Aurora Spine Corporation Files Consolidated Financial Statements for the Three Months Ended March 31, 2015
Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSX VENTURE:ASG) announces financial results for the three months ended March 31, 2015.
To our Shareholders:
Q1 2015 saw an increase in sales over Q4 2014. During Q1 2015 we expanded availability of the family of products in the Screwless Procedure™, a cutting-edge surgical approach to spine fusion. The Screwless Procedure features: the ZIP™ MIS Fusion System, the TiNano® MIS Interbody cages, and the new COMPASS 4D™ MIS retractor system.
Highlights from Q1 2015
- Achieved over $1.3M in total sales for the quarter, up approximately 456% over 2014 Q1.
- Increased gross profits from $177K in Q1 2014 to $676K in Q1 2015, representing a 380% increase.
- ZIP sales totaled approximately $660K of the Q1 revenue.
- Introduced ZIP LP™, the slimmest design in the ZIP family.
- Continued the growth of interbody cages featuring Aurora’s new TiNano titanium spray coating technology, becoming the fastest growing product line, representing approximately 38% of our Q1 revenues.
- TiNano Discovery cervical interbody cage sales increased by 257% in Q1 2015 over Q4 2014.
- Sold and shipped the first ZIP implant order to Canada.
- Added new customers: 12 hospitals, 19 surgeons, and 15 distributors.
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 15% of revenues in Q1 2015 and we anticipate an ongoing international presence.
Aurora 2015 focus:
- Continue the strategy of building a strong revenue base in the North American, European, and the Middle Eastern markets. We will accomplish this by expanding product usage and product offering, with the current distribution network, developing new distribution channels and training new surgeons on the Aurora product advantages;
- Introduce the MIS VOX™ Lateral Lumbar Interbody Fusion (LLIF) system, featuring Aurora’s TiNano technology in Q2;
- Introduce the ZIP 51™ product for sacro-lumbar fixation.
- Add targeted regional sales leadership in key US markets;
- Continue to add new hospitals, surgeons and distributors to our customer base.
- Add complementary products to augment Aurora’s MIS portfolio.
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 statements together with the Management Discussion and Analysis can be found on SEDAR at www.sedar.com.
Sincerely,
Trent J. Northcutt
President and Chief Executive Officer
