Company Reports Q1 EBITDA of over $3,600,000 USD
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DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR
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PARKER, CO, May 31, 2017 /CNW/ - Assure Holdings Corp.
The "Company" (TSXV: IOM), announces today the release of its Q1
2017 Financial Results. The Company's quarterly Financial
Statements and MD&A can be found at
www.sedar.com.
Assure Holdings Corp. reports:
- Record Quarterly Revenue of over $3,914,000 USD,
- Record EBITDA of over $3,612,000
USD, and
- Plans to expand into additional States.
Preston Parsons, the Chief
Executive Officer and founder of the Company said of the
announcement, "We couldn't be happier with our first quarter
results. This has been a very busy year to date for the Company. In
the past ten days we have completed our Qualifying Transaction,
commenced trading on the TSX Venture Exchange, and now we have
released our first Quarter results which we are very proud of. Our
team has done an amazing job executing in 2017 and I want to
personally thank everyone involved that helped contribute to these
Q1 results."
Highlights of
the Financial Results Include (Reported in USD)
|
|
|
|
|
Three Months Ended
March 31,
|
2017
|
2016
|
|
|
|
Operating
Revenue
|
$3,914,790
|
$0
|
Income from Equity
Method
Investments
|
$905,798
|
$331,814
|
EBITDA
|
$3,612,094
|
$321,439
|
Net
Income
|
$3,212,797
|
$321,439
|
Basic
EPS
|
$.13
|
$.04
|
Fully diluted
EPS
|
$.12
|
$.04
|
The Company currently provides Neuromonitoring services
exclusively in the State of
Colorado. As previously announced, the Company has begun the
process of expanding the Company's platform in regions outside of
Colorado. It is anticipated that
continued expansion in Colorado,
coupled with the deployment of the Assure platform into additional
states, will result in increased growth throughout 2017 and
beyond.
Mr. Parsons also commented that, "Our team has been exceedingly
busy in Q1 and Q2 with completing the Qualifying Transaction. The
fact that we have also been able to grow the business substantially
during these busy times speaks volumes to not only the commercial
acceptance of the Assure Platform, but also to the dedication of
our team. Perhaps even more impressive is that historically
Q1 and Q2 are slower periods within the fiscal and calendar year.
I'm optimistic that the hard work that is being done today will
result in continued strong performance as we continue to
expand."
The Company also notes that due to the Qualifying Transaction
there have been increased expenses in 2017, some of which are
non-recurring. Additionally, Assure has experienced collections
that are above the Company's forecasts which have positively
impacted Q1 financial results.
About Assure Holdings Corp.
Assure Holdings Corp. is a Colorado based company,
incorporated in the State of Nevada, that works with neurosurgeons and
orthopedic spine surgeons to provide a turnkey suite of services
that support intraoperative neuromonitoring activities during
invasive surgeries. Assure: (i) employs its own staff of
technologists and uses its own state of the art monitoring
equipment, (ii) handles 100% of intraoperative neuromonitoring
scheduling and setup, and (iii) bills for all technical services
provided. While Assure focuses primarily on supporting spinal
surgeries, plans are in place to support other classes of medicine
that rely on the standard of care that intraoperative
neuromonitoring provides.
Neither the 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.
The securities of the Corporation have not been and will
not be registered under the United States Securities Act of 1933,
as amended and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirement. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release contains certain statements that
may constitute forward-looking information under applicable
securities laws. All statements, other than those of historical
fact, which address activities, events, outcomes, results,
developments, performance or achievements that Assure anticipates
or expects may or will occur in the future (in whole or in part)
should be considered forward-looking information. Such information
may involve, but is not limited to, comments with respect to
strategies, expectations, planned operations and future actions of
the Corporation. Often, but not always, forward-looking information
can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or variations (including
negative variations) of such words and phrases, or statements
formed in the future tense or indicating that certain actions,
events or results "may", "could", "would", "might" or "will" (or
other variations of the forgoing) be taken, occur, be achieved, or
come to pass. Forward-looking information is based on currently
available competitive, financial and economic data and operating
plans, strategies or beliefs as of the date of this news release,
but involve known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, performance or
achievements of Assure, as applicable, to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information. Such factors may be
based on information currently available to Assure, including
information obtained from third-party industry analysts and other
third party sources, and are based on management's current
expectations or beliefs regarding future growth, results of
operations, future capital (including the amount, nature and
sources of funding thereof) and expenditures. Any and all
forward-looking information contained in this press release is
expressly qualified by this cautionary statement.
SOURCE Assure Holdings Corp.