The foregoing and following financial results are preliminary in nature. We are confident in the actions we are taking to reduce costs, increase velocity of cash collections and scale our business in markets with more attractive reimbursement rates and believe our financial results for the first quarter of 2023 demonstrate the progress of these actions.” Intraoperative neuromonitoring is essential for invasive surgeries that place the nervous system at risk and is considered the ‘standard of care’ in the U.S. Our operating expenses in the first quarter were down 26% compared to a year-ago and 19% sequentially, when normalized for $6.6 million in one-time, non-cash expenses in the fourth quarter of 2022.”įarlinger concluded, “We provide an essential service for surgeons, and demand for neuromonitoring remained robust in the first quarter of 2023. However, we have continued making strides towards improving our cash receipts and reducing days to collect despite the challenging reimbursement environment that persists across the industry.”įarlinger continued, “On the cost side, we realized the benefits of the cost reduction actions we initiated in 2022 and the first quarter of 2023. Although managed cases improved slightly year-over-year, gross revenue declined. During 2023, we have continued to experience weakness in reimbursement rates in certain markets that began in the second half of 2022. As a reminder, we experience seasonality during the first quarter each year as more of our volume is non-commercial, resulting in reduced revenue. “We collected approximately $4.5 million of cash and reduced our average days to collect the first payment on services rendered by 16 days in the first quarter. “First quarter 2023 cash receipts increased from the fourth quarter of 2022 and this strength has continued into the second quarter,” said John Farlinger, Assure’s executive chairman and CEO. Key Financial Highlights (in thousands of USD) ”) and remote neurology services, today reported its preliminary financial results for the first quarter ended March 31, 2023. ”) (NASDAQ: IONM), a provider of intraoperative neuromonitoring (“ DENVER, (GLOBE NEWSWIRE) - Assure Holdings Corp.
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