Total
0
Shares

Subscribe

Be the first with the news that moves the market
  • Assure Holdings has released its first-quarter 2021 financial results, as well as operational guidance for the upcoming year
  • Highlights include increased revenue, higher adjusted EBITDA, and an increase in the number of managed cases compared to Q1 2020.
  • The company expects to grow its intraoperative neurophysiological monitoring (IONM) services in 2021 after it acquired Sentry Neuromonitoring and Elevation EP in April
  • Assure Holdings works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries
  • Assure Holdings Corp. (IOM) is up 8.97 per cent and is trading at $1.58 per share

Assure Holdings (IOM) has released its first-quarter 2021 financial results, as well as operational guidance for the upcoming year.

Highlights from the financial report include:

  • An increase in revenue from US$4.3 million in 2020 to $4.8 million in 2021;
  • An increase of 34 per cent in total number of managed cases for the quarter;
  • Higher general and administrative expenses driven by the company’s investments in its management team, fees, and acquisitions;
  • A net loss of $1.2 million compared to $0.4 million in 2020; and
  • Adjusted EBITDA of $1 million in 2021 compared to $0.2 million in 2020.

John A. Farlinger, Assure’s executive chairman and CEO, commented on the results.

“On the back of our first quarter investments, we are already beginning to experience the lift in procedure volume anticipated in the second quarter, as Assure focused on completing and integrating recent acquisitions,” he said.

He added,

“Assure is entering the next phase of growth and evaluating a number of promising opportunities that have the potential to significantly drive meaningful top-line growth and market share capture in 2021 and beyond.”

The company expects to grow its intraoperative neurophysiological monitoring (IONM) services in 2021 after it acquired Sentry Neuromonitoring and Elevation EP in April.

With the addition of Sentry and Elevation, Assure forecasts 17,000 total IONM procedures in 2021, a record number representing a 70 per cent increase compared to 2020.

“In both cases, Assure’s existing presence in Texas provided the company with valuable insight on how we can maximize surgeon relationships to win new business, improve historic collections on a per procedure basis and leverage scale to negotiate new in-network agreements with payors in the local market,” remarked Mr. Farlinger.

Assure Holdings works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries.

Assure Holdings Corp. (IOM) is up 8.97 per cent and is trading at $1.58 per share as of 2:03 pm ET.

More From The Market Herald

" Wellteq (CSE:WTEQ) collaborates with Garmin to counter COVID-19

Wellteq (WTEQ) is collaborating with Garmin to offer new enterprise wellness solutions in the Asia Pacific region in response to recent COVID-19 surges.

" ScreenPro (CSE:SCRN) completed over 19,000 COVID-19 tests in May

ScreenPro (SCRN) completed over 19,000 tests for production companies in Toronto and Vancouver in May.

" Medicenna (TSX:MDNA) submits clinical trial application for a Phase 1/2 study of MDNA11

Medicenna Therapeutics Corp. (MDNA) has submitted a clinical trial application to initiate a Phase 1/2 clinical study of MDNA11

" Entheon Biomedical (CSE:ENBI) subsidiary partners with 3W Wellness

Entheon Biomedical (ENBI) subsidiary, HaluGen Life Sciences, has partnered with 3W Wellness to drive brand awareness.