The device maker saw shares drop hard in the days following the release of its 2nd-quarter financial report, which showed a 20% increase in sales and a 31% narrowing of losses. The company also landed 2 new patents for spinal devices, but shares have continued to slide all year.
BAXS shares, which opened at 60¢ on the morning of August 5 when the announcements were made, closed at 45¢ last night. The stock has lost 56% since the start of 2014.
The company posted strong results for its most recent quarter and leadership expects continued growth for the rest of this year, according to the financial report.
"We demonstrated solid sequential growth in the second quarter driven by improved revenue performance with our core products," president & CEO Ken Reali said in prepared remarks. "We are optimistic that our growing product portfolio focused in minimally invasive lumbar spine and execution of our hybrid sales channel will continue to drive sequential revenue growth through the remainder of 2014."
In total Baxano reported $5.9 million in losses, or 12¢ per share, on sales of $4.7 million during the 3 months ended June 30, 2014. That compared with losses of $8.5 million, or 21¢ per share, on sales of $3.9 million during the same period last year.
Excluding special items, per-share losses amounted to 18¢ during Q2, a 14% decrease year-over-year.
The company touted some significant events for the quarter, including the launch of its Avance MIS pedicle screw system and 1st clinical use announced at a clinic in North Carolina.
"The 1st clinical use of the Avance pedicle screw system represents a major milestone in the evolution of Baxano Surgical," Reali said in a separate statement. "Avance will significantly enhance our ability to service our surgeon customers’ lower lumbar fusion needs where we can now offer a complete fusion solution coupled with our AxiaLIF and VEO interbody fusion implants. This is an important strategic initiative that increases our presence in the rapidly growing MIS spine arena."
The company also announced a pair of new patents for minimally invasive spinal devices, one for its VEO implants and the other for the AxiaLIF devices.