SeaSpine Q2 revenue up 66%; company plans hospital, ASC expansion

Spinal Tech

Spinal implant manufacturer SeaSpine posted $47.5 million in second quarter revenue, a 66 percent increase year over year.

Seven notes:

1. In the U.S., SeaSpine's second-quarter revenue increased 64 percent compared to the same period in 2020 and 21 percent compared to 2019.

2. In the second quarter, SeaSpine completed the acquisition of 7D Surgical, which contributed $600,000 in enabling technology capital sales revenue, the company said in an Aug. 2 news release.

3. SeaSpine also launched the WaveForm lateral and WaveForm anterior 3D-printed interbodies and received FDA clearance for the 7D Surgical percutaneous spine module for minimally invasive surgery.

4. Net loss for the second quarter was $5.2 million, compared to $13.7 million for the second quarter of 2020.

5. CEO Keith Valentine said the company is "exceptionally well positioned" to expand further into hospitals and ASCs "based on the anticipated contributions of our upcoming product launches and the expected clinical and safety benefits of the 7D Surgical technology platform."

6. As of June 30, cash and cash equivalents were $120.7 million, and the company had no amounts outstanding under its credit facility.

7. SeaSpine said it expects 2021 revenue of $201 million to $205 million, which would reflect 30 percent to 33 percent growth over 2020 revenue and 26 percent to 29 percent revenue growth over 2019.

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