Mr. Trent Northcutt reports
AURORA SPINE CORPORATION FILES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE 3 MONTHS AND SIX MONTHS ENDED JUNE 30, 2016
Aurora Spine Corp. has released its financial results for the three months and six months ended June 30, 2016.
"In Q2 2016, we generated our highest quarterly revenue since our inception and saw an increase in revenue over Q1, which had previously been our highest revenue quarter to date," said Trent Northcutt, president and chief executive officer of Aurora Spine. "We continue to expand the availability of our family of products in our Screwless Procedure, our cutting-edge surgical approach to spine fusion."
The Screwless Procedure features the company's patented ZIP MIS Fusion system, TiNano Interbody cages and MIS COMPASS 4-D retractor system.
Highlights from the second quarter of 2016
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Aurora Spine achieved its highest quarterly revenue of approximately $1.9-million, representing an increase of 100 per cent from second quarter 2015 revenue and an increase of over 22 per cent from the previous quarter. This represents three consecutive quarters of increased revenue growth.
- Cash flow from operations (defined as revenues less all expenses except for depreciation and stock-based compensation) was just over $79,000 for the quarter, representing the first quarter of better-than-break-even operations.
- The company received its "Dynamic and Non-Dynamic Interspinous Fusion Implant and Bone Growth Stimulation System" patent by the U.S. Patent and Trademark Office. This patent covers Aurora's family of ZIP ISPs, including ZIP Ultra, ZIP 51, ZIP LP and Dyna-ZIP, among others.
- The ZIP family of products and the TiNano Interbody cages were Aurora Spine's fastest-growing product lines during the quarter. Revenues of ZIP products grew by over 72 per cent, while revenues of TiNano Interbody cages grew by over 68 per cent from the same period in 2015. Combined, these products represent over 52 per cent of second quarter 2016 revenues.
- Hardware revenue for the quarter increased by approximately 71 per cent compared with hardware revenue in the second quarter of 2015.
The accompanying table summarizes selected key financial data.
SELECTED REVENUE AND OTHER OPERATING FINANCIAL INFORMATION
Quarter ended Quarter ended
June 30, 2016 June 30, 2015
Revenue $ 1,893,092 $ 934,145
Gross profit 971,256 508,200
Earnings before depreciation
and stock-based compensation 79,323 (210,174)
Net income (loss) (155,791) (439,212)
Basic and diluted income
(loss) per share (0.01) (0.02)
In the second quarter of 2016, Aurora Spine continued driving growth by training surgeons and distributors on its technology and increasing the reach of its sales force. During the quarter, the company increased its surgeon base by approximately 50 per cent over the 2015 surgeon base.
Aurora Spine's statements, together with its management's discussion and analysis, can be found on SEDAR.
We seek Safe Harbor.
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