Aurora Spine Corporation Announces Record Second Quarter

• Management to host conference call today, August 29, 2022 at 11:00 AM ET 

CARLSBAD, Calif. , Aug. 29, 2022 (GLOBE NEWSWIRE) — Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSXV: ASG) (OTCQB: ASAPF), a designer and manufacturer of innovative medical devices that improve spinal surgery outcomes, today announced the financial results for the second quarter ended June 30, 2022. All figures are in U.S. dollars.

Q2 Financial and Business Highlights

• Sales Growth – Strong quarter over quarter sales and comparable quarter growth. Sales grew 14.5% from Q1 2022 to Q2 2022 and 67.7% over Q2 2021.
• Positive EBITDAC – $96,285 in Q2 compared to ($153,972) in Q1 and ($480,837) in Q2 2021. EBITDAC is a non-GAAP financial measure (defined below).
• Zip Stenosis Indication – The Company received FDA clearance of a new Lumbar Spinal Stenosis Indication for Use for its ZIP™ family of MIS implants.
• Patent Issued – the issuance of United States Patent No: 11,331,199 entitled “Spinal Implant for Motion Preservation or Fusion.” This patent covers Aurora’s ZIPFlex™ Technology for a minimally invasive posterior interlaminar implant for motion preservation that could be adapted into a fusion or non-fusion device while implanted in a patient via a small modular attachment.
• FDA 510(K) Clearance – received FDA 510(k) clearance for its DEXA SOLO-L™ spinal fusion system. The 3D printed standalone anterior lumbar interbody fusion device (ALIF) was developed as part of the world’s first bone density matched implant based on Aurora’s patented DEXA Technology Platform.

Management Commentary

Mr. Trent Northcutt, President and Chief Executive Officer of Aurora Spine, stated, “The second quarter results continued Aurora’s momentum with another record revenue quarter. These results stem directly from the sales and marketing strategy we established during 2021 and the industry’s emergence from the pandemic. Our proprietary…