Orthofix, SeaSpine announce CFO post-merger

SeaSpine CFO John Bostjancic [Image courtesy of SeaSpine]SeaSpine CFO John Bostjancic will continue as the top financial officer of the to-be-named orthopedic device giant created through a merger with Orthofix.

When the two companies announced their plans to merge last month, they said that Bostjancic’s present boss, SeaSpine CEO Keith Valentine, would be CEO.

“John has been a key leader of SeaSpine dating back to the successful spin-out of the organization in 2015. I am confident his background and experience in the medical device industry, coupled with his cultural influence, will benefit the newly combined company as we continue to grow,” Valentine said in today’s news release.

“I believe John is well positioned to help lead us through the successful integration of the two companies, ensuring accountability across all levels of the organization, as we focus on the key initiatives that will drive growth, scalability and shareholder value.” Read more

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SeaSpine launches Mariner MIS Wayfinder

SeaSpine (Nasdaq:SPNE) this week announced it launched its Mariner MIS Wayfinder system commercially.

Mariner MIS Wayfinder is a one-step, k-wireless screw delivery system for pedicle screw fixation. It eliminates the reliance on traditional guidewires for percutaneous screw placement by providing a fully-integrated, surgeon-led solution that uses the company’s Mariner modular pedicle screw technology.

“Thoughtful and efficient instrumentation design in Mariner MIS Wayfinder delivers the capability to significantly reduce the number of steps associated with fixation placement,” said Dr. Azam Basheer, a neurosurgeon at Henry Ford Health in Jackson, Michigan. “Combined with the outstanding functionality of Mariner MIS and Flash Navigation’s recently-launched percutaneous module, SeaSpine now offers a market-leading procedural solution.”

Mariner MIS Wayfinder is integrated with SeaSpine’s 7D Flash Navigation system and the Flash Percutaneous mod…

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Orthofix, SeaSpine plan all-stock merger to create global spine and orthopedic company

Orthofix (Nasdaq:OFIX) and SeaSpine (Nasdaq:SPNE) today announced a definitive agreement to combine companies in an all-stock merger of equals.

Under the terms of the agreement, SeaSpine shareholders will receive 0.4163 shares of Orthofix common stock for each share of SeaSpine common stock owned. Once the transaction closes, Orthofix shareholders will own approximately 56.5% of the combined companies. SeaSpine shareholders will own approximately 43.5% of the combined company on a diluted basis, according to an SEC filing.

Both companies’ boards have unanimously approved the merger. They plan to close the transaction in the first quarter of 2023, naming the new combined company beforehand.

Shares in OFIX were down more than 21% to $14.49 apiece, and SPNE was up more than 5% to $5.90 apiece in premarket trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down more than 3%. Read more

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SeaSpine launches WaveForm TA interbody system

[Image from SeaSpine]SeaSpine (Nasdaq:SPNE) announced that it fully launched the WaveForm TA (TLIF articulating) interbody system.

Carlsbad, California-based SeaSpinedesigned the WaveForm TA interbody system to deliver an interbody to the anterior portion of the disc space. The aim is to optimize sagittal alignment and endplate support.

According to a news release, surgeons can use WaveForm TA to address specific anatomical needs intraoperatively. With a range of footprint and lordotic options, surgeons don’t see adverse impacts to their surgical workflow.

“WaveForm TA is an exciting addition to our interbody portfolio and provides a best-in-class offering in what we estimate is the $175 million U.S. [transforaminal lumbar interbody fusion] market for 3D-printed and solid titanium products,” said Dennis Cirino, SeaSpine SVP of global spinal systems. “This system provides a versatile and reproducible lumbar interbody solution while providing efficiency…

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SeaSpine posts mixed-bag Q2 results, raises guidance for fiscal 2022

SeaSpine (NSDQ:SPNE) posted second-quarter results that beat the revenue consensus on Wall Street and missed earnings estimates.

The Carlsbad, California-based company reported losses of $13.9 million, or -38¢ per share, on sales of $56.3 million for the three months ended June 30, for a sales growth of $56.3 million compared with Q2 2021.

Earnings per share were 3¢ behind the street, where analysts were looking for sales of $53.34 million.

