Assure Holdings Expands Service Offerings to Address the High Growth EEG Services Market
Signs Diagnostics Services Agreement with Neurovative Diagnostics
DENVER, June 27, 2023 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (NASDAQ: IONM), a provider of intraoperative neuromonitoring (“IONM”) and remote neurology services, today announced that it has signed a Diagnostics Services Agreement with Neurovative Diagnostics, LLC (“Neurovative Diagnostics”), a global leader in the neurodiagnostic field. The agreement enables the Company to expand its offerings in the field of neurology to include electroencephalogram (“EEG”) testing.
Under the terms of the agreement, Assure has the exclusive rights to offer Neurovative Diagnostics’ comprehensive suite of EEG services to Assure’s current and future hospitals, healthcare facilities and clinics where it provides services. Services provided by Neurovative Diagnostics will be treated as ‘fee-for-service’ enabling Assure to leverage Neurovative Diagnostics’ technologists, market knowledge and expertise. Assure anticipates the launch of EEG services will occur during the third quarter 2023, leveraging its existing Tele neurology services and requiring minimal working capital needs.
John Farlinger, Assure’s executive chairman and CEO, commented, “This agreement enables us to enter an adjacent, yet new market and expand our scope of offerings to include EEG services. It allows us to participate in a significant growth vertical and to leverage our existing network of PPOs to grow our business and expand the ecosystem of hospitals and surgeons that we serve. The brain monitoring market represents a significant market opportunity and is expected to continue to grow over the next several years. Neurovative Diagnostics is a market leader and brings additional expertise to Assure, which will be invaluable in helping us to grow our business and increase patient access to additional areas of neurodiagnostic services.”
Tony Wax, Neurovative Diagnostics CEO, commented, “Our Neuro Ecosystem program develops and supports a comprehensive neurodiagnostic solution encompassing multiple modalities. Expanding patient and facility access on a larger scale while providing a comprehensive service program has always been a goal of ours, and this new relationship with Assure will enable us to make significant progress towards that goal. This agreement will allow more patients, clinicians and facilities to benefit from all EEG services and help to improve outcomes for the neurology community.”
About Assure Holdings
Assure Holdings Corp. is a best-in-class provider of outsourced intraoperative neuromonitoring and remote neurology services. The Company delivers a turnkey suite of clinical and operational services to support surgeons and medical facilities during invasive procedures that place the nervous system at risk including neurosurgery, spine, cardiovascular, orthopedic and ear, nose and throat surgeries. Assure employs highly trained technologists that provide a direct point of contact in the operating room. Physicians employed through Assure subsidiaries simultaneously monitor the functional integrity of patients’ neural structures throughout the procedure communicating in real-time with the surgeon and technologist. Accredited by The Joint Commission, Assure’s mission is to provide exceptional surgical care and a positive patient experience. For more information, visit the company’s website at www.assureneuromonitoring.com.
About Neurovative Diagnostics, LLC
Neurovative Diagnostics, LLC, is a global leader in the neurodiagnostic field, providing intermittent and continuous EEG monitoring, clinical trials, quantitative EEG and EEG technologist training and education through Neurovative University. As a Joint Commission Accredited company, Neurovative Diagnostics services patients both nationally and internationally.
This news release may contain “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. Forward-looking statements include, but are not limited to, management’s expectations regarding expansion of services to include EEG services with no incremental investment in operations and potential growth of the business and expanded ecosystem of hospitals and surgeons served and other similar statements. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks include risks regarding our patient volume or cases not growing as expected, or decreasing, which could impact revenue and profitability; unfavorable economic conditions could have an adverse effect on our business; risks related to increased leverage resulting from incurring additional debt; the policies of health insurance carriers may affect the amount of revenue we receive; our ability to successfully market and sell our products and services; we may be subject to competition and technological risk which may impact the price and amount of services we can sell and the nature of services we can provide; regulatory changes that are unfavorable in the states where our operations are conducted or concentrated; our ability to comply and the cost of compliance with extensive existing regulation and any changes or amendments thereto; changes within the medical industry and third-party reimbursement policies and our estimates of associated timing and costs with the same; our ability to adequately forecast expansion and the Company’s management of anticipated growth; and risks and uncertainties discussed in our most recent annual and quarterly reports filed with the United States Securities and Exchange Commission, including our annual report on Form 10-K filed on March 31, 2023, and with the Canadian securities regulators and available on the Company’s profiles on EDGAR at www.sec.gov and SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
Brett Maas, Managing Principal
Released June 27, 2023