Assure Holdings Corp. Announces Record Q1 Financial Results

Company Reports Q1 EBITDA of over $3,600,000 USD

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./

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.

For further information: Matthew Willer, President, Assure Holdings Corp., Tel: (720) 287-3093, Email: Matthew.Willer@assureIOM.com, Website: www.assureIOM.com


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