Earnings call transcript: Aurora Spine reports Q2 2025 revenue growth amid market interest

Aurora Spine Corporation reported a 10.2% increase in revenue for Q2 2025, reaching $4.5 million, driven by increased procedures and proprietary product sales. Despite the revenue growth, the company reported a net loss of $199,000. According to InvestingPro data, the stock has recently faced headwinds, trading near its 52-week low with a market capitalization of $339.84 million. The stock price remained unchanged post-earnings, closing at $0.27, within its 52-week range of $0.26 to $0.49.

Key Takeaways

• Aurora Spine’s revenue rose by 10.2% year-over-year to $4.5 million.
• The company’s gross margin improved to 62.2% from 58% in the previous year.
• Aurora Spine reported a net loss of $199,000 for the quarter.
• The company is expanding its product offerings with new launches like Hydra Arrow and DEXA L.
• Market interest in minimally invasive spine procedures is growing.

Company Performance

Aurora Spine demonstrated solid performance in Q2 2025 with a notable revenue increase, primarily due to the rising demand for its proprietary products and increased surgical procedures. InvestingPro analysis shows the company maintains a beta of 1.17, indicating slightly higher volatility than the market. The company is strategically positioned in the interventional spine market, which is seeing significant investments and a shift towards minimally invasive procedures. Aurora’s unique offerings in the facet joint market, a segment with fewer competitors, bolster its competitive edge. For deeper insights into Aurora’s market position and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively on InvestingPro.

Financial Highlights

• Revenue: $4.5 million, up 10.2% from the previous year.
• Gross Margin: 62.2%, improved from 58% in 2024.
• EBITDAC: $142,000, up from $106,000 in 2024.
• Net Loss: $199,000.
• Cash Position: Nearly $600,000.

Outlook & Guidance

Aurora Spine anticipates continued growth in the latter half of 2025, driven by the commercialization of new products like Hydra Arrow and DEXA L. InvestingPro metrics reveal an overall Financial Health score of 2.41 (FAIR), with notably stronger scores in growth (3.22) compared to price momentum (1.29). The company plans to expand its sales team and invest in market education, expecting increased sales momentum in Q3 and Q4. Subscribers to InvestingPro can access additional insights through exclusive ProTips and detailed financial metrics to better evaluate the company’s growth potential.

Executive Commentary

• "We are positioned to take advantage of the emergent of the minimally invasive procedures in spine health," stated Trent Northcutt, CEO.
• "We’ve seen an increase in the number of customers substantially," noted Matt Goldstone, Chief Commercial Officer, highlighting the company’s expanding market reach.
• "We always see the Q1, Q2 kind of build up and then Q3, Q4 be stronger," Goldstone added, indicating optimism for future quarters.

Risks and Challenges

• Market Competition: Despite unique positioning, increased competition could affect market share.
• Economic Uncertainty: Macroeconomic pressures could impact consumer spending and healthcare budgets.
• Product Rollout: Successful commercialization of new products is critical for revenue growth.
• Operational Expansion: Scaling operations and sales teams could strain resources if not managed effectively.

Q&A

During the earnings call, analysts focused on the gradual rollout of Hydra Arrow, comparing it to the successful TFX strategy. Questions also centered on the company’s efforts to enhance its sales team and improve market penetration, with management expressing confidence in their strategic direction.

Aurora Spine’s Q2 2025 results highlight the company’s growth trajectory amid a dynamic market environment. With a focus on innovation and strategic expansion, Aurora is poised to capitalize on the growing interest in minimally invasive spine procedures.

Full transcript - Aurora Spine Corporation (ASG) Q2 2025:

Conference Operator: Good day, and welcome to the Aurora Spine Second Quarter Financial Year twenty twenty five Results Conference Call. All participants will be in a listen only mode. After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mr.

Adam Lowensteiner, Vice President of Litham Partners. Please go ahead, sir.

Adam Lowensteiner, Vice President of Litham Partners, Litham Partners: Thank you, Chuck. Welcome, everyone, and thank you for joining us today to conduct an update with investors and review the financial results for Aurora Spine for the second quarter fiscal year twenty twenty five that ended 06/30/2025. With us on the call representing the company today are Trent Northcutt, President and CEO Chad Clouse, Chief Financial Officer and Matt Goldstone, Chief Commercial Officer. Before we begin, I would like to remind everyone that statements made during the course of this call may be considered forward looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Act of 1934. These statements reflect current expectations concerning future events and results.

