Nuclear medicine firm Digirad more than doubled its revenue in the first quarter of 2016, driven by the inclusion of mobile imaging provider DMS Health's operations as part of its results.
For the first quarter of 2016 (end-March 31), the company reported revenue of $31.2 million, an increase of 125% over the $13.8 million reported in 2015. Digirad posted net income of $11.6 million in the most recent quarter, compared with net income of $745,000 in the same period of 2015. Adjusted net income for the first quarter was $1.3 million, compared with $300,000 in the prior year's first quarter.
Digirad began including results from DMS Health starting January 1. Incorporating DMS Health's tax net operating loss carry forwards resulted in an income tax benefit of $12.5 million for the first quarter of 2016, the company said.
