Assure, a provider of Intraoperative neuromonitoring (IONM) services, has reported a significant decrease in revenue from $471 thousand in 2022 to $255 thousand in 2023, marking a 46% decline. The company's cost of revenues saw a slight decrease from $2.5 million in 2022 to $2.4 million in 2023. Assure's gross margin worsened, with a 6% increase in losses from $(2,061) thousand to $(2,194) thousand. Operating expenses were reduced by 10%, from $19,984 thousand to $17,888 thousand, primarily due to a reduction in general and administrative expenses. The net loss improved by 13%, from $(30,112) thousand in 2022 to $(26,078) thousand in 2023. Assure's business development has been focused on providing high-quality IONM services, with substantial investments in training and development of clinical staff. The company has also engaged in clinical research with the Texas Back Institute...Show More

Assure, a provider of Intraoperative neuromonitoring (IONM) services, has reported a significant decrease in revenue from $471 thousand in 2022 to $255 thousand in 2023, marking a 46% decline. The company's cost of revenues saw a slight decrease from $2.5 million in 2022 to $2.4 million in 2023. Assure's gross margin worsened, with a 6% increase in losses from $(2,061) thousand to $(2,194) thousand. Operating expenses were reduced by 10%, from $19,984 thousand to $17,888 thousand, primarily due to a reduction in general and administrative expenses. The net loss improved by 13%, from $(30,112) thousand in 2022 to $(26,078) thousand in 2023. Assure's business development has been focused on providing high-quality IONM services, with substantial investments in training and development of clinical staff. The company has also engaged in clinical research with the Texas Back Institute to enhance IONM safety and efficacy. Assure's future plans include seeking arbitration opportunities related to uncollected accounts receivable and terminating remaining Managed Service Agreement (MSA) relationships in 2024. The company has also initiated a strategic review process, resulting in the sale of most clinical operations and entering a Merger Agreement with Danam Health, Inc. Assure has settled with the DOJ for approximately $1 million, releasing the company from any civil or administrative monetary claims under the False Claims Act and related statutes. The settlement will be paid in equal monthly installments over the next 12 months.