Implant manufacturer Aurora Spine saw margins improve from 35 percent to 49 percent in the first quarter while revenue remained the same, compared to the first quarter of 2020.
Six notes:
1. For the first quarter, Aurora Spine posted $2.3 million in revenue and a net loss of $386,743.
2. The company attributed the improved margins to the shift in sales from third-party lower margin products to higher margin proprietary products.
3. January sales were particularly poor, but Aurora Spine recorded "significant rising sales" in February and March, the company said in a May 27 news release.
4. In the first quarter, the company launched its sacroiliac joint fusion system, a market that President and CEO Trent Northcutt said he is particularly excited about.
5. Aurora Spine received a second Paycheck Protection Program loan of $350,140, which it said it will use to support payroll.
6. The company did not provide full-year projections but expects revenue to continue to increase through 2021 as barriers to elective surgery continue to be removed.