HOUSTON, April 01, 2019 (GLOBE NEWSWIRE) -- Spine Injury Solutions, Inc. (OTCQB: SPIN) today announced financial results for its
fiscal 2018 year ended December 31, 2018.
Dr. William Donovan, Chairman and Chief Executive Officer, commented, "Although we were disappointed with the overall results in
2018, we did see a number of the initiatives we implemented show positives results throughout the year. We concluded the year with
three Quad Video Halo systems in operation from paying customers and a reduction in our overhead. We have vacated our QVH warehouse
and put the QVH operations in a positive cashflow going forward. We had affiliate programs in Houston, Odessa, Tyler, and New
Mexico in 2018 that we had to curtail funding due to our cash position. We are evaluating which options may be available to us, and
potential partners for further expansion of our affiliate programs.”
Dr. Donovan further stated, "We are looking at options for the Quad Video Halo system as well. The Quad Video Halo system has
met all of its performance requirements among doctors and other medical professionals, as well as patients. We believe with the
proper funding, the QVH can become a staple within many facets of the healthcare sector.”
2018 Financial Highlights
- We collected $329k in collections during 4Q18, bringing total collections to $ 1.8 million in 2018 compared to $1.78 million
in 2017
- YOY cash provided (used) from Operations in 2018 vs 2017 - ($123,164) in 2018 vs ($149,806) in 2017
- Gross margin decreased to 65% in 2018 vs 70% in 2017
- Net loss in 2018 was $671,655 vs $405,924 in 2017
- EPS (loss) (-.03) in 2018 vs (-.02) in 2017
- Non cash charges totaled $553,533 in 2018 compared to $309,991 in 2017
Results of Operations
For the year ended December 31, 2018 versus 2017:
We recorded $1,835,620 in net revenues with $656,777 in costs of services and gross profit of $1,178,843 for the year ended
December 31, 2018 as compared to $1,855,615 in net revenues with $571,769 in costs of services and gross profit of $1,283,846 for
the year ended December 31, 2017.
We recognize revenue by reference to “net revenue,” which is gross amounts billed using CPT codes less account discounts that are
expected to result when individual cases are ultimately settled. A discount rate of 48% based on settled patient cases, was used to
determine net revenue during 2018 and 2017. Accordingly, we had gross revenues of $3,263,922 with net revenues of $1,835,620 for
the year ended December 31, 2018, versus gross revenues of $3,059,327 with net revenues of $1,855,615 for the year ended December
31, 2017.
Expenses
For the year ended December 31, 2018 versus 2017:
Operating, general and administrative expenses for the year ended December 31, 2018 were $1,792,554 as compared to $1,624,717
for the year ended December 31, 2017.
Bad debt expense, included in operating, general and administrative expenses, totaled $523,030 and $270,000, respectively, for
the years ended December 31, 2018 and 2017.
Other income (expense) for the year ended December 31, 2018 was an expense of $57,944 as compared to expense of $49,365 for the
year ended December 31, 2017. For the twelve months ended December 31, 2018, other income of $8,297 offset by expenses of $66,241.
For the year ended December 31, 2017, other income was $6,357 offset by expenses of $55,722.
Net Income or Loss
For the year ended December 31, 2018 versus 2017:
Net loss for the year ended December 31, 2018 was $671,655 compared to net loss of $405,924 for the year ended December 31,
2017.
Liquidity and Capital Resources
For the year ended December 31, 2018 versus 2017:
During 2018, cash used in operating activities was $123,164 as compared to $149,806 of cash provided in 2017.
Cash flows used in financing activities totaled $105,000 for the year ended December 31, 2018, consisting of a payment of
current debt of $135,000, and $240,000 of draws on our line of credit. For the year ended December 31, 2017, cash flows used from
financing activities totaled $25,000, consisting of a payment of long-term debt of $75,000 draws of $50,000 on the line of
credit.
