Spine Pain Management, Inc. (OTCQB:SPIN), a technology-driven,
medical service, device and healthcare solution company servicing
the multi-billion dollar spine injury sector, today reported
financial results for its first quarter 2013. The company's
Interactive Webinar Conference Call will follow at 4:15 PM EDT.
Access information for the call is provided below.
Major Developments
- Completed and implemented refinements of its business model
begun in 2012, resulting in a return to profitability and
surpassing of revenues in each of the prior three quarters.
- The continuing legal education and continuing medical education
programs centered around Video Medical Documentation.
- Made first sale of patented Quad Video HALO system
- Opened a new center in San Antonio, Texas.
- Passed the milestone of 5,000 procedures funded.
Results of Operations
Spine Pain Management recorded $2,102,929, in gross revenue for
the three months ended March 31, 2013, offset by $1,059,727 of
standard allowance for discount (sale of Video HALO of $50,000 was
not offset by standard allowance), resulting in net revenue of
$1,043,201. For the same period in 2012, gross revenue was
$2,618,801, offset by $1,134,967 of standard allowance for
discount, resulting in net revenue of $1,283,895. Net income was
$45,969 for the three months ended March 31, 2013, compared to
$481,320 for the three months ended March 31, 2012.
While revenues and earnings in Q1-13 were somewhat lower than
Q1-12, management feels the quality of the revenues in Q1-13 is
much improved over prior periods due to controls implemented in
2012. Additionally, when extraordinary income and loss items are
excluded in Q2-12 and Q3-12, Q1-13 also exceeded both top and
bottom line in each of the prior three quarters. A comparison of
Q1-13 to Q4-12 shows a 237% increase in reported net revenues from
$309,326 in Q4-12 and a return to profitability from a $630,035
loss in Q4-12.
To effectuate these controls, management was able to capitalize
on historic data and efficiently model a more profitable use of our
financial resources in pre-funding cases. The effect of these
changes results in more stringent requirements as to which cases
Spine Pain Management will pre-fund. Factors that are
considered include: minimal insurance coverage, historical returns
from the referring attorney and other parameters such as average
length of time to settlement.
Spine Pain Management's CEO, Dr. William Donovan, stated, "As we
represented on our year-end conference call six weeks ago, 2012 was
a year in transition where management stepped back and closely
evaluated what we had learned in the few years since we conceived
and implemented SPIN's unique business model in a public company.
There was never any question as to the validity of the core
business model, as proven by collections of over $5 million and
discounted future collections of some $6.3 million more, all
generated from less than $2 million in startup capital. But since
there was no other publically reporting companies to observe or
learn from, we had to forge ahead as best we could. As
previously reported, in the summer of 2012 we decided to retain an
outside professional business consulting firm to do a six week 'top
to bottom' company review. Since then we have implemented
systems on how to best capitalize on using our database of over
3,000 cases, at that time, to more efficiently deploy are resources
in the future. I believe Q-1 is a strong start to what I expect to
be a very good year." Donovan went on to say, "I invite all
shareholders and interested parties to attend, or later access, the
video replay of our Q-1 interactive video conference call being
held today."
Continuing Legal and Medical Education
Programs
As recently reported, management has assisted in the development
of a series of specialized educational program classes for
attorneys, doctors and other provider organizations who manage
patients with spine injuries who are parties to personal injury
suits (CLE and CME programs). These programs include "Documentation
Standards of Medical Video Documentation" (DMVD) and "Documentation
and Visualization of Medical Injuries" (DVMI), both utilizing the
Quad Halo Video 2.0 system. The development of these standards for
SPIN's programs is based on SPIN's patent pending technology of
QUAD HALO Video system with its associated hardware and software
technology. To date, a total of four CLE/CME programs have been
held in Florida and Texas with results being the generation of new
attorney referrals.
First Sale of Patented Quad Video HALO
system
In March, the company completed a first sale of its patented
Quad Video, v. 2.0 HALO (HALO v.2) at a sales price of $50,000 plus
a per treatment royalty after one year; thus opening up a new and
significant revenue stream outside its normal course of
business.
