CARLSBAD, CALIFORNIA–(Marketwired – Nov. 29, 2016) –
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 three months and nine months ended September 30, 2016.
“In Q3 2016, our quarterly revenues grew by almost 40% over the same three-month period in the previous year, representing one of our highest quarterly revenue marks since our inception.” said Trent Northcutt, President and CEO of Aurora Spine. “Our Q3 performance reflects the late summer months that are generally a slower period for surgeries. This quarter, we enhanced our product offerings to provide a more complete set of options for our surgeons.”
The Screwless Procedure™ features the Company’s patented ZIP® MIS Fusion System, TiNano® Interbody cages, and its MIS COMPASS 4D™ retractor system.
Highlights from Q3 2016
- Aurora Spine generated revenues during the quarter in the amount of $1,625,676. Revenue increased by $452,659, representing a 39% increase during the three-month period ended September 30, 2016 over the same quarter of fiscal 2015. During the same periods, operating expenses decreased by approximately $37,000 or 3%.
- Net loss in Q3 decreased to $523,007 from $615,122 in the comparable period.
- The ZIP® family of products and the TiNano® Interbody cages were our fastest growing product lines during the quarter. Revenues of ZIP® products grew by nearly 93% while revenues of TiNano® Interbody cages grew by over 26% from the same period in the 2015. Combined, these products represent over 65% of Q3 2016 revenues.
- Hardware revenue for the quarter increased by approximately 45% compared to hardware revenue in Q3 2015.
| Selected Balance Sheet Information | ||
| The following table summarizes selected key financial data. | ||
| As at | September 30, 2016 $ |
December 31, 2015 $ |
| Cash | 748,227 | 579,631 |
| Trade receivables | 1,165,273 | 996,165 |
| Current assets | 5,012,848 | 5,007,887 |
| Total assets | 7,301,948 | 7,985,060 |
| Current liabilities | 1,867,450 | 3,134,105 |
| Long-term liabilities | 1,165,463 | 157,963 |
| Common share equity | 19,358,978 | 18,972,153 |
| Selected Revenue and Other Operating Financial Information | ||
| Quarters ended | September 30, 2016 $ |
September 30, 2015 $ |
| Revenue | 1,625,676 | 1,173,017 |
| Gross profit | 798,727 | 743,142 |
| Earnings before Depreciation and Stock-based compensation | (247,505) | (375,274) |
| Net income (loss) | (523,007) | (615,122) |
| Basic and diluted income (loss) per share | (0.02) | (0.02) |
In Q3 2016, we continued driving growth by training surgeons and distributors on Aurora Spine’s technology and increasing the reach of our sales force. During the quarter we increased our surgeon base by approximately 25% over the 2015 surgeon base.
The statements together with the Management Discussion and Analysis can be found on SEDAR at www.sedar.com.
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. The Screwless Procedure has been developed to increase the possibility of significant benefits to patients, hospitals, and surgeons, including reduced surgery time, less blood loss, shorter hospital stays, and significantly faster recovery time. These benefits will continue to be the driving force of Aurora Spine’s competitive advantage and growth.
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.
Trent Northcutt
President and Chief Executive Officer
(760) 424-2004
Aurora Spine Corporation
Eric Fronk
Chief Financial Officer
(760) 424-2004
www.aurora-spine.com