Conclusion
Dr. William Donovan continued; “As we are well into 2019, we are faced with a number of decisions that must and will be made in
the coming months. We believe the number one priority is proper funding. This said, we are evaluating our current bank line and
considering alternative financing options to ensure the growth of Spine Injury Solutions. We are looking into brain testing due to
its higher revenue model, better gross profit margins and net profits. We are considering numerous options for our Quad Video Halo
system, including but not limited to establishing partnerships for licensing and potential merger and acquisition
opportunities.”
Conference Call Details
Conference Call: An investor's conference call with management will be held on Monday, April 1, 2019, at 4:00
p.m. (EDT). The call may be accessed either by phone alone, which will not allow asking questions, or by phone and/or VOIP with
headset after internet log-in with an on screen provided Audio Pin # which will allow verbally asking questions. Questions can also
be typed into an online chat screen at any time during the presentation or Q&A period.
Access to the Call: To use the internet link, you must register prior to access. It is suggested you
complete the registration and get your log-in information in advance of the start of the presentation. You can register at any
time.
Click or paste the link below in your browser for registration and web access to the presentation and follow the online
instructions:
Date: Monday, April 1, 2019
Time: 4:00 p.m. Eastern Time
Conference Dial-in Number: 1 (914) 614-3221
Participant Access Code: 841-731-377
Registration URL: https://attendee.gotowebinar.com/register/6657519114517583363
Webinar ID: 612-364-243
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the conference call, please contact Andrew Barwicki at 1-516-662-9461.
Telephone Dial-in and/or VOIP which provides Q&A: To ask a question using your telephone, you must be logged in online where
a unique Audio PIN# will be provided to you on screen after you log-in to the presentation console. You must use the pin to hear
the call on the phone. During the presentation, all will be muted until the Q&A portion. Questions can be asked by typing in
the question in the provided questions link on the provided console at any time during the presentation and will be answered during
the Q&A. The Q&A will be moderated, but without an operator, and will be open to all questions after the formal
presentations.
If you use the telephone, but are NOT also online, you will be able to hear the presentation plus Q&A, but will remain in
"listen only" mode for the duration of the call and not allowed to ask questions.
Conference Play Back: A video replay of the conference call presentation will be available several hours
after the completion of the call at the company website:
http://www.SpineInjurySolutions.com
About Spine Injury Solutions, Inc:
We are a medical services and technology company facilitating diagnostic services for patients who have sustained spine injuries
resulting from traumatic accidents. We deliver turnkey solutions to spine surgeons, orthopedic surgeons and other healthcare
providers that provide necessary and appropriate treatment of musculo-skeletal spine injuries resulting from automobile and
work-related accidents. Our technology and funding services help reduce the financial burden on healthcare providers that provide
patients with early-stage diagnostic testing and non-invasive surgical care, preventing many patients from being unnecessarily
delayed or inhibited from obtaining needed treatment. We believe that our services and technology brings strong transparency and
impartiality to all parties involved in the settlement of patient cases.
Additional information about the company, along with a video replay of most recent Investor Conference Call can be found at its
website at www.spineinjurysolutions.com.
About Quad Video HALO, Inc.:
A wholly owned subsidiary of Spine Injury Solutions, Inc. Quad Video HALO, Inc. brings surgeons and interventional pain doctors
the technology to provide Transparency of their surgical procedures. The Quad Video Technology V3.0 and HALO Rx creates a digital
turnkey video and audio documentation solutions that integrates multiple views from other OR/treatment imagining sources with
several other viewpoints just outside the sterile field.
Additional information about QVH, can be found at its website at www.QuadVideoHalo.com
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and
Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that
address activities, events, or developments that the company believes or anticipates will or may occur in the future are
forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which
may cause the actual results, performance or achievements of the company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and
business conditions, the ability to acquire and develop specific projects, the ability to fund operations, healthcare services
demands, changes in healthcare practices, government regulation, and other factors over which the company has little or no control.
The company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press
release should be considered in conjunction with the warnings and cautionary statements contained in the company's recent filings
with the SEC.
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations Inc.
Phone: 516-662-9461
