Aurora Spine, a company specializing in minimally invasive surgical tools and implants for spine procedures, posted revenue of US $2.7MM in 3Q18. This is the highest quarterly revenue ever recorded by the company, and an improvement of 59.6% vs. 3Q17. Aurora Spine also reduced operating expenses to 45% of sales, down from 62% in the third quarter last year. Strong sales and reduced operating expenses have allowed the company to post positive net income for the second consecutive quarter.
Early in the quarter, Aurora Spine reached the milestone 100th Canadian implant of the ZIP ULTRA minimally invasive interspinous device. After the quarter closed, the company announced that it had been granted a patent on its ZIP product family by the European Patent Office and acquired an exclusive license to a U.S. patent for a sacroiliac joint implant.
ORTHOWORLD projects 2018 Aurora Spine revenue of $9MM, +49.5% vs. 2017.
3Q18 and YTD segment sales and growth on an as-reported basis as follows.
| 3Q18 | 3Q17 | $ Change | % Change |
| Spine | $2.5 | $1.6 | $0.9 | 58.7% |
| Orthobiologics | $0.2 | $0.1 | $0.1 | 74.1% |
| Total | $2.7 | $1.7 | $1.0 | 59.6% |
| 9Mo18 | 9Mo17 | $ Change | % Change |
| Spine | $5.8 | $4.4 | $1.4 | 32.5% |
| Orthobiologics | $0.4 | $0.3 | $0.1 | 45.4% |
| Total | $6.2 | $4.6 | $1.5 | 33.2% |
Net earnings for 3Q18 are as follows.
| 3Q18 | Amount ($MM) | % of Sales |
| Sales | $2.7 | |
| Â Â Cost of Sales | -$1.3 | 49.3% |
| Â Â Administrative | -$0.2 | 7.1% |
| Â Â R&D | $0.0 | 0.2% |
| Â Â Other | -$1.0 | 37.1% |
| Â Â Marketing | $0.0 | 1.1% |
| Net Earnings | $0.1 | 5.2% |
Sources: Aurora Spine; ORTHOWORLD estimates. All revenue figures presented in USD $MM.
Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.
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