NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
CARLSBAD, Calif., April 30, 2021 (GLOBE NEWSWIRE) — Aurora Backbone Company (“Aurora Backbone” or the “Firm”) (TSXV: ASG) (OTCQB: ASAPF), a designer and producer of modern medical gadgets that enhance spinal surgical procedure outcomes, in the present day introduced the monetary outcomes for the fourth quarter and financial yr ended December 31, 2020. All figures are in U.S. {dollars}.
Enterprise Highlights
- Transformed majority of revenues to proprietary merchandise, 53.4% throughout FY20 versus 45.7% in FY19.
- Created new interventional Ache Care Division centered on the quickly rising section of ache care.
- Commenced main Multicenter Scientific Research for Aurora’s proprietary ZIP™ Interspinous Fixation Machine for reduction of again ache.
- Commercially launched its proprietary SOLO™ 3D printed ALIF Stand-Alone Cage system.
- The World’s First DEXA Expertise™ Affected person-Matched Implant Expertise; Aurora acquired United States Patent No: 10,779,954 entitled “Physique Density Scan Consequence-Matched Orthopedic Implants and Strategies of Use.”
Administration Commentary
Mr. Trent Northcutt, President and Chief Government Officer of Aurora Backbone, acknowledged, “Fiscal 2020 was a difficult yr for Aurora and the world at giant, however I’m pleased with our firm, our staff and our accomplishments throughout such making an attempt instances. Regardless of the obstacles, we have been capable of maintain the corporate on robust monetary footing and proceed with our brief and long run targets, together with changing a number of third occasion merchandise into proprietary Aurora merchandise. We have been additionally capable of work on creating a number of key initiatives that may assist the corporate resume its development trajectory and add worth to our franchise for years to return. We have been additionally capable of work on these initiatives whereas sustaining strict expense controls and preserving our capital, leaving the corporate able to pursue and develop upon these development initiatives in fiscal 2021.”
Mr. Northcutt continued, “Whereas the scheduling of elective surgical procedures was extraordinarily erratic throughout 2020, we made nice strides so as to add extra proprietary merchandise to our arsenal and implement simulation research for medical doctors to find out about Aurora merchandise and follow in cadaver labs. Certainly one of our most enjoyable occasions throughout 2020 for Aurora was receiving a patent for the world’s first DEXA Expertise™ Affected person-Matched Implant Expertise. This patent permits us to create three units of implants every with completely different densities {that a} surgeon can then match as much as a affected person’s particular bone density based mostly on the affected person’s DEXA Scan/T-score. It’s our perception that this know-how will enable for the very best bone fusion remedy within the market. We’ve already begun to pursue creating merchandise round this patent and anticipate launching our preliminary product within the coming quarters. We additionally commenced a brand new multicenter medical research for our ZIP™ Interspinous Fixation gadget for sufferers affected by again ache resulting from symptomatic degenerative disc illness. The research is underway and we anticipate to enroll in extra of 100 sufferers with preliminary outcomes in direction of the tip of 2021.”
Mr. Northcutt concluded, “Fiscal 2021 is off to a stable begin. We’ve begun to see a current improve in procedures and anticipate that gaining momentum into the summer time months. We’re extremely centered on delivering further new proprietary Aurora merchandise, together with our first Dexa-based product slated for market entry later this yr. As well as, the launch of our SI Joint gadget, SiLO™, has been profitable and stay up for constructing upon this product with a non-bone model referred to as SiLO-FX™ within the coming quarters. We’re additionally centered on reaching out to extra medical doctors/surgeons and making them conscious of our merchandise and can do that by providing extra cadaver labs in varied cities throughout the U.S. We’ve carried out a number of labs previously few quarters and all have been a profitable means to coach the medical group about Aurora and construct adoption of our newer, proprietary merchandise. We’re very optimistic about our future as we count on to launch a number of new merchandise and initiatives, which also needs to result in sizable income and gross revenue margin enhancements over the long-term.”
Mr. Chad Clouse, Chief Monetary Officer of Aurora Backbone, added, “The fourth quarter and financial yr was a stable report for Aurora. This was completed by improved gross revenue margin, which continued to extend because the firm applied a shift into producing extra proprietary merchandise. Expense controls have been additionally a contributing issue and because of this the corporate’s money burn was muted for each durations. Now that extra states have opened up and elective surgical procedures have resumed, we count on working bills to extend to extra normalized ranges within the coming quarters to help the corporate’s launch of a number of new merchandise and initiatives, which also needs to result in continued income and gross revenue margin enhancements.”