Words such as expect, intend, believe, may, will, should, could, anticipate and similar expressions are words that are used to identify forward looking statements, but their absence does not mean a statement is not forward looking. These statements are not guarantees of future performance and are subject to risks and uncertainties and other important factors that could cause actual performance or achievements to be materially different from those projected. For a full discussion of these risks, uncertainties and factors, you are encouraged to read Aurora Spine’s documents on file with SEDAR, including those set forth in periodic reports filed under the Forward Looking Statements and Risk Factors section. Aurox Fund does not intend to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. On this call, may refer to EBITDAC, adjusted EBITDAC, adjusted net income or adjusted EPS, which are not measures of financial performance under Generally Accepted Accounting Principles or GAAP.

Management believes that these non GAAP figures in addition to other GAAP measures provide meaningful supplemental information regarding the company’s operational performance. Investors should recognize that these non GAAP figures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, not as a substitute for, or superior to any measure of performance prepared in accordance with GAAP. A reconciliation of non GAAP measures to the most directly comparable GAAP measures in accordance with the SEC Regulation G can be found in the company’s earnings release. With that, I’d like to now turn the call over to Mr.

Trent Northcutt, President and Chief Executive Officer of Aurispine. Trent, please proceed.

Trent Northcutt, President and CEO, Aurora Spine: Thank you, Adam. I’d like to welcome everyone to this call to update everyone about Aurora Spine. To lay out the agenda for today’s call, I plan on updating everyone on the company’s operations and then hand the call over to Chad to review the financials. Afterwards, I will make some brief conclusion remarks and then open the call to answer any questions you may have. I am pleased with the financial results reported for the 2025, which showed an increase in revenues from last year by 10.2% and improved EBITDAX levels from last year’s second quarter and 2025.

The improvements are from the efforts we have been building through our internal sales efforts. While we have more work to do, we are excited about our future and have the right products available to deliver for the best comes for patients. We are very busy during the second quarter and we are focused on selling outreach to our outreach of our existing proprietary products like the ZIF and the Silo TFX, which continue to make up the majority of the company’s revenues. During the quarter, we surpassed some key product milestones with more than 2,500 Silo SI joint fusion products implanted being implanted sorry, fusion system products being implanted. Over 1,500 surgeries we’ve done with using the DEXA C.

We also, though, made some important strides with our DEXA series, primarily the DEXA C product, which I’ll get into, which is the DEXA L product, excuse me, which I’ll get into in a few moments. Also keeping us busy in this newly FDA cleared product is the cassette joint, which was rebranded the Hydra Arrow, formerly known as just Arrow. The rebranded name will help us with the marketing of the product and create a new family name for other products, which we have under the Hydra brand. During the second quarter, we worked very diligently to produce the product for initial surgeries, which commenced shortly after the quarter’s close. I’m pleased to share that initial surgeries are continuing and that the product is performing well, and we have taken initial feedback to make any minor adjustments and modifications ahead in the next order of our inventory.

We do believe that this product series is revolutionary and has a strong future ahead. We anticipate several doctors to start implanting the product throughout the remainder of the year. We’re also eager to share the results of the REFINE study we conducted for our Zip device, which is used for patients suffering from back pain due to symptomatic degenerative disc disease. The positive results were presented at the ASPN Annual Conference in mid July by Doctor. Steven Falowski in a peer reviewed discussion titled Functional Outcomes in Low Back Pain Subject with Novel Interspinus Fusion Devices.

REFINE study, a twelve month result. The study included results gathering from 11 doctors and who was conducted on behalf of AURORA’s to determine the utility of this interspinous fusion device as a standalone therapy for treatment of lumbar spinal stenosis. The treatment of lumbar spinal stenosis is a large unmet treatment need that bridges the gap between conservative measures and minimally invasive surgical procedures. This refined study is an exciting validation of Aurora Spine’s zip device, which has shown to be proven safe and effective outcomes. We are encouraged with the twelve month data collected point collection points that was delivered at ASPEN, as well as having data covering a twenty four month period, which also showed positive outcomes with patients having no adverse effects.

