Aurora Spine Corporation Announces First Quarter FY26 Financial Results
- Company to host conference call Today, May 28th at 10am ET/7am PT –
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
CARLSBAD, Calif., May 28, 2026 (GLOBE NEWSWIRE) -- Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSXV: ASG) (OTCQB: ASAPF), a leader in the development of groundbreaking medical devices for spinal surgery, today announced its financial results for the first quarter of fiscal year 2026 ended March 31, 2026.
All figures are in U.S. dollars.
Financial and Business Highlights
- Increased gross profit margin – Gross profit margin on total revenues was 62.6% for Q1 of 2026, compared to 58.0% in Q1 of 2025, due to improved product mix and direct sales initiatives.
- Improvement in EBITDAC – EBITDAC for Q1 was $106,765 compared to $(20,924) in Q1 2025, an improvement of $127,689.
- Increased sales of biologics – Successfully launched Aurora Biologics in late 2025 which contributed to a 124% increase in sales in Q1 compared to last year, with $0.2 million in biologic sales. The Company sells biologics with all its implants.
- Patents issued – The Company improved its IP profile in Q1 as it was issued three new patents relating to the Zip implant and DEXA technology.
Management Commentary
"The first quarter results showed some positives, despite a slower than anticipated start to the fiscal year,” said Trent Northcutt, CEO of Aurora Spine. "The company faced some weather-related issues early, but sales momentum built throughout the first quarter. Our efforts to build an internal sales force is taking shape and can be seen in the improved gross profit margin levels recorded in the quarter, as products sold directly carry a higher profit margin than those sold through third party distributors.”
“During the quarter, our Zip, lumbar implants and newly created biologics division, were lead drivers of sales during the first quarter, demonstrating strength within the pain market, where we have been directly targeting sales efforts. We have additional work to conduct on the spine side of the business. Now that our Apollo cervical plates have been re-released to the market, we are focused on meeting with more spine surgeons and introducing them to the DEXA branded products, including the DEXA-C for cervical applications and the DEXA-L for lumbar (expanded availability expected in Q3 2026). These product offerings carry key differentiators and are sought out by the industry, especially in surgeries where bone density isn’t as strong. We expect sales of DEXA to build throughout the year. Our SiLO franchises were inline versus a year ago and we are focused on product extensions that we believe will offer more of a variety of SI Joint product for pain interventionalists.”
“We are excited about 2026 and what lies ahead. We continue to expand but also rationalize our sales team and are seeking to fill territories that demand more sales coverage. This is a necessary step to make sure we can get our products out to more physicians and surgeons looking for new and novel products that are implanted in a safe and non-invasive manner. We expect to be flat or take a small step back in Q2 while we improve our sales team but believe we are on the right track for reenergizing our sales growth rate and are looking forward to updating investors with these new initiatives and products in the future,” concluded Mr. Northcutt.
Chad Clouse, Chief Financial Officer of Aurora Spine, commented, “The company continues to be in a good financial position. Gross profit margin improved by 460 basis points to 62.6% due to more proprietary products being sold directly through our sales team and should continue to remain at these levels going forward. We continue to be extremely productive on collection of receivables which ended lower than the end of the fourth quarter’s level, adding some flexibility of our capital structure. We also continue to employ tight expense controls, which has helped limit our cash burn and being able to invest in additional growth opportunities.”
Financial Results
Revenues: Total revenues for the first quarter of 2026 were $4.44 million, an increase of 0.4% when compared to $4.42 million in the same quarter one year ago. Revenues for the first quarter were higher due to increased activity in the pain market with increased sales of lumbar implants and biologics related to Aurora biologics and Zip implants. Sales to spine surgeons decreased related to fewer cervical implant sales. The company is re-releasing the Apollo plate and expects that more plates will be used with the DEXA-C implants in the near future.
Gross Profit Margin: Gross profit margin on total revenues was 62.6% for the first quarter of 2026, compared to 58.0% in Q1 of 2025. Gross margin was higher as the company recorded more direct sales as compared to sales through third party distributors.
Operating Expenses: Total operating expenses were $2.98 million for the first quarter of 2026, compared to $2.88 million in the first quarter of 2025. Operating expenses were slightly higher due to an increase in total compensation, consulting fees, professional fees offset by decreases in research and development, marketing fees, and insurance premiums.
EBITDAC: EBITDAC (a non-GAAP figure non IFRS measure defined as Earnings before Interest, Tax, Depreciation, Amortization and Stock based compensation) was $106,765 for the first quarter of 2026, compared to $(20,924) in the first quarter of 2025, an improvement of $127,689. Improvements in EBITDAC levels for the first quarter and fiscal year were due to higher gross profit margins and tight expense controls.
Net income (loss): Net loss was $(202,854) for the first quarter of 2026, compared to the first quarter of 2025 with a net loss of $(349,678). Basic and diluted net income (loss) per share was $(0.00) per share in the first quarter of 2026 and $(0.00) per share for the first quarter of 2025.
Full financial statements can be found on SEDAR at (www.sedarplus.ca).
