Assure Holdings Corp., a provider of Intraoperative neuromonitoring (IONM) services, has reported a significant decrease in revenue for the three and six months ended June 30, 2024, compared to the same periods in 2023. Revenue dropped from $67 thousand to $1 thousand for the quarter and from $182 thousand to $10 thousand for the six-month period, marking a 99% and 95% decline respectively. The company attributes this decrease to its strategic exit from managed service arrangements. Cost of revenue also decreased, contributing to a reduced gross margin loss. General and administrative expenses saw a decrease, primarily due to lower employee compensation and benefits, partially offset by increased legal fees. Assure recorded a net loss of $255 thousand for the quarter, a significant improvement from the $6.05 million loss in the...Show More

Assure Holdings Corp., a provider of Intraoperative neuromonitoring (IONM) services, has reported a significant decrease in revenue for the three and six months ended June 30, 2024, compared to the same periods in 2023. Revenue dropped from $67 thousand to $1 thousand for the quarter and from $182 thousand to $10 thousand for the six-month period, marking a 99% and 95% decline respectively. The company attributes this decrease to its strategic exit from managed service arrangements. Cost of revenue also decreased, contributing to a reduced gross margin loss. General and administrative expenses saw a decrease, primarily due to lower employee compensation and benefits, partially offset by increased legal fees. Assure recorded a net loss of $255 thousand for the quarter, a significant improvement from the $6.05 million loss in the previous year. The company also reported income from discontinued operations, net of tax, of $3.59 million for the quarter and $4.5 million for the six-month period, compared to losses in the previous year. Assure's financial position remains challenging, with negative working capital and a cash balance of $45 thousand as of June 30, 2024. The company is seeking equity or debt financing and has implemented cost-cutting measures to address its going concern. Assure has also faced a failed merger with Danam, resulting in a $1 million termination fee and a default on a $1 million convertible note. The company's common stock was delisted from Nasdaq and is now quoted on the OTC Markets Pink Market system. Assure's future plans include seeking arbitration opportunities related to uncollected accounts receivable and terminating remaining Managed Service Agreement relationships in 2024.