Aurora Spine reported third quarter financial results, detailing several significant achievements.
Here are 10 things to know about Aurora Spine's financial report.
1. There were around 80 new facility approvals from hospitals and surgery centers for Aurora Spine technology in the quarter. However, the approval rate was still less than anticipated and negatively impacted surgeon use and product sales.
2. Aurora Spine also experienced lower-than-expected sales results for the first and second quarter of this year. As a result, President and CEO Trent J. Northcutt personally took over all U.S. sales responsibilities.
3. Aurora Spine launched the TiNano Interbody systems, which includes Aurora Spine's titanium plasma spray coating on Invibio PEEK interbody implants for bone ingrowth in the porous structure.
4. The United States revenue for July and August was around $117,000 per month on average, and in September sales grew to $190,000.
5. Sales in the United States are expected to exceed $300,000 in November.
6. There was also international expansion in the third quarter to build sales efforts in the United Kingdom, Germany, Italy and other European countries, and Israel.
7. So far this year, sales outside of the United States represent 25 percent of revenues.
8. Aurora Spine is focused on expanding sales in the future, after achieving multiple FDA clearances and CE marks in the third quarter. The company will further evaluate the direct sales team and requirements for increased coverage in the United States.
9. There is also a pipeline of new products in development to further the Screwless Procedure strategy to provide minimally invasive spine surgery.
10. The first surgery using the ZIP Graft pre-packaged sterile bone dowel was performed in the United States during the third quarter.