ASAPF - Earnings call transcript Q2 2022 | Aurora Spine Corporation

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Operator

Good day, and welcome to the Aurora Spine Reports Second Quarter Fiscal Year 2022 Financial Results. All participants will be in listen only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Adam Lowensteiner, Vice President at Lytham Partners. ahead. go Please

Adam Lowensteiner

XXXX. and and joining Cole, for everyone, you Chad are, of June thank Spine representing CFO the Thank company Clouse, of the today good Aurora to for today XX, ended quarter us the Northcutt, results Spine. us review all on for call President you, Trent second morning, With CEO the Aurora Aurora and financial Spine;

are this made intend, I XXA begin, remind like maybe and during within the statements would statements words, of Act of of will, forward-looking that mean may, to statement Section forward-looking. statements as from we used Before XXXX, and expressions could, everyone could the does similar course be to events Securities important the results such performance not performance achievements material risks absence reflect as cause statements XXXX. to of uncertainties and to guarantees should, believe, that Act call Securities of those not and These a different forward-looking factors or and expectations considered are are words current amended future expect, that meaning other projected. and XX(e) are of anticipate Section not statements, the concerning is of subject their actual future but identify These

performance. set Accepted not may revise call, to not For in adjusted adjusted and whether GAAP. Trent, section. EBITDAC, EPS, Investors substitute to figures believes meaningful net with to superior comparable measures provide Regulation to forward-looking most financial SEC a Generally G events those any other full the a as Accounting supplemental are non-GAAP or a filed Spine’s future these that addition to measures information of A as EBITDAC, comparable Principles might or Mr. new considered companies, measure or result be measures GAAP measures Management of these otherwise. please With forward-looking refer non-GAAP Spine reconciliation be update that Aurora intend recognize in figures should in Aurora not earnings. read of and of titled now accordance GAAP. encouraged under to on which for and these On to addition President to or adjusted and performance in these of similarly documents income other found CEO this to performance with the statements risks, prepared measures company's over the of non-GAAP you're management be operational the discussion directly turn Spine. measures Factors proceed. call under should information, in including forth statements, of regarding periodic factors, Risk file not and with I'd Trent SEDAR, to Aurora does like any company's can uncertainties that, the GAAP reports accordance the Northcutt, in

Trent Northcutt

initiatives events you've me To had if a release. on Aurora you’ll call. Hopefully, to in Q&A found well session hyphen, aurora, QX, Thank a the the lay Adam. line. of of and division, the this And section let financial the the can other aurora-spine.com, Key find events quarter, the recap the then not, results, XXXX copy bit and SiLO, summarize studies. clinical a under detailing I’d new as conduct a the Chad the commentary on I'll for and first a including spine.com to everyone we a financial can overview will and of our products conference agenda some website more like ZIP be quarter the at market welcome chance we Spine financial results you dynamics call, today's a initiatives Investor each press of like that's talk websites, of listings. including our financial out then few news release issued Spine new end. the Earlier But, you, our brief key second status the about today, to results. review and on as of DEXA and our numbers. give at products,

XXXX one to The Aurora's results strategy second is financial off, quarter highest second working. highlight record. and pay These many revenue placed our of major for was which are demonstrate of investments accomplishments, the we call quarterly produced the results on the are a in starting growth today's that quarter,

that proprietary In addition revealed margin, to solid which more we revenue, higher we has selling profit also products. levels also gross are of delivered

quarter. DEXA-C the in in continue comments. as is also for this phase later a DEXA which we quarter, On later expand phase my into second in launch up level, basis built the sell We gear I'll to second on still in we full continued a micro year. has few on the beta quarters momentum a limited past

patients. to the get very Aurora them us to pandemic schedule be are Also, doctors patients are SiLO centers, out like completed. the behind procedures issue surgery of pivoted conduct and doctors back. the care and products have healthcare and during their compelling at take the issues seems to them ZIP health in are procedures pandemic can so mostly As and doctors to many welcoming coming and they their

a conducting doctors, it patients For in procedures minimally treating manner. invasive by means

