Assure — Q3 2022 Earnings Presentation
13 slides from Assure's earnings presentation, Nov 14, 2022
Slide 1: Third Quarter 2022 Results
Third Quarter 2022 Results November 14, 2022 NASDAQ: IONM
Slide 2: Cautionary Note regarding Forward-Looking Statements
Cautionary Note regarding Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "co
Slide 3: 3Q'22 Earnings Call Agenda
Assure Neuromonitoring | 3 3Q’22 Earnings Call Agenda • 3Q’22 corporate developments • Intraoperative Neuromonitoring (IONM) industry overview • Cash receipts and their significance • 3Q’22 financial summary • Accounts receivable trends • 4Q’22 expectations
Slide 4: 3Q'22 Corporate Developments
Assure Neuromonitoring | 4 3Q’22 Corporate Developments • Managed cases forecasted to increase in a range of 21,000-22,000, or 21%-26%, in FY’22 vs FY’21 • Continued progress on running leaner and reducing cash burn; Assure consolidating business by exiting certain markets that were not generating a
Slide 5: IONM Industry Overview
Assure Neuromonitoring | 5 IONM Industry Overview • Over the course of 2022, the IONM industry has been under stress; Factors driving the duress include: • Increased pressure from payors to drive lower reimbursement • Significant reduction in the number of technical claims being reimbursed; a global
Slide 6: Cash Receipts and Their Significance
Assure Neuromonitoring | 6 Cash Receipts and Their Significance • Assure is collecting approximately 65% on receivables from the first 6 months after they were issued and 85% in the first 12 months after they were issued for Company’s 100% owned professional and technical entities (maintaining recor
Slide 7: 3Q'22 Financial Summary
3Q’22 Financial Summary 5,300 5,000 0 1,000 2,000 3,000 4,000 5,000 6,000 3Q'22 3Q'21 Managed Cases * $8.3 $8.5 $0 $2 $4 $6 $8 $10 3Q'22 3Q'21 GrossRevenue ($1.2) $1.2 ($6.0) ($5.0) ($4.0) ($3.0) ($2.0) ($1.0) $0.0 $1.0 $2.0 3Q'22 3Q'21 Adj. EBITDA ** ($m) ($m) ** See reconciliations of non-GAAP res
Slide 8: Accounts Receivable Days Sales Outstanding
Assure Neuromonitoring | 8 Accounts Receivable Days Sales Outstanding PeriodA/R Days Sales Outstanding FY’2020 590 FY’2021 348 1Q’22 332 2Q’22 311 3Q’22 343
Slide 9: Accounts Receivable Aging
Assure Neuromonitoring | 9 Accounts Receivable Aging 68% 83% 76% 7% 9% 13% 10% 5% 8% 8% 3% 3% 7% 0%0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1Q'222Q'223Q'22 Accounts Receivable Reserve by Quarter 12 months or less 12-15 months 15-18 months 18-21 months 21-24 months A/R Reserve
Slide 10: 4Q'22 Expectations
Assure Neuromonitoring | 10 4Q’22 Expectations • Company anticipates 4,800-5,800 managed cases • Greater than $8.5m in gross revenue expected • Driving accounts receivable reserve expense lower • Focus on reducing loss and cash burn and becoming EBITDA positive
Slide 11: Q&A
Q&A Assure Holdings 7887 E. Belleview Ave., Suite 500, Denver, CO (720) 617-2526 www.assureneuromonitoring.com Company Contact John Farlinger Executive Chairman and CEO John.Farlinger@assureiom.com Investor Relations Scott Kozak Director, Investor and Media Relations Scott.Kozak@assureiom.com Assure
Slide 12: 3Q'22 Earnings Call - Appendix
3Q’22 Earnings Call -Appendix November 14, 2022 NASDAQ: IONM
Slide 13: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Assure Neuromonitoring | 13 20222022 (unaudited)(unaudited)(unaudited)(unaudited) EBITDA Net Income (loss)(1,433) $ 91 $ (8,618) $ (2,447) $ Interest expense471 264 1,317 500 Accretion expense 170 171 511 386 Income tax (498) 158 (3,138) (743) Depreciation