Moving on to another revenue contributor for AURORA is the silo platform, which has a series of proprietary products including the silo TFX System where revenues were $2,640,000 in the second quarter, an increase of 32.8% from the second quarter last year. The Silo TFX series is just one of five proprietary product platforms that was developed in the past few years and has gained significant retraction in a short amount of time. We believe that we are still in early innings of the SI joint market opportunity and expect TFX to continue to expand market share. We’re also pleased to see the new publication on the TFX in the last few months, including one of the evaluated spine mechanic performance compared to traditional posterior transcellus techniques. This demonstrates the TFX superior performance and leading to a positive patient outcomes.

Just a brief update on DEXA. As I mentioned in the last conference call, we have new a few newer salespeople that are dedicated to the spine orthopedic market and have been working diligently open up more hospitals to use DEXA. As a result of these renewed efforts on the cervical spine market, sales in our cervical products, including mostly DEXA C, showed an increase of 70 during the 2025 over the prior year and nearly $800,000 in revenue. This is definitely refreshing news to share as we demonstrate that we are able to penetrate doctors and have them utilize the DEXA C. But we’re even more excited about the momentum that we are commencing for the DEXA L for the lumbar procedure in the coming weeks.

We have high hopes for DEXA L as subsidence issues occur more frequently in the lumbar section of the spine due to heavier loads that we are put on the portion of the spine. We are gearing up excited about this launch and will update investors as things progress. That concludes my formal comments. I will now turn the conversation over to Chad Plaus, Aurora’s CFO, for some commentary on our financials. Chad, please proceed.

Chad Clouse, Chief Financial Officer, Aurora Spine: Thank you, Trent. The company’s financial performance in the second quarter continued to show progress. Let’s discuss some highlights. Total revenues for the 2025 were approximately $4,500,000 an increase of 10.2% when compared to $4,000,000 in the same period a year ago. Improvements in revenue in 2025 were due to more procedures conducted in inventory surgical and pain centers that incorporated Aurora’s products like Zip and Silent GFX.

The company targeted pain market with increased marketing training, new product releases, and increase in sales staff. Moving on to gross margins, which on total revenues were 62.2% in the second quarter, an improvement from 58% for the 2024 and in line with comparables to of 62.4% in 2025. Gross margin was at a strong level in the quarter, and we believe this level is sustainable and we will sell more proprietary products. Moving on to operating expenses. Total operating expenses were approximately $3,000,000 for the 2025 compared to 2,700,000.0 in the 2024.

Operating expenses in Q2 twenty twenty five included $300,000 of noncash expenses compared to $200,000 noncash expenses in the year ago second quarter. Operating expenses were slightly higher during the current quarter, primarily due to an increase in sales commissions, marketing and insurance, offset by a decrease in G and A expenses and consulting fees. EBITDAC and non GAAP non IFRS measure defined as earnings before interest, tax, depreciation, amortization and stock based compensation was approximately $142,000 for the second quarter compared to $106,000 in the 2024. EBITDAC was higher from a year ago, results due to increase in revenue levels and strong gross margins from selling more proprietary products. Net loss was $199,000 for the second quarter of twenty twenty five compared to the 2024, which was a net loss of $154,000 basic and diluted.

Net loss income per share was $0 per share in 2025 and $0 per share in 2024. Moving to the balance sheet at the with nearly $600,000 in cash. Accounts receivables were basically flat when compared to 2025. Cash collections continue to be a major focus for us as we’ve been successful on improving collections, especially in older receivables. We have been very diligent in making sure we collect our receivables in a timely fashion.

As mentioned in the past, we’ve added personnel that assist me improving our collection process the majority of the receivables on the balance sheet reflect those of thirty days or less. We believe the capital structure is sufficient to meet our budget needs for the remainder of the year and should continue to improve as we continue to make progress on our collection efforts and experience growth in the business. That concludes my comments. I’ll now turn the conversation back to Trey.

Trent Northcutt, President and CEO, Aurora Spine: Thanks, Chad. To summarize, I’m very proud of our team’s efforts and performance in staying focused on building this company. We are positioned to take advantage of the emergent of the minimally invasive procedures in spine health with many of our new proprietary products. We remain focused on penetrating these markets, furthering this year through continued training sessions, industry conferences and sharing the update on the clinical data of our products that we are currently in treating patients. While we are pleased with the quarter’s results, we are working diligently to enhance the company’s revenue growth.