and they that patients, -- as in the to alternative ways believe given resuming been the able traction, are gain usually doctors able I have are a these in the that routines. treat home to opioid the receiving, United States been usually, in day, minor procedure undergo activity to has recent decade. possible, products our in medication our normal reasons to can and we've hit For epidemic and turn especially addition patients as little their pain products, same for

doctors we've last to products pass we quarter, doctors educating from we to many and through proprietary the than work cadaver In our train focus put XXX and training. on quarter, During year. lab continued the our more diligently by continued trained

to various conduct States the on to XX in the -- done cities The throughout the allows we more products, The stated track around million. the and XX.X% and for Aurora trained fall ZIP series sessions to the was turning. of in ZIP the the at XXXX. trainings have double and United Aurora, in doctors continues in which sales the number more learn quarter, charge $X.X of specifically doctors same slated are the We to lead about or second SiLO

and in such practice embraced the incorporated spondylolisthesis, device and didn't is procedures degenerative family is MIS another mentioned, key into or million, it and product growth for new many and when try for patients, be trial the in the into important to which invasive pain new their can manner of for going Subsequent right Joint for forward. now can franchise ZIP would use to the The in which as across Device interventionalists of country, a well. at product contributor study MIS clearance product of Spinal to incorporated and returning the And by to the tailwind to Stenosis pain. clearance as ZIP own disc the which and for Lumbar Procedures more to of to product have using have more the offer Fusion represented Lumbar their new continues potential trauma paying continues it the Aurora has mini that and a FDA FDA therapy for total implant now portfolio also end, our indicated revenues Our have will for before. an second the attractive is The population of of and SI expects Stenosis XX.X% to physicians SiLO the patient MIS lead Stenosis Stenosis option value-add to disease ZIP a adopted indicates us the conduct allows spinal is clinical our attracted a know they Adding hands getting leg or milestone existing and System the it act fusion product implants. device. Interspinous identify Indication spinal practice. Spine, back the be spine open product didn't future receipt tumor quarter canal narrows, into series company's Lumbar additional many SiLO, very key Joint allows who to and doctors SI for ahead. positive nearly still we up Its revenues announced our data doctors many procedure its a solid this nice quarter. doctors in infancy clinical and to Spinal a expand doctors quarter treat very ZIP The ZIP minimally the LSS, the as growing this and it $X for the in was existed. or

the positive be right is paying to in country, continues its franchise SiLO still adopted own for future and ahead. procedures infancy SI As across very have the joint expect doctors it by to

to SI which titanium is the As approvals be current with that our on next-generation continue making available, our working joint supply but FDA joint will introduced sure capabilities. SI marketplace, the we also the have version procedures obtaining been be fixation to diligently system, SiLO-TFX, busy with a additional

positive. and continue are We coming on the the biomechanical results product, testing back conduct to

We for in are months. hopeful approval an coming the

IP advanced area our the quarter technology our DEXA have during Another platform. we is

third for SOLO-L, for The XXXX clearance is device the DEXA – which our We and interbody DEXA lateral the the Spine bone-mimicking sits DEXA have standalone platform with the help of lumbar second the Cervical, fusion hit in will a the product, world. bone the kind stands in and key of first on SOLO-L match Lumbar retained and quarter patient the first which XXXX, anterior and spinal structure first FDA ground patient's its device, fusion, DEXA -- a the in fusion device lumbar the interbody doctors during received we lumbar quarter of density. device for clearance marketplace to during color-coded, ALIF. the standalone in SOLO-L It's we have procedures creating a patent anterior quality with part XD also sorry, the DEXA-C, implant printed our its Technology lumbar running which a secured XXX(k) system, DEXA the

