Assure Holdings Reports Q3 2019 Financial Results

Assure Holdings (TSXV:IOM, OTCQB:ARHH) has announced its third quarter financial results for the quarter ended September 30, 2019.

As quoted in the press release:

Previously Disclosed Cash Collections Analysis

As we have previously disclosed, Assure performed a cash collection analysis at the end of 2018 to evaluate if the actual cash collections for its historical technical and professional cases was consistent with the amount of revenue that had been recognized for those cases. This analysis showed that the actual amount of cash collections was lower than the amount of revenue recorded for those cases. An adjustment was made in the fourth quarter of 2018 to record the cumulative effect of this difference. Due to the entire revenue adjustment being recorded in the fourth quarter of 2018, the operating results for the third quarter of 2018 were not restated. Accordingly, we have provided pro forma information in this press release to reflect the adjustment as if it occurred at the beginning of 2018. Further details of the adjustment have been provided in the tables at the end of this press release.

Third Quarter 2019 Financial Highlights vs. Revised Third Quarter 2018

• Total revenue increased 105% to $8.0 million versus a revised pro forma revenue of $3.9 million.
• Managed cases increased 95% to a quarterly record of 1,519 versus 777.
• Earnings from equity method of investment in PNEs decreased 23% to $285,000 compared to a revised pro forma amount of $370,000.
• Net income attributable to Assure stockholders increased 159% to $3.6 million compared to a revised pro forma net income of $1.4 million.
• Net income per diluted share increased to $0.09 compared to a revised pro forma amount of $0.03 per diluted share.
• Adjusted EBITDA increased significantly to $5.1 million versus a revised pro forma adjusted EBITDA of $2.3 million.

Nine Months Ended September 2019 Financial Highlights vs. Revised Same Period 2018

• Total revenue increased 112% to $22.4 million versus a revised pro forma revenue of $10.6 million.
• Earnings from equity method of investment in PNEs decreased slightly to $1.2 million compared to a revised pro forma amount of $1.3 million.
• Net income attributable to Assure stockholders increased 143% to $9.3 million compared to a revised pro forma net income of $3.8 million.
• Net income per diluted share increased to $0.23 compared to a revised pro forma amount of $0.09 per diluted share.
• Adjusted EBITDA increased 154% to $13.8 million versus a revised pro forma adjusted EBITDA of $5.4 million.

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