Aurora Spine Corporation Announces Fourth Quarter and Fiscal Year 2024 Financial Results

Core Insights - Aurora Spine Corporation reported record revenue of $17.6 million for FY 2024, marking a 21% increase compared to FY 2023 [1][5][7] - The company will host a conference call on April 29, 2025, to discuss these results [1] Financial and Business Highlights - The fourth quarter of 2024 saw revenue of $4.7 million, a 16.3% increase from $4.04 million in Q4 2023 [5][7] - The company achieved its first full year of positive EBITDAC at $282,450 for FY 2024, an improvement of $593,450 from a negative EBITDAC of $(311,000) in FY 2023 [5][10][11] - Gross margins improved to 60.5% in FY 2024 from 56.5% in FY 2023, driven by increased sales of proprietary products and lower inventory costs [5][8] - Sales of the SiLO-TFX system surged by 135% in 2024, attributed to investments in surgeon education and expansion of instrument sets [4][5] - The internal sales force expanded to 14 members, contributing to higher sales, particularly in the latter half of 2024 [4][5] Management Commentary - The President & CEO highlighted the company's achievements in FY 2024, including strong revenue growth and margin improvement, driven by proprietary products [4][6] - The company anticipates growth in 2025, particularly from the newly FDA-cleared AERO™ product platform, expected to generate significant sales [4][6] Financial Results - Total operating expenses for FY 2024 were $11.438 million, up from $9.892 million in FY 2023, primarily due to increased sales staff and training costs [9] - The net loss for FY 2024 was $(1.003) million, an improvement from a loss of $(1.680) million in FY 2023 [12] Selected Financial Position Information - As of December 31, 2024, total assets were $11.67 million, a decrease from $11.99 million in 2023 [16] - Cash increased to $825,621 from $766,829 in 2023, while receivables decreased to $3.78 million from $3.97 million [16]