Cantor Fitzgerald Reiterates Overweight Rating, $21 Price Target on SeaSpine Holdings (SPNE)

Cantor Fitzgerald analyst Ross Osborn reiterated an Overweight rating and $21.00 price target on SeaSpine Holdings (NASDAQ: SPNE), following announcement of full-commercial launch of the company's WaveForm C Interbody System.

The analyst comments: "We reiterate our Overweight rating and 12-month price target of $21 on SPNE, following today's (06/21) announcement that the company's 3D-printed WaveForm C Interbody System has transitioned into a full commercial launch. Recall, WaveForm C Interbody System is SPNE's first cervical 3D-printed interbody offering that addresses a company-estimated $200 million market opportunity and was originally launched on a limited basis in September 2020. Importantly, the offering features a 65% endplate porosity supporting stability and 75% body porosity for: (1) graft flowability/packability; (2) decreased stiffness; and (3) improved imaging. Furthermore, WaveForm C is cleared to be used in combination with SPNE's Shoreline TruProfile plating or with the company's Admiral anterior cervical plate, and is offered in multiple footprints and lordosis options, providing surgeons with a diverse portfolio to address various anatomical needs. Accordingly, we view today's full commercial launch announcement favorably, as it should likely serve to drive incremental revenue. Our 2Q22 and CY22 revenue estimates of $55.6 million and $233.7 million are $1.5 million and $0.7 million above FactSet consensus estimates, respectively. With shares trading at 0.7x EV/CY23E revenue versus pure-play spine companies at a median multiple of 2.5x, we would encourage investors to acquire SPNE at what we believe represents an attractive valuation."

For an analyst ratings summary and ratings history on SeaSpine Holdings click here. For more ratings news on SeaSpine Holdings click here.

Shares of SeaSpine Holdings closed at $6.84 yesterday.

By Vlad Schepkov

You May Also Be Interested In

• Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating
• Cantor Fitzgerald Reiterates Overweight Rating on Merlin Labs (MRLN)
• Freedom Broker Upgrades Lifeway Foods (LWAY) to Buy