provider of fixed-base and remote medical diagnostic imaging services to clients in the U.S. and Canada, today announced its financial results for the fiscal year ended December 31, 2016.
2016 Financial Highlights
- Total revenues increased 1% to $7,179,085 – up from $7,103,036 in 2015.
- Gross profit margin was 46.42% for the 12-months ended December 31, 2016 compared to 47.32% for the previous year.
- On a non-GAAP basis, adjusted EBITDA totaled $360,099 compared to $324,264.
- On a GAAP basis, net loss from operations in 2016 totaled $483,816, and $664,908 in 2015.
- Despite factoring interest expense and amortization of debt discount totaling $987,286, net loss declined 18% to $1,333,411, or $0.052 loss per basic and diluted share, compared to a net loss of $1,621,233, or $0.067 loss per basic and diluted share, in the prior year, after factoring interest expense and amortization of debt discount of $1,108,950.
- As of December 31, 2016, cash and cash equivalents totaled $85,455; accounts receivable were $1,106,712 and total stockholders’ deficit was $2,889,382.
Commenting on the results, Mitch Geisler, MEDD CEO, stated, “We continue to focus on building our brand and laying a strong foundation for a growing medical imaging company. Organic growth within our current centers and radiology service businesses, has allowed us to increase revenue. Over the course of the last year, we have developed a flagship location and have devoted resources to ensure current and future locations meet the same standards of care and commitment to our patients and communities. We look forward to another year of growth and continued acquisitions that meet our criteria and expectations.”
Reconciliation of Non-GAAP Measure
In addition to containing results that are determined in accordance with accounting principles generally accepted in the United States of America (GAAP), this press release also contains non-GAAP financial measures. Adjusted EBITDA is a non-GAAP financial measure that comprises net income (loss) excluding interest expense, amortization of debt discount, depreciation and amortization of intangible assets. We interest expense, amortization of debt discount, depreciation and amortization of intangible assets because they are non-cash in nature, and we believe that non-GAAP financial measures excluding these items provide meaningful supplemental information about our operating performance and liquidity. Our definition of Adjusted EBITDA may differ from similar measures used by other companies, even when similar terms are used to identify such measures. While adjusted EBITDA is not intended to replace any presentation included in the consolidated financial statements under GAAP and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, the Company believes this measure is useful to investors in assessing the Company's ongoing operating performance and working capital requirements. This calculation may differ in method of calculation from similarly titled measures used by other companies. A reconciliation of adjusted EBITDA to the nearest comparable GAAP financial measure is included in the financial charts included in this press release. The non-GAAP financial measures, as well as other information in this press release, should be read in conjunction with the Company's financial statements filed with the Securities and Exchange Commission.
| Years Ended December 31, | |||||||
| 2016 | 2015 | ||||||
| Net Loss | $ | (1,333,411 | ) | $ | (1,621,233 | ) | |
| Bad Debt Expense | 146,047 | 290,209 | |||||
| Add Interest expense | 491,925 | 495,829 | |||||
| Add Amortization of debt discount | 495,361 | 613,121 | |||||
| Add Depreciation | 561,077 | 546,338 | |||||
| Adjusted EBITDA | $ | 360,999 | $ | 324,264 | |||
For more details on MEDD’s fiscal 2016 year-end results, please refer to the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission and accessible at www.sec.gov.
About Medical Imaging Corp.
Medical Imaging Corp. (“MEDD”) is a provider of comprehensive medical imaging services to patients and client hospitals in the United States and Canada through its four Diagnostic Imaging Centers, and its’ Teleradiology Services. For more information, please contact us at 887-331-3444 or visit www.medimagingcorp.com.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control Diagnostic Imaging International Corp. Such forward-looking statements are based on current expectations, estimates and projections about our industry, management beliefs and certain assumptions made by our management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.