- Assure Holdings (IOM) reports its Q4 and full-year 2020 results
- Q4 2020 revenue totalled C$6 million compared to C$4.7 million in 2019
- Full-year revenue was C$3.5 million versus C$17.7 million in 2019
- In 2020 the company managed over 9,900 cases compared to over 6,400 in 2019
- Forecasts total procedures for 2021 will exceed 14,000
- Assure Holdings remained unchanged at C$1.82 as of 2:08 p.m. EDT
Assure Holdings (IOM) has reported its Q4 and fiscal year financial results for 2020.
The company, which works closely with neurosurgeons and orthopedic spine surgeons to provide a range of services during invasive surgeries, highlighted Q4 revenue totalled C$6 million compared to C$4.7 million for the same quarter during the previous year.
Net loss for Q4 2020 was C$500,000 compared to C$6.7 million for Q4 2019.
Additionally, the amount of cases Assure Holdings managed increased by 36 per cent to a quarterly record of 3,057 compared to 2,242 in Q4 2019.
For the full year 2020, the company reported revenue of C$3.5 million compared to C$17.7 million in 2019.
Meanwhile total managed cases rose to an annual record of 9,914 versus 6,414 in 2019 with net losses for the year reaching C$15 million compared to C$2.7 million in 2019.
“Against a challenging 2020 environment, we made key investments in infrastructure, talent, and innovation to unlock our ability to fulfill the Company’s long-term strategy," John A. Farlinger, executive chairman and CEO of Assure Holdings, said.
Farlinger said that despite challenges, Assure Holdings made progress advancing its three core corporate objectives, including: improving the performance of the company's billing and collections functionality, developing an in-network revenue stream and scaling its platform with both organic growth and mergers and acquisitions.
"We substantially expanded our scale in 2020, reporting a 54 per cent increase in procedures during the year. This growth was achieved both by organically winning new business within our existing operational footprint, expanding into two new states and successfully integrating the acquisition of Neuro-Pro which continues to deliver as we expected," Farling added.
Assure Holdings completed the acquisition of Neuro-Pro in February of last year and provides intraoperative neurophysical monitoring services.
Moving forward into 2021, Assure Holdings intends to expand its operations into more U.S. states and pursue strategic acquisitions, which includes an agreement to acquire Sentry Neuromonitoring.
Sentry Neuromonitoring is an accredited IONM provider operating in Texas, Kansas and Missouri and performed over 5,500 IONM procedures last year.
Additionally, Assure Holdings anticipates total procedures for the year to exceed 14,000, which is a 40 per cent increase from 2020's 9,914 cases.
Shares of Assure Holdings settled at C$1.82 as of 2:08 p.m. EDT.