New Center in San Antonio, Texas
A new affiliate spine diagnostic center, the "Central Texas Pain
Center" (CPTC), began treating patients on Feb. 22, 2013. CPTC is a
well-established Texas based medical group with extensive
experience in similar spine diagnostic procedures for accident
patients.
Conference Call Details
Conference Call: An investor conference call
with management will be held on Tuesday May 14, at 4:15 pm EDT. The
call will be video WebCast with a short live Power Point
Presentation followed by Q & A. The call may be accessed
either by phone alone, which will not allow asking questions, or by
phone and/or VOIP with headset after internet log-in with an on
screen provided Audio Pin # which will allow verbally asking
questions. Questions can also be typed into an online chat
screen at any time during the presentation or Q & A period.
Access to the Call: To use the internet
link, you must register prior to access, so we suggest you complete
the registration and get your log-in information in advance of the
start of the presentation. You can register at any time. As
mentioned above, the call is Tuesday May 14 at 4:15 pm EDT.
Click or paste the link below in your browser for registration
and web access to the presentation and follow the online
instructions:
https://www3.gotomeeting.com/register/172307814
Or if the above link doesn't work, please try the following:
http://www.joinwebinar.com Webinar ID:
172-307-814
Telephone Dial-in and/or VOIP which provides Q&A: To
verbally ask a question using your telephone, you must be online at
the presentation website during the internet presentation where a
unique Audio PIN # will be provided to you on screen after you
log-in to the presentation console. You must use the pin to
hear the call on the phone. During the presentation, all will be
muted until the Q&A portion.
The Q & A will be moderated, but without an operator, and
will be open to all questions after the formal
presentations. Review this short YouTube tutorial video for
pointers on how to use the Webinar Features. (This is just a demo.
Do not use the numbers or codes on this demo. Use what is provided
above.)
YouTube
webinar instructions:
http://youtu.be/n7b1VHDwwD4
If you use the telephone, but are NOT also online, you will be
able to hear the presentation plus Q & A, but will remain in
"listen only" mode for the duration of the call.
Conference Dial-in Number: 1 (470) 200-0305 Participant
Access Code: 975-720-482
Audio PIN: Shown after joining the Webinar
Conference Play Back: A video replay of
the conference call presentation will be available 3 to 4 hours
after the completion of the call at the company website:
http://www.spinepaininc.com/investor-information.php
About Spine Pain Management, Inc:
Spine Pain Management, Inc. is a medical services and technology
company facilitating diagnostic services for patients who have
sustained spine injuries resulting from traumatic accidents. It
delivers turnkey solutions to spine surgeons, orthopedic surgeons
and other healthcare providers that provide necessary and
appropriate treatment of musculo-skeletal spine injuries resulting
from automobile and work-related accidents. The company's care
management services helps reduce the financial burden on healthcare
providers that provide patients with early-stage diagnostic testing
and non-invasive surgical care, preventing many patients from being
unnecessarily delayed or inhibited from obtaining needed treatment.
Spine Pain Management believes that its services and technology
bring strong transparency and impartiality to all parties involved
in the settlement of patient cases.
Additional information about the company, along with a video can
be found at its website at www.spinepaininc.com.
Forward-Looking Statements: This press release includes
forward-looking statements as determined by the U.S. Securities and
Exchange Commission (the "SEC"). All statements, other than
statements of historical facts, included in this press release that
address activities, events, or developments that the company
believes or anticipates will or may occur in the future are
forward-looking statements. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the
company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include general economic
and business conditions, the ability to acquire and develop
specific projects, the ability to fund operations, healthcare
services demands, changes in healthcare practices, government
regulation, and other factors over which the company has little or
no control. The company does not intend (and is not obligated) to
update publicly any forward-looking statements. The contents of
this press release should be considered in conjunction with the
warnings and cautionary statements contained in the company's
recent filings with the SEC.
CONTACT: Company Contact
Dr. William F. Donovan
Chairman, President & CEO
Spine Pain Management, Inc.
713 521-4224
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