DEXA with the two of further inventory second year, clearance, with the miscibility we product half Now as the to and chain sets FDA in currently products in is expect supply these up. detail are ramping products and

partnerships. and working sessions including towards of product, We are now training, this marketing

patent to in States I Chad, important has make Patent call our new the could minimally Office This device, a posterior covers fusion spinals pass to interlaminar we technology implanting intellectual United one fusion. it's a covers that patient motion continuing via while pipeline for of to small invasive preservation for advancements and spinal ZIPFlex, fusion portfolio. can the for or made attachment. be expect the shows work generation. patent are with continue device also ZIPFlex non-fusion Stenosis, adapted the a treat a interlaminar quarter, This over prototypes second the motion on advance preservation also Aurora from Spinal as a that is motion that XXXX. during during into it lumbar preservation, received we modular implant and the patent product a the This our improvements Before our for to patent we in have and implant property Such patent note to we

for to summary, thinking building have and We also that and of generation easier proud working Aurora and continue of makes investors, and it we for consistently our next extremely been -- we team's focus grow, In products our are the important the company. Aurora to on seeing build which built proprietary I'm this is performance the as doctors patients. about we

positioned We through continued furthering well We training to proprietary markets, products. new focused are markets of this of clinical sessions several and growth in trials. remain take on year advantage penetrating these our

especially, use new to we Spine's review more remain long-term, and out our to of the the platform. products. at for to technologies proceed. the that’s success now the clinical and CFO, to positioned Looking results. and each that in we Aurora who studies We I Aurora for are products of more highly are focused teaching well providing financial Chad front have over quarter opportunities DEXA SILO turn please us continue invest Chad, the doctors ZIP, will and platforms, will the with call our our major growth second Clouse,

Chad Clouse

Thank you, Trent.

interest, energy second Margins been product in the the would even higher these the make reflected sessions quarter should pressures studies, inflationary from rise XX.X% $X.X on the in of key the increase comments financial XXXX which a from prices conducting XXXX, were clinical first report can. in with business, ERP should will quarter ago profit especially a new new a going due in progress and second if remain slightly and at products, is second proprietary million, year have I ZIP these to costs quarter I company This sequential for selling final XX.X% and in Investors sales and quarter continued the R&D and shipping expenses my the the increased. extremely XXX% a as let $X.X as in of of we of part the detail $X.X forward. anticipate to which these of $X.X of as marketplace. in it levels year an margin was Before the put for improvement of Total QX million, implemented a of which and more these of the of expansion million improvement better XXXX, quarter has usage proprietary second Gross system, compared useful few to quarter in in first the been quarter Net full sequential basis XXXX, included an revenues EBITDAC introduction from a elevated before results quarter well to first color million, basis compensation proper accelerated higher QX Aurora a proprietary stock-based the the tax, The capability share improvement second was same expenses expenditures second was next $X R&D but products million, quarter an which out a of and in me margin grow major release, the in products. continues a XXXX. the quarter of to include training been of improvement levels, already a per increase sales my of was $X.XX to towards quarter in a beyond but come in position to million, in increase the million year-over-year quarter investors $XXX,XXX, of during of loan basic $X.X and compared coming should We EBITDAC, as negative XX.X% know quarters, investments to peak believe end. the the million million, a a basic diluted business some growth recorded requesting. company improved that we do an loss as especially from XX.X% of the numbers and in people anticipated managing $X.X investments to loss from weren't from continued press receipt of the on The was are $X.X was a I devices, from from XXXX, of from the DEXA-C, per These have adding share, second quarter come of a have where revenues, quarter a us areas an focus that in highlighted something during want in XXXX quarter million, SiLO improvement compared was share, which believe to revenue in time diluted sooner, XXXX. depreciation negative the or of year-over-year first showed remarks, proceed XX% directly profitability. new XXXX. $XXX,XXX, of was in and over the increase allow margins first was the a $X.X product. and of for $XX,XXX, second XXXX from gross quarter, as improvements whereby, or and $XXX,XXX. results. I XXXX, Gross up approximately and quarter a earnings quarter loss improvement $X.XX was second sales by a in $X.X the or strong the driven $X.X margin. million of negative quarter PPP in loss we $X.XX net XXXX, by ago our Gross the first from negative a was quarter second the XX% first Revenue revenues that of

on balance company the primarily coming we second receivables due some first last million quarter in sufficient in successful to the to in And $X.X $X.X month have said, receivable Accounts quarters. to been quarter, company and the cash the Thus The the to to recently coming million similar to believe be the the which additional funds million of end and weeks. quarter. believe receiving approximately in collecting peaked first the sequentially of the to grew the quarter, over sheet. of are in with equivalents, we end, the in cash $X.X sales ended Turning quarter's experienced what we our since these second the very quarter. strong receivables, from June the at way fund we in

our to timely We fashion. monitoring diligently collect are constantly receivables and working in a

over continued to to a of start for sales inventory, also additional We new also increased kits build $X.X products. which prepare as this and we training conduct million, little

