CARLSBAD, Calif., October 21, 2019 – Shares of SeaSpine Holdings Corporation (NASDAQ: SPNE) inclined 3.36% to $11.38. The stock traded total volume of 41.570K shares lower than the average volume of 44.36K shares.
For the first quarter of 2019, SeaSpine Holdings Corporation (SPNE) reported total revenue of $36.20M, a 9% increase compared to the same period of the prior year. Total U.S. revenue was $32.00M, an 8% increase compared to the same period of the prior year. The increase in U.S. revenue was driven by both the spinal implants and orthobiologics portfolios. International revenue was $4.20M, a 15% increase compared to the same period of the prior year. The increase in international revenue was driven primarily by spinal implants growth in Europe.
Orthobiologics revenue totaled $19.00M, a 6% increase compared to the first quarter of 2018. The increase in orthobiologics revenue was driven primarily by growth in recently launched products, led by the OsteoStrand™ Plus product.
Spinal implants revenue totaled $17.10M, a 13% increase compared to the first quarter of 2018. The increase in spinal implants revenue was driven by growth in recently launched products, led primarily by the Shoreline and Mariner systems and by the Company’s expanded NanoMetalene portfolio.
Operating expenses for the first quarter of 2019 totaled $31.60M, compared to $28.00M for the same period of the prior year. The $3.60M increase in operating expenses was primarily the result of $2.80M in higher selling, general and administrative expenses, including stock-based compensation related to the timing of equity award grants, selling commissions, and salaries and wages. Research and development costs increased approximately $0.70M primarily due to increased headcount and higher costs related to clinical studies.
Net loss for the first quarter of 2019 was $9.00M, compared to a net loss of $7.10M for the same period of the prior year.
Cash, cash equivalents and investments at March 31, 2019 totaled $45.00M and the Company had no amounts outstanding under its credit facility.
Updated 2019 Financial Outlook:
SeaSpine expects full-year 2019 revenue to be in the range of $154.0M to $156.0M, reflecting growth of approximately 7.5% to 9.0% over full-year 2018 revenue. This compares to previous revenue guidance of $152.0M to $156.0M.
SPNE has the market capitalization of $209.85M and its EPS growth ratio for the past five years was 1.40%. The return on assets ratio of the Company was -25.60% while its return on investment ratio stands at -23.40%. Price to sales ratio was 1.41 while 60.80% of the stock was owned by institutional investors.