Copy to clipboard 
SeaSpine reported 2Q20 orthopedic revenue of USD $28.6 million, -27.3% vs. 2Q19. Like its peers, the company saw positive trends develop through the second quarter and into July. April revenues declined more than 60% but rebounded to essentially flat by June. Revenues grew in the high single digits in July. SeaSpine leadership attributed the growth to three factors: pent-up demand, onboarding of higher quality distributors and recent alpha launches reaching full commercialization.
The company prioritized investments and capacity toward the most critical new launches as it positions itself for the post-COVID market. Recent launches like the NorthStar OCT and Cervical Facet Fusion Systems have addressed portfolio gaps. At the same time, the Explorer lordotic and parallel implants allow the company to better address the expandable interbody market. Other recent launches include a hinged TLIF interbody, Mariner MIS, Mariner Outrigger and the Daytona Small Stature Deformity system. By year-end, SeaSpine expects to alpha launch its first series of 3D-printed implants developed with restor3D.
“While we are excited by the strong start to the third quarter, we want to temper expectations that we can maintain that revenue growth for a full quarter. We understand that many surgeons have devoted much of their time catching up on the surgery backlog of existing patients and less time on the pre-surgical consults that typically translate into new surgery candidates.” – John Bostancic, SeaSpine CFO
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
| 2Q20 | 2Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $14.7 | $19.3 | ($4.5) | (23.5%) |
| Orthobiologics | $13.9 | $20.1 | ($6.2) | (30.9%) |
| Total | $28.6 | $39.3 | ($10.7) | (27.3%) |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $31.2 | $36.4 | ($5.2) | (14.2%) |
| Orthobiologics | $33.5 | $39.1 | ($5.6) | (14.3%) |
| Total | $64.7 | $75.5 | ($10.8) | (14.3%) |
Geographic Sales
| 2Q20 | 2Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $25.9 | $35.1 | ($9.2) | (26.2%) |
| OUS | $2.7 | $4.2 | ($1.5) | (36%) |
| Total | $28.6 | $39.3 | ($10.7) | (27.3%) |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $57.7 | $67.1 | ($9.4) | (14%) |
| OUS | $7.0 | $8.4 | ($1.4) | (16.6%) |
| Total | $64.7 | $75.5 | ($10.8) | (14.3%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $28.6 | |
| Cost of Sales | $11.7 | 40.8% |
| Selling and Marking | $17.0 | 59.5% |
| General & Admin | $8.8 | 30.9% |
| R & D | $4.0 | 13.9% |
| Other | $0.8 | 2.8% |
| Net Earnings | ($13.7) | (48%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SeaSpine reported 2Q20 orthopedic revenue of USD $28.6 million, -27.3% vs. 2Q19. Like its peers, the company saw positive trends develop through the second quarter and into July. April revenues declined more than 60% but rebounded to essentially flat by June. Revenues grew in the high single digits in July. SeaSpine leadership attributed...
SeaSpine reported 2Q20 orthopedic revenue of USD $28.6 million, -27.3% vs. 2Q19. Like its peers, the company saw positive trends develop through the second quarter and into July. April revenues declined more than 60% but rebounded to essentially flat by June. Revenues grew in the high single digits in July. SeaSpine leadership attributed the growth to three factors: pent-up demand, onboarding of higher quality distributors and recent alpha launches reaching full commercialization.
The company prioritized investments and capacity toward the most critical new launches as it positions itself for the post-COVID market. Recent launches like the NorthStar OCT and Cervical Facet Fusion Systems have addressed portfolio gaps. At the same time, the Explorer lordotic and parallel implants allow the company to better address the expandable interbody market. Other recent launches include a hinged TLIF interbody, Mariner MIS, Mariner Outrigger and the Daytona Small Stature Deformity system. By year-end, SeaSpine expects to alpha launch its first series of 3D-printed implants developed with restor3D.
“While we are excited by the strong start to the third quarter, we want to temper expectations that we can maintain that revenue growth for a full quarter. We understand that many surgeons have devoted much of their time catching up on the surgery backlog of existing patients and less time on the pre-surgical consults that typically translate into new surgery candidates.” – John Bostancic, SeaSpine CFO
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
| 2Q20 | 2Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $14.7 | $19.3 | ($4.5) | (23.5%) |
| Orthobiologics | $13.9 | $20.1 | ($6.2) | (30.9%) |
| Total | $28.6 | $39.3 | ($10.7) | (27.3%) |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $31.2 | $36.4 | ($5.2) | (14.2%) |
| Orthobiologics | $33.5 | $39.1 | ($5.6) | (14.3%) |
| Total | $64.7 | $75.5 | ($10.8) | (14.3%) |
Geographic Sales
| 2Q20 | 2Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $25.9 | $35.1 | ($9.2) | (26.2%) |
| OUS | $2.7 | $4.2 | ($1.5) | (36%) |
| Total | $28.6 | $39.3 | ($10.7) | (27.3%) |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $57.7 | $67.1 | ($9.4) | (14%) |
| OUS | $7.0 | $8.4 | ($1.4) | (16.6%) |
| Total | $64.7 | $75.5 | ($10.8) | (14.3%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $28.6 | |
| Cost of Sales | $11.7 | 40.8% |
| Selling and Marking | $17.0 | 59.5% |
| General & Admin | $8.8 | 30.9% |
| R & D | $4.0 | 13.9% |
| Other | $0.8 | 2.8% |
| Net Earnings | ($13.7) | (48%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
You are out of free articles for this month
Subscribe as a Guest for $0 and unlock a total of 5 articles per month.
You are out of five articles for this month
Subscribe as an Executive Member for access to unlimited articles, THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT and more.
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.
