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SeaSpine Holdings (SPNE) Reports Prelim. 4Q & FY17 Revenues Above Consensus; Guides 2018 Revenue Mid-Point Outlook Slightly Above Consensus

January 8, 2018 8:22 AM EST

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 fourth quarter and full-year 2017.

Preliminary and unaudited revenue for fourth quarter 2017 is expected to be in the range of $34.2 million to $34.4 million, reflecting approximately 6% growth compared to the prior year period. Compared to fourth quarter 2016, total U.S. revenue is expected to increase 6% to approximately $31.5 million, with U.S. orthobiologics revenue expected to increase approximately 12% to $16.9 million and U.S. spinal implants revenue expected to be essentially flat at $14.6 million.

Preliminary and unaudited full-year 2017 revenue is expected to be in the range of $132.0 million to $132.2 million, reflecting growth of approximately 2.5% over full-year 2016.

Cash and cash equivalents at December 31, 2017 are expected to be approximately $10.8 million and the Company had no outstanding borrowings under its $30 million credit facility. The Company did not sell any shares of its common stock under its “at the market” equity offering program during fourth quarter 2017.

“We are encouraged by our revenue growth in the fourth quarter and, in particular, the strong performance of our U.S. orthobiologics franchise,” said Keith Valentine, President and Chief Executive Officer of SeaSpine. “As we continue to launch innovative products and gain traction with our distributor base, we expect our spinal implants franchise to deliver top line growth in 2018. We are confident that focused execution of our commercial strategy, investments in new products, and our growing distribution network position SeaSpine for sustained and accelerating revenue growth beginning in the second half of 2018.”

2018 Financial OutlookSeaSpine expects full-year 2018 revenue to be in the range of $135 million to $139 million.



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