SeaSpine (SPNE), developer of fusion systems for lumbar, thoracic and cervical spine, priced its previously-announced underwritten public offering of 3.25MM shares of common stock at US $15.50/share. The offering is slated to close by October 15.
Gross proceeds are expected to be ~$50.4MM before deducting expenses. The company granted underwriters 30 days to purchase up to an additional 487,500 shares on the same terms and conditions.
Proceeds will be used to repay outstanding credit facility borrowings and for general corporate purposes.
In its 2Q18 earnings call, SPNE reported 2Q18 revenue of $36.4MM, +6.5% vs. 2Q17. In the call, leadership reported that SPNE is now in a share-taking position in the spine market, given its highest quarterly growth rates since its spinoff from Integra LifeSciences in 2015. Implant revenue was primarily supported by the Mariner pedicle-based system for posterior spinal fixation (launched mid-2017) and the Shoreline anterior cervical standalone system (launched in 3Q17).
SeaSpine (SPNE), developer of fusion systems for lumbar, thoracic and cervical spine, priced its previously-announced underwritten public offering of 3.25MM shares of common stock at US $15.50/share. The offering is slated to close by October 15.
Gross proceeds are expected to be ~$50.4MM before deducting expenses. The company granted...
SeaSpine (SPNE), developer of fusion systems for lumbar, thoracic and cervical spine, priced its previously-announced underwritten public offering of 3.25MM shares of common stock at US $15.50/share. The offering is slated to close by October 15.
Gross proceeds are expected to be ~$50.4MM before deducting expenses. The company granted underwriters 30 days to purchase up to an additional 487,500 shares on the same terms and conditions.
Proceeds will be used to repay outstanding credit facility borrowings and for general corporate purposes.
In its 2Q18 earnings call, SPNE reported 2Q18 revenue of $36.4MM, +6.5% vs. 2Q17. In the call, leadership reported that SPNE is now in a share-taking position in the spine market, given its highest quarterly growth rates since its spinoff from Integra LifeSciences in 2015. Implant revenue was primarily supported by the Mariner pedicle-based system for posterior spinal fixation (launched mid-2017) and the Shoreline anterior cervical standalone system (launched in 3Q17).
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