Bay Street News

Aurora Spine Corporation Announces 2016 Year End Results

CARLSBAD, CALIFORNIA–(Marketwired – April 27, 2017) –

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSX VENTURE:ASG) announces financial results for the year ended December 31, 2016.

To our Shareholders:

2016 was a productive year for Aurora Spine. During 2016 we continued the integration of our family of products into our Screwless Procedure™, a cutting-edge surgical approach to spine fusion. The Screwless Procedure features: our ZIP® MIS Fusion Systems, our TiNano® Interbody cages, and our new COMPASS 4D™ MIS lateral retractor system.

Highlights from 2016

  • During the year, we generated revenues in the amount of $6,756,475. Revenue increased by $1,855,850, representing a 38% increase during the current year over previous year. During the same period, operating expenses decreased by $749,500 or 13%.
  • In December 2016, the Company announced the launch of its new Aurora Spine Mobile App, designed to bring information regarding new and exciting products being offered by Aurora Spine straight to a surgeon’s or patient’s mobile device. The App is currently available for Apple, Android, and iPad devices. The Aurora Spine mobile App currently offers detailed 3D models, surgical technique guides, and comprehensive sets of features regarding each individual implant. With this new App, Aurora Spine looks to continue its trend of bringing new and innovative products to the medical industry as well as educating those involved on its screwless procedure.

In 2016, we continued driving growth by training surgeons and distributors on Aurora Spine’s unique technology and increasing the reach of our sales force. Sales in the United States represented approximately 96% of revenues in 2016 and although we anticipate an ongoing international presence, the Company continues to focus its efforts primarily on the U.S. market.

The management team also worked on achieving operational efficiencies which resulted in a decrease in operating expenses and improved expense to sales ratios. Operating expenses fell to $5.1 million from $5.8 million in the previous year. Similarly, net loss was reduced by over $1.2 million to $1.7 million or $0.05 per share as compared to $2.9 million or $0.11 per share.

We are optimistic about 2017. We are adding new hospitals and surgeons to our customer base and reviewing our product offerings to achieve our long-term growth and profitability objectives.

We remain fully committed to developing our U.S. sales through engaging new and existing distributors and improving our direct relationship experience with our surgeons. This should allow us to generate increased sales and provide improved customer service. We also expect to strengthen our sales team in the U.S. and lower our cost of goods and operating expenses.

We expect that these initiatives will create value for our shareholders. Management and I thank our shareholders for their continued support in these endeavors.

None of this would be possible without the dedication and commitment of our hardworking colleagues at Aurora. I want to thank them for the great accomplishments they have made this year, for Aurora and ultimately, for patients. They have embraced change and risen to the numerous challenges before them, and I am grateful for their ongoing support of our company and our mission.

I would also like to thank you, our investors, for your continued support. Together, we have built a strong foundation, and I look forward to the opportunities ahead of us. I am truly grateful to be part of an organization that makes such a positive improvement in the lives of patients around the world.

The Financial Statements together with the Management Discussion and Analysis can be found on SEDAR at www.sedar.com.

Trent J. Northcutt, President and Chief Executive Officer

About Aurora Spine

Aurora Spine is focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies.

Forward-Looking Statements

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Information” in Aurora Spine’s final prospectus (collectively, “forward-looking information”). Forward-looking information in this news release includes information concerning the growth potential of Aurora Spine’s products and its operating results. Aurora Spine cautions investors of its securities about important factors that could cause Aurora Spine’s actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and, accordingly, prospective investors should not place undue reliance on these forward looking statements. These statements speak only as of the date of this press release and Aurora Spine does not assume any obligation to update or revise them to reflect new events or circumstances.

Aurora Spine Corporation
Trent Northcutt
President and Chief Executive Officer
(760) 424-2004

Aurora Spine Corporation
Sarina Mason
Chief Financial Officer
(760) 424-2004