Although Aurora Spine posted $2.5 million in third-quarter 2019 revenues, the company still realized a $417,399 loss.
Five things to know:
1. The company posted its second-worst quarter this year and noted a 5.4 percent decrease in year-over-year revenues.
2. Gross profit decreased to $1.01 million for the quarter, a 25.4 percent year-over-year decline.
3. The company's EBITDAC was -$116,189 for the quarter, down from $396,809 in the same period last year, a 129.3 percent decrease. EBITDAC is a figure that is not adjusted for generally acceptable accounting principles.
4. Aurora took responsibility for its struggles, which were fueled by an increase in less-profitable third-party product sales. The company began addressing the losses in the second quarter of 2019 and is working with its third-party vendors to change product branding, adjust prices and partner with companies with complementary products.
"Q3 2019 was a watershed quarter for the company and served to sharpen our strategic direction as we prepare for 2020 and the longer term," said Aurora CEO and President Trent Northcutt.
5. Aurora intends to launch its ZIPFlex product by the end of 2020 and two new SI Joint Fusion products by the first quarter of 2020.