Aurora Spine Corporation
TSX VENTURE : ASG

Aurora Spine Corporation

May 30, 2016 07:00 ET

Aurora Spine Corporation Files Condensed Consolidated Financial Statements for the Three Months Ended March 31, 2016

CARLSBAD, CALIFORNIA--(Marketwired - May 30, 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 three months ended March 31, 2016.

To our Shareholders:

Q1 2016 saw an increase in sales over Q4 2015, which had been our highest revenue quarter to date. During Q1 2016, we continued to expand the availability of our family of products in our Screwless Procedure™, a cutting-edge surgical approach to spine fusion. The Screwless Procedure features: our patented ZIP® MIS Fusion System, our TiNano® Interbody cages, and our COMPASS 4D™ retractor system.

Highlights from Q1 2016

  • Achieved our highest quarterly revenue of approximately $1.549M, representing an increase of almost 20% from Q1 2015 revenue;
  • The Discovery™ interbody product line remains one of our fastest growing product lines. Sales of Discovery grew by over 64% from the same period in 2015 and comprised approximately 20% of our Q1 2016 revenues;
  • Hardware revenue for the quarter increased by over 22% compared to hardware revenue in Q1 2015;
  • Operating expenses, excluding depreciation expense, decreased by approximately 76% from Q1 2015.

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 Q1 2016, we continued driving growth by training surgeons and distributors on Aurora Spine's unique technology and increasing the reach of our sales force. During the quarter we increased our surgeon base by approximately 18% over the 2015 surgeon base.

In 2016, we will focus on:

  • Aggressively continuing our strategy of building a revenue base in the North American and European 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.

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

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