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Aurora Spine Corporation (ASG.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.4700+0.0200 (+4.44%)
As of 2:21PM EST. Market open.
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Previous Close0.4500
Open0.4500
Bid0.4350 x 0
Ask0.4700 x 0
Day's Range0.4500 - 0.4700
52 Week Range0.1250 - 0.4900
Volume17,011
Avg. Volume19,088
Market Cap26.043M
Beta (5Y Monthly)0.74
PE Ratio (TTM)N/A
EPS (TTM)-0.0150
Earnings DateNov. 19, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est3.60
  • Aurora Spine Plans A Major Multicenter Study of its ZIP™ Interspinous Fixation Device for Relief of Back Pain
    GlobeNewswire

    Aurora Spine Plans A Major Multicenter Study of its ZIP™ Interspinous Fixation Device for Relief of Back Pain

    Company announces initiation of new clinical study beginning Q1 2021CARLSBAD, Calif., Dec. 17, 2020 (GLOBE NEWSWIRE) -- Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSXV: ASG), a designer and manufacturer of innovative medical devices, today announced plans to commence a multicenter study of its ZIP™ Interspinous Fixation device for patients suffering from back pain due to symptomatic degenerative disc disease. Aurora recently conducted an advanced training session and cadaver lab that introduced leading neurosurgical, orthopedic and pain management physicians to the ZIP™ implant. With more than 5,000 procedures already completed worldwide, ZIP™ is safe and effective in an outpatient setting. The company is launching a multicenter, prospective clinical study to investigate the efficacy of the ZIP™ device managing low back pain and improving quality of life in patients suffering from symptomatic degenerative disc.“The ZIP study is an important milestone for Aurora as we are committed to helping patients experiencing chronic back pain by advancing the benefits of the ZIP-Screwless™ procedure through vigorous clinical research,” said Trent J. Northcutt, President and CEO of Aurora Spine, Inc. “This multicenter study is designed to demonstrate reproducible outcomes in the real world through vigorous science and attention to quality of life. We are excited to pursue this evidence-based pathway. We continue to be very pleased with the enthusiasm of our clinical investigators,” said Northcutt. “Site selection has commenced, and we are appreciative of all the support from our stellar group of physicians across the country to bring this pivotal, minimally invasive technology to market. We believe there is a significant population of patients who will benefit from the ZIP-Screwless procedure once this important study is completed.”"This therapy is a great opportunity to continue to bridge the gap between spine surgeons and pain management for our patients,” said Steven Falowski, M.D., Director of Functional Neurosurgery at Argires-Marotti Neurosurgical Associates of Lancaster, PA. “The launch of this collaborative study will give the ability to produce published clinical outcomes utilizing a minimally invasive option to treat spinal pathology, potentially preventing a more invasive open surgical approach in the future or even give a viable treatment option to those who were not invasive surgical candidates."Vipul Mangal, M.D., an interventional pain specialist from National Spine & Pain Centers, has adopted this therapy in his patients as a minimally invasive alternative approach. Dr. Mangal commented, “This device has been revolutionary in my practice as a minimally invasive device to significantly improve function and pain for my patients with back pain. I am excited to be part of the study and to train others so that we can continue to advance therapies that relieve pain and restore function.”About Aurora SpineAurora Spine is focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies.Neither 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.Forward-Looking StatementsThis 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 proposed use and success of the company’s products in surgical procedures. Aurora Spine cautions investors of Aurora Spine's 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.Contact:Aurora Spine CorporationTrent Northcutt President and Chief Executive Officer (760) 424-2004Chad Clouse Chief Financial Officer (760) 424-2004www.aurora-spine.com www.aurorapaincare.com Adam Lowensteiner LYTHAM PARTNERS, LLC Phoenix | New York Telephone: 646-829-9700 arosf@lythampartners.com

