SeaSpine (NSDQ:SPNE) this evening reported third-quarter results that missed the Wall Street consensus forecast as sales took a hit from the fall’s COVID-19 resurgence.
The Carlsbad, Calif.-based spine surgery technology company lost $17.6 million, or 48¢ per share, on sales of $46.4 million for the quarter ended September 30, 2021 — versus a loss of $6.6 million, or 24¢ per share, on sales of $43.2 million in Q3 2020.
Wall Street analysts on average predicted a loss of 31¢ per share on sales of $47.82 million.
“Increased restrictions on spine surgeries caused by the resurgence of the COVID-19 pandemic resulted in unanticipated third quarter volatility in our business; however, we remained steadfast in our commitment to invest for growth and to launch innovative and differentiated products,” SeaSpine CEO Keith Valentine said in a news release.
SeaSpine expects Q4 2021 revenue in the range of $54–55 million, reflecting growth of 16–18% over Q4 2020 and 23–26% over Q4 2019.
SPNE shares were down more than 4% to $14 in after-hours trading.