K2M reported second quarter revenue increased 10.9 percent to $65.7 million.
Here are seven things to know:
1. The domestic second quarter revenue jumped 12.2 percent to $50.8 million. The segment breakdown includes:
• U.S. complex spine market: 9.7 percent growth
• U.S. minimally invasive surgery market: 25.4 percent growth
• U.S. degenerative market: 9.9 percent growth
2. K2M reported $9.1 million net loss for the quarter, down from $11.1 million over the same period last year.
3. During the second quarter, K2M launched the MESA 2 Cricket in the deformity line and introduced the SAHARA AL Expandable Stabilization. The company also achieved FDA clearance for the MOJAVE PL 3D Expandable Interbody System.
4. Operating expenses hit $51.3 million in the quarter, up 4.9 percent from last year. The increase was driven by a $2.2 million increase in sales and marketing expenses. Loss from operations was $8.1 million.
5. The company's cash and cash equivalents hit $36.5 million and K2M reported $111.3 million in working capital.
6. K2M reported total revenue for the full year is expected at $263 million to $270 million, an 11 percent to 14 percent growth year over year. The company expects continued mid-teens growth in U.S. business for the year. Net loss for 2017 is expected at $31 million to $34 million.
7. K2M hosted the annual Meeting of the Minds in Portugal during the second quarter, bringing together 100 international spine surgeons to discuss treatments and demonstrate its Balance ACS platform.