SeaSpine (NSDQ:SPNE) shares ticked up as the markets closed today on second-quarter results that beat the consensus forecast.
The Carlsbad, Calif.-based spine surgery technology company posted losses of -$5.2 million, or -16¢ per share, on sales of $47.5 million for the three months ended June 30, 2021, for a 62% bottom-line gain on sales growth of 66%.
SeaSpine’s EPS of -16¢ per share came in 16¢ ahead of projections on Wall Street, where analysts were looking for sales of $45.9 million.
“We are taking market share and accelerating our revenue growth because of recently launched products, so we are investing with confidence in the deployment of more of our high-demand spinal implant sets,” SeaSpine president & CEO Keith Valentine said in a news release. “With an even stronger balance sheet after the April equity financing, we are exceptionally well-positioned to further expand our presence across the U.S. in both the hospital and ambulatory surgery center settings based on the anticipated contributions of our upcoming product launches and the expected clinical and safety benefits of the 7D Surgical technology platform.”
SeaSpine raised the bottom end of the range for its full-year 2021 revenue guidance, with projections landing in between $201 million and $205 million, having previously been set at $200 million to $205 million.
SPNE shares closed the day up 1.4% at $19.87 per share and remain unmoved after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day virtually unmoved.