While we now Trent. hopeful will have have capital amount back conversation turn we That adequate will grow We expenses an end believe I some to concludes my and of the deployed to a we these comments. to company in achieve the good liquidity profitability. resources, fourth the are of come these to quarter.

Trent Northcutt

Chad. you, Thank

that we XXXX to are catalysts evolving the and to solid care that several the growth. these pandemic a the Before results captures demonstrating first and to are of necessary we of pain we the the sure believe success the track investment make decisions. opportunities have spine company put internally I'd level, used company the markets the make to questions, and company expenditures in half to the next open take These the sizable call for that, like to conclude the in the we

include some to Some making additional and new of and our sales new building kits, efforts. key and inventory improve initiatives licensing these our hires

the We of and are investments progress are beyond. of about very the these pleased and excited the year with very remainder

unique we very very are as ready to substantial situation confident alike. an long-term operator, create for our Given said, With and shareholder we value device remain innovative that any our company, medical opportunities questions. that

Operator

Thank [Operator And question the Please, with from will you. session. come first we begin today Connection. go Tom our ahead. now Fedichin Instructions] And Microcap question-and-answer will

Tom Fedichin

Congratulations guys. quarter. on an morning, excellent Good

you're yeah, out. -- saying doing obviously your guys -- you're what your You sales proving and you're are what it saying

guess, I think quarter? DEXA-C, see question, it So So the did congratulations. $XXX,XXX. I know -- question. I in Was be sales on equivalent? quarter, have would sort you believe, A previous I of first this what that's I the was

question is Second doctors. on

You concern got can this I've doctors leave we that summer. those but in Have up to a time expressed pick a a are questions, second. you for that? take going now, more few it witnessed and more off I'll two

Trent Northcutt

Yes. that the news most These use. In were DEXA-C, that the to alpha words. continue are the doctor to have allow to to product received now size we implant alpha of Tom. that good out is But from its Appreciate Thanks, yes, phase. kits kind that, the trying we which phase, the the in out. going they're kits individual we size instrumentation build roll

able times implants DEXA-C we'll get saw time really did lot some We this it the We a we quarter, people the that going down, September, what the one of of for able taking spring of that's manufacturing thrilled to question, then from break of time extra Yes, a be saw which into indicators was a about. fourth see indeed should for second which caught and a to now here your be manufacturing. into kind definitely to vacation. next into taking move break. during So were a phase. beta phase DEXA-C alpha, and to supply people vacation. this the to had And summer. in spring full get little of of extended technology, that And the beta some slowed We lot the spark off. it lot was able we to be go -- chain move during regards us we'll we by up to of we're almost for up vacation the in a some The and ties was waiting release were

So in that in yes, lot we right away or take one-week where people vacation. we July, saw saw vacation not a -- two-week just of a

were from work us, vacation of with beyond some they companies they about had off. weeks and took days doctors XX-plus three as that we've Sometimes that well extended time, or different that even heard other time some that accounts

Tom Fedichin

now Would doing knowing of kind doing forward? So that's you're ahead. with you say in will training training sessions, going it's that, a many there DEXA-C but of DEXA-L, full be looking that we and any to are products And these steam be DEXA-related is required? more saying that, forward, going full rollout, you behind on

Trent Northcutt

It's question. a good

from The the them doctors. are technique. procedure So existing cervical DEXA-C a in to nice we're requires no And -- fusions. replicate doctors very training for it's really skilled their

that our are we've intuitive. instrument it. The made with are doctors instrumentation, we've we've So that The made. done kits familiar the tooling that with

which a per might is We or product month a portfolio, DISCOVERY called our which are device. XX, have of kind that is procedures implants put procedure. three a is in with versus, in a cage it four to exact and that mimics XX doctors even only These SiLO procedures cage, month a where SiLO can cervical another technique, a do like doctor say, the up eight, the high-volume which

implants. So, that expect nice DEXA-C it's And the implants. to type comparison the curve two will no doctors put a between whatsoever we learning have

