HOUSTON, Nov. 12, 2015 (GLOBE NEWSWIRE) -- Spine Injury solutions, Inc. (OTCQB: SPIN), a technology-driven, medical service, device and healthcare solution company servicing the multi-billion dollar spine injury sector, reports Q3 2015 financial results and will hold an Investor conference call on Thursday, Nov. 12, 2015, at 4:20 p.m. (EST) to discuss the Company's financial results for First Quarter 2015 and provide an update on its business initiatives.
Q3 Highlights and Subsequent Events
QVH V. 3.0 Finalized, submitted and is now in its final stages of EMC/EMI Product Safety testing for both Foreign and Domestic Certification
- Completed All QVH v.3 EMC Certification Testing and awaiting final safety Certification for overall approval.
- Developing new leasing programs for QVH, both Affiliate & 3rd Party.
- Initial QVH sales awaiting Official final Certification
- Completed Name Change to more properly reflect current business models.
- Reduced loss in Q3 to -$219,674 (-$.01 EPS) from Q3 2014 $394,030 (-$.02 EPS)
- Ended Q3 15 with a 3-1 Current ratio with $1.2 million in positive Working Capital
- Ended Q3 15 with $1.1 million in available cash and 2.17% credit facilities
- Added a new Board member, Dr. Jeffery Cronk, DC JD, a pro-active patient advocate for medical transparency and consultant to the Personal Injury legal area.
Q3 2015 Financial Results
Comparison of the three month period ended September 30, 2015 with the three month period ended September 30, 2014.
We recorded $1,110,533 in gross revenue for the three months ended September 30, 2015, offset by $597,770 of the expected settlement discount resulting in net revenue of $512,763. For the same period in 2014, gross revenue was $1,130,636, offset by $590,117 of the expected settlement discount, resulting in net revenue of $540,519. We are currently affiliated with four spine injury diagnostic centers in the United States, which are located in Houston, Texas; Odessa, Texas; Tyler, Texas; and San Antonio, Texas.
Service cost was $221,557 for the three months ended September 30, 2015 compared to $241,592 for the same period in 2014. The decrease is due mainly to lower volume.
During the three months ended September 30, 2015, we incurred $409,532 of operating, general and administrative expenses compared with the $582,304 for the same period in 2014. The decrease is attributable to decreases in (i) directors and officer compensation of approximately $21,000, (ii) marketing costs of approximately $63,000, (iii) depreciation and amortization expense of approximately $19,000, (iv) travel expenses of approximately $20,000, (v) legal expenses of approximately $13,000 and (vi) consulting costs of $67,000, coupled with an increase of (i) approximately $23,000 in payroll and benefits costs, (ii) subscriptions costs of approximately $5,000, (iii) rent expense of approximately $4,000 and (iv) decreases in other net general and administrative expenses of approximately $1,000.
During the three months ended September 30, 2015, we incurred $89,512 of research and development expenses compared with $17,207 for the same period in 2014. The increase is attributable to the engineering and testing fees paid to verify the Quad Video Halo (“QVH”) meets certain standards. Our patented (Patent No. 9,084,577) technology meets UL compliance with specific immunity and emissions standards required by IEC 60601-1-2-2007. We believe without this testing currently being performed, the QVH will not be accepted into certain healthcare markets.
As a result of the foregoing, we had a net loss of $219,674, or $.01 per share for the three months ended September 30, 2015, compared to a net loss of $394,030, or $.02 per share for the three months ended September 30, 2014.
(The full SEC Filing form 10Q 2015 can be found at: http://www.sec.gov/cgi-bin/browse-edgar?company=Spine+Pain+m&owner=exclude&action=getcompany)
Spine Injury solutions' CEO, Dr. William Donovan stated, "While it has been a frustrating three months since out last earnings report regarding the final Certification of our Quad Video HALO, it has also been a very productive quarter in setting up your Company for an exciting year ahead in both SPIN’s core business of funding injections procedures for accident victims and 3rd Party sales of our QVH. I now fully understand the difficulty in dealing with the Certification bureaucracy in a medical environment.”
Donovan went on to say; “On the last earnings release, we disclosed a new variation of our QVH specifically for use in Operating Room environments to include invasive procedures outside of the Spine. Subsequently we named this new revenue source, HALO Rx™. The hospital where we performed the test has asked us to submit a proposal for installation of the HALO RX in multiple OR’s and are awaiting a final decision.
"Additionally, we changed the name of the Company to Spine Injury Solutions, Inc. to be more reflective of our evolving business models. We have also added Jeffery Cronk DC,JD as a new board member. As both a Chiropractor and Attorney, Dr. Cronk is known both nationally and internationally as a Consultant and strong Advocate for Medical Transparency for the Injured in Personal Injury legal cases. He will be a strong asset for both SPIN’s Diagnostic Funding as well as QVH. Jeffrey will be on today’s Conference Call as a panelist.” And finally, regarding SPIN’s financial results for Q3, “Considering the time and work put in by Management to both the QVH and QVH Rx, along with developing two leasing options for QVH, I am somewhat satisfied for now that we delivered an OK quarter, particularly in cutting the Q3 year over year loss almost in half from $394 thousand to $220 thousand and maintaining a strong cash position to enter Q4.”
Conference Call Details
Conference Call: An investor's conference call with management will be held on Thursday, November 12, at 4:20 p.m. (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 12, at 4:20 p.m. (EST).
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/8709778431141753345
Or if the above link doesn't work, please try the following:
http://www.joinwebinar.com Webinar ID: 104-062-955
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: 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 (415) 930-5321
Participant Access Code: 975-227-199
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.spinepaininc.com/investor-information.php
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 and other healthcare providers that provide necessary and appropriate treatment of musculo-skeletal spine injuries resulting from automobile and work-related accidents. Our care management 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.:
In addition, we are the owners and developers of the Patented Quad Video HALO™, a Highly Scalable Video Integrated Operating Room Technology that Meets the Demands of Medical Practices and Major Hospital Systems using the latest Tele-Medicine hardware/software advancement in providing video transparency to both Invasive and Minimally Invasive medical procedures.
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.