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Assure Holdings collects $23.9M in 2020 » 09:24
01/11/21
01/11
09:24
01/11/21
09:24
ARHH

Assure Holdings

$0.00 /

+ (+0.00%)

Assure Holdings announced…

Assure Holdings announced an annual and quarterly record for cash collection and number of procedures in full-year and fourth quarter 2020. John A. Farlinger, executive chairman and CEO said, "I am proud of the progress our billing and collections team has made and the success we have had in meeting our objectives in 2020. Since fully taking over the revenue cycle management function in February 2020 after our legacy 3rd party billing provider was terminated due to poor performance, Assure invested heavily in this area by hiring a seasoned leader, staffing a 20-person internal billing and collections team and migrating to a platform that has an automated and integrated process, transitioning from what had historically been an entirely manual system." Results and expectations relating to billing and collections include: The Company collected a record $23.9 million in full-year 2020. This included a record $6.5 million in the fourth quarter of 2020. Comparitively, in 2019, full-year cash collections was $15.9 million, including $2.4 million in the fourth quarter. The revenue figures referenced relate to a combination of technical IONM services and cash collected from Provider Network Entities for professional IONM services. For revenue related to technical IONM services only and excluding cash collected from PNEs for professional IONM services, which are recorded separately, the Company collected a record $13.8 million in full-year 2020. This included $3.7 million in the fourth quarter of 2020. Comparitively, in 2019, full-year cash collections was $8.0 million, including $1.3 million in the fourth quarter. Strong billing and collections have made the Company operationally cash flow positive for the period of March through December 2020. Assure's 2020 cash collections include over $1.2 million from 2016 and 2017 receivables. This will be categorized as new revenue and income in 2020, as these amounts had previously been reserved and written-off. Based upon recent discussions with various insurance providers, Assure expects to continue the strong trend of collections in 2021. Farlinger continued, "Partnering with insurance companies via in-network agreements will help Assure deliver better and more predictable results with less volatility. Looking into 2021, we do not anticipate significant volatility with respect to our revenue accrual per procedure given that both our existing in-network contracts and those we are currently negotiating, are comparable to our current accrual rates. This will continue to be a focus for Assure during 2021 as we attempt to migrate more and more revenue into agreements with insurance companies." Assure has a policy of reserving open claims when aged two years and netting these write-downs against current quarter revenue. The Company is continuing collection efforts on 2018 receivables reserved in 2020 and is confident that a share of these claims that are reserved will ultimately be recovered. Farlinger concluded, "The Company reported our highest number of procedures in the full-year period, the fourth quarter and the month of December 2020. In full-year 2020, Assure performed over 9,900 cases, including more than 3,000 in the fourth quarter and over 1,100 in the month of December. Comparatively, in 2019, we performed over 6,400 procedures during the full year, more than 2,200 in the fourth quarter and nearly 900 in December 2019. Although we continue to be impacted by COVID-19, and acknowledge that the pandemic has slowed our expansion efforts in certain markets, Assure is pleased to have grown its total procedures by more than 54% in 2020. We continue to expect to grow our case volume by at least 40% in 2021." The Company anticipates that the majority of the procedures postponed in 2020 will ultimately be rescheduled.

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Hot Stocks
Assure Holdings says Central Bank to increase operating line of credit to $4.5M » 08:46
01/06/21
01/06
08:46
01/06/21
08:46
ARHH

Assure Holdings

$0.00 /

+ (+0.00%)

Assure Holdings announces…

Assure Holdings announces that further to its news releases on August 13 and 31 and September 8, 2020, Assure has received a commitment letter from Central Bank & Trust, a part of Farmers & Stockmens Bank in respect of the loan agreement dated August 12, 2020, between Assure and Central Bank. Pursuant to the Commitment Letter, Central Bank will increase the operating line of credit from $2.5M to $4.5M and Assure will concurrently repay the existing approximately $2M term loan. The Operating Line will continue to bear interest at a rate of the Wall Street Journal prime rate plus 2.0%, will mature on June 30, 2022 and is repayable, together with interest, on the first calendar day of each month until maturity. The Operating Line is secured by a first-ranking security interest in all of the present and future undertakings, property and assets of the Company and its subsidiaries.

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Hot Stocks
Assure Holdings files S-1 resale registration statement » 08:52
01/04/21
01/04
08:52
01/04/21
08:52
ARHH

Assure Holdings

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Assure Holdings announces…

Assure Holdings announces that it has filed a resale registration statement on Form S-1 with the Securities and Exchange Commission to register the resale of shares of common stock issued and issuable upon the exercise of warrants issued in the Company's private placement transaction, which closed on December 1, 2020. The Registration Statement was filed under the terms of a registration rights agreement to register the resale of the Securities by certain selling shareholders named in the Registration Statement under the U.S. Securities Act of 1933, as amended.

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Hot Stocks
Assure announces early final payment of Neuro-Pro Monitoring acquisition » 08:36
12/30/20
12/30
08:36
12/30/20
08:36
ARHH

Assure Holdings

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+ (+0.00%)

Assure Holdings announced…

Assure Holdings announced that upon paying $3,171,540 on December 24, 2020, it has made the final payment in connection with the previously announced acquisition of all of the assets of Neuro-Pro Monitoring. The early payment of the balance of the purchase price resulted in a reduced cost to Assure of $170,000. Accordingly, the total purchase price paid in connection with the Acquisition was $7,529,231.