Outlook
Whereas the corporate doesn’t yield formal steering, first quarter outcomes ought to be in-line with these reported for This fall of 2020. The beginning of the primary quarter was a bit of slower than anticipated, resulting from many healthcare professionals and their staffs getting vaccinated throughout the early a part of the quarter, however the firm exited the quarter with renewed momentum, nearing pre-Covid income ranges. The corporate is cautiously optimistic that because the pandemic subsides, elective surgical procedures ought to proceed to get well. Whereas the scheduling of those procedures has been erratic previously yr, the ache that sufferers are experiencing hasn’t gone away and most of the procedures are going to be resolved in some unspecified time in the future. Aurora is effectively positioned to assist ache interventionalists and backbone/neuro surgeons alike in providing them the newest applied sciences to rapidly enhance their affected person’s lives and the corporate plans on asserting a number of new merchandise and initiatives all through 2021.
Monetary Outcomes
Complete revenues for the fourth quarter of 2020 have been $2.43 million in comparison with $2.63 million for the fourth quarter of 2019, a lower of seven.7%, however a slight sequential improve of two.5% from third quarter 2020 of $2.37 million, as elective surgical procedures resumed from the Covid-19 shutdown that occurred within the first half of the fiscal yr. Complete revenues for fiscal 2020 have been $8.65 million in comparison with $11.15 million for fiscal 2019, a lower of 22.4%, largely because of the Covid-19 shutdown within the first half of the fiscal yr.
Gross margin on complete revenues have been 40.1% for the fiscal 2020, in comparison with 31.8% for fiscal 2019. The enhancements in gross margins is attributable to the corporate’s technique of changing third occasion product gross sales to extra proprietary, Aurora Backbone merchandise.
Complete working bills have been $1.400 million for the fourth quarter of 2020, which included $0.188 million of non-cash bills, in comparison with $0.669 million, which included $0.137 million of non-cash bills for the fourth quarter of 2019. Complete working bills for fiscal 2020 have been $4.720 million, which included $0.683 million of non-cash bills, in comparison with $4.801 million, which included $0.479 million of non-cash bills for the fiscal 2019. The change in working bills have been elevated throughout the fourth quarter as the corporate incurred increased common and administrative bills for resulting from a rise in advertising {and professional} charges associated to authorized work for brand new merchandise.
EBITDAC (a non-GAAP determine non IFRS measure outlined as Earnings earlier than Curiosity, Tax, Depreciation, Amortization and Inventory based mostly compensation) was $0.19 million for the fourth quarter of 2020, in comparison with $(0.84) million within the fourth quarter of 2019. EBITDAC was $0.54 million for fiscal 2020, in comparison with $(0.60) million for fiscal 2019.
Internet loss was $(0.042) million for the fourth quarter of 2020, in comparison with a lack of $(0.59) million within the fourth quarter of 2019. Primary and diluted internet earnings per share was ($0.00) per share within the fourth quarter of 2020 and $(0.03) per share for the fourth quarter of 2019. Internet loss was $(0.232) million for fiscal 2020, in comparison with a lack of $(1.254) million for fiscal 2019. Primary and diluted internet earnings per share was ($0.00) per share for fiscal 2020 and $(0.03) per share for fiscal 2019.
Full monetary statements will be discovered on SEDAR at (www.sedar.com).
SELECTED BALANCE SHEET INFORMATION
The next desk summarizes chosen key monetary information.
| As at | December 31, 2020 $ |
September 30, 2020 $ |
December 31, 2019 $ |
| Money | 1,710,146 | 2,085,552 | 444,741 |
| Commerce receivables | 1,658,124 | 1,585,613 | 2,443,096 |
| Pay as you go bills and deposits | 231,256 | 179,959 | 262,217 |
| Stock | 1,596,365 | 1,721,999 | 1,529,474 |
| Present belongings | 5,195,891 | 5,573,123 | 4,679,528 |
| Intangible belongings | 868,946 | 827,954 | 838,915 |
| Property and gear | 1,090,312 | 1,143,618 | 1,155,249 |
| Complete belongings | 7,155,149 | 7,544,695 | 6,673,692 |
| Present liabilities | 1,561,471 | 1,946,025 | 2,523,223 |
| Lengthy-term liabilities | 2,312,374 | 2,313,005 | 2,382,444 |
| Share capital | 22,007,747 | 21,850,680 | 20,669,713 |
SELECTED QUARTERLY INFORMATION
The Firm’s purposeful foreign money is the US greenback (USD). The purposeful foreign money of the Firm’s US subsidiary Aurora is USD.
