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SeaSpine reported 4Q22 orthopedic sales of $63.4 million, +14% compared to 4Q21. For the full year, the company generated $237.5 million in orthopedic sales, +24.1% compared to 2021.
Expanded distribution featuring larger and more exclusive distributors helped drive new product sales. Products launched or extended within the last five years accounted for 82% of SeaSpine’s fourth-quarter revenue. The company’s U.S. spinal implant volume increased by 23% during the quarter compared to the prior year, while products per procedure increased by 9% to 2.3.
SeaSpine previously exited the spinal implant side of the European market, but placed seven EOS units internationally compared to five units in the U.S. Three of the units placed in the U.S. were earnout agreements. The company now has EOS units placed in six countries and celebrated its 100th overall unit placement milestone during the fourth quarter.
SeaSpine CEO Keith Valentine said, “Earnout agreements are a capital efficient way for hospital systems to acquire 7D units in return for a minimum annual contractual revenue commitment for our spinal implant or biologics products for three to four years. Typically at a rate of $600,000 to $800,000 per year.”
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $29.9 | $27.8 | $2.2 | 7.8% |
| Orthobiologics | $29.5 | $24.5 | $4.9 | 20% |
| Enabling Technology | $4.0 | $3.3 | $0.7 | 21.2% |
| Total | $63.4 | $55.6 | $7.8 | 14% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $122.8 | $93.6 | $29.2 | 31.2% |
| Orthobiologics | $105.6 | $91.8 | $13.8 | 15% |
| Enabling Technology | $9.1 | $6.0 | $3.1 | 51.7% |
| Total | $237.5 | $191.5 | $46.1 | 24.1% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $58.1 | $50.2 | $7.9 | 15.8% |
| OUS | $5.3 | $5.4 | ($0.1) | (2.4%) |
| Total | $63.4 | $55.6 | $7.8 | 14% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $204.2 | $171.4 | $32.8 | 19.1% |
| OUS | $33.3 | $20.0 | $13.3 | 66.5% |
| Total | $237.5 | $191.5 | $46.1 | 24.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $63.4 | |
| Cost of Sales | $23.8 | 37.5% |
| Selling and Marketing | $36.2 | 57.1% |
| General and Admin | $16.1 | 25.5% |
| R & D | $6.6 | 10.5% |
| Other | ($0.4) | (0.7%) |
| Net Earnings | ($19.0) | (29.9%) |
SeaSpine reported 4Q22 orthopedic sales of $63.4 million, +14% compared to 4Q21. For the full year, the company generated $237.5 million in orthopedic sales, +24.1% compared to 2021.
Expanded distribution featuring larger and more exclusive distributors helped drive new product sales. Products launched or extended within the last five...
SeaSpine reported 4Q22 orthopedic sales of $63.4 million, +14% compared to 4Q21. For the full year, the company generated $237.5 million in orthopedic sales, +24.1% compared to 2021.
Expanded distribution featuring larger and more exclusive distributors helped drive new product sales. Products launched or extended within the last five years accounted for 82% of SeaSpine’s fourth-quarter revenue. The company’s U.S. spinal implant volume increased by 23% during the quarter compared to the prior year, while products per procedure increased by 9% to 2.3.
SeaSpine previously exited the spinal implant side of the European market, but placed seven EOS units internationally compared to five units in the U.S. Three of the units placed in the U.S. were earnout agreements. The company now has EOS units placed in six countries and celebrated its 100th overall unit placement milestone during the fourth quarter.
SeaSpine CEO Keith Valentine said, “Earnout agreements are a capital efficient way for hospital systems to acquire 7D units in return for a minimum annual contractual revenue commitment for our spinal implant or biologics products for three to four years. Typically at a rate of $600,000 to $800,000 per year.”
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $29.9 | $27.8 | $2.2 | 7.8% |
| Orthobiologics | $29.5 | $24.5 | $4.9 | 20% |
| Enabling Technology | $4.0 | $3.3 | $0.7 | 21.2% |
| Total | $63.4 | $55.6 | $7.8 | 14% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $122.8 | $93.6 | $29.2 | 31.2% |
| Orthobiologics | $105.6 | $91.8 | $13.8 | 15% |
| Enabling Technology | $9.1 | $6.0 | $3.1 | 51.7% |
| Total | $237.5 | $191.5 | $46.1 | 24.1% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $58.1 | $50.2 | $7.9 | 15.8% |
| OUS | $5.3 | $5.4 | ($0.1) | (2.4%) |
| Total | $63.4 | $55.6 | $7.8 | 14% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $204.2 | $171.4 | $32.8 | 19.1% |
| OUS | $33.3 | $20.0 | $13.3 | 66.5% |
| Total | $237.5 | $191.5 | $46.1 | 24.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $63.4 | |
| Cost of Sales | $23.8 | 37.5% |
| Selling and Marketing | $36.2 | 57.1% |
| General and Admin | $16.1 | 25.5% |
| R & D | $6.6 | 10.5% |
| Other | ($0.4) | (0.7%) |
| Net Earnings | ($19.0) | (29.9%) |
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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.