We are very excited about the company’s future opportunities and product lines we have brought to market. As we move to focusing on our commercialization efforts, we continue to build the sales team efforts, educate the marketplace of our products and the value they bring to patients. While we are experiencing at times a longer sales cycle to onboard new doctors, we remain committed to our sales efforts and believe that our efforts through continued education and training. We are very excited about the addition of the Hydra Aero and the DEXA L in the back half of the 2025 year and believe that they both should act as some growth catalyst for the remainder of the year. With that said, operator, we are ready to take any questions.

Conference Operator: Thank you. We will now begin the question and answer session. And the first question will come from Tom Fiddichsen with MicroCap Connection. Please go ahead.

Tom Fiddichsen, Analyst, MicroCap Connection: Hey, good morning guys and congratulations on a good quarter. Really excited about where the company is moving forward, especially with these new implants coming with the DEXA L and of course the new facet. Curious if you could talk about how many facet surgeries you plan on doing in Q3 and maybe give investors an idea as to what the rollout would look like. Will it be similar to what we saw when the silo TFX first came out, where it was a gradual rollout and the beta phase, make sure of course nothing goes wrong. But will we see any sales of significance in Q3 or will that kind of start to show in Q4 or 2026?

Trent Northcutt, President and CEO, Aurora Spine: Hi, Tom. Thanks for joining our call today. Yes, it’s very similar to what we did with TFX, where we had a minimal amount of sets. In this case, we have 10 surgical kits that we made for the HydroAero kit just to make sure that the tooling was right. And as far as numbers go, we we’re more projecting, revenues of the product.

And I know that I said, on some recent calls that we were shooting in the first part of the quarter, ’3, build 20,000, worth of implants in July and then 40,000, then 50,000, another 50,000, then 80,080 thousand. That was our our conservative approach to these numbers just because we wanted to roll the product in. And just in case there was any, type of hiccups with, some of the instrumentation, there was some mild changes to, one of the instruments that you use for prepping the disc space. I’ve also included on this call, Matt Goldstone. He’s on the call with us to be able to answer also additional sales questions.

And I’ll let Matt comment about the, aero from his perspective.

Matt Goldstone, Chief Commercial Officer, Aurora Spine: Thank you, Trent, and thank you, Tom, for the question. Yes, this will be a very similar strategy to the rollout of TFX in which we start off with our alpha phase, physicians to make sure to trans point everything moves exactly smoothly through every case and we have the correct outcomes for patients. With that, we are already moving into kind of the limited launch phase with a larger subset of physicians. We have been able to meet our initial targets of what we wanted to do for sales, and we continue to hope to see sales grow throughout the back half of twenty twenty five.

Tom Fiddichsen, Analyst, MicroCap Connection: Perfect. Will there need to be any additional sales staff to to handle the rollout of this? Or will this be something that that that can easily be trained to the existing regional sales director network that you guys have built?

Matt Goldstone, Chief Commercial Officer, Aurora Spine: So we have, fortunately, a phenomenal sales team that has access to quite a few physicians through previous customer relationships. So we will be rolling it out to the customers that we currently have as well as new customers in their markets. We are also always trying to hire the correct people for a given market. So it’d be a little bit of a a few additional headcount we look to hope to hire if we find the right people mixed in with training the team to roll it out to the accounts we currently have. It is a new indication unrelated to the other products we’ve had in our bag before.

Tom Fiddichsen, Analyst, MicroCap Connection: Okay. And from Q3 into Q4 looking forward, do you expect to see, you’re starting off with these 10 kits to start off in Q3. Q4, will that gradually increase as you leave enter or exit 2025 entering into 2026? What sort of growth will we see in the kit size as we move from quarter to quarter?

Matt Goldstone, Chief Commercial Officer, Aurora Spine: So with the initial feedback from the sets that we’ve had, it’s all been very positive. And I think we are close to locking the design of the tooling at the moment. And so we will be looking to manufacture more sets and hopefully have those towards the beginning of next year.

Trent Northcutt, President and CEO, Aurora Spine: Okay. Fantastic. Forecast the CapEx on that, you know, in the going into the fourth quarter. The the time to delivery of these sets is not lengthy, so we feel confident in getting more more instrument sets out as needed.

