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SeaSpine reported 4Q20 orthopedic revenue of USD $46.4 million, +6.2% vs. 4Q19 with full-year 2020 revenue of $154.3 million, -3% vs. 2019. Record revenues in the fourth quarter capped a strong second half for the company, particularly in the U.S. SeaSpine launched 19 new products in 2020 as it expands and strengthens its portfolio. The revised portfolio allowed the company to penetrate more deeply into existing accounts as well as attract new surgeons.
The company said that COVID slowdowns allowed closer collaboration between SeaSpine and 7D Surgical in their co-marketing agreement. SeaSpine expects to place some Machine-vision Image Guided Surgery units in 2021. Company CEO Keith Valentine said, “Recognizing the relatively long lead time to place this type of equipment, we are optimistic that we will close these types of opportunities over the coming months. Our ability to place units of this enabling technology in a capitally efficient manner for hospitals will be valuable in the current environment, as hospitals are likely to continue restricting their capital purchasing budgets due to the financial impacts of COVID-19.”
SeaSpine is confident it can deliver 2021 revenue growth of +20%, with much of that growth weighted toward the second half of the year.
“We haven’t specifically addressed what that disruption would be from [the Zimmer Biomet spine] spin out, but we’re more focused on what we’ve done in terms of our distributors and the products that we’ve launched. It would bring us a good opportunity to take even more market share opportunistically, if there is some disruption that comes out of that. But, I think our guidance is more just based on the things we control today and what we’ve been managing in terms of the distribution pipeline and new product launches.” – Keith Valentine, SeaSpine CEO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $23.1 | $21.6 | $1.5 | 7.1% |
| Orthobiologics | $23.3 | $22.1 | $1.2 | 5.2% |
| Total | $46.4 | $43.7 | $2.7 | 6.2% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $76.0 | $77.8 | ($1.8) | (2.3%) |
| Orthobiologics | $78.4 | $81.3 | ($2.9) | (3.6%) |
| Total | $154.3 | $159.1 | ($4.7) | (3%) |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $42.1 | $39.3 | $2.9 | 7.3% |
| OUS | $4.3 | $4.5 | ($0.2) | (3.9%) |
| Total | $46.4 | $43.7 | $2.7 | 6.2% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $138.9 | $141.9 | ($3.0) | (2.1%) |
| OUS | $15.4 | $17.2 | ($1.8) | (10.3%) |
| Total | $154.3 | $159.1 | ($4.7) | (3%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $46.4 | |
| Cost of Sales | $17.3 | 37.2% |
| Selling and Marketing | $24.7 | 53.1% |
| General and Admin | $9.6 | 20.6% |
| R & D | $4.5 | 9.6% |
| Other | $0.8 | 1.7% |
| Net Earnings | ($10.3) | (22.3%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SeaSpine reported 4Q20 orthopedic revenue of USD $46.4 million, +6.2% vs. 4Q19 with full-year 2020 revenue of $154.3 million, -3% vs. 2019. Record revenues in the fourth quarter capped a strong second half for the company, particularly in the U.S. SeaSpine launched 19 new products in 2020 as it expands and strengthens its portfolio. The...
SeaSpine reported 4Q20 orthopedic revenue of USD $46.4 million, +6.2% vs. 4Q19 with full-year 2020 revenue of $154.3 million, -3% vs. 2019. Record revenues in the fourth quarter capped a strong second half for the company, particularly in the U.S. SeaSpine launched 19 new products in 2020 as it expands and strengthens its portfolio. The revised portfolio allowed the company to penetrate more deeply into existing accounts as well as attract new surgeons.
The company said that COVID slowdowns allowed closer collaboration between SeaSpine and 7D Surgical in their co-marketing agreement. SeaSpine expects to place some Machine-vision Image Guided Surgery units in 2021. Company CEO Keith Valentine said, “Recognizing the relatively long lead time to place this type of equipment, we are optimistic that we will close these types of opportunities over the coming months. Our ability to place units of this enabling technology in a capitally efficient manner for hospitals will be valuable in the current environment, as hospitals are likely to continue restricting their capital purchasing budgets due to the financial impacts of COVID-19.”
SeaSpine is confident it can deliver 2021 revenue growth of +20%, with much of that growth weighted toward the second half of the year.
“We haven’t specifically addressed what that disruption would be from [the Zimmer Biomet spine] spin out, but we’re more focused on what we’ve done in terms of our distributors and the products that we’ve launched. It would bring us a good opportunity to take even more market share opportunistically, if there is some disruption that comes out of that. But, I think our guidance is more just based on the things we control today and what we’ve been managing in terms of the distribution pipeline and new product launches.” – Keith Valentine, SeaSpine CEO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $23.1 | $21.6 | $1.5 | 7.1% |
| Orthobiologics | $23.3 | $22.1 | $1.2 | 5.2% |
| Total | $46.4 | $43.7 | $2.7 | 6.2% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $76.0 | $77.8 | ($1.8) | (2.3%) |
| Orthobiologics | $78.4 | $81.3 | ($2.9) | (3.6%) |
| Total | $154.3 | $159.1 | ($4.7) | (3%) |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $42.1 | $39.3 | $2.9 | 7.3% |
| OUS | $4.3 | $4.5 | ($0.2) | (3.9%) |
| Total | $46.4 | $43.7 | $2.7 | 6.2% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $138.9 | $141.9 | ($3.0) | (2.1%) |
| OUS | $15.4 | $17.2 | ($1.8) | (10.3%) |
| Total | $154.3 | $159.1 | ($4.7) | (3%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $46.4 | |
| Cost of Sales | $17.3 | 37.2% |
| Selling and Marketing | $24.7 | 53.1% |
| General and Admin | $9.6 | 20.6% |
| R & D | $4.5 | 9.6% |
| Other | $0.8 | 1.7% |
| Net Earnings | ($10.3) | (22.3%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
