IONM - Assure Holdings Enters into Agreement to Sell Certain of its Assets to MPOWERHealth | Benzinga
DENVER, March 11, 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 has entered into an agreement to sell certain assets of its IONM business to MPOWERHealth for up to $4.5 million, of which $2.5 million will be paid in cash at the initial closing and up to an additional $2.0 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.
The initial closing of the sale of assets is subject to certain customary closing conditions and consents. The Company expects that the initial closing will occur on or around March 22, 2024.
John Farlinger, Assure's executive chairman and CEO, commented, "The sale of IONM assets to MPOWER provides Assure with a clear pathway to meet its strategic objective of repurposing our business and closing our merger with Danam Health. We are pleased that MPOWER will continue providing our surgeon partners with the high-quality IONM services they are accustomed to receiving using the same neurophysiologists they work with today."
Scott LaRoque, CEO of MPOWERHealth, commented, "MPOWERHealth's acquisition of Assure Neuromonitoring further solidifies our standing as a leading provider of IONM services. This move underscores our commitment to advancing surgical safety and patient outcomes through improved access to advanced technologies. We're excited about the positive impact this acquisition will bring to patient care and look forward to furthering the clinical excellence within our field."
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 ...