Carlsbad, Calif.-based Aurora Spine reported 28 percent year-over-year revenue increase in 2019.
Four things to know:
1. The company reported more than $11 million in 2019 revenue, up $2.47 million from 2018.
2. Aurora attributed the increased revenue to more surgeons trained in the Aurora Spine technology and the increased reach of its sales force. The company integrated additional products into its Screwless Procedure approach, which includes ZIP MIS Fusion Systems and TiNano Interbody cages.
3. The company finalized product designs for its SiLO Si Joint Posterior Fusion Systems products and the ZIFlex Interlaminar Fixation Systems in 2019 and both are expected to launch in 2020. Aurora has also added surgeons to its customer base so far in 2020 and aims to continue new product review despite the pandemic.
4. Aurora applied for a $10,000 grant under the Economic Recovery act and another $450,888 under the Coronavirus Aid, Relief and Economic Security Act as a Payroll Protection Program loan to fund payroll and other expenses during the COVID-19 shutdown. It has used a "substantial portion" of the loan and doesn't expect to be required to return a material amount of debt.