SeaSpine Q1 revenue up 16%; closes in on $110M acquisition: 5 notes

Spinal Tech

Devicemaker SeaSpine posted $42 million in first quarter revenue, a 16 percent increase compared to the same period in 2020.

Five notes:

1. First-quarter U.S. revenue increased 20 percent year over year to $37.5 million, with spinal implants revenue jumping 29 percent to $18.4 million and orthobiologics revenue rising 12 percent to $19.1 million.

2. Net loss for the first quarter was  $12.7 million, compared to $12.6 million for the same period in 2020.

3. SeaSpine expects to complete its proposed $110 million acquisition of 7D Surgical in the second quarter.

4. Including the 7D Surgical transaction, SeaSpine projects 2021 total revenue to be between $193 million and $198 million, reflecting growth of 25 percent to 28 percent compared to 2020.

5. As of March 31, cash and cash equivalents were $87.7 million. SeaSpine had $20 million outstanding under its credit facility and $6.2 million outstanding under its Paycheck Protection Program loan.

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