HOUSTON, April 8, 2011 /PRNewswire/ -- Spine Pain Management, Inc. (OTC Bulletin Board: SPIN), through its Chief Executive Officer, William F. Donovan, M.D., is pleased to report financial results for the year ending December 31, 2010. This year's report covers the first full year of operations where results were totally derived from SPIN's new business model put into operation in August 2009. For 2010, net revenue was $3,389,581, and net income was $1,101,550 or $.06 per share. For 2009, net revenue was $540,505, and there was a net loss of $720,526 or $.05 per share.
The company recorded $3,389,581 in net revenues with $1,425,399 in costs of services and gross profit of $1,964,182 for the year ended December 31, 2010.
For the same period in 2009, the company recorded $540,505 in net revenues with $349,400 in costs of services and gross profit of $191,105.
These increases are directly attributable to revenues generated from the company's spine injury diagnostic centers in Houston and McAllen, Texas.
The company recognizes revenue by reference to "net revenue," which is gross amounts billed using CPT (Current Procedural Terminology) codes less account discounts that are expected to result when individual cases are ultimately settled. Accordingly, the company had gross revenues of $6,528,194 with net revenues of $3,389,581 for the year ended December 31, 2010, versus gross revenues of $982,736 with net revenues of $540,505 for the year ended December 31, 2009.
During the twelve month period ended December 31, 2010, the company's operations focused on continued development of its spine injury diagnostic business in the Houston area and opening its second spine injury diagnostic center in McAllen, Texas in June 2010.
During the twelve month period ended December 31, 2009, the company's operations focused on develop
|SOURCE Spine Pain Management, Inc.|
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