News: Aurora Spine Corporation Files Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2015
CARLSBAD, CALIFORNIA--(Marketwired - Aug. 28, 2015) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
Aurora Spine Corporation ("Aurora Spine" or the "Company") (TSX VENTURE:ASG) announces financial results for the six months ended June 30, 2015. The financial statements together with the Management Discussion and Analysis can be found on SEDAR atwww.sedar.com.
To our Shareholders:
Q2 2015 saw an increase in net sales over Q2 2014 of over 100%. During Q2 2015 we expanded the availability of our family of products in our Screwless Procedure™, a cutting-edge surgical approach to spine fusion. The Screwless Procedure features: our ZIP® MIS Fusion System, our TiNano® Interbody cages, and our new COMPASS 4D™ retractor system.
Highlights from Q2 2015
Achieved over $1.1M in gross sales for the quarter, despite incurring a return of product totaling $178K during the quarter due to delayed hospital approvals.
The TiNano® interbody portfolio continues to be our fastest growing product line, representing approximately 60% of our Q2 revenues.
TiNano Discover cervical interbody cage sales in Q2 continued to increase, posting over 183% increase over Q1 2015 sales.
During the quarter, we continued our efforts to add new hospitals, surgeons and distributors to our customer base. We added to our sales group in the central region of the US. Also, we completed development of our VOX LLIF system, and saw our first surgeries in June 2015.
The Screwless Procedure has been developed to increase the possibility of significant benefits to patients, hospitals, and surgeons, including reduced surgery time, less blood loss, shorter hospital stays, and significantly faster recovery time. These benefits will continue to be the driving force of Aurora Spine's competitive advantage and growth.
Sales outside of the United States represented approximately 7% of revenues in Q2 2015 and we anticipate an ongoing international presence.
For the balance of 2015, we will focus on:
Continuing our strategy of building a strong revenue base in the North American market. We will accomplish this by expanding product usages, and our product offering, with our current distribution network, developing new distribution channels and training new surgeons on the Aurora product advantages;
Adding a Vice President of U.S. Sales and additional sales representatives.
Growing our TiNano portfolio of products; and
Continuing to lower our operating costs.
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.
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.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" in Aurora Spine's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes information concerning the growth potential of Aurora Spine's products and its operating results. Aurora Spine cautions investors of its securities about important factors that could cause Aurora Spine's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ unilaterally from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and, accordingly, prospective investors should not place undue reliance on these forward looking statements. These statements speak only as of the date of this press release and Aurora Spine does not assume any obligation to update or revise them to reflect new events or circumstances.