Revision (Tables)

9 Months Ended

Jun. 30, 2020

Prior Period Adjustment [Abstract]

Impact of Correction of Errors on Unaudited Consolidated Balance Sheet and Statements of Operations

The impact of the correction of the errors on our unaudited consolidated balance sheet at December 31, 2019 was as follows (in thousands):

	As of December 31, 2019
	As Reported			Adjustment			Revised
Current assets:
Cash and cash equivalents	$	10,141		$	—		$	10,141
Trade accounts and financing receivables, net		35,198			(7,993	)		27,205
Inventories		23,907			—			23,907
Property held for sale		691			—			691
Prepaid expenses and other current assets		1,971			—			1,971
Total current assets		71,908			(7,993	)		63,915
Non-current inventories		19,223			—			19,223
Rental equipment, net		66,985			—			66,985
Property, plant and equipment, net		31,615			—			31,615
Goodwill		5,008			—			5,008
Other intangible assets, net		9,630			—			9,630
Deferred cost of revenue and other assets		807			—			807
Total assets	$	205,176			(7,993	)	$	197,183
Total liabilities	$	26,461		$	—		$	26,461
Stockholders’ equity:
Preferred stock		—			—			—
Common stock		137			—			137
Additional paid-in capital		89,250			—			89,250
Retained earnings		104,519			(7,993	)		96,526
Accumulated other comprehensive loss		(15,191	)		—			(15,191	)
Total stockholders’ equity		178,715			(7,993	)		170,722
Total liabilities and stockholders’ equity	$	205,176		$	(7,993	)	$	197,183

The impact of the correction of the error on our unaudited consolidated statement of operations for the three months ended December 31, 2019 was as follows (in thousands):

	Three Months Ended December 31, 2019
	As Reported			Adjustment			Revised
Revenue:
Products	$	9,083		$	—		$	9,083
Rental		16,615			(7,993	)		8,622
Total revenue		25,698			(7,993	)		17,705
Cost of revenue		15,208			—			15,208
Gross profit		10,490			(7,993	)		2,497
Total operating expenses		10,320			—			10,320
Income (loss) from operations		170			(7,993	)		(7,823	)
Other income (expense), net		(39	)		—			(39	)
Income (loss) before income taxes		131			(7,993	)		(7,862	)
Income tax expense		1,420			—			1,420
Net loss	$	(1,289	)	$	(7,993	)	$	(9,282	)
Loss per common share:
Basic	$	(0.10	)	$	(0.59	)	$	(0.69	)
Diluted	$	(0.10	)	$	(0.59	)	$	(0.69	)

The impact of the correction of the error on our unaudited consolidated statements of operations for the three and six months ended March 31, 2020 was as follows (in thousands):

	Three Months Ended March 31, 2020									Six Months Ended March 31, 2020
	As Reported			Adjustment			Revised			As Reported			Adjustment			Revised
Revenue:
Products	$	9,517		$	—		$	9,517		$	18,600		$	—		$	18,600
Rental		16,390			—			16,390			33,005			(7,993	)		25,012
Total revenue		25,907			—			25,907			51,605			(7,993	)		43,612
Cost of revenue		18,002			—			18,002			33,210			—			33,210
Gross profit		7,905			—			7,905			18,395			(7,993	)		10,402
Operating expenses:
Selling, general and administrative		6,066			—			6,066			12,063			—			12,063
Research and development		4,225			—			4,225			8,521			—			8,521
Change in estimated fair value of contingent consideration		972			—			972			972			—			972
Bad debt expense		8,124			(7,993	)		131			8,151			(7,993	)		158
Total operating expenses		19,387			(7,993	)		11,394			29,707			(7,993	)		21,714
Loss from operations		(11,482	)		7,993			(3,489	)		(11,312	)		—			(11,312	)
Other income, net		285			—			285			246			—			246
Loss before income taxes		(11,197	)		7,993			(3,204	)		(11,066	)		—			(11,066	)
Income tax expense		607			—			607			2,027			—			2,027
Net loss	$	(11,804	)	$	7,993		$	(3,811	)	$	(13,093	)	$	—		$	(13,093	)
Loss per common share:
Basic	$	(0.87	)	$	0.59		$	(0.28	)	$	(0.97	)	$	—		$	(0.97	)
Diluted	$	(0.87	)	$	0.59		$	(0.28	)	$	(0.97	)	$	—		$	(0.97	)