Spine Pain Management reported lower net revenue and gross profit for 2014 when compared with 2013.
Here are 10 things to know about the company's financial report:
1. Gross profit was down in 2014, reaching $1 million, compared with $1.9 million in 2013.
2. The net revenue for 2014 was reported as $2 million, compared with $3.2 million in 2013.
3. Costs of service were reported at $980,000 in 2014, compared to $1.3 million in 2013.
4. In January last year Spine Pain Management stopped financing centers in Florida and terminated affiliation with the healthcare provider in the state. The company made this decision because of the state's difficult personal injury case environment and the company's Florida affiliate's bankruptcy.
5. The company also decided to discontinue doing business in McAllen, Texas last year as competition in the area increased.
6. Revenue was negatively impacted last year due to lower case volumes, in part from the centers closed at the beginning of the year.
7. Operating, general and administrative expenses for the year were $2.4 million, compared with $2.2 million in 2013. The increase in operating expenses was due to additional overhead associated with Quad Video marketing, development and consulting.
8. Net loss for the year was $1.69 million, or $0.09 per share. In 2013, the net loss was $626,071, or $0.03 per share.
9. There were 1,703 cases settled to date with cash received surpassing $11 million and there are 2,414 cases already funded awaiting settlement.
10. The company structured and received $2 million revolving bank credit facility with the interest rate at 2.16 percent at the year's end with Wells Fargo.