SeaSpine Archives - Page 2 of 3 - Medical Design Sourcing

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…

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…

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…

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…

Report: Medtech dollars, deals hit new highs in first half of 2021

Fueled at least in part by exceptionally strong IPO and M&A markets, hedge funds, venture capitalists, private equity firms and corporate investors are committing more time and money into privately held medical devices companies, according to a new “Healthcare Investments and Exits” report issued by Silicon Valley Bank.

The report examining the first half of 2021 outlines deals and dollars committed to all sectors within healthcare — while also tracking exiting opportunities for investors. An examination of the medical device portion of the report reveals many promising trends.

First, capital commitments are up. Looking at dollars raised, U.S. and European medical device startups raised $4.6 billion in the first half of this year, putting 2021 on pace to eclipse totals dollars raised in 2020 ($5.2 billion raised) and 2019 ($4.8 billion raised.) It’s worth noting that European startups accounted for 34% of the dollars raised by medical device companies, up f…

FDA clears SeaSpine’s 7D percutaneous spine module

SeaSpine this week said it received FDA 510(k) clearance for its 7D Percutaneous Spine Module.

Carlsbad, Calif.-based SeaSpine designed the spine module for minimally invasive surgery. It adds increased functionality for its 7D Flash Navigation System, which follows SeaSpine’s recent acquisition of 7D Surgical.

“We are extremely excited to achieve FDA clearance and eager to deploy our Percutaneous Spine Module,” Beau Standish, president of enabling technologies at SeaSpine, said in a news release. “This new application will help address an important part of the spine navigation market and will nicely round out our Flash Navigation Spine portfolio. We anticipate this MIS application to be a valuable enhancement for both ambulatory surgery centers and hospitals. I’m very proud of what our team has accomplished thus far, but this is still just the beginning of where we will take our machine vision technology in the future.”

The 7D Flash navigation sys…

Seaspine rises after hours on Street-beating Q1

SeaSpine (NSDQ:SPNE) shares ticked up after hours today on first-quarter results that beat the consensus forecast.

The Carlsbad, Calif.-based company posted losses of -12.7 million, or -46¢ per share, on sales of $42 million for the three months ended March 31, 2021, for a -1.3% bottom-line slide on sales growth of 16.2%.

Adjusted to exclude one-time items, losses per share were -18¢, 16¢ ahead of Wall Street, where analysts were looking for sales of $40.3 million.

“We were pleased with revenue acceleration as the first quarter progressed,” SeaSpine president & CEO Keith Valentine said in a news release. “Despite the headwinds we faced in January and early February due to COVID restrictions on spine surgeries, we exceeded our own internal expectations for the quarter with strong results in March as those restrictions eased.

With more robust spine surgery volumes anticipated as we continue to emerge from the COVID pandemic, the anticipated cont…

The 10 largest orthopedic device companies in the world

[Image from Pixaby]Pent-up demand could make orthopedic devices a hot space in 2021.

The COVID-19 pandemic was especially brutal for the orthopedic device industry. Many of the largest companies in the space saw double-digit percentage declines in revenue in 2020. Health providers delayed or canceled elective procedures to focus on the pandemic, and patients stayed away in droves.

It’s a new year now, though, and vaccines are rolling out. People don’t want to live with a bad knee or hip or back forever. Growth will eventually return for the industry, and orthopedic device companies are positioning themselves to be ready.

Rather than hunkering down during the pandemic, many ortho device companies chose shop for new technologies and major M&A deals. They’re reorganizing and launching new products ranging from surgical robots to smart implants.

Read on and discover the latest about the world’s 10 largest orthopedic device companies.

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The 10 largest orthopedic device companies in the world

[Image from Pixaby]

Pent-up demand could make orthopedic devices a hot space in 2021.

The COVID-19 pandemic was especially brutal for the orthopedic device industry. Many of the largest companies in the space saw double-digit percentage declines in revenue in 2020. Health providers delayed or canceled elective procedures to focus on the pandemic, and patients stayed away in droves.

It’s a new year now, though, and vaccines are rolling out. People don’t want to live with a bad knee or hip or back forever. Growth will eventually return for the industry, and orthopedic device companies are positioning themselves to be ready.

Rather than hunkering down during the pandemic, many ortho device companies chose shop for new technologies and major M&A deals. They’re reorganizing and launching new products ranging from surgical robots to smart implants.

Read on and discover the latest about the w…

SeaSpine prices $87.8M offering

SeaSpine (NSDQ:SPNE) announced that it priced an underwritten public offering worth proceeds of approximately $87.8 million.

Carlsbad, Calif.-based SeaSpine is offering 4.5 million shares of its common stock at a public offering price of $19.50 per share, leading to the $87.8 million expected in proceeds before deducting discounts, commissions and other expenses, according to a news release.

The company also granted underwriters a 30-day option to purchase up to an additional 675,000 shares at the public offering price. The offering is expected to close on or about April 20, 2021.

SeaSpine plans to use the proceeds from the offering, along with existing cash and cash equivalents, to finance the cash consideration of $27.5 million for its $110 million acquisition of 7D Surgical, which the company announced last month. The offering is not conditioned upon the closing of the acquisition.

Other uses for the proceeds include working capital nad other g…

MedTech 100 roundup: Slight rise for the industry

While medtech’s performance still isn’t mirroring the beginning of 2021, the industry is showing signs of life with a small improvement last week.

The year’s strong start, during which MassDevice‘s MedTech 100 index notched an all-time best of 110.96 points (Feb. 15) came to an end later that month and carried over into March, with the index hitting its lowest recent point on March 8 (102.16), marking a fall at a level not seen since October.

Even after a slight rise earlier this month, the index struggled again two weeks ago with another small dip. However, after coming in at 104.05 on March 19, the index got a slight boost over the past week, finishing at 104.87 on March 26, representing a 0.8% rise.

Despite the up-and-down nature of the past couple of months, the index represents a much better situation for the industry compared to this time a year ago when the COVID-19 pandemic was in full swing. The index is up 13.6% from its pre-p…

SeaSpine to buy 7D Surgical for $110M

Spine surgery tech company SeaSpine Holdings (NASDAQ: SPNE) has agreed to acquire privately-held 7D Surgical for $110 million.

The planned merger, announced March 22, comes more than a year after SeaSpine entered into a strategic alliance agreement to distribute Toronto-based 7D Surgical’s flagship navigational system.

7D Surgical has developed and commercialized advanced machine-vision-based registration algorithms to improve surgical workflow and patient care, with applications in spine and cranial surgeries. The 7D system can complete the entire patient registration process in less than 30 seconds, versus the 30 minutes typical with traditional systems, according to the companies.

“We believe that participation in the patient’s complete continuum of care, coupled with an industry-leading safety profile for the surgeon, the surgical support team, and the patient, will accelerate our market-share-taking strategy. As we know, surgeons can reach the…