Assure Holdings Corp. (NASDAQ: IONM) saw its shares fall below breakeven Thursday, as the provider of intraoperative neuromonitoring and remote neurology services announced the execution of strategic actions to make the business leaner and more profitable.
These actions include the streamlining of operations and salary deferments for the executive management team which will prioritize resources for growth, accelerate the Company’s path to profitability and create stakeholder value. The steps Assure is taking will reduce its monthly operating costs by greater than $200,000 per month.
John A. Farlinger, Assure’s executive chairman and CEO, said, “The Company is continuing to progress against our objective of performing 25,000 total managed cases for fiscal year 2022, a record number representing an increase of more than 40% compared with 2021 volume. In addition, Assure has maintained its strong cash collections pace since reporting record results in the first quarter of 2022.”
Farlinger continued, “Given current capital market conditions, we have made the proactive decision to reduce our cost structure and accelerate becoming operating cash flow positive faster.
“We executed a similar strategy of cost containment during the much more severe COVID-19 related downturn in 2020, and I am confident that the actions we are implementing to streamline our operations, improve our processes and remove complexity and cost from our business will allow us to optimize our performance in these more challenging times.”
IONM shares began the trading day down four cents, or 2.3%, to $1.71
