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About Assure Holdings Corp. (NASDAQ: IONM)
Assure Holdings Corp. is a Colorado-based healthcare company specializing in outsourced intraoperative neuromonitoring (IONM) and remote neurology services. The company plays a critical role in supporting surgeons and medical facilities during invasive procedures that pose risks to the nervous system. These include neurosurgery, spine, cardiovascular, orthopedic, and ear, nose, and throat (ENT) surgeries. By providing a comprehensive, turnkey suite of clinical and operational services, Assure ensures the functional integrity of patients' neural structures during surgery, enhancing both safety and outcomes.
Comprehensive Service Offering
Assure's business model is built around delivering a fully integrated solution for IONM. The company employs its own highly trained technologists, uses state-of-the-art monitoring equipment, and manages all aspects of scheduling and setup. Physicians employed through Assure subsidiaries provide real-time remote monitoring and collaborate directly with surgeons and technologists in the operating room. This seamless integration of services ensures continuity, reliability, and confidence for all stakeholders involved in the surgical process.
Industry Accreditation and Commitment to Quality
Accredited by The Joint Commission, Assure Holdings is committed to delivering exceptional surgical care and a superior patient experience. This accreditation underscores the company's adherence to the highest industry standards, further solidifying its reputation as a trusted partner in the healthcare ecosystem.
Market Position and Differentiation
Operating within the highly specialized field of intraoperative neuromonitoring, Assure differentiates itself through its comprehensive service model and direct operating room support. Unlike competitors who may only provide partial services, Assure offers end-to-end solutions, from technical setup to real-time monitoring and billing. This holistic approach not only simplifies processes for medical facilities but also enhances patient safety and surgical outcomes.
Core Focus Areas and Expansion Potential
While Assure primarily supports spinal and vascular surgeries, its capabilities extend to a wide range of medical specialties. The company has also indicated plans to expand its services to other areas of medicine that rely on intraoperative neuromonitoring as a standard of care. This strategic focus positions Assure as a versatile and scalable player in the healthcare industry.
Value Proposition
Assure's patient-driven focus is at the core of its operations, ensuring that all stakeholders—from surgeons to patients—benefit from its high-quality services. By employing the industry's best technologists and leveraging cutting-edge equipment, the company instills confidence and reliability in its offerings, making it a preferred choice for medical facilities and surgeons alike.
Assure Holdings Corp. (NASDAQ: IONM) announced a cost reduction plan aimed at achieving EBITDA profitability and positive cash flow, targeting over $2.0 million in annual savings. The plan includes a $1.0 million reduction in salaries and a $1.0 million decrease from staff headcount. Additionally, Assure aims to boost revenue by eliminating legacy revenue sharing agreements, expecting a monthly revenue increase of over $200,000 in 2023. These measures build on over $4.0 million in savings implemented in 2022, including workforce reductions and market rationalization. The company is focused on sustainable growth and improving operational efficiencies.
Assure Holdings Corp. (NASDAQ: IONM) has completed the acquisition of Neuroprotect Neuromonitoring, LLC, significantly expanding its intraoperative neuromonitoring (IONM) services in Colorado. The acquisition, finalized on December 31, 2022, includes assets such as accounts receivable and material contracts. In 2022, NervePro conducted approximately 750 IONM managed cases. Assure aims to enhance revenue from these acquired operations and strengthen its market presence. The transaction involved the issuance of 1.5 million shares at a price of $0.26 each, with Assure planning to register these shares for resale.
Assure Holdings Corp. (NASDAQ: IONM) announced that all matters presented at its annual general meeting on December 28, 2022, received shareholder approval. Key decisions included the election of five board members: Martin Burian, John Farlinger, Christopher Rumana, Steven Summer, and John Flood, as well as the ratification of Baker Tilly US as the company's auditors for the fiscal year ending December 31, 2022. The meeting's outcomes are detailed in the Proxy Statement dated December 2, 2022.
Assure Holdings Corp. (NASDAQ: IONM) announced its participation in two investor conferences in December 2022. Management will engage in one-on-one meetings at the Benchmark Discovery One-on-One Investor Conference on December 1 and the Roth Capital Deer Valley Conference on December 15-16. Assure specializes in intraoperative neuromonitoring and remote neurology services, providing clinical support during high-risk surgeries. The company emphasizes patient safety and real-time monitoring during procedures, aiming to deliver exceptional surgical care.
Assure Holdings Corp. (NASDAQ: IONM) reported its Q3 2022 financial results, showing gross revenue of $8.3 million, down from $8.5 million in Q3 2021, and a net revenue of $6.2 million, also lower than $8.5 million year-over-year. Adjusted EBITDA was negative at $(1.2) million compared to $1.2 million in the prior year. Despite a challenging environment, the company seeks to enhance margins, expecting to manage between 21,000 and 22,000 cases in FY 2022. Actions taken include exiting underperforming markets and initiating cost reductions, aiming for over $5 million in annual savings.
Assure Holdings Corp. (NASDAQ: IONM) announced that shareholders recorded by November 18, 2022, can vote at the Annual Meeting set for December 28, 2022. The notice will be mailed around November 28, 2022. Assure is a leading provider of intraoperative neuromonitoring and remote neurology services, supporting various surgical procedures while ensuring patient safety and care. The company emphasizes its commitment to exceptional surgical outcomes and patient experiences, backed by a team of trained technologists and accredited operations.
Assure Holdings Corp. (NASDAQ: IONM) will host a conference call on November 14, 2022, at 4:30 p.m. Eastern Time to discuss its third-quarter financial results for the period ending September 30, 2022. The live webcast and related presentation can be accessed through their investor relations website. A replay will be available after the call until November 28, 2022. Assure is a leading provider of intraoperative neuromonitoring and remote neurology services, focusing on surgical safety and patient care in high-risk procedures.
Assure Holdings Corp. (NASDAQ: IONM) has announced its first intraoperative neuromonitoring case in New Jersey. This expansion aligns with their strategy to grow in the Northeast, targeting states with favorable reimbursement profiles. Dr. Marc J. Levine, a prominent orthopedic surgeon, will work with Assure, emphasizing their strong reputation and robust Quality Assurance program. Assure continues to focus on organic growth and exceptional clinical care to enhance patient outcomes.
Assure Holdings Corp. (NASDAQ: IONM) announced participation in multiple investor conferences in October 2022, focusing on intraoperative neuromonitoring and remote neurology services. Key events include the Roth Healthcare Opportunities Conference on October 6 in New York, the MicroCap Rodeo Windy City Roundup on October 12-13 in Chicago, and the LD Micro Main Event on October 25-26 in Los Angeles. Additionally, Assure will attend the ThinkEquity Conference on October 26 in New York. Presentations and one-on-one meetings with investors are scheduled. For more details, visit their website.
Assure Holdings Corp. (NASDAQ: IONM) successfully completed a $6.2 million underwritten public offering, with Aegis Capital Corp. serving as the sole bookrunner. The company provides intraoperative neuromonitoring surgical support services across multiple U.S. states, primarily focusing on spine and head surgeries. Proceeds from the offering are expected to enhance operational capabilities and support growth initiatives. This strategic move positions Assure Holdings for future expansion within the neuromonitoring industry.
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