Working outcomes for every quarter for the final two fiscal years are offered within the desk under.
| Quarters ended | December 31, 2020 $ |
September 30, 2020 $ |
June 30, 2020 $ |
March 31, 2020 $ |
December 31, 2019 $ |
September 30, 2019 $ |
June 30, 2019 $ |
March 31, 2019 $ |
||||||||
| Income | 2,437,228 | 2,368,692 | 1,580,450 | 2,259,251 | 2,632,649 | 2,530,602 | 3,260,247 | 2,729,221 | ||||||||
| Value of products offered | (1,533,983 | ) | (1,230,824 | ) | (934,058 | ) | (1,478,037 | ) | (2,550,418 | ) | (1,518,986 | ) | (1,971,382 | ) | (1,564,504 | ) |
| Gross revenue | 903,245 | 1,137,868 | 646,392 | 781,214 | 82,231 | 1,011,616 | 1,288,865 | 1,164,717 | ||||||||
| Working bills | 1,400,165 | 1,146,672 | 831,239 | 1,341,757 | 669,399 | * | 1,429,015 | 1,332,970 | 1,370,318 | * | ||||||
| EBITDAC** | 185,104 | 477,060 | 170,549 | (294,721 | ) | (837,587 | ) | (116,189 | ) | 259,250 | 86,433 | |||||
| Internet earnings (loss) | (42,181 | ) | 336,163 | 34,475 | (560,543 | ) | (587,168 | ) | (417,399 | ) | (44,105 | ) | (205,601 | ) | ||
| Primary and diluted earnings (loss) per share*** | (0.00 | ) | 0.01 | 0.00 | (0.01 | ) | (0.03 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | ||
* Adjusted by positive aspects and (losses) on sale of apparatus.
** EBITDAC is a non-GAAP, non IFRS measure outlined as Earnings earlier than Curiosity, Tax, Depreciation, Amortization and Inventory based mostly compensation. This quantity contains Good points (losses) on sale of property and gear and Different earnings (expense).
*** Excellent choices and warrants haven’t been included within the calculation of the diluted loss per share as they’d have the impact of being anti-dilutive.
About Aurora Backbone
Aurora Backbone is targeted on bringing new options to the spinal implant market by a sequence of modern, minimally invasive, regenerative spinal implant applied sciences. Extra data will be accessed at www.aurora-spine.com or www.aurorapaincare.com.
Neither TSX Enterprise Trade nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts duty for the adequacy or accuracy of this launch.
Ahead-Trying Statements
This information launch comprises forward-looking data that entails substantial recognized and unknown dangers and uncertainties, most of that are past the management of Aurora Backbone, together with, with out limitation, these listed below “Threat Components” and “Cautionary Assertion Concerning Ahead-Trying Info” in Aurora Backbone’s ultimate prospectus (collectively, “forward-looking data”). Ahead-looking data on this information launch contains data in regards to the proposed use and success of the corporate’s merchandise in surgical procedures. Aurora Backbone cautions traders of Aurora Backbone’s securities about vital components that would trigger Aurora Backbone’s precise outcomes to vary materially from these projected in any forward-looking statements included on this information launch. Any statements that categorical, or contain discussions as to, expectations, beliefs, plans, targets, assumptions or future occasions or efficiency are usually not historic details and could also be forward-looking and will contain estimates, assumptions and uncertainties which might trigger precise outcomes or outcomes to vary unilaterally from these expressed in such forward-looking statements. No assurance will be provided that the expectations set out herein will show to be right and, accordingly, potential traders mustn’t place undue reliance on these forward-looking statements. These statements communicate solely as of the date of this press launch and Aurora Backbone doesn’t assume any obligation to replace or revise them to replicate new occasions or circumstances.
Contact:
Aurora Backbone Company
Trent Northcutt
President and Chief Government Officer
(760) 424-2004
Chad Clouse
Chief Monetary Officer
(760) 424-2004
www.aurora-spine.com
Adam Lowensteiner
LYTHAM PARTNERS, LLC
Phoenix | New York
Phone: 646-829-9700
asapf@lythampartners.com
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