Tom Fedichin

buying, How I was many now months? as XX, do Perfect. should monthly QX XX How Perfect. doctors you I in say. the it many you as have or currently say, have purchasing do previous today? versus, think high

Trent Northcutt

quicker than something right got pull me you -- up. I we But here. are Chad, Let that it got

running was interventionalist, see have here we from another that. doctors to that that so we on the added between have. add-on I XX had pain XX But we are about an We XX.

Yes. us puts that over So, little adding a bit XX from on. XX

using here they're we month, of product that customers name. these new each and consistent. news over that head but that some is the see just are continuously a it's like just customers it’s good not So, returning The

Tom Fedichin

would And the -- the are kits these as training Nice. Nice. as purchasing you're for or say. many that previous there kits existing with monthly DEXA, would monthly the all to you'll no the should doctors, it That's there's actually, doctors? these SiLO with like producing. training you these rollout, But have of purchasing plan -- go I

Trent Northcutt

Yeah.

So of if you type XX had It roundtable how end neurospine from in had all of orthopedist a practice nine around talked into those remember from in ortho phase in to nine XX of of we -- country kits for to over we're XX, now have those gone and are universities make and she and then of we've We part the XX scheduled end all all doctors will beyond. QX, going so October, we instrument able excuse planning the of because end me, XX the neuro. surgeons, users could say September, all April. at the have of -- two four we we that use to alpha the move of of And about of to it. DEXA-C doctors, fact, one was doctors make them will by that that of users, should And end who from going I on or couldn’t roundtable came April were were users we of with for DEXA-C. But And was did those, available call, implants. we just going meeting, we a were standard it. August, all to make that blend

Tom Fedichin

Wonderful. Wonderful.

Where What's Okay. see breakeven point going for you profitability? forward? the do profitability

Trent Northcutt

the a full sales spikes do schools like units, the show, in question, said been right to higher see volume people expect we've get of won't we've we're this this that -- people high which be go of which kind flow are we'll that that before, of of zone, off where think doctors build be think of about that I right the like beta those -- And are quarter. $X.X business, us vacations, it's I procedures. those of hospital. ebb answer a not right one now we'll and Like to sell will was, more into It's And question which in school. commercial $X.X then the second a that key expanded that now and there. now $X.X the think them area, going was into -- as of be I and from new kids able it able going surgery part your as I able I alpha back that million. think million I units second month Many get And And the half I this year month where back be to had that centers is do to the to back, year, just are those practices. in to have to it to half that's opened fourth coming answered -- that's don't into going technology, And yeah, that between coming and be they're now. million, of I more didn't the is the come had to surgery able or be for you. here then seems their it into be up out. an up I to to the part is, moves phase, phase, going And launch will are all profitability second the because we open of it and And centers

do the surgical now and here and out, up, profitable will be in office, quarter. being it kits go in will expect So to way populated we will available fourth our and us those kits count the be to be sent because the have we

Tom Fedichin

wonderful. Wonderful,

Okay.

Chad Clouse

jump me Let quick. here real in

expect last is an part the a that lot QX. we and Just our to of money so R&D some really of of that spending come is of in couple a in we've in to R&D quarters, end

So I think the the that end QX will year. of and really help

Tom Fedichin

moment? Okay. that presentation, gathered supply were you actually at great. given chain the your That's of, from when Yeah. Any I, Chad. issues kind

