Q2 2024 Aurora Spine Corp Earnings Call Transcript
Key Points
- Aurora Spine Corp (ASAPF) reported revenue of $4.1 million for Q2 2024, marking the third consecutive quarter of over $4 million in sales.
- Gross margins improved significantly to 62.4% in Q2 2024 from 56.9% in the same period last year.
- The company achieved a net loss reduction from $0.482 million in Q2 2023 to $0.15 million in Q2 2024, with earnings per share reaching $0.00.
- SiLO TFX sales grew by 20.4% from Q1 2024 to Q2 2024, reflecting successful market expansion.
- Aurora Spine Corp (ASAPF) ended the quarter with $0.52 million in cash and cash equivalents, up from $0.37 million at the end of Q1, due to strong operating cash flow and effective capital management.
- Operating expenses increased to $2.74 million in Q2 2024 from $2.51 million in Q2 2023, primarily due to higher commissions and travel costs associated with expanding the sales force.
- Despite the revenue growth, the company still reported a net loss of $0.15 million for the quarter.
- The company had to let go of a sales director who did not meet performance expectations, indicating challenges in sales force management.
- The average selling price of SiLO TFX has stabilized at a lower level than previously, which may impact future revenue growth.
- Aurora Spine Corp (ASAPF) is still facing challenges in the Veteran Affairs market, with slow progress in approvals and sales.
Good morning, and welcome to the Aurora Spine second quarter 2024 financial results conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Chad Clouse, Chief Financial Officer. Please go ahead.
Good morning, everyone, and thank you for joining us for Aurora Spine Corporation's quarterly earnings conference call. We look forward to discussing our performance for the second quarter of 2024.
Before we dive into the details, I'd like to remind everyone that this call will contain forward-looking statements. These statements involve risks and uncertainties, and actual results could differ materially.
For a full discussion of these risks and uncertainties factors, you are encouraged to read Aurora Spine's documents on file with SEDAR+, including those set forth in periodic reports filed under the forward-looking statements and Risk Factors section.
Statements made during the course of this call
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