SOURCE: Spine Pain Management, Inc.

March 31, 2010 15:13 ET

Spine Pain Management, Inc. Reports Q4 and Full Year 2009 Financial Results

Full Year Revenues, $982,736 Vs. Nil, Q4 Revenues $752,436 Vs. Nil. Guides for a Significant Increase in Q1 2010

HOUSTON, TX--(Marketwire - March 31, 2010) -  Spine Pain Management, Inc. (OTCBB: SPIN), through its Chairman/CEO Dr. William (Bill) Donovan, reported financial results the fourth quarter and year ending Dec 31, 2009. Spine Pain Management, Inc. began operations of its first clinic in Houston, TX late September, 2009. Revenues for Q4 ending, Dec. 31, 2009 was approximately $753,436. This added to the third quarter revenues of $230,000 covering five weeks of operations will bring total years revenues to approximately $982,736. Non-GAAP segment net income (which excludes Corporate G&A and non-cash charges) for the year was $191,104. Non-GAAP segment net income for Q4 was $145,565. Corporate G & A for the year was $538,643. Reported bottom line for the year was a net loss of $720,526.

As stated above, SPIN as an operating company only began operations in Sept. 2009 so year over year comparisons are not meaningful.

Guidance for Q1, 2010 - The Company expects top line revenues to increase in excess of 50% over Q-4, 2009. Further Guidance along with an Investors Conference Call will be announced over the next few weeks.

William F. Donovan, M.D., the Company's Chief Executive Officer, stated, "We are very pleased with the Company's progress during the past 41/2 months of 2009 in development of its first Spine Treatment Center in Houston, Texas. The patients treated have been able to receive necessary, appropriate and reasonable treatment for their spine injuries. Based on the success in Houston, we believe that this model of facilitating reasonable, necessary and appropriate treatment for spine injuries can potentially be replicated and expanded to other cities. It was a very productive first four months for the Company as we fine tuned our business plan. The Company anticipates adding at least two additional spine treatment clinics in Q2, 2010 and 4 to 6 additional clinics in next 12 months."

About Spine Pain Management:

Spine Pain Management is a medical marketing, management, billing and collection company facilitating treatment for patients who have sustained Spine Injuries resulting from traumatic injuries. Our mission is to deliver turnkey solutions to spine surgeons, orthopedic surgeons and other health care providers for necessary and appropriate treatment for musculo-skeletal spine injuries resulting from automobile and work-related accidents. The goal of the Company is to become a leader in providing care management services to spine surgeons and orthopedic surgeons to facilitate proper treatment of their injured clients. By providing early treatment, the Company believes that spine injuries can be managed, and injured victims can be quickly placed on the road to recovery. The Company believes its advocacy will be rewarding to patients who obtain needed relief from painful conditions. The Company provides a care management program that advocates for the injured victims by moving treatment forward to conclusion without the delay and hindrance of the legal process.

Additional information about the Company, along with a video can be found at its website at http://www.spinepaininc.com.

Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and other factors over which the Company has little or no control. The Company does not intent (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC.

Contact Information

  • Contact:

    Spine Pain Management, Inc.
    William F. Donovan, M.D.
    CEO and Director
    713-521-4220
    info@spinepaininc.com