SeaSpine (Nasdaq:SPNE) this morning reported fourth-quarter results that were mixed compared to the consensus forecast.
The Carlsbad, California-based company posted losses of $18.8 million, or 52¢ per share, on sales of $55.6 million for the three months ended Dec. 31, 2021, for a bottom-line slide deeper into the red on sales growth of 19.7%.
SeaSpine’s losses per share of 52¢ came in 17¢ behind expectations on Wall Street, where analysts were looking for sales of $54.9 million.
“We are pleased with our revenue performance in the fourth quarter, despite the impact of the pandemic on surgery volumes in December,” SeaSpine President and CEO Keith Valentine said in a news release. “As we enter the new year, we are encouraged with the steady improvements we have seen in operating room capacity and hospital staffing levels since early February.
“Those improvements, coupled with the strength of our comprehensive spinal implants and advanced DBM products portfolio, as well as disruptive 7D technologies, such as our Flash navigation system, drive the confidence in our ability to accelerate market share-taking across all markets in which we compete.”
SeaSpine said it expects full-year 2022 revenue to fall in the range of between $226 million and $230 million, representing growth of between 18% and 20% year-over-year.
Shares of SPNE were down 0.3% at $12.67 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.4%.