Fri, Sep 27, 8:56 PM (85 days ago)
Assure Holdings Corp. reported significant challenges in its Q2 2024 financial performance, reflecting a drastic decline in revenue and ongoing operational restructuring. For the quarter ended June 30, 2024, revenue plummeted to $1,000 from $67,000 in the prior year, resulting in a 99% decrease. The company also recorded a net loss of $255,000, a substantial improvement from a loss of $6.05 million in Q2 2023, largely due to a gain from discontinued operations of $3.59 million. The company’s cost of revenues decreased, but general and administrative expenses remained high, leading to continued operational losses. Assure has been focusing on exiting legacy managed service agreements to streamline operations, resulting in a negative working capital of $19.1 million. Cash flows from operations were negative, and the company expressed doubts about its ability to continue as a going concern without additional financing. Assure’s stock faced delisting from Nasdaq due to failure to meet minimum bid price and equity requirements, leading to its transition to OTC Markets. The company is currently exploring strategic alternatives and has undergone significant changes, including a major asset sale and potential merger discussions that ultimately fell through, incurring additional costs. Future operations remain uncertain as the company seeks to stabilize its financial position amidst ongoing challenges.