Fri, Jun 7, 7:36 PM (92 days ago)
Assure Holdings Corp. reported a net loss of $3.8 million for Q1 2024, compared to a $3.1 million loss in Q1 2023. Revenue decreased significantly to $9,000 from $115,000, reflecting the company's exit from legacy managed service agreements. Operating expenses increased to $3.7 million from $3.2 million, primarily due to higher legal fees associated with asset sales and merger activities. Cash flow from operations was negative $1.5 million, and the company had a cash balance of $376,000 at the end of the quarter. Assure completed the sale of most of its clinical operations for $2.3 million and entered a merger agreement with Danam Health, Inc. The merger is expected to close by July 22, 2024, subject to customary conditions and regulatory approvals. The company is also addressing compliance issues with NASDAQ listing requirements.