Assure Holdings (NASDAQ:IONM) shares are trading higher on Tuesday. The company yesterday reported FY financial results.
Assure reported quarterly losses of $(40.06) per share. The company also reported quarterly sales of $10.98 million which missed the analyst consensus estimate of $19.36 million.
Besides, Assure’s total cash receipts were $21.0 million in 2022 versus $13.4 million in 2021, an increase of 57%. Adjusted EBITDA was $(18.5) million versus $1.1 million in 2021. Net loss of $(30.1) million compared to $(2.8) million.
“Through our cost cutting measures, benefit of scale from the growth in volume, and expansion of remote neurology services all reduced our cost of delivery. In 2023, we are focused on further reducing our average cost of delivery below $1,100 and continue to drive further improvement in gross margin. We expect targeted cost cutting measures and improvements to revenue cycle management we implemented in 2022 will drive significant improvements in our financial results in 2023,” said John Farlinger, Executive Chairman and CEO at Assure Holdings Corp.
Assure is a best-in-class provider of outsourced intraoperative neuromonitoring and remote neurology services.
IONM Price Action: Assure has a 52-week high of $118.8 and a 52-week low of $3.01.
Assure shares are up 43.6% at $4.41 at the time of writing, according to Benzinga Pro.
