SeaSpine (NSDQ:SPNE) shares ticked up after hours today on first-quarter results that beat the consensus forecast.
The Carlsbad, Calif.-based company posted losses of -$12.7 million, or -46¢ per share, on sales of $42 million for the three months ended March 31, 2021, for a -1.3% bottom-line slide on sales growth of 16.2%.
Adjusted to exclude one-time items, losses per share were -18¢, 16¢ ahead of Wall Street, where analysts were looking for sales of $40.3 million.
“We were pleased with revenue acceleration as the first quarter progressed,” SeaSpine president & CEO Keith Valentine said in a news release. “Despite the headwinds we faced in January and early February due to COVID restrictions on spine surgeries, we exceeded our own internal expectations for the quarter with strong results in March as those restrictions eased.
“With more robust spine surgery volumes anticipated as we continue to emerge from the COVID pandemic, the anticipated contribution from the pending acquisition of 7D Surgical, and the significant strengthening of our balance sheet with the recent financing, SeaSpine has never been better positioned to continue to take market share and to continue its positive growth trajectory,” Valentine added.
SeaSpine said it now expects to log full-year revenues of between $193 million and $198 million, reflecting growth between 25% and 28% year-over-year. That does not include the potential effect of the pending 7D surgical acquisition.
SPNE shares were up 0.4% at $21.50 per share after hours today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day down -0.6%.