Hooper Holmes Announces Third Quarter 2012 Results

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

Consolidated revenues totaled $33.7 million for the third quarter of 2012, representing a 12% decline from $38.2 million in the third quarter of 2011. The Company recorded a net loss of $2.2 million, or ($0.03) per share, for the third quarter of 2012 compared to a net loss of $1.3 million, or ($0.02) per share, for the third quarter of 2011.

For the nine months ended September 30, 2012, consolidated revenues were $107.9 million compared to $116.7 million in the comparable period of 2011. The Company’s net loss for the nine months ended September 30, 2012 totaled $10.9 million, or ($0.16) per share, compared to a net loss of $2.9 million, or ($0.04) per share, for the nine months ended September 30, 2011. The results for the nine months ended September 30, 2012 include $2.2 million of restructuring charges, primarily related to our new Portamedic service delivery model. The results for the nine months ended September 30, 2011 included $0.1 million of restructuring charges.

Third quarter 2012 revenues by service line:
  • Portamedic revenue totaled $21.5 million in the third quarter of 2012, a decline of approximately 13% compared to $24.8 million in the third quarter of 2011, primarily due to a 12% decline in paramedical exams completed during the quarter, with revenue per exam remaining essentially flat in comparison to the prior year period.
  • Health & Wellness revenue totaled $5.3 million for the third quarter of 2012, an 8% decrease from the third quarter of 2011, primarily due to the postponement of third quarter screening events by customers until the fourth quarter of 2012.
  • Heritage Labs revenue totaled $2.6 million for the third quarter of 2012, a decrease of approximately 4% compared to the third quarter of 2011, primarily attributable to a decrease in revenue from the Company’s lab testing services.
  • Hooper Holmes Services revenue totaled $4.3 million for the third quarter of 2012, a decrease of 13% in comparison to the prior year period, primarily due to reduced demand for the Company’s medical records collection services.

As of September 30, 2012, cash and cash equivalents totaled $8.2 million, with no outstanding borrowings under the Company’s credit facility. The Company's cash balance declined by approximately $3.3 million in the third quarter of 2012, primarily attributable to net cash used in operations of approximately $1.9 million and capital expenditures totaling $1.3 million in the third quarter of 2012.

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