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Product / Company Performance

SeaSpine 1Q18 Revenue Grows 4% YoY -

SeaSpine announced 1Q18 revenue of US $33.2MM, +4.1% vs. 1Q17.

  1Q18  1Q17  $ Change  % Change 
 Spine $15.2  $14.8  $0.4  2.9% 
 Orthobiologics $18.0  $17.1  $0.9  5.1% 
Total  $33.2  $31.9  $1.3  4.1% 

As noted by President/CEO Keith Valentine in the earnings call, “This marks the first quarter since the [2015] spin-off [from Integra] that revenue in our orthobiologics and spinal implants portfolios grew both in the U.S. and internationally.” And grow they did! Here is that information from the 10-Q:

  Three Months Ended
March 31,
  2018 vs. 2017
  2018 2017   % Change
  (In thousands)    
 Orthobiologics $ 18,016 $ 17,125   5.2 %
United States  15,837 15,102   4.9 %
International  2,179 2,023   7.7 %
 Spinal Implants $ 15,159 $ 14,769   2.6 %
United States  13,701 13,509   1.4 %
International  1,458 1,260   15.7 %
Total revenue, net $ 33,175 $ 31,894   4 %

Growth was supported by recently-launched products, market penetration from increasingly exclusive distributors and a deep commitment to education/training.

In spine, revenue from recently-launched products (including the modular Shoreline and Mariner systems) comprised 45% of U.S. spinal implant revenue, vs. just 24% in 1Q17.

After the quarter close, SPNE moved its OsteoBallast DBM in Resorbable Mesh product to full commercial launch; mid-year full launch of OsteoStrand fiber-based DBM remains on track. These products will drive accelerating revenue growth in the U.S. in 2H18.

In 1Q, SPNE added flared and large-sized implants and new instruments to its spinous process fixation system. Other 2018 launches include:

  • The REGATTA lateral implant and instrumentation system, using NanoMetalene technology (3Q)
  • Newly-designed comprehensive posterior decompression and disc prep instrument system
  • New instrumentation to use with one of the most frequently-used third-party cervical navigation systems (by 3Q)
  • New implants and instruments that leverage the Mariner pedicle screw to address larger, more complex cases
  • Alpha launch of a midline cortical screw
  • Broader commercial launch of Skipjack expandable posterior interbody devices

Source: SeaSpine

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