Aurora Spine Corporation
TSX VENTURE : ASG

Aurora Spine Corporation

April 22, 2016 20:29 ET

Aurora Spine Corporation Announces 2015 Year End Results

CARLSBAD, CALIFORNIA--(Marketwired - April 22, 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 year ended December 31, 2015.

To our Shareholders:

2015 has been a productive year for Aurora Spine. During 2015 we began the integration of our family of products into our Screwless Procedure™, a cutting-edge surgical approach to spine fusion. The Screwless Procedure features: our ZIP® MIS Fusion Systems, our TiNano® Interbody cages, and our new COMPASS 4D™ MIS lateral retractor system.

Highlights from 2015

  • Achieved over $4.9M in total sales for the year, representing almost 90% increase in sales over 2014 sales;
  • Achieved our highest quarterly revenue in Q4 2015 of nearly $1.5M, producing quarter over quarter growth of 15%;
  • The TiNano® interbody portfolio has become our fastest growing product line, comprising approximately 55% of our 2015 revenues, which represents a growth of 530% over 2014;
  • Hardware sales remained steady totaling approximately $1.9M in revenue;
  • Operating expenses, excluding depreciation expense, decreased by 41% from the prior year;
  • Received seven (7) Registered Trademarks from the US Patent and Trademark Office (USPTO); and
  • Performed surgeries using our cutting-edge products in the United States, Canada, Israel, Germany, Italy, Switzerland, Ireland, Saudi Arabia, Bahrain, Spain, and the United Kingdom.

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.

In 2015, we continued driving growth by training surgeons and distributors on Aurora Spine's unique technology and increasing the reach of our sales force. Sales outside of the United States represented approximately 10% of revenues in 2015 and we anticipate an ongoing international presence.

The management team focused on achieving operational efficiencies which resulted in a measurable decrease in operating expenses while nearly doubling sales.

Going into 2016, we remain committed to developing our U.S. sales force, growing our number of sales professionals, which should allow us to generate increased sales and provide improved customer service.

In 2016, we will focus on:

  • Aggressively continuing our strategy of building a revenue base in the North American, European, and the Middle Eastern markets. We will accomplish this by expanding product usages with our current distribution network, developing new distribution channels and training new surgeons on the Aurora product advantages;
  • Expanding our sales teams in the US by region; and
  • Lowering our cost of goods across the board.

We expect that these initiatives will create value for our shareholders. Management and I thank our shareholders for their continued support in these endeavors. We will look to extend our technology position further with minimally disruptive procedural solutions for the spine.

We are optimistic about 2016. We are adding new hospitals and surgeons to our customer base, entering new markets and expanding our product offerings to achieve our long-term growth and profitability objectives.

None of this would be possible without the dedication and commitment of our hardworking colleagues at Aurora. I want to thank them for the great accomplishments they have made this year, for Aurora and ultimately, for patients. They have embraced change and risen to the numerous challenges before them, and I am grateful for their ongoing support of our company and our mission.

I would also like to thank you, our investors, for your continued support. Together, we have built a strong foundation, and I look forward to the opportunities ahead of us. I am truly grateful to be part of an organization that makes such a positive improvement in the lives of patients around the world.

The statements together with the Management Discussion and Analysis can be found on SEDAR at www.sedar.com.

Trent J. Northcutt, President and Chief Executive Officer

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.

Contact Information

  • Aurora Spine Corporation
    Trent Northcutt
    President and Chief Executive Officer
    (760) 424-2004

    Eric Fronk
    Chief Financial Officer
    (760) 424-2004