Assure Holdings Corp IONM

Financials

[Stuator]

Comparisons:

Case Volume:
2017 - 1562    2018 - 2799   2019E - 5000 
INCREASE - 79%.  ESTIMATED GROWTH: 79%

Revenues:
Revised 2017 - 15.8M      Revised 2018 - 14.8M
DOWN - 7%

Gross Margins:
Revised 2017 - 83.4%      Revised 2018 - 76%
DOWN - 7.4%

EBITDA:
Revised 2017 - 12M      Revised 2018 - 6.7M
DOWN - 44%

Net Income:
Revised 2017 - 10.5M (without the significant share charge)      Revised 2018 - 6.7M
DOWN - 36%

Share Price:
2018:  ~$1.50.    2019: ~$1.20
DOWN - 20%

If the shares are to be valued similar to that in 2018, as stated previously, I would expect another 15-30% loss due to the massive reduction in profitability.  Also, with the missteps from previous years (CEO/CFO misappropriating funds & bad debt adjustment), it isn't unreasonable to expect more issues going forward.  And therefore it deserves a discounted price.

PRICE TARGET - $0.90

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