Aurora Spine Corporation Files Condensed Consolidated Financial Statements for
the 3 Months and Six Months Ended June 30, 2016
Marketwire
CARLSBAD, CALIFORNIA--(Marketwired - Aug. 26, 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 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 CEO of Aurora Spine. "We continue to expand the availability of our family of products in our Screwless Procedure(TM), our cutting-edge surgical approach to spine fusion."
The Screwless Procedure features the Company's patented ZIPtrademark MIS Fusion System, TiNanotrademark Interbody cages, and its MIS COMPASS 4D(TM) retractor system.
Highlights from Q2 2016
- Aurora Spine achieved its highest quarterly revenue of approximately $1.9M, representing an increase of 100% from Q2 2015 revenue and an increase of over 22% from the previous quarter. This represents 3 consecutive quarters of increased revenue growth;
- Cashflow 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 United States Patent and Trademark Office. This patent covers Aurora's family of ZIPtrademark ISPs, including its ZIP Ultratrademark, ZIP 51(TM), ZIP LP(TM) and Dyna-ZIP(TM) among others.
- The ZIPtrademark family of products and the TiNanotrademark Interbody cages were our fastest growing product lines during the quarter. Revenues of ZIPtrademark products grew by over 72% while revenues of TiNanotrademark Interbody cages grew by over 68% from the same period in the 2015. Combined, these products represent over 52% of Q2 2016 revenues;
- Hardware revenue for the quarter increased by approximately 71% compared to hardware revenue in Q2 2015.
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| Selected Balance Sheet Information |
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The following table summarizes selected key financial data.
|
| As at |
June 30, 2016
$ |
December 31, 2015
$ |
| Cash |
117,676 |
579,631 |
| Trade receivables |
1,219,425 |
996,165 |
| Current assets |
4,644,131 |
5,007,887 |
| Total assets |
7,196,199 |
7,985,060 |
| Current liabilities |
2,331,194 |
3,134,105 |
| Long-term liabilities |
157,963 |
157,963 |
| Common share equity |
19,358,978 |
18,972,153 |
| |
|
|
| |
| Selected Revenue and Other Operating Financial Information |
| |
| Quarters 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 |
) |
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In Q2 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 50% 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.
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