Aurora Spine Corporation Files Condensed Consolidated Financial Statements for the Three Months Ended March 31, 2017

CARLSBAD, CALIFORNIA--(Marketwired - May 29, 2017) -

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 ended March 31, 2017.

To our Shareholders:

Q1 2017 saw sales consistent with Q1 2016. During the three months ended March 31, 2017 we generated revenues in the amount of $1,526,377 compared to $1,549,125 during the same period the previous year, a decrease of 1%. During Q1 2017, we continued to expand the availability of our family of products in our Screwless Procedure™, a cutting-edge surgical approach to spine fusion. The Screwless Procedure features: our patented ZIP® MIS Fusion System, our TiNano® Interbody cages, and our COMPASS 4D™ retractor system.

Highlights from Q1 2017

• On January 13, 2017 the Company announced the allowance of its United States Patent Application entitled "polyaxial interspinous fusion implant and bone growth stimulation system". In addition to Aurora's implant family of ZIP® ISPs, including its ZIP Ultra®, ZIP 51™, ZIP LP™ and Dyna-ZIP™, this patent application covers the company's first polyaxial implant design. The patent was issued on April 12, 2017.
• During the three months ended March 31, 2017 cost of sales was $732,704 and gross profit was $793,673 (52% of revenues). During the three months ended March 31, 2016 cost of sales was $744,094 and gross profit was $805,031 (52% of revenues).

SELECTED BALANCE SHEET INFORMATION

The following table summarizes selected key financial data.

As at	March 31, 2017 $	December 31, 2016 $	December 31, 2015 $
Cash	143,216	192,842	579,631
Trade receivables	1,294,302	1,228,553	996,165
Prepaid expenses and deposits	177,361	318,386	205,343
Inventory	2,938,811	2,996,940	3,226,748
Current assets	4,553,690	4,736,721	5,007,887
Intangible assets	193,605	210,966	210,966
Property and equipment	1,925,895	2,095,565	2,766,207
Total assets	6,673,190	7,043,252	7,985,060
Current liabilities	2,315,322	2,400,196	3,134,105
Long-term liabilities	1,422,963	1,172,963	157,963
Common share equity	19,358,978	19,358,978	18,972,153

The Screwless Procedure has been developed to increase the possibility of significant benefits to patients, hospitals, and surgeons, including reduced surgery time, less blood loss, shorter hospital stays, and significantly faster recovery time. These benefits will continue to be the driving force of Aurora Spine's competitive advantage and growth.