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Second quarter core revenue and billings, which exclude the U.S. Government contract, achieved new records led by solid growth in targeted Professional, Pharmaceutical and Retail markets
Billings through the inside and online sales channel in the second quarter increased 39% year-over-year to $0.8 million
Balance sheet remains solid with cash of $16.8 million, working capital of $18.1 million and no debt as of December 31, 2012
Company authorized $3.0 million stock repurchase program in January 2013
HOUSTON, Jan. 30, 2013 (GLOBE NEWSWIRE) -- Sharps Compliance Corp. (Nasdaq:SMED) ("Sharps" or the "Company"), a leading full-service provider of solutions for the cost-effective management of medical waste, used healthcare materials and unused dispensed medications, today reported financial results for the second quarter of fiscal year 2013 ended December 31, 2012.
Revenue in the second quarter of fiscal 2013 was $5.7 million. Growth in key targeted markets helped to offset the $0.7 million decrease associated with the maintenance portion of a U.S. Government contract with the Division of Strategic National Stockpile of the Centers for Disease Control that was terminated on January 31, 2012. When compared with the trailing fiscal 2013 first quarter, revenue increased $0.6 million, or 10.9%. Comparable core market revenue for the second quarter of fiscal 2012 was $5.5 million.
Customer billings, which the Company believes is an appropriate measure of performance and progress of the business, were down $0.4 million compared with the prior year period, reflecting the $0.7 million impact from the termination of the maintenance portion of the U.S. government contract. Excluding that impact, core customer billings increased $0.3 million, or 5.2%, year-over-year to a record $5.5 million in the second quarter of fiscal 2013. Solid growth in billings to the professional, pharmaceutical and retail markets were partially offset by lower billings to the home health care and other markets, which were softer due to the timing of orders. Compared with the trailing fiscal 2013 first quarter, core customer billings increased $0.1 million, or 2.0%, from $5.4 million in the trailing first quarter.
(See Reconciliation of Customer Billings to Revenue in the supplemental table included at the end of this release.)
"Record sales in our core markets demonstrated our continued focus on delivering the most cost-effective and convenient medical waste management solutions to our customers as we continue to capture market share," stated David P. Tusa, President and CEO of Sharps Compliance. "Moreover, our pipeline of targeted opportunities, excluding government, has increased to over $30 million as we pursue larger prospects resulting from our strategic alliances and positioning the Company as a comprehensive medical waste management provider."