Trent Northcutt

still It's are in with really still moment, the these a dealt vendors other we things the glaring of are using. nothing unstick at but of supply to are chain. companies Well, definitely, many that's the that trying -- -- themselves lot not

with not it's like think So to coming hear I do work. think caught that else. a of are one back of we’re having lot I vendors to right getting now just -- our are manufacturers our somebody excuse people And of still DEXA try vacations pace. problems believe has and is the I do up. starting pick to vendors over on many are the seasonality me, the summer to strides, that I of up holidays these stuff. their

where was centers doing it's par they're thinner and it, because us, love used which them, Rydel now a and people And because of and but surgical because kits. the the make had our within carry. us into manufacturing on make full-size surgery another instrumentation the these their up able with We're lower and surgical autoclave do interventional been little we've been actually to trade trays love then kits, doctors came us Rydel they're machine team, surgical and has material that instrument had. with fits the providers, we it's it in for into profile bit caddies how the creative delays that kits other our moved a into It's to new it smaller we've we available. great one lighter new which our to kits pain get just And actually be to kits, allowing great. with area a engineering solution fantastic our of to So we who head

smaller center's now surgical this into evolved starting the So more of make fit us, and that actually surgery to these smaller autoclaves. we're kits

model. on kind we're of ourselves that of proud So

Tom Fedichin

speak approval about when approval would we're rollout had? place take all you for approval. I heard a know Nice, anxiously SiLO-TFX? if And Have anticipating anything? nice. the you full SiLO-TFX of Can And has

Trent Northcutt

need now, right already comments, area their So, that finish do month And had that. in come we testing ends point some and to we'll asked was that, yes, were as XXth. we for we've that, one cycle even month, the before an data took and Aurora, case up said, more off this in additional in conducting will from This they speak. -- the we just it they testing, being are we queued that where cycle we they to which we actually and on we're today missing did testing this were us --

Wednesday predicate using FDA to and coming this we're and it's that nothing then with probably week, the get the that on us the back and been Aurora remaining the -- with clock FDA. data, puts the the here we'll days So that XX has our back versus or in resubmitted, go with we testing the with will Thursday device positive for right but which

would and that then time us of manufacturing. once of have have, So to give could a say, X we able an do fingers scenario they in have let's be October. the course. up best are first and of to They would hands. for X, the if they we of case Day holiday, crossed, of alpha December. over to after But later Labor year everything, be users towards have they in September, devices the that cases the that within key is the using say, manufacture We're week approval FDA an will a say, that, than FDA And their implant give approval, right get ready -- lot a us no everything start then ramp we that couple to before in,

Tom Fedichin

And, I any hearing discussed. development. okay. obviously, latter just or released, when Okay, I'm about that products that there new in half say, seeing in forward we not can look but about maybe been the talking Are today, device hearing to haven't

Trent Northcutt

be – next and are into us year, the would surgical We're we've year for so of because It's We least which year for will working on going before the right that replacement is a two would familiar. the do in years say, And be product, device all up rollout over, to need which -- been course, all the the get a have couple we marketing really all technologies to available full-fledged, the would over. DEXA-C go ALIF we do third doctors DEXA-C, And last, in TFX DEXA-L implants the and be DEXA-L DEXA-L ZIP, nicely XD-printed TFX that first to SOLO turned then over then, SiLO-TFX of don't at the before the year that although in the launch. expect to a of and alpha that training, standalone the to we're of mostly optimistic would DEXA-C approval, protocols system procedure last queue training built very to be just used users do TFX, our our is the the company. that the in on. the implant, DEXA Yes. out manufacturing a get SiLO focused this full we're expect to our SiLO-TFX.

be So really TFX because our locations, we windfall have to we suspicion training of to would protocols. think be my training would that would of part doctors that want protocol. our increase would attendance would a that, have I And we probably that to add

Tom Fedichin

and leave I'll others. Wonderful. Two to more it questions

on So that that said, year. this you far, you another I doctors for XXX training – plan Is XXXX? you've trained And was correct believe XXX.

