For the year, sales were up 7.7% to $26.1M, net loss worsened 32.1% to ($20.9M) and cash consumption improved 24.0% to ($13.6M).
The company disclosed that accounts receivable expanded to ~$16M before adjustments due to disruptions in collections in its Clinical Services unit. It recorded a bad debt expense of $4.4M and wrote off $1.8M in A/R in Q4.
It also disclosed a material weakness in its controls over financial reporting as well as a going concern paragraph from its auditor.
Management has engaged Raymond James to assist in the evaluation of strategic alternatives, including an outright sale of the company.
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