IMPRESSIVE EARNINGS HIGHLIGHTS
Total revenue increased 137% to $8.4 million versus a revised pro forma revenue of $3.5 million.
Managed cases increased 109% to a quarterly record of 1,466 versus 703.
Earnings from equity method of investment in PNEs increased 164% to $722,000 compared to a revised pro forma amount of $274,000.
Net income increased 196% to $4.0 million compared to a revised pro forma net income of $1.4 million.
Net income per diluted share increased to $0.09 compared to a revised pro forma amount of $0.03 per diluted share.
Adjusted EBITDA increased significantly to $5.7 million versus a revised pro forma adjusted EBITDA of $1.6 million.
NEW PARTNERSHIP PRESS STATEMENT
DENVER, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services, has entered into an agreement with Clever Claims, LLC (Clever) to establish a new billing and collection company called Velocity Revenue Cycle, LLC (Velocity). Velocity will serve as Assure’s exclusive, in-house billing and collection vendor.
Under the terms of the agreement, Assure will own a majority stake in Velocity. Through its minority stake, Clever will handle all historical and future billing and collection processes. In addition, Velocity will be managed by a three-person management board, with two board members being appointed by Assure and one board member being appointed by Clever.
“The Clever management team has nearly two decades of billing and collections experience with a reputable pedigree of generating consistent collection results for neuromonitoring claims,” said John A. Farlinger, executive chairman and CEO. “We are impressed with their industry knowledge, strong management team and automated workflow processes. So, entering into this joint venture is a significant step forward for Assure.”
Total revenue increased 137% to $8.4 million versus a revised pro forma revenue of $3.5 million.
Managed cases increased 109% to a quarterly record of 1,466 versus 703.
Earnings from equity method of investment in PNEs increased 164% to $722,000 compared to a revised pro forma amount of $274,000.
Net income increased 196% to $4.0 million compared to a revised pro forma net income of $1.4 million.
Net income per diluted share increased to $0.09 compared to a revised pro forma amount of $0.03 per diluted share.
Adjusted EBITDA increased significantly to $5.7 million versus a revised pro forma adjusted EBITDA of $1.6 million.
NEW PARTNERSHIP PRESS STATEMENT
DENVER, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services, has entered into an agreement with Clever Claims, LLC (Clever) to establish a new billing and collection company called Velocity Revenue Cycle, LLC (Velocity). Velocity will serve as Assure’s exclusive, in-house billing and collection vendor.
Under the terms of the agreement, Assure will own a majority stake in Velocity. Through its minority stake, Clever will handle all historical and future billing and collection processes. In addition, Velocity will be managed by a three-person management board, with two board members being appointed by Assure and one board member being appointed by Clever.
“The Clever management team has nearly two decades of billing and collections experience with a reputable pedigree of generating consistent collection results for neuromonitoring claims,” said John A. Farlinger, executive chairman and CEO. “We are impressed with their industry knowledge, strong management team and automated workflow processes. So, entering into this joint venture is a significant step forward for Assure.”