Trent Northcutt

from – and like the it this say, necessarily more training, Between up lab, or don't we're into, last cadaver have year, presenting double train who the go year the the going to Yeah, a training. in-office doctors, saw into trainings ones an for to bone go they sure. to they some

Tom Fedichin

of just quarter? of and million you that $X products, you the million second or the new be adoption, training, forecast, doctor will growth the year. we've do end Okay. the DEXA-C possibility million a Do stage first, actually see given $X the And DEXA-L But a $X in the you seen continued is as done outside do the You've which wonderful. quarter growth or half? do you foresee DEXA-L now, forecast at

Trent Northcutt

quarter, – the on that Yeah, fourth the without it get any are in up want I that we can guidance that products real right? we especially lines quarter, $X way million with out. to, I'm optimistic this, everything fourth everything, if rolling to am I the think

to a we us it that. also to continue then expand and $X achieve off million quarter For

you've we we closer going then next think direction then I quarter, really and costs then off And quarter, heard into to then get year. upward margin in me of that went use last each and the words Each through, positive a springboarded quarter did one off like we quarter springboard profitability going into is. fourth and is and that year some closer, our improving -- indeed to reducing able and quarter goal. next show and the

Spine – in Chicago It's in It NASS in the now to as got we've It's who their Last yeah, We'll we'll execute, have products TFX, use to I DEXA be breath I for would for people start in in able and would in Society, we're long better also Vegas is, American And talk ready TFX announcement be is I as lot And gives about followed-up going at DEXA-C, not training selling great if adopters supply Spine Chicago the team the a worried going American it to think full have Boston. a North the North about all will DEXA-C. PSPS booth October, place participating this I'm people the here And do into excited I not a trade holding available. to always of could to we've really be program think be about and be worried about place in be us year there. was show demonstrations our attended, booth to want then COVID to not think It's if introduce to do was And able many I So year. that I be a at well and to there. have and DEXA-L that the a not October. year. doctors over the to NASS, we traveling. by of I the it show. early and because we'll that, shift to the everyone's year, doctors, to TFX, in one, future it a – and to But excited and and on think is right TFX half to at about. the was we've because chain meeting, procedures. still technology, I'm first Conference Society this worried the to customers had go lot Las we the be in the we pick run matter got a DEXA-C got be the new now been which up know, which NASS the a it. COVID. do with and really it's technology

So, trade have quarter. going we're a really show to fourth busy

here the have coming course several in and the to cadaver Austin a we year. introduce have to of throughout here September, We products up doctors rest in these

Tom Fedichin

was Wonderful. other $XXX,XXX. It I the cash apologize. of And on -- I actually the towards do towards I and have actually, balance question. one was Chad, that gear regarding sheet

that? I You through. over There's capital Can see have you receivables enough on it had mentioned the cash $X raise million. see you to elaborate to have And grown no need here.

Chad Clouse

Right.

Tom Fedichin

of the been a just elaborate? can growth to Is you Have function you within a this And just able fashion? rate timely maybe collect is obviously, increasing.

Chad Clouse

very month us. Sure. big a June was for

Obviously really kind $X the increase at hit we've to got came I that in started mark, of our receivables itself. puts million When -- receivables. we But focus involves once $X.X on and that focus it we've and think say, our that cash million. enough and we down collecting in bear I receivables. I -- obviously of yeah, think

and future. really haven't much there much in We loss any past the the too in had not

So I to last been the we've of in succeeding we've collectible. fashion, do. if all And it in believe, trying timely almost like And it's month. is it a we then, collect been

we we’re able to cash, raise I think think to any. and find I need don't the

Tom Fedichin

your to you for again guys, you, But as I'll there, the thank and it Well, others quarter Perfect. they will. leave guys. congratulations time. questions ask thank wonderful to Okay. on

Trent Northcutt

Tom. you, Thank

Chad Clouse

Tom. Thanks

Operator

back to for question-and-answer conclude over I'd closing And session. Trent remarks. any our conference instructions] Northcutt will to turn this [Operator the like

Trent Northcutt

Thank your Aurora Spine. interest in and you time for appreciate joining We us.

to of We many ahead very in us We excited forward the and about to you look ahead. beyond. weeks are XXXX what's of speaking in

day. your If of a you happy have Everyone, schedule Lytham out Adam please again. Partners, to we'd rest a great questions, have at any follow-up be Thanks call. reach to and

Operator

today's conference for has Thank you concluded. now The attending presentation.

your disconnect now lines this time. may at You

Aurora Spine (ASAPF) 29 Aug 222022 Q2 Earnings call transcript