SeaSpine reports $36.4M revenue in Q2, up 6.5%: 5 things to know

Laura Dyrda -   Print  |
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Carlsbad, Calif.-based SeaSpine reported a 6.5 percent increase in year-over-year revenue for the second quarter of 2018.

 

Here are five things to know:

1. The company's revenue hit $36.4 million, with U.S. revenue up 7.5 percent to $32.6 million. In the U.S., SeaSpine reported an 11.5 percent increase in spinal implants revenue to $16 million and 4 percent increase in orthobiologics to $16.6 million.

2. During the quarter, SeaSpine renewed a credit facility with Wells Fargo Bank through July 2021, which could increase their limit by $10 million to $40 million. The company also transitioned the OsteoStrand Demineralized Bone Fibers to a full commercial launch and received FDA clearance for instrumentation designed for use during third-party surgical navigation. Finally, the company launched a posterior decompression and disc preparation instrument system in the quarter.

3. SeaSpine reported a $7.4 million net loss for the second quarter, as well as $29 million in operating expenses. The increase in operating expenses was driven by the higher selling and marketing expenses, but partially offset by lower research and development as well as general and administrative expenses.

4. The company expects full-year revenue to reach $136 million to $139 million, a 3.2 percent to 5.5 percent year-over-year growth.

5. In the future, the company plans to continue to innovate in its product pipeline, strengthen its distribution footprint and expand its medical education and training programs.

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