Shares in SeaSpine Holdings (NSDQ:SPNE) have stayed steady after the medical device maker posted second quarter earnings that topped Wall Street’s sales consensus but missed losses-per-share expectations.
The Carlsbad, Calif.-based company posted losses of $7.4 million or 50¢ per share, on sales of $36.4 million for the three months ended June 30, seeing losses shrink 8% while sales grew 6.5% compared with the same period during the previous year.
Losses per share were just behind the 48¢ consensus on Wall Street, where analysts expected to see sales of $34.7 million, which the company topped.
“We are pleased to report strong operating performance, which reflects solid revenue growth and gross margin expansion. We continue to advance our strategic objectives driven by our innovative product pipeline, strengthening distribution footprint and expanded and more effective medical education and training programs,” prez & CEO Keith Valentine said in a press release.
The company released updated full-year 2018 sales guidance, expecting to post revenue of between $136 million and $139 million for growth of between 3.2% and 5.5%.
Shares in SeaSpine didn’t move today, closing at $12.25.
