DENVER, March 28, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (NASDAQ: IONM), a provider of intraoperative neuromonitoring (“IONM”) and remote neurology services, today announced that it closed the sale of certain assets of its IONM business to MPOWERHealth on March 26, 2024. The sale includes proceeds of up to $4.5 million, of which $2.32 million was paid in cash at the initial closing and up to an additional $2.18 million to be paid in relation to a potential earnout payment tied to case volume from the acquired assets during the 12-month period following the initial closing. The asset sale includes most of the Company’s healthcare facility contracts and clinical equipment, and a majority of the Company’s employees. The Company retains certain of its assets, including but not limited to, its accounts receivable and its employees in the revenue cycle management team.
About Assure Holdings
Assure Holdings Corp. is a best-in-class provider of outsourced intraoperative neuromonitoring and remote neurology services. The Company delivers a turnkey suite of clinical and operational services to support surgeons and medical facilities during invasive procedures that place the nervous system at risk including neurosurgery, spine, cardiovascular, orthopedic and ear, nose and throat surgeries. Assure employs highly trained technologists that provide a direct point of contact in the operating room. Physicians employed through Assure subsidiaries simultaneously monitor the functional integrity of patients’ neural structures throughout the procedure communicating in real-time with the surgeon and technologist. Accredited by The Joint Commission, Assure’s mission is to provide exceptional surgical care and a positive patient experience. For more information, visit the company’s website at www.assureneuromonitoring.com.
About MPOWERHealth
Based in Addison, Texas, MPOWERHealth serves more than 400 physicians, 55,000-plus patients and over 300 facilities in 24 states. MPOWERHealth is dedicated to empowering better healthcare through innovative solutions for specialty physicians, hospitals, and payors. Its services include an integrated physician network that supports collaboration between neuromusculoskeletal physicians to promote quality improvements; best-in-class neuromonitoring services for physicians, hospitals, health systems and medical facilities; and bundled solutions for payors that create direct access to the highest level of conservative spine care at a set cost.
Cautionary Statements Regarding Forward-Looking Statements
This press release contains forward-looking statements based upon the current expectations of Assure. Forward-looking statements involve risks and uncertainties and include, but are not limited to, statements regarding the potential for the Company to earn an earnout payment, and other statements that are not historical fact. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation risks related to Assure’s ability to manage its operating expenses; risks related to the market price of Assure’s common stock; and potential adverse reactions or changes to business relationships resulting from the completion of the sales transactions. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. These and other risks and uncertainties are more fully described in periodic filings with the SEC, including the factors described in the section titled “Risk Factors” in Assure’s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC, and in other filings that Assure makes and will make with the SEC You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof or as of the dates indicated in the forward-looking statements. Except as required by law, Assure expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Contacts
Brett Maas, Managing Principal
Hayden IR
ionm@haydenir.com
(646) 536-7331
