Assure Holdings Exceeds 2019 Operational Guidance
Company Reported a Record Number of Procedures in both the Fourth Quarter of 2019 and Full Year 2019
DENVER, January 9, 2020 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (IONM), is pleased to announce a record number of total procedures for the fourth quarter ended December 31, 2019 amid strong growth in comparison to the fourth quarter of 2018. In addition, the Company’s preliminary results exceeded its previously disclosed full-year 2019 guidance range of 5,400 to 5,800 procedures. These results do not include any impact from the proposed acquisition of Neuro-Pro Monitoring.
“The Company reported a record number of procedures in the fourth quarter, and our full year 2019 managed case volume increased by 91% compared to full year 2018,” said John A. Farlinger, Assure’s executive chairman and CEO. “We are encouraged by our progress in establishing Assure as the standard of care in the IONM industry and a leading provider in the United States. We look forward to providing a detailed shareholder update, capitalization plan and set 2020 expectations in the first quarter of this year.”
|Time Period||4Q’18||4Q’19||Full Year 2018||Full Year 2019|
|Number of Technical Procedures||841||1,376||2,799||4,777|
|Number of Professional Procedures*||123||265||244||1,036|
|Number of Total Procedures||964||1,641||3,043||5,813|
*Represents procedures in which Assure retained 100% of the professional revenues.
Assure’s performance has been driven by strong organic growth within its existing markets. At end of year 2019, the Company was working with 73 surgeons, which represents a 43% increase from end of year 2018.
Assure also increased the number of technologists it employs to 38 at end of year 2019, representing a 65% increase from end of year 2018. The Company is fully optimizing its technologists on a managed cases per day basis resulting in meaningful cost savings to Assure.
Assure anticipates sustained revenue growth from the continued adoption of its industry-leading IONM platform, which has received an award of accreditation from The Joint Commission. This prestigious designation further distinguishes Assure from its industry peers in the IONM industry. In addition, the Company’s plan to bring a portion of its professional neurologist oversight services in-house and to expand into new states and adjacent surgical markets is expected to increase revenue growth in 2020.
About Assure Holdings
Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned the Joint Commission’s Gold Seal of Approval®. For more information, visit the company’s website at www.assureneuromonitoring.com.
This news release contains certain statements that may constitute forward-looking information and forward-looking statements under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Assure anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information and forward-looking statements. Such information or statements may include, but is not limited to, comments with respect to strategies; expectations; planned operations; future actions of the Company; that the Company will exceed its full-year 2019 guidance of 5,000 procedures; that the Company will continue to grow the number of procedures it performs; that the Company will continue growing organically; that the Company will continue to expand its partnerships with surgeons; that the overhaul of the Company’s revenue cycle management process will be successful or result in more timely or accurate claims filings; that the Company will enhance transparency and reduce its true cost of ownership in connection with billings; that the Company will successfully develop an in-network revenue stream; that the Company will make its revenue collection cycle shorter or more efficient; that the Company will successfully negotiate agreements with additional national insurance providers; that the Company will continue to expand its platform through organic growth or M&A; that the Company will experience revenue growth from its IONM platform; that the accreditation from The Joint Commission will successfully drive expansion; that the Company will successfully grow its revenue or successfully bring any professional neurologist oversight services in-house or expand into new states and adjacent surgical markets; and that the Company will be able to uplist to the OTCQX Best Market or file a registration statement with the U.S. Securities and Exchange Commission or uplist to a larger U.S. exchange. Often, but not always, forward-looking information or forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information and forward-looking statements are based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Assure to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information and the forward-looking statements. Material risk factors include: future capital requirements; growing competition in the IONM industry; reliance on strategic partnerships with both surgeons and national insurance providers within the jurisdictions in which the Company operates; the Company’s ability to continue to be make accretive acquisitions in the IONM industry; and the Company’s ability to leverage its reputation in the IONM industry to promote additional growth, and the potential benefits the Company expects to derive therefrom. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements in this news release speak only as of the date of this release and Assure undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
Released January 9, 2020