SELECTED STATEMENT OF FINANCIAL POSITION INFORMATION
The following table summarizes selected key financial data.
| As at | March 31, 2026 | December 31, 2025 | September 30, 2025 |
| $ | $ | $ | |
| Cash | 778,006 | 896,713 | 665,757 |
| Accounts receivable, net | 2,997,618 | 3,310,537 | 4,208,468 |
| Prepaid and other current assets | 299,183 | 350,497 | 181,666 |
| Inventory | 3,213,299 | 3,243,257 | 3,818,985 |
| Current assets | 7,288,106 | 7,801,004 | 8,874,876 |
| Note receivable | 239,795 | 234,230 | 253,893 |
| Intangible assets | 613,012 | 653,618 | 701,485 |
| Property and equipment | 1,570,649 | 1,718,141 | 1,856,881 |
| Total assets | 9,711,562 | 10,406,993 | 11,687,135 |
| Current liabilities | 2,881,992 | 3,348,297 | 4,575,707 |
| Non-current liabilities | 3,206,794 | 3,245,982 | 3,280,520 |
| Share capital | 27,754,550 | 27,754,550 | 27,720,815 |
SELECTED QUARTERLY INFORMATION
The Company’s functional currency is the US dollar (USD). The functional currency of the Company’s US subsidiary Aurora is USD.
Operating results for each quarter for the last two fiscal years are presented in the table below.
| Quarters End |
March 31, 2026 |
December 31, 2025 |
September 30, 2025 |
June 30, 2025 |
March 31, 2025 |
December 31, 2024 |
September 30, 2024 |
June 30, 2024 |
||||||||
| $ | $ | $ | $ | $ | $ | $ | $ | |||||||||
| Revenue | 4,435,984 | 5,022,865 | 4,430,755 | 4,497,381 | 4,417,027 | 4,702,317 | 4,767,121 | 4,079,543 | ||||||||
| Cost of goods sold | (1,660,395 | ) | (1,884,709 | ) | (1,731,357 | ) | (1,698,257 | ) | (1,854,244 | ) | (1,982,273 | ) | (1,884,637 | ) | (1,532,173 | ) |
| Gross profit | 2,775,589 | 3,138,156 | 2,699,398 | 2,799,124 | 2,562,783 | 2,720,044 | 2,882,484 | 2,547,370 | ||||||||
| Operating expenses | 2,978,443 | 3,153,678 | 2,814,214 | 2,971,754 | 2,879,114 | 3,219,197 | 2,811,364 | 2,701,478 | ||||||||
| Loss on FV remeasurement | - |
(25,351 | ) | (27,164 | ) | (26,130 | ) | (33,347 | ) | (153,543 | ) | - |
- |
|||
| EBITDAC | 106,765 | 301,112 | 165,600 | 141,745 | (20,924 | ) | (320,360 | ) | 380,117 | 105,522 | ||||||
| Net income (loss)** | (202,854 | ) | (40,702 | ) | (141,980 | ) | (198,760 | ) | (349,678 | ) | (652,696 | ) | 71,120 | (154,108 | ) | |
| Basic and diluted loss per share* |
(0.00 |
) |
(0.00 |
) |
(0.00 |
) |
(0.00 |
) |
(0.00 |
) |
(0.01 |
) |
0.00 |
(0.00 |
) |
* EBITDAC is a non-GAAP, non IFRS measure defined as Earnings before Interest, Tax, Depreciation, Amortization and Stock based compensation. This amount includes Gains (losses) on sale of property and equipment and Other income (expense).
** Outstanding options and warrants have not been included in the calculation of the diluted loss per share as they would have the effect of being anti-dilutive.
First Quarter of Fiscal Year 2026 Conference Call Details
Date and Time: Thursday, May 28, 2026, at 10:00 a.m. ET / 7:00 a.m. PT
Call-in Information: Interested parties can access the conference call by dialing (844) 861-5497 or (412) 317-5794.
Webcast: Interested parties can access the conference call via a live webcast, which is available via the following link: https://app.webinar.net/4o06MGEjw1p.
Replay: A teleconference replay of the call will be available until June 4, 2026, at (855) 669-9658 or (412) 317-0088, replay access code 8971699. Additionally, a replay of the webcast will be available at https://app.webinar.net/4o06MGEjw1p for 90 days.
About Aurora Spine
Aurora Spine Corporation (TSX Venture: ASG | OTCQB: ASAPF) is an innovative designer and manufacturer of minimally invasive spinal implants and interventional pain management technologies. Headquartered in Carlsbad, California, the company’s mission is to improve spinal surgery outcomes through simplified, integrated, and cost-effective solutions that advance patient care worldwide. Additional information can be accessed at www.aurora-spine.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" in Aurora Spine's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes information concerning the proposed use and success of the company’s products in surgical procedures. Aurora Spine cautions investors of Aurora Spine's securities about important factors that could cause Aurora Spine's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ unilaterally from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and, accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Aurora Spine does not assume any obligation to update or revise them to reflect new events or circumstances.
Company Contacts:
Aurora Spine Corporation
Trent Northcutt
President and Chief Executive Officer
(760) 424-2004
Chad Clouse
Chief Financial Officer
(760) 424-2004
www.aurora-spine.com
Investor Contact:
Adam Lowensteiner
Lytham Partners
(646) 829-9702
Email: asapf@lythampartners.com
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
