Aurora Spine Corporation Files Condensed Consolidated Financial Statements for the 3 Months and Six Months Ended June 30, 2016

CARLSBAD, CALIFORNIA--(Marketwired - Aug. 26, 2016) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Aurora Spine Corporation ("Aurora Spine" or the "Company") (TSX VENTURE:ASG) announces financial results for the three months and six months ended June 30, 2016.

"In Q2 2016 we generated our highest quarterly revenue since our inception and saw an increase in revenue over Q1, which had previously been our highest revenue quarter to date," said Trent Northcutt, President and CEO of Aurora Spine. "We continue to expand the availability of our family of products in our Screwless Procedure™, our cutting-edge surgical approach to spine fusion."

The Screwless Procedure features the Company's patented ZIP® MIS Fusion System, TiNano® Interbody cages, and its MIS COMPASS 4D™ retractor system.

Highlights from Q2 2016

• Aurora Spine achieved its highest quarterly revenue of approximately $1.9M, representing an increase of 100% from Q2 2015 revenue and an increase of over 22% from the previous quarter. This represents 3 consecutive quarters of increased revenue growth;
• Cashflow from operations (defined as Revenues less all expenses except for Depreciation and Stock-based compensation) was just over $79,000 for the quarter, representing the first quarter of better than break-even operations.
• The Company received its "Dynamic and Non-Dynamic Interspinous Fusion Implant and Bone Growth Stimulation System" patent by the United States Patent and Trademark Office. This patent covers Aurora's family of ZIP® ISPs, including its ZIP Ultra®, ZIP 51™, ZIP LP™ and Dyna-ZIP™ among others.
• The ZIP® family of products and the TiNano® Interbody cages were our fastest growing product lines during the quarter. Revenues of ZIP® products grew by over 72% while revenues of TiNano® Interbody cages grew by over 68% from the same period in the 2015. Combined, these products represent over 52% of Q2 2016 revenues;
• Hardware revenue for the quarter increased by approximately 71% compared to hardware revenue in Q2 2015.

Selected Balance Sheet Information

The following table summarizes selected key financial data.