  • Aurora Spine Announces New Pain Care Division
    GlobeNewswire

    Aurora Spine Announces New Pain Care Division

    Company to offer products into fast growing pain management marketplaceCARLSBAD, Calif., Nov. 30, 2020 (GLOBE NEWSWIRE) -- Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSXV: ASG), a designer and manufacturer of innovative medical devices that improve spinal surgery outcomes, today announced it has created a new Pain Care Division focused on the rapidly growing segment of pain care. Pain management has become more prevalent in recent years as neuro spine and ortho spine surgeons have changed the way they manage patients suffering from chronic back pain issues. Many practices now offer pain management and employ more pain interventionalists than spine surgeons, as there are newer products and services to help treat patients, including Aurora’s ZIP™ and SiLO™. In addition, many pain management physicians are seeking to reduce the use of opioids and increasingly using mechanical devices such as the ZIP™ and SiLO™.The ZIP™ Screwless Fusion Procedure for the treatment of back pain is a series of patented implants developed by Aurora Spine specifically for the L5-S1 region, including Aurora Spine's minimally invasive interspinous fixation implant designed for stabilization and load sharing in T1-S1 thoracolumbar fusion procedures.SiLO™ is a single implant Posterior Si-Fusion System and was developed to provide a simple, safe & reproducible method of fusing the Sacroiliac Joint. SiLO™ is the only implant that was designed specifically for posterior sacroiliac joint fusions. The implant design consists of three levels of ridges along its circumferential solid body to increase implant retention and solidity through its unique “Dowel Anchorage Design”. The SiLO implant is shaped for enhanced 360-degree bone incorporation along with dual, vertical side channels.“We are excited to announce the launch of our new Aurora Spine Pain Care division. The pain management market has experienced sizable growth in recent years and is expected to continue to grow for the foreseeable future,” said Trent Northcutt, President and CEO of Aurora Spine. “The pain care market has been a rapidly growing sector of the spinal health market. Many practices have established pain care within their practices to implement new treatments to treat back pain before sending a patient to surgery. Seeing these shifts in the market, Aurora created new products for the pain care marketplace, including products that can assist pain interventionists when treating patients and avoid or limit the use of opioids. We believe our focus on the pain care market will allow us to leverage several Aurora products into the pain care marketplace and offer patients and doctors more solutions to helping them treat chronic back pain.”Dr. Vipul Mangal, Director of Implantable Systems at National Spine & Pain Centers in National Harbor, Maryland, stated, “Aurora Pain Care offers modern, minimally invasive treatment of back pain for my patients. Performing these cases at an outpatient surgery center is the future of minimally invasive spine surgery. I find that the device is easy to implant, and patients have had significant functional improvement in mobility and activities of daily living along with decrease in their pain.”The global pain management devices market size is expected to reach USD $14.55 billion by 2026 registering a CAGR of 13.8%. For additional information about Aurora Spine’s Pain Care Division, go to: www.aurorapaincare.com.About Aurora SpineAurora Spine is focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies.Neither 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.Forward-Looking StatementsThis 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 proposed use and success of the company’s products in surgical procedures. Aurora Spine cautions investors of Aurora Spine's 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.Contact:Aurora Spine CorporationTrent Northcutt President and Chief Executive Officer (760) 424-2004Chad Clouse Chief Financial Officer (760) 424-2004 www.aurora-spine.comAdam Lowensteiner LYTHAM PARTNERS, LLC Phoenix | New York Telephone: 646-829-9700 arosf@lythampartners.com

  • Aurora Spine Corporation Announces Financial Results for Third Quarter
    GlobeNewswire

