K2M Reports 2Q16 Revenue
K2M posted 2Q16 revenue of US $59.2MM, +5.2% vs. 2Q15. (U.S. $45.2MM, +9.2%, ex-U.S. $14.0MM, -6.2%) All growth is as reported.
ORTHOWORLD estimates 2Q16 segment revenue and as reported growth as follows.
- Spine $27.3MM, +4.9%
- Orthobiologics $1.9MM, +13.6%
Highlights from 2Q include:
CASCADIA is presently used in 9 countries. More than 200 surgeons use CASCADIA products, and ~50% of them are new to K2M.
The EVEREST Minimally Invasive XT, alpha aunched in 4Q15, was called out as a strong contributor to MIS segment growth. Full commercial launch is slated for late 3Q16.
K2M achieved progress in re-establishing its commercial presence in Australia and Japan following issues announced in 1Q16. Specifically, while sales to the Australia market are down -26% year to date, the company remains committed to Life Healthcare, its Australia distribution partner, based on evidence that it is focused on inventory control and working capital efficiencies.