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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) held its virtual annual general meeting, where shareholders approved all matters outlined in the November 9, 2021 definitive proxy statement. Key approvals included the election of board nominees, re-appointment of auditors, executive compensation, and amendments to the stock option and equity incentive plans. The new stock and employee purchase plans were also approved, allowing for a maximum issuance of 2,367,260 shares under all plans combined. Approval from the TSX Venture Exchange is still pending for these amendments.
Assure Holdings Corp. (NASDAQ: IONM) has announced the completion of a non-brokered private placement, issuing 70,300 common shares at US$6.19 each, generating approximately US$435,000. This follows a prior offering that raised approximately US$4.75 million. The proceeds from both offerings will help fund growth initiatives, expand services, and support general working capital. The latest offering is pending final approval from the TSX Venture Exchange. Additionally, insider Preston Parsons acquired shares, altering his stake marginally.
Assure Holdings Corp. (NASDAQ: IONM) announced participation in two key investor conferences in December 2021. The Benchmark Company’s Discovery One on One Virtual Video Investor Conference is on December 2, focusing on micro-cap companies. Sidoti’s Virtual Microcap Investor Conference is set for December 8-9, with CEO John Farlinger scheduled to present on December 8 at 1:45 p.m. ET. Assure provides comprehensive intraoperative neuromonitoring services, recognized for high patient care standards and holding the Joint Commission’s Gold Seal of Approval.
Assure Holdings Corp. (NASDAQ: IONM) plans a non-brokered private placement of up to 70,300 common shares at $6.19 each, expected to raise approximately $435,000. The funds will be used to support a system-wide contract with Premier, Inc., expand remote neurology services, and enhance operational infrastructure. The offering is pending approval from the TSX Venture Exchange and is exempt from minority approval standards. All shares will be subject to a four-month hold period under Canadian and U.S. securities laws.
Assure Holdings Corp. (NASDAQ: IONM) announced an amendment to its $11 million credit facility with Centurion Financial Trust, allowing access to a second tranche of $3 million for organic growth and working capital. Previously, this tranche was reserved for acquisitions. The facility is secured by the company's assets and matures on June 9, 2025, with interest rates starting at 9.5%. The CEO stated this amendment enhances the capital structure and supports growth initiatives like a contract with Premier, Inc. Approval from the TSX Venture Exchange is still pending.
Assure Holdings Corp. (NASDAQ: IONM) reported a strong third quarter for 2021, with total revenue rising 113% to $8.5 million and managed cases increasing 86% to 4,996 compared to the previous year. The company achieved a net income of $0.1 million, a significant improvement from a net loss of $1.0 million, reflecting effective cost management and operational growth. Assure secured a contract with Premier Inc. and expanded its remote neurology services, indicating promising future revenue streams. The company forecasts over 17,000 managed cases for 2021, marking a 70% increase over 2020.
Assure Holdings Corp. (NASDAQ: IONM) has successfully closed a private placement, raising gross proceeds of $4.75 million at an issue price of $5.25 per share, with approximately 900,000 shares issued. Management anticipates a subsequent offering, potentially raising an additional $700,000. The funds will support a system-wide contract with Premier, Inc., expand its remote neurology platform, and enhance operations across new states. The offering is subject to TSX Venture Exchange approval.
Assure Holdings Corp. (NASDAQ: IONM) will hold a conference call on November 15, 2021, at 4:30 p.m. ET to discuss its Q3 financial results for the period ending September 30, 2021. The call will be accessible via live webcast and audio-only options. A replay will be available after 7:30 p.m. ET on the same day until November 29, 2021. The company is recognized for providing a comprehensive suite of intraoperative neuromonitoring services, ensuring high patient care quality, and has earned The Joint Commission's Gold Seal of Approval.
Assure Holdings Corp. (NASDAQ: IONM) has signed a significant agreement with The MultiPlan Network to enhance network access for commercial insurance payors in the U.S. This deal is expected to streamline payment collection for intraoperative neuromonitoring services, potentially increasing Assure's commercial insurance volume significantly over the next year. The agreement, effective August 15, 2021, automatically renews annually unless terminated with a 180-day notice. Assure aims to develop a competitive in-network revenue stream, reducing risks and complexities in payment processes.
Assure Holdings Corp. (NASDAQ: IONM) has expanded its operations by performing its first neuromonitoring case in Nevada, marking its entry into the twelfth state. The company has secured a contract to provide IONM services to eight hospitals in the Las Vegas area, a region with a significant demand for spine surgery. Assure aims to grow rapidly in this market, anticipating collaborations with multiple surgeons who handle around 2,000 procedures annually. The company's growth trajectory has been propelled by its reputation for quality and the increasing need for neuromonitoring across various medical procedures.
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