Tom Fiddichsen, Analyst, MicroCap Connection: Wonderful. Moving on to the DEXA C, sales have increased. It’s great to see. Can you elaborate on what has led to sales growth? I know you’ve said you’ve put more sales efforts into pushing the DEXYC product into the market and you brought on, I believe Ron Ecclestein, I think might be his name.

Can elaborate on what has led to the increased sales and will this continue to improve?

Matt Goldstone, Chief Commercial Officer, Aurora Spine: Absolutely. Yeah. Ron Eccles has done a great job of coming on and reengaging a lot of new neurosurgeon and orthosurgeon customers in the market. So we’ve seen an increase in the number of customers substantially. We’ve also worked diligently to pair DEXA C with a quality plate, so that way we can establish the whole procedural share for that customer.

And with that, we’ve seen a great response from the physicians that have used the product thus far.

Trent Northcutt, President and CEO, Aurora Spine: I will add to Matt’s comment on that just to give a note to questions that we are having a retooling of our cervical plate, which is the Apollo cervical plate, that we’ve had to readjust the locking mechanism in the manufacturing process that’s that’s slowed down some of our sales with the, cervical plate, the Apollo plate. And that is, something that the company is now working to get out and solve that that issue that we had with it as fast as possible. And and the internal engineering team and manufacturing team are, are working on that diligently, but I wanted to bring that up as a note.

Tom Fiddichsen, Analyst, MicroCap Connection: Okay. You have the hydro pedicle screws that came on out, I believe maybe was it Q1 that they first entered the market, so, somewhere in that timeframe. Can you speak about the success of that? Have you gained some traction from the Hydra screws? Are you seeing the growth that you expected from that?

I know it wasn’t mentioned in press release.

Trent Northcutt, President and CEO, Aurora Spine: No. We’re not seeing it yet because where we are with with the Hydra and the Hydra Acyonics, lumbar screws is essentially we’re we’re replacing the third party product that we had, as a screw. So we’re trying to, integrate that system into those locations for that evaluation period. Would I like to see it increase more? Yes.

I would. It’s not currently hitting the cliff that we would like to see it at. It is performing very well. So with that, I’m I’m encouraged. But as far as, like, the current tracking of those revenues, it’s not hitting the mark that I wanted to hit just yet, and we’re putting all, you know, all our efforts into the HydraScrew system and the Osceonic Screw system, with a renewed focus, here in the going into the fourth quarter.

Tom Fiddichsen, Analyst, MicroCap Connection: Okay. Okay. And speaking of the TFX, have you seen sales start to increase? I know you had mentioned that on previous calls that

Matt Goldstone, Chief Commercial Officer, Aurora Spine: there was a little bit of

Tom Fiddichsen, Analyst, MicroCap Connection: a lull in the sales. They’re still good, but there was a little bit of a lull. Have you started to see an uptick? We know last year Q3 was the strongest quarter of the year. Are we seeing kind of a carry on on a comparative basis to last year in Q3 so far this quarter that you’ve just entered?

Matt Goldstone, Chief Commercial Officer, Aurora Spine: Yes. Q3 has started to look very good for SI fusion. As you look at kind of the numbers through last year into this year, we always see the Q1, Q2 kind of build up and then Q3, Q4 be stronger just due to the nature the cyclical nature of the business. But in Q2 of this year, we did $2,100,000 in our SI Fusion portfolio between silo and silo TFX, which would be ahead of last year at 1.7.

Tom Fiddichsen, Analyst, MicroCap Connection: Good. Fantastic. That’s congratulations on that. That’s that’s good to hear. Can you speak to any surprises that you see that’s popped up, whether positive or negative with the company?

Obviously, there’s many things going on in the business from VA Veterans Affairs, isn’t a big portion of your business, and overall it is. But there’s many different facets for where business is coming from, whether it be a regional area that’s giving you more sales in another area or a certain regional sales directors that’s giving you more sales. What sort of surprises have you seen?

Matt Goldstone, Chief Commercial Officer, Aurora Spine: I think overall we’ve just been very encouraged by the movement in the interventional spine market, watching all the other companies invest and move strategically focused on that market. There’s been a lot of new companies wanting to take their position in that market, which gives us indication that that place will continually grow.

