HOUSTON, May 15, 2017 (GLOBE NEWSWIRE) -- Spine Injury Solutions, Inc. (OTCQB:SPIN), a technology-driven, medical service, and healthcare solution and financing company servicing the multi-billion dollar spine injury sector, today announces Financial Results for Q1 2017. The company has also scheduled an interactive video Investor conference call for Today, Monday May 25, 2017 at 4:20 p.m. (EST) to discuss the Company's financial results for Q1, 2017. We plan to discuss the 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.
Dr. William Donovan, Chairman/CEO Commented; “Earlier this year, management made the decision to focus this year on expanding our profitable core business model of funding Spinal Injury medical procedures through our affiliates. This model that has generated over 8,500 procedures over seven years, a gross return of some $16.5 million cash collected while awaiting additional settlement, in total creating a favorable return of approximately 150%. This strategy requires a branded, standardized and scalable program for expansion. As reported on YE 16 call, such a major step was not going to happen overnight. Since that time, a lot has been accomplished, both from standardizing documentation to include compiling Affiliate Operations Manual and legal affiliate agreements. Donovan went on to say, “Around the time of the last conference call, the Company announced the soon opening of a new Affiliate Center in Lubbock Texas at the suggestion of one of Texas’ largest personal injury law firms. Though the announcement was preliminary and had little detail, the local Lubbock newspaper picked up on the announcement attracting other Doctors and local law firms who had heard of SPIN and its Quad Video HALO™ and already are referring patients. Though such a short time, more than a dozen Lubbock patients have already been referred. With response such as we have witnessed in Lubbock, the Company has set a target to add as many as ten to twelve Affiliates over the next 18 months. It is not unrealistic to assume that a goal of 25 Spinal Procedures a month after six to twelve months is achievable. Now with the groundwork laid for this expansion, we think the time is right to consider adding a top level executive as Chief Operating Officer position to assist in development. I invite all interested parties to attend our Q1 2017 Interactive Video Conference Call or view its replay which will be out by tomorrow morning.”
Results of Operations
For the Quarter ended March 31, 2017.
Comparison of the three month period ended March 31, 2017 with the three month period ended March 31, 2016.
We recorded $831,320, in gross revenue for the three months ended March 31, 2017, offset by $330,157 of the expected settlement discount resulting in net revenue of $501,163. For the same period in 2016, gross revenue was $1,162,621, offset by $495,357 of expected settlement discount, resulting in net revenue of $667,264. Revenue was negatively affected by the closing of the San Antonio affiliate in 2016. For the three months ended March 31, 2017, we managed three spine injury diagnostic centers: Houston, Texas; Tyler, Texas and Odessa, Texas. Lubbock, Texas will become active in the second quarter of 2017. Service cost was $156,804 for the three months ended March 31, 2017 compared to $228,310 for the same period in 2016.
During the three months ended March 31, 2017, we incurred $382,028 of operating, general and administrative expenses compared to $366,513 for the same period in 2016. Operating, general and administrative expenses were higher for the 2017 quarter compared to 2016 primarily because of an increase in consulting fees, payroll expenses, website planning fees, and traveling expenses totaling approximately $77,000, coupled with reductions in bad debt expense, legal fees, rent, and other expenses of $61,000. The higher consulting costs for the quarter ended March 31, 2017 were mostly incurred in connection with the expansion of our Affiliate Program and marketing of the QVH. There were no research and development costs during the quarter ended March 31, 2017 as compared to $6,149 in 2016. We also experienced a decrease of $63,692 in non-cash operating charges from $110,519 for the three months ended March 31, 2016 to $46,827 for the three months ended March 31, 2017.
As a result of the foregoing, we had net loss of $49,389 or $.002 per share for the three months ended March 31, 2017, compared to $53,159, $.002 of net income for the three months ended March 31, 2016.
Liquidity and Capital Resources
For the three months ended March 31, 2017, cash used in operations was $93,553 which primarily included decreases in accounts receivable of $4,080 and increases in prepaid expenses of $27,750, related party payables of $44,066 and accounts payable of $23,255. For the same period in 2016, cash used in operations was $26,595, which primarily included increases in accounts receivable of $154,533, inventories of $2,916, prepaid expenses of $27,750, and a decrease in accounts payable of $33,010, partially offset by net income of $53,159 and an increase of $27,936 in due to related party. We used no cash in investing activities for the three months ended March 31, 2017 and 2016.
Cash used in financing activities for the three months ended March 31, 2017 and 2016 consisted of repayments on our notes payable in the amount of $50,000 and $20,000, respectively. We collected $419,086 and $512,729 in settlements during the three months ended March 31, 2017 and 2016, respectively.
Conference Call Details
Conference Call: An investor's conference call with management will be held on Monday, May 15, 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 May 15, 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:
https://attendee.gotowebinar.com/register/1432887234380451075
or if the above link doesn't work, please try the following:
http://www.joinwebinar.com Webinar ID: 449-873-123
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 (914) 614-3221
Participant Access Code: 255-540-580
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:
http://www.spineinjurysolutions.com
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.