DENVER - Assure Holdings Corp. (NASDAQ: IONM), a provider of intraoperative neuromonitoring (IONM) services, has been notified by the Nasdaq Stock Market of a compliance issue due to the delayed filing of its quarterly report for the period ending March 31, 2024. The company received a notice from Nasdaq stating that the delay in submitting its Form 10-Q has resulted in noncompliance with Nasdaq Listing Rules, which require timely filing of periodic reports.
The Nasdaq Hearings Panel will review this matter as an additional deficiency in their decision regarding Assure Holdings' continued listing on the Nasdaq Capital Market. Despite this notice, there is no immediate impact on the trading of the company's common stock on the market. Assure Holdings has been given until today to submit a written explanation for the delay to the Panel.
Assure Holdings specializes in providing clinical and operational support services during surgeries that pose risks to the nervous system, including neurosurgery, spine, cardiovascular, orthopedic, and ear, nose, and throat procedures. The company employs technologists and physicians who monitor patients' neural structures and communicate in real-time with surgeons during operations. Assure is accredited by The Joint Commission and states its mission as delivering exceptional surgical care and ensuring a positive patient experience.
The company is working diligently to complete the necessary financial documentation and file its overdue quarterly report. While Assure Holdings describes itself as a best-in-class service provider, it is important to note that this press release statement includes forward-looking statements that involve risks and uncertainties that could cause actual results to differ from those projected.
InvestingPro Insights
Assure Holdings Corp. (NASDAQ: IONM) is currently navigating through compliance challenges with Nasdaq, but what do the numbers say about its financial health? According to the latest data from InvestingPro, Assure Holdings has a market capitalization of just $3.87 million, indicative of a smaller player within the industry. The company's financials show a negative revenue growth rate of 356.4% for the last twelve months as of Q4 2023, which is a significant decline. This is coupled with a gross profit margin of 159.69%, which suggests the company is generating a high gross profit relative to its sales, but this figure is likely skewed by the negative revenue growth.
InvestingPro Tips highlight some of the challenges and risks faced by Assure Holdings. Analysts are not expecting the company to be profitable this year, and the stock has experienced substantial volatility, with a 38.18% price drop over the last month and a 10.35% decline over the past week. However, it's not all bleak, as the stock has seen a strong return over the last three months, with a price total return of 28.07%.
Investors considering Assure Holdings should be aware of the company's significant debt burden and the fact that it is quickly burning through cash, which may impact its ability to meet short-term obligations. Additionally, the company does not pay a dividend to shareholders, which may be a consideration for those seeking income-generating investments.
For those looking to delve deeper into Assure Holdings' financials and future prospects, InvestingPro offers a wealth of additional tips. In fact, there are 14 more InvestingPro Tips available for Assure Holdings, which can be accessed through the platform. For those interested in a yearly or biyearly Pro and Pro+ subscription, remember to use the coupon code PRONEWS24 to get an additional 10% off, providing an even more comprehensive picture of the company's financial standing and market potential.
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