Assure Holdings Corp.

Good day and welcome to the Assure Holdings Third Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Scott Kozak. Please go ahead.

Hello, everyone. Thank you for participating in today's conference call to discuss Assure Holdings Financial Results for the third quarter ended September 30th, 2021. On the call today are Executive Chairman and CEO John Follinger and CFO John Price. After the market closed this afternoon, the company issued a press release announcing its results for the third quarter of 2021. The release and investor presentation are available in the investor section of our website. Before we begin to prepare remarks, I would like to remind you that some of the statements made will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied due to a variety of factors. We refer you to Assure's recent filings with the SEC, including our quarterly report on Form 10-Q for the third quarter, for a more detailed discussion of the risks that could impact the company's future operating results and financial condition. Also in today's call, management will reference certain non-GAAP financial measures, which we believe provide useful information for investors. For reconciliation of these non-GAAP measures, please consult the most recently filed 8K associated with the filing of the earnings release for the three months ended September 30th, 2021, which is available on the SEC website. In addition, please note that our share reports in U.S. dollars and all amounts to be expressed today are in U.S. currency. Finally, I would like to remind everyone that this call will be recorded and made available for replay via link on the company's website. Now, I would like to turn the call over to the Executive Chairman and CEO of Assure Holdings, John Porringer. John?

Thank you, Scott, and hello, everyone. For anyone who dialed in with a call by telephone, you may want to join our webcast or download our third quarter 2021 earnings presentation on Assure's investor relations site. found at ir.assureneuromonitoring.com. Again, that is ir.assureneuromonitoring.com. This will allow you to see the slides that I'm referencing. Today, we'll provide an update on our drivers for success and discuss our vision for sustained rapid growth over the next several years. I'll start with with an update on our third quarter results. This was a very active quarter for sure. We secured an agreement with Premier, the country's second largest group purchasing organization. And through that, we became the sole contracted provider of interoperative neuromodeling services for its network of 4,400 hospitals. Additionally, We ramped our high-margin remote neurology services platform. We organically expanded into two new states, and we completed our uplisting onto NASDAQ. In terms of financial flexibility, Assure completed a small surgical private placement transaction, which we announced today, raising just enough funds from institutional investors as well as support from our board and management team to fuel our most promising growth initiatives in 2022 while at the same time minimizing dilution. Key financial metrics in the third quarter were sharply positive, including a notable increase in revenue to $8.5 million. We showed a net profit of $100,000. And adjusted EBITDA rose to $1.2 million. Our adjusted EBITDA improvement really stands out as it occurred during a quarter in which we had a heavy focus on century integration and building out infrastructure. Going forward, we will continue to focus on minimizing cash burn and generating positive EBITDA while striving to deliver rapid growth. Assure reiterates our guidance to perform 17,000 managed procedures in 2021. In fact, we expect to exceed 17,000 and deliver a record fourth quarter in terms of managed procedures. All of this happening despite the lingering impact of COVID-19. I also want to outline that we are guiding toward 25,000 managed procedures in 2022. And I want to be clear. but this target of 25,000 managed procedures excludes any growth generated from the premier relationship.