Hooper Holmes (NYSE Amex:HH) today announced financial results for the quarter ended September 30, 2011.

Consolidated revenues totaled $38.2 million for the third quarter of 2011, representing a 5% revenue decline from $40.3 million in the third quarter of 2010. The Company recorded a net loss for the third quarter of $1.3 million, or ($0.02) per share, compared to a net loss of $1.2 million, or ($0.02) per share, in 2010. The net loss for the third quarter of 2011 includes a $0.6 million sales tax refund received from a supplier, which positively impacted gross profit. The net loss for the third quarter of 2010 included restructuring charges of $0.7 million.

For the nine months ended September 30, 2011, consolidated revenues were $116.7 million compared to $123.0 million in the comparable period of 2010. The Company’s net loss for the nine months ended September 30, 2011 totaled $2.9 million, or ($0.04) per share, compared to a net loss of $0.7 million, or ($0.01) per share, for the nine months ended September 30, 2010. The results for the nine months ended September 30, 2011 include a $0.6 million sales tax refund received from a supplier. The results for the nine months ended September 30, 2010 included a $1.6 million reduction in a previously established reserve for interest and penalties pertaining to unclaimed property, along with restructuring charges of $0.9 million.

Third quarter 2011 revenues by service line:
  • Portamedic revenue totaled $24.8 million in the third quarter of 2011, a decline of approximately 12% compared to $28.2 million in the third quarter of 2010, primarily due to an 8.6% decline in paramedical exams completed during the quarter, along with a 4.3% decrease in revenue per exam.
  • Heritage Labs revenue totaled $2.7 million for the third quarter of 2011, a decrease of approximately 3% compared to the third quarter of 2010, primarily attributable to reduced demand for our lab testing services.
  • Hooper Holmes Services revenue totaled $5.0 million for the third quarter of 2011, down 13% in comparison to the prior year period, primarily attributable to reduced revenue from our medical records collection services.
  • Health & Wellness revenue totaled $5.7 million for the third quarter of 2011, a 55% increase from the third quarter of 2010, primarily due to an increase in health screenings completed during the quarter.

Net cash used in operations approximated $1.4 million in the third quarter of 2011, primarily attributable to an increase in accounts receivable during the third quarter. Capital expenditures totaled $1.4 million in the third quarter of 2011. As of September 30, 2011, cash and cash equivalents totaled $18.0 million, with no outstanding borrowings under the Company’s credit facility.

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