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SeaSpine reported 2Q22 orthopedic sales of $56.3 million, +18.7% compared to 2Q21.
The company increased its surgical volumes by 22% over the second quarter of last year, driving revenue per case growth in the mid-single digits. SeaSpine leadership said an increasingly complete product offering across spinal implants and orthobiologics, combined with the 7D platform, has attracted distributors from the company’s largest competitors.
SeaSpine introduced three new products in the second quarter: WaveForm C, WaveForm TO and the Meridian Anterior Lumbar Interbody System. Products like these have been key in attracting new distributors.
SeaSpine CEO Keith Valentine said, “A lot of the new products that we talked about that we’re launching were key in making sure they were comfortable transitioning, meaning the products fit nicely into the portfolio for their surgeons and their surgeons’ needs. We’re making the right investments in inventory to bring them over and to make sure that we can satisfy the demand. We are anticipating a faster ramp in how they’re able to go after the market.”
The company placed six units of its 7D platform via capital sale, generating $1.1 million for the quarter. SeaSpine also expanded its pipeline of earn-out placements and expects to close several of those in the third quarter.
SeaSpine raises its 2022 revenue guidance to a range of $234 million to $236 million, growth of 22% to 23%. The company previously provided guidance in the range of $231 million to $235 million.
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
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $29.3 | $23.9 | $5.4 | 22.8% |
| Orthobiologics | $27.0 | $23.6 | $3.4 | 14.5% |
| Total | $56.3 | $47.5 | $8.9 | 18.7% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $56.5 | $44.4 | $12.1 | 27.4% |
| Orthobiologics | $50.5 | $45.1 | $5.4 | 12.1% |
| Total | $107.0 | $89.4 | $17.6 | 19.7% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $49.5 | $42.6 | $6.9 | 16.3% |
| OUS | $6.8 | $4.9 | $1.9 | 39.3% |
| Total | $56.3 | $47.5 | $8.9 | 18.7% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $95.0 | $80.0 | $15.0 | 18.7% |
| OUS | $12.0 | $9.4 | $2.6 | 28.2% |
| Total | $107.0 | $89.4 | $17.6 | 19.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $56.3 | |
| Cost of Sales | $19.1 | 34% |
| Selling and Marketing | $33.0 | 58.6% |
| General and Admin | $12.2 | 21.6% |
| R & D | $5.6 | 10% |
| Other | $0.3 | 0.5% |
| Net Earnings | ($13.9) | (24.8%) |
SeaSpine reported 2Q22 orthopedic sales of $56.3 million, +18.7% compared to 2Q21.
The company increased its surgical volumes by 22% over the second quarter of last year, driving revenue per case growth in the mid-single digits. SeaSpine leadership said an increasingly complete product offering across spinal implants and orthobiologics,...
SeaSpine reported 2Q22 orthopedic sales of $56.3 million, +18.7% compared to 2Q21.
The company increased its surgical volumes by 22% over the second quarter of last year, driving revenue per case growth in the mid-single digits. SeaSpine leadership said an increasingly complete product offering across spinal implants and orthobiologics, combined with the 7D platform, has attracted distributors from the company’s largest competitors.
SeaSpine introduced three new products in the second quarter: WaveForm C, WaveForm TO and the Meridian Anterior Lumbar Interbody System. Products like these have been key in attracting new distributors.
SeaSpine CEO Keith Valentine said, “A lot of the new products that we talked about that we’re launching were key in making sure they were comfortable transitioning, meaning the products fit nicely into the portfolio for their surgeons and their surgeons’ needs. We’re making the right investments in inventory to bring them over and to make sure that we can satisfy the demand. We are anticipating a faster ramp in how they’re able to go after the market.”
The company placed six units of its 7D platform via capital sale, generating $1.1 million for the quarter. SeaSpine also expanded its pipeline of earn-out placements and expects to close several of those in the third quarter.
SeaSpine raises its 2022 revenue guidance to a range of $234 million to $236 million, growth of 22% to 23%. The company previously provided guidance in the range of $231 million to $235 million.
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
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $29.3 | $23.9 | $5.4 | 22.8% |
| Orthobiologics | $27.0 | $23.6 | $3.4 | 14.5% |
| Total | $56.3 | $47.5 | $8.9 | 18.7% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $56.5 | $44.4 | $12.1 | 27.4% |
| Orthobiologics | $50.5 | $45.1 | $5.4 | 12.1% |
| Total | $107.0 | $89.4 | $17.6 | 19.7% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $49.5 | $42.6 | $6.9 | 16.3% |
| OUS | $6.8 | $4.9 | $1.9 | 39.3% |
| Total | $56.3 | $47.5 | $8.9 | 18.7% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $95.0 | $80.0 | $15.0 | 18.7% |
| OUS | $12.0 | $9.4 | $2.6 | 28.2% |
| Total | $107.0 | $89.4 | $17.6 | 19.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $56.3 | |
| Cost of Sales | $19.1 | 34% |
| Selling and Marketing | $33.0 | 58.6% |
| General and Admin | $12.2 | 21.6% |
| R & D | $5.6 | 10% |
| Other | $0.3 | 0.5% |
| Net Earnings | ($13.9) | (24.8%) |
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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.
