SeaSpine revenue increases 7.5% in Q3, spinal implants up 10%: 5 notes

Spinal Tech

Medtech company SeaSpine reported $46.4 million in third-quarter revenue, a 7.5 percent increase compared to the third quarter of 2020 and a 16.4 percent increase for the same period in 2019.

Five notes:

1. U.S. spinal implants and enabling technologies revenue rose 5.5 percent compared to 2020 and 16 percent compared to the third quarter of 2019.

2. Third-quarter orthobiologics revenue was up 1.3 percent compared to 2020 and increased 21.4 percent compared to the same period the prior year.

3. The integration of 7D Surgical, which SeaSpine acquired earlier this year, contributed $2.1 million of enabling technologies capital sales revenue in the third quarter.

4. The company also launched its Mariner Adult Deformity System and 7D Surgical Percutaneous Spine Module for minimally invasive surgery.

5. "Increased restrictions on spine surgeries caused by the resurgence of the COVID-19 pandemic resulted in unanticipated third-quarter volatility in our business," Keith Valentine, SeaSpine president and CEO, said in an Oct. 28 news release. "However, we remained steadfast in our commitment to invest for growth ... and are exceptionally well positioned to further expand our presence across the U.S. in both the hospital and ambulatory surgery center settings."

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