    Aurora Spine Corporation Announces Financial Results for Third Quarter

    NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICESGross margin improves to 48%, revealing company on track with FY20 strategy of selling more proprietary productsCARLSBAD, Calif., Nov. 19, 2020 (GLOBE NEWSWIRE) -- Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSXV: ASG) (US: AROSF), a company focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies, today announced the financial results for the third quarter ended September 30, 2020. All figures are in U.S. dollars. Financial and Business Highlights * Reported revenues of $2.4 million in Q3 2020, compared to $1.6M in Q2 and $2.3M in Q1. Compared to Q3 2019, it represents a decrease of 6%. * Sequential improvement of gross margin to 48.0% in Q3, up from 40.9% in Q2, and 34.6% in Q1, due to sales mix that included more proprietary products. * EBITDAC during Q3 2020 was approximately $132k before including $345k of Personal Payroll Protection funds brought into income during the period. EBITDAC is a non-GAAP, non IFRS measure defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation and other income. * Strong cash retention, company ended Q3 with $2.1 million in cash. * Aurora Spine was issued United States Patent No: 10,779,954 entitled “Body Density Scan Result-Matched Orthopedic Implants and Methods of Use” for The World’s First DEXA Technology™ Patient-Matched Implant Technology. Management CommentaryMr. Trent Northcutt, President and C.E.O. of Aurora Spine, stated, “Third quarter financial results rebounded nicely as elective surgeries in the U.S. resumed. The quarter also demonstrated that our strategy implemented earlier in the year, converting third-party products into proprietary products, is well underway as gross profit margins improved to 48%. During the third quarter, proprietary products were 63% of revenue and we are on track to convert nearly all revenues to proprietary products, with the exception of lumbar screws, by the end of the year.”Mr. Northcutt continued, “During the quarter we received notice from the USPTO regarding the issuance of a patent entitled “Body Density Scan Result-Matched Orthopedic Implants and Methods of Use” for the world’s first DEXA Technology™ Patient-Matched Implant Technology. This patent will be utilized to create implants that match the patient’s specific bone density based on a DEXA Scan/T-score allowing for the best bone fusion treatment and most favorable outcome based on that patient’s bone density. We believe that in the coming years this patent will add tremendous value to Aurora and we have begun to lay the groundwork, including clinical trial work, to develop new cervical interbody cages based on the DEXA technology and may consider out-licensing the technology to other companies.”Mr. Northcutt concluded, “I continue to be proud of the Aurora team during these challenging times and thank them for their hard work and dedication. Throughout the pandemic our team has been able to continue progressing Aurora’s new product strategy in trialing the SOLOTM and SiLOTM product launches. We also continue to be prudent in preserving the capital that was raised earlier in the year and this puts the company in a solid financial position to launch more proprietary products, which we plan to do throughout the remainder of the year and during 2021. Thankfully, our strategy is in motion and the company is positioned for renewed growth into 2021 and beyond.”Mr. Chad Clouse, Chief Financial Officer of Aurora Spine, added, “The third quarter was a financially strong and profitable one for Aurora. This was accomplished by improved gross profit margin, which has continued to improve since the company implemented a shift into producing more proprietary products. Expense controls were also a contributing factor to a profitable quarter as the company incurred lower employee costs and marketing expenses. We expect operating expenses to increase to more normalized levels in the coming quarters to support the company’s launch of several new products and initiatives, which should also lead to continued revenue and gross profit margin improvements.”Financial ResultsTotal revenues for the third quarter of 2020 were $2.37 million compared to $2.53 million for the third quarter of 2019, a decrease of 6.3%, but a sequential increase of 50.0% from second quarter 2020 of $1.58 million, as elective surgeries resumed from the Covid-19 shutdown in the first half of the