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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
January 11, 2007
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DIGIRAD CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 000-50789 33-0145723
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
13950 Stowe Drive
Poway, California 92064
(Address of principal executive offices, including zip code)
(858) 726-1600
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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Item 2.02. Results of Operations and Financial Condition
On January 11, 2007, Digirad Corporation issued a press release announcing
anticipated financial results for 2006 and the outlook for 2007. A copy of this
press release is attached hereto as Exhibit 99.1.
This information and the exhibits hereto are being furnished and shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability
of that section, nor shall they be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Description
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99.1 Press Release dated January 11, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DIGIRAD CORPORATION
By:/s/ Vera Pardee
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Vera Pardee
General Counsel, Secretary and Senior
Vice President, Legal
Date: January 11, 2007
Exhibit 99.1
Digirad Updates 2006 Guidance and Provides Initial Guidance for 2007
POWAY, Calif.--(BUSINESS WIRE)--Jan. 11, 2007--Management of
Digirad Corporation (NASDAQ:DRAD), a leading provider of
cardiovascular imaging services and solid-state nuclear medicine
imaging products to physician offices, hospitals and imaging centers,
updated previous financial guidance for 2006 and provided initial
guidance for 2007 in a presentation today at the 25th Annual JPMorgan
Healthcare Conference in San Francisco.
For 2006, Chief Executive Officer Mark Casner said that the
Company currently anticipates consolidated revenues at the high end of
the previously announced range of $70.7 million to $71.5 million,
consisting of DIS revenue between $49.1 million and $49.5 million and
product revenue between $21.6 million and $22.0 million; and a
consolidated loss at the low end ($7.3 million) of the previously
announced range of $7.3 million to $7.8 million, including estimated
stock-based compensation expense of $1.7 million. Casner stated that
revenue guidance for the full year of 2006 includes $2 million in
stress agent revenues Digirad received through June of 2006, when it
phased out stress agent deliveries, and noted that an evaluation of
Digirad's 2007 revenue guidance in comparison to Digirad's 2006
results should take the lack of stress agent revenue going forward
into account.
For 2007, Casner said that the Company currently anticipates
consolidated revenues in the range of $73 million to $76 million,
consisting of DIS revenue between $50 million and $52 million and
product revenue between $23 million and $24 million; and a
consolidated loss between $1.3 million and $3.3 million, including
estimated stock-based compensation expense of $1.3 million.
You can access the live presentation at
www.mapdigital.com/jpmorgan/healthcare07 beginning at 10:00 a.m. PST
today. After registering, select Digirad Corporation from the "Live
Webcast" link on the left side of the "Welcome" page. The webcast will
be available for replay on January 12, 2007 at the above internet
address or through the Company's website at
drad.client.shareholder.com/medialist.cfm for 90 days. Audio streams
require Windows Media or Real Player installations.
About Digirad
Digirad Corporation develops, manufactures and markets
solid-state, digital gamma cameras to hospitals, imaging centers and
physician offices. Digirad offers a comprehensive line of solid-state
nuclear gamma cameras that produce high-quality images for use in the
detection of many medical conditions, including cardiovascular
disease. Digirad's cameras are unique as their lightweight and compact
design allows them to fit easily into small office spaces. Digirad's
wholly owned subsidiary, Digirad Imaging Solutions, offers a
comprehensive, mobile imaging leasing and services program for
physicians who wish to perform in-office nuclear cardiology procedures
but do not have the patient volume, capital or resources to justify
purchasing a gamma camera. For more information, please visit
www.digirad.com. Digirad(R) and Digirad Imaging Solutions(R) are
registered trademarks of Digirad Corporation.
Forward-Looking Statements
Digirad cautions that statements included in this press release
that are not a description of historical facts are forward-looking
statements. You can identify these statements by the fact that they do
not relate strictly to historical or current facts and use words such
as "anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe" and other words and terms of similar meaning in connection
with a discussion of future operating or financial performance or
events. Examples of such statements include the statements regarding
our anticipated financial results for 2006 and 2007 fiscal years. The
inclusion of these and other forward-looking statements should not be
regarded as a representation by Digirad that any of its plans will be
achieved. Actual results may differ materially from those set forth in
this press release due to the risks and uncertainties inherent in
Digirad's business including, without limitation: the degree to which
personnel changes and related disruptions in our business activities
may affect Digirad's products, customers, work force, suppliers, and
our overall business prospects and operations; the degree to which
Digirad's camera systems and related services will be accepted by
physicians and hospitals or will experience reliability issues or
technical problems; the ability of Digirad to effectively market, sell
and distribute its medical devices and related services, given its
limited capabilities in these areas; Digirad's ability to manage risks
relating to product liability, warranty claims, recalls, property
damage and personal injury with respect to its imaging systems; and
other risks detailed in Digirad's Securities and Exchange Commission
filings, including its Annual Report on Form 10-K and other reports
filed with the Securities and Exchange Commission. Given these
uncertainties, readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. All forward-looking statements are qualified in their entirety
by this cautionary statement and Digirad undertakes no obligation to
revise or update this press release including the forward-looking
statements contained herein to reflect events or circumstances after
the date hereof or to update the reasons actual results could differ
materially from those anticipated in these forward-looking statements,
even if new information becomes available in the future.
CONTACT: Digirad Corporation
Todd Clyde, CFO
858-726-1600
ir@digirad.com
www.digirad.com
or
Investor Contact:
Neil Berkman Associates
310-826-5051
info@BerkmanAssociates.com