Aurora Spine Corporation
TSX VENTURE : ASG

Aurora Spine Corporation

November 20, 2015 20:52 ET

Aurora Spine Corporation Files Condensed Consolidated Financial Statements for the Nine Months Ended September 30, 2015

CARLSBAD, CALIFORNIA--(Marketwired - Nov. 20, 2015) -

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 nine months ended September 30, 2015.

To our Shareholders:

Q3 2015 saw an increase in net sales over Q3 2014 of 116%, with revenues of $1.17M in Q3 2015 compared to revenues of $0.54M in Q3 2014. During Q3 2015 we continued the growth of our family of products in our Screwless Procedure™, a cutting-edge surgical approach to spine fusion. The Screwless Procedure features: our ZIP® MIS Fusion System, our TiNano® Interbody cages, our new COMPASS 4D™ retractor system, and an expandable cage offering. The TiNano interbody portfolio continues to be our fastest growing product line, continuing to represent approximately 60% of our Q3 revenues and almost 50% of our gross revenues year-to-date.

Highlights from Q3 2015

  • Achieved over $1.17M in gross sales for the quarter.
  • Achieved over 640 unit sales in Q3 2015, representing an increase of over 25% compared to Q2 2015 - the 2nd straight quarter of 25% growth in unit sales.
  • Discovery™ sales totaled approximately $340K of the Q3 gross revenue. Discovery is one of our fastest growing product lines and part of our Ti-Nano Interbody portfolio.
  • ZIP sales represented approximately 33% of the Q3 gross revenues with over $360K of sales.
  • Performed the first Canadian ZIP surgeries in London, Ontario.

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.

Sales outside of the United States continue to represent approximately 7% of revenues in Q3 2015. We anticipate an ongoing international presence, although our sales effort is now primarily focused in the US.

During the quarter, we continued our efforts to add new hospitals, surgeons and distributors to our customer base. We added to our sales group throughout the US, doubling our salesforce in the US. Also, we completed development of our Affinity ALIF system, and expect to see our first surgeries in Q4.

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.

Sincerely,

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.

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.

Contact Information

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

    Aurora Spine Corporation
    Eric Fronk
    Chief Financial Officer
    (760) 424-2004