second quarter. Revenues continued to increase throughout the third quarter 2020, with revenue in August and September being slightly higher than the same periods of 2019.Gross margins on total revenues were 48.0% for the third quarter of 2020, compared to 40.0% during the third quarter of 2019. The improvement in gross margins is attributable to the company’s strategy of converting third party product sales to more proprietary, Aurora Spine products.Total operating expenses were $1.147 million for the third quarter of 2020 compared to $1.43 million for the third quarter of 2019. The lower operating expenses were a result of a decrease in expenses due to the Covid-19 crisis, particularly in the area of employee costs. Marketing expenses also decreased due to the cancelation of tradeshows and less travel expenses due to travel restrictions. The company continues to maintain cost controls to preserve its capital for growth initiatives.EBITDAC (a non-GAAP figure non IFRS measure defined as Earnings before Interest, Tax, Depreciation, Amortization and Stock based compensation) was $0.48 million for the third quarter of 2020, compared to $(0.12) million in the third quarter of 2019.Net income was $0.34 million for the third quarter of 2020, compared to a loss of $(0.42) million in the third quarter of 2019. Basic and diluted net income per share was $0.01 per share in the third quarter of 2020 and $(0.01) per share for the third quarter of 2019.Full financial statements can be found on SEDAR at (www.sedar.com).SELECTED BALANCE SHEET INFORMATION The following table summarizes selected key financial data.As atSeptember 30, 2020 $December 31, 2019 $December 31, 2018 $ Cash2,085,552444,741856,504 Trade receivables1,585,6132,443,0961,584,269 Prepaid expenses and deposits179,959262,217219,301 Inventory1,721,9991,529,4742,562,957 Current assets5,573,1234,679,5285,223,031 Intangible assets827,954838,915853,529 Property and equipment1,143,6181,155,249766,602 Total assets7,544,6956,673,6926,843,162 Current liabilities1,946,0252,523,2231,868,960 Long-term liabilities2,313,0052,382,4442,016,000 Share capital21,850,68020,669,71320,661,153 SELECTED QUARTERLY INFORMATION The Company’s functional currency is the US dollar (USD). The functional currency of the Company’s US subsidiary Aurora is USD.Operating results for each quarter for the last two fiscal years are presented in the table below.Quarters endedSeptember 30, 2020 $June 30, 2020 $March 31, 2020 $December 31, 2019 $September 30, 2019 $June 30, 2019 $March 31, 2019 $December 31, 2018 $ Revenue2,368,692 1,580,450 2,259,251 2,632,649 2,530,602 3,260,247 2,729,221 2,500,976  Cost of goods sold(1,230,824)(934,058)(1,478,037)(2,550,418)(1,518,986)(1,971,382)(1,564,504)(1,266,038) Gross profit1,137,868 646,392 781,214 82,231 1,011,616 1,288,865 1,164,717 1,234,938  Operating expenses1,146,672**831,239**1,341,757 669,399*1,429,015 1,332,970 1,370,318*1,324,231* EBITDAC***477,060 170,549 (294,721)(837,587)(116,189)259,250 86,433 157,823  Net income (loss)336,163 34,475 (560,543)(587,168)(417,399)(44,105)(205,601)(89,293) Basic and diluted income (loss) per share****0.01 0.00 (0.01)(0.03)(0.01)(0.00)(0.00)(0.00) * Adjusted by gains and (losses) on sale of equipment. ** Excludes gain and (losses) from Other income (expense) of $219,322 in June 30, 2020 and $344,967 in September 2020. These are anticipated to be non-recurring. *** EBITDAC is a non GAAP, non IFRS measure defined as Earnings before Interest, Tax, Depreciation, Amortization and Stock based compensation. This amount includes Gains (losses) on sale of property and equipment and Other income (expense). **** Outstanding options and warrants have not been included in the calculation of the diluted loss per share as they would have the effect of being anti-dilutive.About Aurora SpineAurora Spine is focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies.Neither 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.Forward-Looking StatementsThis 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 proposed use and success of the company’s products in surgical procedures. Aurora Spine cautions investors of Aurora Spine's 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.Contact: Aurora Spine CorporationTrent Northcutt President and Chief Executive Officer (760) 424-2004Chad Clouse Chief Financial Officer (760) 424-2004 www.aurora-spine.comAdam Lowensteiner LYTHAM PARTNERS, LLC Phoenix | New York Telephone: 646-829-9700 arosf@lythampartners.com