HOUSTON, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Spine Injury Solutions, Inc. (OTCQB:SPIN), a technology-driven, medical service, equipment and healthcare solution and financing company servicing the multi-billion dollar spine injury sector, today announces Financial Results for Third Quarter 2017 and that it has scheduled an interactive video Investor conference call for Today, Monday, Nov. 13, 2017 at 4:20 p.m. (EST) to discuss the Company's financial results for Q3 2017, its new Nationwide Affiliate Expansion Roll-out for its core Personal Injury Case funding along with the current marketing status of its patented Quad Video HALO™ v.3.0, Shareholders Question & Answers will follow. Lead Presenter for the will be SPIN’s recently appointed Chief Operating Officer, Dr. Jeffery Cronk, DC JD.
2017 Financial Highlights
- Q3 17 vs. Q3 16 Reported Revenues up 23% from $458,958 to $565, 202
- Q3 17 vs. Q3 16 Net income $7,589 vs. loss of ($178,401)
- Q3 17 Gross Margin Improved for sixth consecutive quarter to a Record 71%.
- Income Provided from Operations increased to positive $21,789 as compared to negative ($165,344)
Q3 17 Highlights and Subsequent Events
- Agreement Reached with new, first “Out of State” SPIN Affiliate. Closing imminent.
- Order received for first Out of State” 3rd Party Sale of QVH pending 90 day trial
- Dr. Jeffery Cronk, CD, JD Appointed COO.
- Quad Video HALO™ V3.0 EU Patent 15-707-123 filed with European Patent Office
- $17.5 Million Collections Milestone Passed, Ending with $17.61 Million
- Developed and installed first “Tele-Medicine” consoles connecting Odessa and Home Office.
- Received Certificate of Registration (TRADEMARK) #5,261,340 for mark QUAD VIDEO HALO TECHNOLOGIES.
- Increased operational efficiency of Core business as seen by improved top and bottom line, lower SG&A expenses, and increase in Gross Margins.
Dr. William Donovan, Chairman/CEO Commented; “Let me first state that the addition of Jeff Cronk as COO, could not have come at a better time. Rather than continue to “brag” on him and his great credentials, I encourage all to join this afternoons Conference Call or view the replay which will be posted on our website by tomorrow morning. Jeff , who was appointed around the time of our last CC, will be leading the conference call today. I believe you will all find Jeff’s ideas and vision for the company as exciting as I have.”
Donovan went on to say, “It has been a ‘whirlwind’ few months since we last met. In particular, the last few weeks and even days regarding the addition of our new first “out of state” affiliate. Details of this exciting event will be discussed on this afternoon’s conference call and a PR with more details will likely be issued before the market opens tomorrow. The 3rd Party QVH sale reference above is expected to be ready for announcement later in the week pending approval by the buyer after a trial period. Since this is also an out of state installation, SPIN will almost overnight, between the Affiliate addition and QVH sale, triple our national “footprint” to three states. Lastly, Donovan added; “While there is no guarantee that one quarter makes a sustainable trend, I am happy with the efficiency of our team. Management has been able to add to all segments enhancing profitability. Pair this with the now expanding Affiliate base and addition of our qualified COO and it gives me great confidence toward enhancing shareholder value.”
Results of Operations
Comparison of the three month period ended September 30, 2017 with the three month period ended September 30, 2016.
We recorded $876,774 in gross revenue for the three months ended September 30, 2017, offset by $311,572 of the expected settlement discount resulting in net revenue of $565,202. We recorded $782,276 in gross revenue for the three months ended September 30, 2016, offset by $323,318 of the expected settlement discount resulting in net revenue of $458,958. For the three months ended September 30, 2017, we worked with three spine injury diagnostic centers: Houston, Texas; Tyler, Texas and Odessa, Texas. The Lubbock affiliate has been referring patients to the Odessa affiliate for treatment. Service cost was $165,350 (which included $15,092 for the cost of the QVH sold) for the three months ended September 30, 2017 compared to $146,314 for the same period in 2016. The increase in service cost is attributable to the higher case volume in Houston and Odessa, reduced revenue of the Tyler affiliate, and the inclusion of the QVH.
During the three months ended September 30, 2017, we incurred $378,063 of operating, general and administrative expenses compared to $459,126 for the same period in 2016. The decrease is due mainly lower payroll costs of $35,000, marketing costs of $23,000, legal fees of $9,000, and travel expense of $14,000. There was research and development costs of $0 during the quarter ended September 30, 2017 as compared to $18,862 in 2016.
As a result of the foregoing, we had a net income of $7,589 for the three months ended September 30, 2017, compared to a net loss of $178,401 for the three months ended September 30, 2016.
Conference Call Details
Conference Call: An investor's conference call with management will be held on Monday, November 13, at 4:20 p.m. (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 Monday November 13, at 4:20 p.m. (EDT).
Click or paste the link below in your browser for registration and web access to the presentation and follow the online instructions:
or if the above link doesn't work, please try the following:
http://www.joinwebinar.com Webinar ID: 660-882-635
Telephone Dial-in and/or VOIP which provides Q&A: To 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. Questions can be asked by typing in the question in the provided questions link on the provided console at any time during the presentation and will be answered during the Q&A.
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: https://www.youtube.com/watch?v=61o5cMOhYls
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 (562) 247-8321
Participant Access Code: 708-295-939
Conference Play Back: A video replay of the conference call presentation will be available several hours after the completion of the call at the company website:
About Spine Injury Solutions, Inc:
We are a medical 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 DO’s and other healthcare providers that provide necessary and appropriate treatment of musculo-skeletal spine injuries resulting from automobile and work-related accidents. Our management and funding services help 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. 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 replay of most recent Investor Conference Call can be found at its website at www.spineinjurysolutions.com.
About Quad Video HALO, Inc.:
A wholly owned subsidiary of Spine Injury Solutions, Inc. Quad Video HALO, Inc. brings surgeons and interventional pain doctors the technology to provide Transparency of their surgical procedures. The Quad Video Technology V3.0 and HALO Rx creates a digital turnkey video and audio documentation solutions that integrates multiple views from other OR/treatment imagining sources with several other viewpoints just outside the sterile field.
Additional information about QVH, can be found at its website at www.QuadVideoHalo.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.
Dr. William F. Donovan
Chairman, President & CEO
Spine Injury Solutions, Inc.