Tom Fiddichsen, Analyst, MicroCap Connection: Okay. Okay. And last question is more on the rollout of your regional sales directors. You’ve been adding new regional sales directors, subtracting some where they haven’t performed. How many of those do you have today?

And what are your plans going forward for adding throughout the balance of 2025 into 2026?

Matt Goldstone, Chief Commercial Officer, Aurora Spine: So to to your point, we’ve, had to replace a couple directors. We’re currently sitting about 11 field staff between directors and managers and then another, you know, 50 distributors that we are, you know, keep keenly working with. As we move forward, we’d like to fill in at least another three to four directors in the next six months, but we have to find the right people to fill those roles.

Tom Fiddichsen, Analyst, MicroCap Connection: Okay. Okay. Can I just say

Matt Goldstone, Chief Commercial Officer, Aurora Spine: Focus mhmm?

Trent Northcutt, President and CEO, Aurora Spine: I just wanna add to that. We’re focusing on the right candidates for markets that are either in the interventional side or if by chance that the the people who are interviewing for this position had a strong spine background. Obviously, that would be a win for us as well. So the the the two different sales focus groups is where we’re sorting through to find the right person in that regional position because we still have a lot of open spaces across the country.

Tom Fiddichsen, Analyst, MicroCap Connection: Okay. And actually there was one more question, sorry. And that is more related to the accounts receivables receivables you guys are keeping on top. Cash isn’t the concern.

Trent Northcutt, President and CEO, Aurora Spine: Chad, do you wanna answer that one? Yeah. We’re staying on top

Chad Clouse, Chief Financial Officer, Aurora Spine: of the receivables. You can see they didn’t grow between q one and q two. So and end of the year. So we you know, cash could be better, but I think as we continue along and sales increase towards the end of the year, like we commented earlier that our cash position should be fine for the rest of the year.

Tom Fiddichsen, Analyst, MicroCap Connection: Perfect. Okay. Okay. Thank you, guys. Well, on a good quarter.

Really looking forward to Q3 and the balance of the year. So again, congratulations.

Trent Northcutt, President and CEO, Aurora Spine: Thanks,

Conference Operator: Our next question will come from Lindsay Leeds with MicroCap Opportunities. Congratulations

Lindsay Leeds, Analyst, MicroCap Opportunities: on a strong quarter. I wanted to ask about Aero and the cross selling possibilities. Are you seeing doctors that have never bought an AURORA Spine product before? Looking at Aero, can you talk about that, please?

Matt Goldstone, Chief Commercial Officer, Aurora Spine: Absolutely. Thank you, Lindsay, for the question. And this product class is very, very exciting for us. So not only do we see customers that are current Aurora users very interested in this product, but we also do see many customers that might have chosen another brand in a particular product class coming forward to want to work with Aurora due to this product. It is a unique market, and there are quite a few less competitors in it than per se, like, an SI fusion where there’s, you know, 50 to a 100 other competitors in that space.

Tom Fiddichsen, Analyst, MicroCap Connection: Okay.

Lindsay Leeds, Analyst, MicroCap Opportunities: When we’re looking at what I would call a full launch of aero where you’re just pedal to the metal, what quarter might that be? Is that q one or q two of next year?

Matt Goldstone, Chief Commercial Officer, Aurora Spine: So as we are ramping up trades and getting everyone kind of moving, I would love to say that it would be Q1. But as time always takes its toll, I think Q2 would be more realistic.

Lindsay Leeds, Analyst, MicroCap Opportunities: Okay.

Matt Goldstone, Chief Commercial Officer, Aurora Spine: I

Lindsay Leeds, Analyst, MicroCap Opportunities: think that’s all the questions I have. Thank you.

Trent Northcutt, President and CEO, Aurora Spine: Thank you, Lindsay.

Conference Operator: This concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks. Please go ahead.

Trent Northcutt, President and CEO, Aurora Spine: Thank you for joining us. We appreciate your time and interest in AURORA Spine. We are very excited about what’s ahead. We appreciate your interest and support in AURORA Spine and are looking forward to updating everyone in the upcoming months on our progress. We will be participating, at the Lithium Partners fall twenty twenty five investors conference later this month on September 30.

And if you’d like to participate and meet with us, please reach out to Adam Lowensteiner from Lytham Partners, and we’d be happy to schedule a meeting. Thanks again, everyone, and have a great rest of your day.

Conference Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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