Company Announces Q3 Financial Results, Thursday, Nov.
7, 2013, Followed by an Interactive Webinar Conference Call to
Follow at 4:20 pm EST. Access Info Provided Below.
Spine Pain Management, Inc. (OTCQB:SPIN), a technology-driven,
financial service, device and healthcare solution company servicing
the multi-billion dollar spine injury sector, today announced
financial results for the third quarter 2013.
Major Q3 Developments
- Highest Net Income in six quarters.
- Cash Collections of $948,808—a record quarterly high which was
82% higher than Q2 13 and a 70% increase over Q3 12.
- Net Working Capital increased to a record $3,439,193 (Current
Ratio, 4.7 to 1).
- 1103 Cases Settled from inception with cash received of $7.2
million; leaving 2,305 cases funded awaiting Settlement.
- Quarter Average Collection per Case a record $7,299 Up from
average $6,519 to date.
- Retains Independent Marketing Contractor for Company owned Quad
Video HALO system V 3 (QVH) "outside" sales launch.
Subsequent Events
- San Antonio Affiliate expands with opening of Austin, Texas
satellite Center.
- National Launch for QVH Scheduled for Radiological Society of
North America (RSNA) Expo in Chicago Dec. 1-6
Results of Operations
We recorded $2,002,259 in gross revenue for the three months
ended September 30, 2013, offset by $995,690 of standard allowance
for discount resulting in net revenue of $1,006,569. For the
same period in 2012, gross revenue was $1,925,138, offset by
$978,524 of standard allowance for discount, resulting in net
revenue of $946,614 (up 6%). We manage spine injury diagnostic
centers located in Texas and Florida. Service cost was $407,838 for
the three months ended September 30, 2013 compared to $369,296 for
the same period in 2012. During the three months ended September
30, 2013, we incurred $456,619 of operating, general and
administrative expenses compared with the $484,082 for the same
period in 2012. The decrease is attributable to decreases in
investor relations expense by $26,000, consultant fees of $12,000,
and travel expenses of approximately $6,000, coupled with an
increase of payroll expense of $10,000, legal fees of $14,000 and
non-cash director and officer compensation of $12,000 and other net
general and administrative expenses of approximately
$8,000.
As a result of the aforementioned, we realized net income of
$131,237 (up 26%) for the three months ended September 30, 2013 as
compared to $104,376 for the three months ended September 30,
2012. It should be noted that there were $221,006 of non cash
charges included in net income for Q3 '13.
Spine Pain Management's CEO, Dr. William Donovan, stated; "With
no other public companies in our specific niche financing sector to
look towards, it has been quite a learning experience in developing
our unique business model from scratch. However, in spite of some
'rocks along the road', our rapidly increasing cash collections and
strong balance sheet of funded cases, paired with a very low case
failure cost to date, demonstrates a very profitable model has
evolved. As you can see, to date we have collected some $7.2
million cash on less than 1/3 of our rapidly growing already funded
portfolio of cases; yet against these settled cases, the cash cost
to the company due to failed cases totals less than $126,000."
Dr. Donovan went on to say, "We have applied for a patent on our
quad Video Halo system, a transparency device/system originally
conceived for internal use only within our Affiliated Centers.
During 2013 the AMA has recommended to their members more
transparency in their medical procedures—the area that our QVH
hardware/software system addresses. We have negotiated with an
independent contractor to manage our QVH entry into the
radiological market, with the official launch being Dec. 1 at the
RSNA Expo in Chicago. While expenses to launch this new enterprise
may be a drag on net income over the next several quarters,
the strong margins in this system have the possibility to add
to the future potential of SPIN. To learn more about the
company and meet management and also the QVH contractor and his
plan for QVH, I invite all to attend our Conference Call today or
to later review the video replay of the Conference Call on the
company website."
Conference Call Access Details
Conference Call: An investor's conference call
with management will be held on Thursday, November 7, 2013 at 4:20
pm EST. 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 Thursday, November 7, 2013.
Click or paste the link below in your browser for registration
and web access to the presentation and follow the online
instructions:
https://www3.gotowebinar.com/register/550788214
Or if the above link doesn't work, please try the following:
http://www.joinwebinar.com Webinar ID: 550-788-214
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 (646) 307-1720 Participant
Access Code: 741-067-831 Audio PIN: Shown after joining the
Webinar
Conference Play Back: A video replay of
the conference call presentation will be available on the Company's
website, prior to the market opening on Nov. 8.
http://www.spinepaininc.com
About Spine Pain Management, Inc:
We are a financial services and technology company facilitating
diagnostic services for patients who have sustained spine injuries
resulting from traumatic accidents. We deliver 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. Our management services help reduce
the financial burden on healthcare providers that provide patients
with early-stage diagnostic testing and minimally-invasive surgical
care, preventing many patients from being unnecessarily delayed or
inhibited from obtaining needed treatment. We believe that our
services and technology brings 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: Dr. William F. Donovan
Chairman, President & CEO
Spine Pain Management, Inc.
713 521-4220
Grafico Azioni Spine Injury Solutions (QB) (USOTC:SPIN)
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Grafico Azioni Spine Injury Solutions (QB) (USOTC:SPIN)
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