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Over a month ago
Hot Stocks
Assure Holdings appoints John Price as VP, finance » 09:05
12/07/20
12/07
09:05
12/07/20
09:05
ARHH

Assure Holdings

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+ (+0.00%)

Assure Holdings has…

Assure Holdings has appointed John Price to the newly created vice president of finance position. Price will be a member of Assure's leadership team contributing to the overall management of financial, business and administrative functions. Among his immediate responsibilities will be filing a resale registration statement on Form S-1 and following that positioning for a potential uplisting to a major U.S. exchange. His prior positions include serving as chief financial officer at Alliance MMA and MusclePharm and as vice president of finance at multiple companies, such as Opera Software, GCT Semiconductor and Tessera Technologies. Price spent the first seven years of his career at Ernst & Young.

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Hot Stocks
Preston Parsons announces investment in Assure Holdings » 08:40
12/04/20
12/04
08:40
12/04/20
08:40
ARHH

Assure Holdings

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+ (+0.00%)

Assure Holdings announces…

Assure Holdings announces that Preston Parsons, an insider of the Company, participated in a previously announced brokered private placement units of the Company. Pursuant to the Offering, the Company issued a total of 16,357,703 Units for gross proceeds of $10,468,930. Mr. Parsons acquired 156,250 Units of the Company under the Offering. As a result of Mr. Parsons' status as an insider of Assure holding more than 10% of the Company's issued and outstanding shares, and the change in his holdings as a result of the Offering, Mr. Parsons has filed an early warning report as required under National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Prior to the Offering, Mr. Parsons owned 17,388,551 common shares in the capital of the Company, stock options to purchase 1,000,000 Common Shares and up to 3,300,000 performance shares issuable under the Company's performance share plan, representing approximately 62% of the issued and outstanding Common Shares on a partially diluted basis/ Upon the closing of the Offering, Mr. Parsons owns 17,544,801 Common Shares, stock options to purchase 1,000,000 Common Shares, 156,250 common share purchase warrants and up to 3,300,000 performance shares issuable under the Company's performance share plan, representing approximately 42.5% of the issued and outstanding Common Shares on a partially diluted basis.

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Hot Stocks
Assure Holdings establishes technologist training, education program » 08:34
10/20/20
10/20
08:34
10/20/20
08:34
ARHH

Assure Holdings

$0.00 /

+ (+0.00%)

Assure Holdings announced…

Assure Holdings announced a new education and training program for technologists. To lead this effort, the Company has appointed Ramesh Vijay to the newly created director of education position. Vijay will oversee Assure's training program. This will include educating newly hired non board-certified technologists via didactic courses, clinical training and board preparation as well as the development of continuing education and advanced training for the clinical team. In addition, Vijay will spearhead Assure's IONM clinical research projects, act as a Company representative for industry organizations including ASET, ASNM and ACNS, provide intermittent technologist case coverage, support business development efforts and serve as a member of the Clinical Leadership Team.

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Over a quarter ago
Hot Stocks
Assure Holdings closes $6.5M loan facility » 08:18
08/13/20
08/13
08:18
08/13/20
08:18
ARHH

Assure Holdings

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+ (+0.00%)

Assure Holdings announced…

Assure Holdings announced it has signed a new $4M term loan and a $2.5M operating line of credit, for a total of $6.5M with Colorado based, Central Bank & Trust, a part of Farmers & Stockmens Bank. The Loan Facility will be used to replace the Company's current $3M facility with Bank of Oklahoma. Under the conditions of the agreement governing the Loan Facility, the Term Loan bears interest at the Wall Street Journal prime rate plus 2.0% and matures on August 12, 2024. Commencing on September 1, 2020, interest on the Term Loan is payable on the first calendar day of each month until May 1, 2021. Commencing on August 1, 2021, principal payments in the amount of $307,695, together with interest, shall be made quarterly until maturity. In addition, the Operating Line bears interest at a rate of WSJ plus 2.0% and matures on August 12, 2022. Commencing on September 1, 2020, the Operating Line is repayable, together with interest, on the first calendar day of each month until maturity. The use of proceeds from both facilities will be utilized to repay certain outstanding indebtedness, for working capital and general corporate purposes and funding the Company's expansion plans. Assure did not issue any shares, warrants, or options in connection with this transaction.

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Hot Stocks
Assure Holdings enters into in-network agreement with Michigan health insurer » 08:12
08/12/20
08/12
08:12
08/12/20
08:12
ARHH

Assure Holdings

$0.00 /

+ (+0.00%)

Assure Holdings announced…

Assure Holdings announced that it has signed an agreement with the largest commercial health insurer in the state of Michigan. The Agreement, effective retroactively as of January 1, 2020, allows the Company to provide its neuromonitoring services as an in-network healthcare provider in Michigan. In 2019, the Insurer represented approximately 4% of Assure's overall commercial insurance volume. Provisions in the Agreement will streamline the billing and collections process, including contracted rates, payment of claims within 45 days, medical necessity conditions and dispute resolution steps. The Agreement includes a right for both parties to terminate the Agreement within 60 days upon written notice.

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Hot Stocks
Assure Holdings sees FY20 total procedures to exceed 10,500 » 08:22
07/14/20
07/14
08:22
07/14/20
08:22
ARHH

Assure Holdings

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+ (+0.00%)

The Company reiterates…

The Company reiterates its guidance for full-year 2020 total procedures to exceed 10,500, a record number representing a nearly 65% increase in cases compared with 2019. This guidance reflects the impact to-date of COVID, but not a substantial future disruption relating to the pandemic. Second quarter procedure results will be impacted by a decline in cases performed during the month of April. Assure anticipates that the lingering impact of poor performance from the legacy 3rd party billing company terminated in the autumn of 2019 will put downward pressure on accounts receivable and revenue per procedure in calendar year 2020. The Company has renewed and expanded collection efforts on 2018 receivables and Assure is confident that a share of these claims that are reserved will ultimately be recovered.

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