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SeaSpine reported 1Q22 orthopedic sales of $50.7 million, +20.8% compared to 1Q21.
The company said that COVID-related headwinds had a significant impact in January, but quickly recovered in February. SeaSpine believes most of its surgeons are back to “typical” waitlist periods of two to three months.
To date, SeaSpine has closed four earnout agreements for 7D systems that represent $2 million in annual revenue commitments. There are 54 Flash navigation systems placed in the U.S. and another 33 internationally. The company is starting to see non-contractual revenue pull-through from those placed units in some accounts.
Virtually all of SeaSpine’s growth comes from volume as it closes geographic whitespace and attracts transformative distributors. For example, SeaSpine celebrated the milestone 50,000th implantation of its NanoMetalene® interbody devices. It took six years from launch to hit 25,000 implants, but just two years to double that number.
Based on its strong start, SeaSpine increased its guidance by $5 million at both the bottom and top of the range. The revised 2022 revenue guidance is $231 million to $235 million, reflecting growth in the range of +21% to +23%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 1Q22 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $27.2 | $20.5 | $6.7 | 32.8% |
| Orthobiologics | $23.5 | $21.5 | $2.0 | 9.5% |
| Total | $50.7 | $42.0 | $8.7 | 20.8% |
Orthopedic Sales by Geography
| 1Q22 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $45.5 | $37.5 | $8.0 | 21.4% |
| OUS | $5.2 | $4.5 | $0.7 | 16% |
| Total | $50.7 | $42.0 | $8.7 | 20.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $50.7 | |
| Cost of Sales | $20.4 | 40.2% |
| Selling and Marketing | $29.5 | 58.2% |
| General and Admin | $10.9 | 21.6% |
| R & D | $5.9 | 11.5% |
| Other | $0.6 | 1.2% |
| Net Earnings | ($16.6) | (32.8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SeaSpine reported 1Q22 orthopedic sales of $50.7 million, +20.8% compared to 1Q21.
The company said that COVID-related headwinds had a significant impact in January, but quickly recovered in February. SeaSpine believes most of its surgeons are back to "typical" waitlist periods of two to three months.
To date, SeaSpine has closed four...
SeaSpine reported 1Q22 orthopedic sales of $50.7 million, +20.8% compared to 1Q21.
The company said that COVID-related headwinds had a significant impact in January, but quickly recovered in February. SeaSpine believes most of its surgeons are back to “typical” waitlist periods of two to three months.
To date, SeaSpine has closed four earnout agreements for 7D systems that represent $2 million in annual revenue commitments. There are 54 Flash navigation systems placed in the U.S. and another 33 internationally. The company is starting to see non-contractual revenue pull-through from those placed units in some accounts.
Virtually all of SeaSpine’s growth comes from volume as it closes geographic whitespace and attracts transformative distributors. For example, SeaSpine celebrated the milestone 50,000th implantation of its NanoMetalene® interbody devices. It took six years from launch to hit 25,000 implants, but just two years to double that number.
Based on its strong start, SeaSpine increased its guidance by $5 million at both the bottom and top of the range. The revised 2022 revenue guidance is $231 million to $235 million, reflecting growth in the range of +21% to +23%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 1Q22 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $27.2 | $20.5 | $6.7 | 32.8% |
| Orthobiologics | $23.5 | $21.5 | $2.0 | 9.5% |
| Total | $50.7 | $42.0 | $8.7 | 20.8% |
Orthopedic Sales by Geography
| 1Q22 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $45.5 | $37.5 | $8.0 | 21.4% |
| OUS | $5.2 | $4.5 | $0.7 | 16% |
| Total | $50.7 | $42.0 | $8.7 | 20.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $50.7 | |
| Cost of Sales | $20.4 | 40.2% |
| Selling and Marketing | $29.5 | 58.2% |
| General and Admin | $10.9 | 21.6% |
| R & D | $5.9 | 11.5% |
| Other | $0.6 | 1.2% |
| Net Earnings | ($16.6) | (32.8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