“Our first quarter’s strong revenue momentum sustained through the second quarter,” President and CEO Keith Valentine said in a news release. “The success we’ve had in attracting and onboarding distributors from our larger competitors, as well as additional transformational distributors we expect to transition in the near-term, is due in large part to our consistent execution in the commercial launch of industry-leading, new and enhanced products and systems. Our expectation for continued sales traction and visibility…

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SeaSpine rises on Q1 earnings, increased 2022 revenue outlook

SeaSpine (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 sur…
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SeaSpine posts Q4 sales beat, projects 20% revenue growth in 2022

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 advance…

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SeaSpine launches new orthobiologic products

SeaSpine (NSDQ:SPNE) announced the launches of the NorthStar cervical facet fusion and Flash navigation lumbar facet fusion.

Carlsbad, California-based SeaSpine designed what they tout as first-of-their-kind orthobiologic systems to streamline reproducible procedural workflow while maximizing the area for fusion with OsteoStrand DBM fibers contained within the facet joint.

According to a news release, the company has initiated the full commercial launch of the NorthStar facet fusion, an all-in-one solution for combining OsteoStrand DBM fiber cervical pellets and disposable facet prep instrumentation. All of this is optimized for use with SeaSpine’s posterior cervical fixation system, the NorthStar OCT.

SeaSpine designed its Flash navigation lumbar facet fusion — which will have a limited commercial launch — with instruments for targeting and delivering OsteoStrand Plus DBM fiber pellets within the facet joint during minimally invasive spine procedu…

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SeaSpine fully launches its Admiral ACP system

SeaSpine (NSDQ:SPNE) announced today that it began the full commercial launch of its Admiral ACP (anterior cervical plating) system.

Carlsbad, California-based SeaSpine designed its Admiral ACP as the next-generation of anterior cervical plating aimed at finding the optimal balance between strength, profile and construct rigidity.

According to a news release, the platform includes differentiated plate features and step-eliminating instrumentation that work seamlessly in the surgeon’s hands to create a more efficient and consistent anterior cervical discectomy and fusion (ACDF) experience.

The Admiral ACP platform can be used as fixation for ACDF procedures in conjunction with the company’s interbody offerings, including the 3D-printed Waveform C and Shoreline RT. The system includes 1-5 level plating options with multiple crossover sizes to help intraoperatively address specific surgical needs.

“Our next-generation Admiral ACP addresse…

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SeaSpine results miss in Q3 as COVID-19 takes a toll

SeaSpine (NSDQ:SPNE) this evening reported third-quarter results that missed the Wall Street consensus forecast as sales took a hit from the fall’s COVID-19 resurgence.

The Carlsbad, Calif.-based spine surgery technology company lost $17.6 million, or 48¢ per share, on sales of $46.4 million for the quarter ended September 30, 2021 — versus a loss of $6.6 million, or 24¢ per share, on sales of $43.2 million in Q3 2020.

Wall Street analysts on average predicted a loss of 31¢ per share on sales of $47.82 million.

“Increased restrictions on spine surgeries caused by the resurgence of the COVID-19 pandemic resulted in unanticipated third quarter volatility in our business; however, we remained steadfast in our commitment to invest for growth and to launch innovative and differentiated products,” SeaSpine CEO Keith Valentine said in a news release.

SeaSpine expects Q4 2021 revenue in the range of $54–55 million, reflecting growth of 1…

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SeaSpine warns of COVID-19 hit to surgical revenue

SeaSpine Holdings (NSDQ:SPNE) is the latest medical device maker warning that the SARS-CoV-2 Delta variant wave is hurting its business.

Carlsbad, California–based SeaSpine filed an update for investors with the Securities and Exchange Commission on Friday, citing “ongoing uncertainty regarding the duration and severity of COVID-19 and/or staffing shortages on spine surgery procedure volumes throughout the United States.”

“Throughout the third quarter of 2021, and most acutely starting in August, spine surgery procedure volumes were negatively impacted in many areas of the United States, including in Florida and Texas, where SeaSpine derives a meaningful portion of its revenue, due to cancellations and/or postponements of procedures as a result of the increased cases and transmissibility of COVID-19 and because hospitals and other surgical centers were experiencing staffing shortages,” the company said in the SEC disclosure.

SeaSp…

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SeaSpine beats The Street in Q2, raises sales guidance

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 su…

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