Hooper Holmes Announces Second Quarter 2012 Results

Hooper Holmes (NYSE MKT:HH) today announced financial results for the quarter ended June 30, 2012.

Consolidated revenues totaled $35.4 million for the second quarter of 2012, representing a 7% decline from $37.9 million in the second quarter of 2011. The Company recorded a net loss of $5.5 million, or ($0.08) per share, for the second quarter of 2012 compared to a net loss of $1.6 million, or ($0.02) per share, for the second quarter of 2011. The net loss for the second quarter of 2012 includes $1.6 million of restructuring charges related to our new Portamedic service delivery model.

For the six months ended June 30, 2012, consolidated revenues were $74.2 million compared to $78.5 million in the comparable period of 2011. The Company’s net loss for the six months ended June 30, 2012 totaled $8.7 million, or ($0.12) per share, compared to a net loss of $1.7 million, or ($0.02) per share, for the six months ended June 30, 2011. The results for the six months ended June 30, 2012 include $2.2 million of restructuring charges, primarily related to our new Portamedic service delivery model.

Second quarter 2012 revenues by service line:
  • Portamedic revenue totaled $24.4 million in the second quarter of 2012, a decline of approximately 9% compared to $26.8 million in the second quarter of 2011, primarily due to an 8% decline in paramedical exams completed during the quarter, along with a 1.9% decrease in revenue per exam.
  • Health & Wellness revenue totaled $3.8 million for the second quarter of 2012, a 51% increase from the second quarter of 2011, primarily due to an increase in health screenings completed during the quarter.
  • Heritage Labs revenue totaled $2.8 million for the second quarter of 2012, a decrease of approximately 10% compared to the second quarter of 2011, primarily attributable to a decrease in revenue from the Company’s lab kit assembly services.
  • Hooper Holmes Services revenue totaled $4.4 million for the second quarter of 2012, a decrease of 20% in comparison to the prior year period, primarily due to reduced demand for the Company’s medical records collection services.

The Company's cash balance declined by approximately $2.0 million in the second quarter of 2012, primarily attributable to net cash used in operations of approximately $0.9 million and capital expenditures totaling $1.0 million in the second quarter of 2012. As of June 30, 2012, cash and cash equivalents totaled $11.4 million, with no outstanding borrowings under the Company’s credit facility.

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