SeaSpine Holdings (SPNE) Prelim. Q1 Revenue Tops Consensus, Increases 2021 Revenue Guidance

April 5, 2021 4:10 PM EDT
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SeaSpine Holdings Corporation (NASDAQ: SPNE), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, announced today preliminary financial results for the first quarter of 2021 and provided updated revenue guidance for the full-year 2021. The Company also provided additional information regarding the expected financial impact of 7D Surgical in 2021 and 2022.

Preliminary and Unaudited First Quarter 2021 Financial Results:

  • Total revenue is expected to be in the range of $41.5 to $42.0 million, reflecting a 17% to 18% increase in sales-per-day (to account for the one additional selling day in the first quarter of 2020 compared to the first quarter of 2021) compared to the prior year period and a 15% to 16% increase, as reported
    • U.S. revenue is expected to be in the range of $37.1 to $37.5 million, reflecting an 18% to 20% increase in sales-per-day compared to the prior year period
      • U.S Spinal Implants revenue is expected to reflect a 28% to 29% increase in sales-per-day
      • U.S Orthobiologics revenue is expected to reflect an 11% to 12% increase in sales-per-day
    • International revenue is expected to be approximately $4.4 to $4.5 million, reflecting a 2% to 5% reported increase compared to the prior year period
  • Cash, cash equivalents and investments at March 31, 2021 are expected to be approximately $88 million, and the Company had $20 million of debt outstanding under its credit facility

(*Consensus sees prelim. Q1 EPS of $39.35 million)

“We were pleased with how our revenue accelerated as the first quarter progressed,” said Keith Valentine, President and Chief Executive Officer. “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 surgery restrictions eased. The proactive investments we made in deploying additional sets of our existing spinal implant systems, coupled with the four products we launched in the first quarter, helped to deliver strong results. We are excited by the potential to generate additional revenue growth from our anticipated combination with 7D Surgical.”

2021 Financial OutlookWithout giving effect to the pending acquisition of 7D Surgical, the Company expects full-year 2021 total revenue to be in the range of $193 million to $198 million, reflecting growth of 25% to 28% compared to the prior year.

Financial Impact of Acquisition of 7D SurgicalIncluding the acquisition of 7D Surgical, which the Company expects to close in the second quarter of 2021, SeaSpine expects full-year 2021 total revenue to be in the range of $200 million to $205 million, reflecting growth of 30% to 33% compared to the prior year. Additionally, the Company expects the acquisition of 7D Surgical to be accretive to EBITDA starting in 2022.



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