SeaSpineSeaSpine (Nasdaq:SPNE) shares rose this morning on first-quarter results that were mixed compared to the consensus forecast.

The Carlsbad, California-based company posted losses of $16.6 million, or 45¢ per share, on sales of $50.7 million for the three months ended March 31, 2022, for a 30% bottom-line slide further into the red on sales growth of 20.8%.

SeaSpine’s losses per share of 45¢ came in 9¢ behind projections on Wall Street, where analysts were looking for sales of $49 million.

“We were pleased to see revenue acceleration throughout the quarter,” SeaSpine President and CEO Keith Valentine said in a news release. “Despite significant omicron headwinds throughout January, we exceeded our own internal expectations as the quarter progressed with strong results across all portfolios as hospital staffing and OR capacity quickly recovered. On the heels of recent product introductions, we gained further momentum and energy in the field among our surgeon customers and distributor partners that has continued into the second quarter and gives us the confidence to increase our full-year 2022 revenue guidance.”

SeaSpine increased its 2022 revenue guidance to a range between $231 million and $235 million, reflecting growth of approximately 21% to 23% from 2021. The previous guidance was a range of $226 million to $230 million. SeaSpine expects its U.S. spinal implants portfolio to exceed 20% growth this year.

SPNE shares were up 2.7% at $10 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.4%.