Spine Pain Management reported its second quarter financial results.
Here are eight things to know:
1. The company recorded $1 million in gross revenue for the three-month end, offset by $514,965 of the expected settlement discount, resulting in net revenue of $568,173. The gross revenue is down from $1.7 million in the second quarter of 2014 and net revenue of $859,860.
2. The company is currently affiliated with three spine injury diagnostic centers in the United States, all located in Texas. There was $148,000 in revenue generated by two large surgical procedures in the second quarter of 2014 that weren't duplicated in the second quarter of 2015.
3. Service cost was $232,541 for the three-month end, a decrease of around $100,000 from the same period last year, mainly due to lower volume. They anticipate opening at least two more new centers over the next few months.
4. The company incurred $479,236 of operating, general and administrative expenses in the second quarter, down from the same period last year due to directors and officer compensation, marketing costs and payroll.
5. The director and officer compensation was $62,000 for the quarter; payroll was around $14,000 and marketing costs were $30,000.
6. The company reported bad debt expenses at $15,000 for the quarter and legal expenses at $12,000. There was $56,000 reported in consulting fees and $21,000 in travel costs.
7. Spine Pain Management reported spending $93,530 of research and development expenses, compared with $6,558 in the same period last year. The increase is attributable to the engineering and testing fees paid to verify the Quad Video Halo met the United Laboratories requirements.
8. The company reported a net loss of $153,245 for the second quarter.