Baxano Surgical reported 12.1 percent increase in revenue during the second quarter of 2013 to $3.9 million.
However, the company's gross margin decreased in the second quarter due to increased depreciation expense on reusable kits, increased royalty expenses and the medical device tax effective Jan. 1, 2013. The company reported net loss of $8.5 million during the second quarter.
During the second quarter of 2013, the company merged and integrated expenses of $1.6 million and incurred legal fees of $0.1 million related to a U.S. Department of Justice investigation.
Baxano President and CEO Ken Reali believes the company's next big opportunity is in the minimally invasive spine device market.
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