Spine Injury Solutions Reports Strong Q3 2017 Financial Results And Corporate Advances
HOUSTON, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Spine Injury Solutions, Inc. (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.
