SeaSpine (NSDQ:SPNE) posted second-quarter results that beat the revenue consensus on Wall Street but missed earnings estimates.
The Carlsbad, California–based spine treatment tech company reported losses of $13.9 million, or -38¢ per share, on sales of $56.3 million for the three months ended June 30, 2022, nearly triple the losses versus the same quarter a year ago. Revenue was up 19% year-over-year.
Earnings per share were 3¢ behind the street, where analysts were looking for sales of $54.34 million.
“Our first quarter’s strong revenue momentum sustained through the second quarter,” President and CEO Keith Valentine said in a news release. “The success we’ve had in attracting and onboarding distributors from our larger competitors, as well as additional transformational distributors we expect to transition in the near-term, is due in large part to our consistent execution in the commercial launch of industry-leading, new and enhanced products and systems. Our expectation for continued sales traction and visibility into the second half of the year gives us confidence to further raise our full year 2022 revenue guidance.”
SeaSpine is raising its full-year 2022 guidance to be in the range of $234 to $236 million to reflect the growth of approximately 22% to 23% over fiscal 2021. The previous revenue guidance was in the range of $231 million to $235 million.
Shares in SPNE were up more than 6% to $6.41 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was also up slightly.