LDR reported total revenue increased in the second quarter of 2014, up over the same period last year.
Here are 11 takeaways from the financial report:
1. Second quarter total revenue was up 30.7 percent to $34.8 million. Exclusive technology products had an outstanding second quarter, growing revenue 20.9 percent to $30.4 million — which is more than the entire second quarter revenue of 2013.
2. LDR saw huge growth in United States revenue — 40 percent — over the same period last year. United States revenue reached $26.3 million.
3. International revenue increased only 8.3 percent to $8.4 million in the second quarter. International revenue is 24.2 percent of the company's total revenue.
4. Traditional fusion product revenue declined 13.1 percent to $4.4 million in the second quarter.
5. Cervical products received a huge boost from Mobi-C growth, growing 47.3 percent to $21 million. Earlier this year, the FDA granted clearance for two-level artificial disc replacements with the Mobi-C, which is the only artificial disc cleared for two level procedures.
6. LDR's exclusive lumbar product revenues were up 28.5 percent to $9.4 million. The growth was driven by Avenue L lateral lumbar interbody fusion device revenue growth.
7. Second quarter net loss reached $2.3 million, or $0.09 per share, compared with a $3 million net loss for the second quarter of 2013. Adjusted EBITDA was $700,000 for the quarter.
8. Gross profit for the quarter reached $28.9 million with an 83.1 percent gross margin. Gross profit was up from the same period last year while gross margin dropped slightly.
9. The company increased revenue guidance for the full year to between 20 percent to 21 percent growth, reaching $134 million to $135 million by the year's end. Previous guidance reported revenues would reach around $128 million.
10. LDR plans to increase spending during the second half of the year by $7.5 million to $8.5 million as compared to the first half of the year, excluding sales commissions. The majority of the spending will be in sales and marketing.
11. The company will also make a larger investment in implant inventory — reaching approximately $4 million to $5 million. This will increase working capital. The company plans an additional $10 million to $11 million investment in capital assets primarily for instrument sets.