K2M reports 10.9% Q2 revenue increase, $9.1M net loss: 7 things to know

Written by Laura Dyrda | August 02, 2017 | Print  |

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.

 

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