NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
CARLSBAD, Calif., April 26, 2019 (GLOBE NEWSWIRE) -- Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSXV: ASG) announces financial results for the year ended December 31, 2018.
To our Shareholders:
2018 was a record year for Aurora Spine recording the highest revenue in the Company’s history, a 45% increase from the 2017 revenue.
During 2018 we continued the integration of our family of products into our Screwless Procedure™, a cutting-edge surgical approach to spine fusion. The Screwless Procedure features: our ZIP® MIS Fusion Systems, our TiNano® Interbody cages, and our COMPASS 4D™ MIS lateral retractor system.
Highlights from 2018
- Increase Revenue – During the year, we generated $8.68 million in revenue, the highest revenue in the Company’s history. The change represents an increase of $2.69 million or 45% as compared to 2017.
- Gross Profit and Margin Rises - Gross profit was $4.59 million up over $2 million compared to last year. Gross margin rose by more than 10%. The improvement was driven by an increase of sales under a more favorable product distribution model as well as efforts by our employees to lower manufacturing costs.
- Positive Cash Flow in 2018 – Cash Flow as measured by EBITDAC was more than $926k for the year. This is an improvement of more than $2.2 million from last year. EBITDAC is a non GAAP, non IFRS measure defined as Earnings before interest, taxes, depreciation, amortization and stock based compensation, adjusted by the loss on sale of property and equipment.
- EASiFX™ Patent License and Development Agreements - On November 16, 2018, the Company announced that it has acquired an exclusive license to US patent #9,451,986 title “Percutaneous sacroiliac joint implant and method for surgically inserting and securing the implant into the sacroiliac joint” in an agreement with SILIF Corporation of Buffalo, New York, the inventor of a posterior SI Fusion technology. The implant, named EASiFX™, will feature multiple retaining and bone locking mechanisms and is expected to add to the Company’s expanding product portfolio of unique implant products.
- Canadian Milestone - On July 9, 2018, the Company announced the 100th surgical implantation of the company’s ZIP Ultra® minimally invasive interspinous device in Canada.
- ZIP® European Patent Granted - On October 25, 2018, the Company announced the grant by the European Patent Office of Aurora’s first European patent related to the ZIP®, minimally invasive spinal implant. The patent is titled “Dynamic and Non-Dynamic Interspinous Fusion Implant and Bone Growth Stimulation System”, and covers Aurora’s family of ZIP® interspinous devices.
Highlights subsequent to year end
- Expandable Interspinous Device Patent Issued - On January 23, 2019, the Company announced the issuance by the United States Patent and Trademark Office (USPTO) of United States Patent No. 10,143,501 entitled “Expandable Interspinous Device”. This new patent relates to Aurora’s family of minimally invasive spinal implants, bolstering the patents already issued to Aurora for its ZIP® family and its minimally invasive spinal technologies.
In 2018, we continued driving growth by training surgeons and distributors on Aurora Spine’s unique technology and increasing the reach of our sales force. Additionally, we strengthened our sales team in the US by adding a Vice President of Sales to the team.
We are optimistic about 2019. We have added some outstanding surgeons to our customer base that value our products and wish to be a part of our success. We continue to review our new product development within the framework of financial responsibility to achieve our long-term growth and profitability objectives.
We remain fully committed to developing our U.S. sales through engaging new and existing distributors and improving our direct relationship experience with our surgeons. This should allow us to generate increased sales and provide improved customer service going forward.
We are certain that these initiatives will create value for our shareholders. Management and I thank our shareholders for their continued support in these endeavors.
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 Financial 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.
For more information, please contact:
Aurora Spine Corporation
Trent Northcutt Sarina Mason
President and Chief Executive Officer Chief Financial Officer
(760) 424-2004 (760) 424-2004
