SeaSpine 1Q18 Revenue Grows 4% YoY

by Julie A. Vetalice on May 07, 2018

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

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

Q18
Q17
$ Change
% Change

Spine
$15.2
$14.8
$0.4
2.9%

Orthobiologics...

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%

	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.

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