Surgalign Holdings (SRGA) Tops Q4 EPS by 10c

Surgalign Holdings (NASDAQ: SRGA) reported Q4 EPS of ($0.22), $0.10 better than the analyst estimate of ($0.32). Revenue for the quarter came in at $26.2 million versus the consensus estimate of $26.1 million.

Recent Highlights:

• Total fourth quarter 2020 global spine revenue of $26.2 million
• Net loss from continuing operations of $118 million inclusive of approximately of $101 million of non-recurring charges
• Fourth quarter 2020 adjusted EBITDA loss of $7.7 million
• During the first quarter of 2021, completed an equity financing, raising approximately $40 million in gross proceeds

“We continued to generate momentum during the fourth quarter, our first full quarter since Surgalign was launched in July of 2020. Since that time, and amidst the uncertainty from COVID - 19, we overhauled the organization, acquired Holo Surgical positioning us to become a leader in the digital surgery space, and built a world-class team with extensive spine experience,” said Terry Rich, President and Chief Executive Officer of Surgalign Holdings. “Looking ahead, we are very excited about the long-term prospects for what Surgalign can become as we transition from a traditional spine company focused on surgical approaches and implants to a digital surgery company that uses revolutionary technology to improve patient outcomes through personalized surgical solutions. We are in the early stages of this transformation. In 2021 we look to put critical elements in place, including the FDA clearance of the Holo platform, which will serve as a foundation for growth for years to come.”

Fiscal 2021 Business Outlook

The Company anticipates full year revenue to grow in the range of 7% - 10% compared to the prior year global spine revenue of approximately $102 million. Our guidance assumes that global procedure volumes return to normal levels during the second quarter of 2021.

Based on these revenue levels, the Company anticipates full year adjusted EBITDA loss will be in the range of $35 - $40 million.

For earnings history and earnings-related data on Surgalign Holdings (SRGA) click here.

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