SeaSpine (Nasdaq:SPNE) shares rose today on first-quarter results that were mixed compared to the consensus forecast.
The Carlsbad, California–based spine treatment tech company posted losses of $16.6 million, or 45¢ per share, on sales of $50.7 million for the three months ended March 31, 2022, for a 30% bottom-line slide further into the red on sales growth of 20.8%.
SeaSpine’s losses per share of 45¢ came in 9¢ behind projections on Wall Street, where analysts were looking for sales of $49 million.
SeaSpine increased its 2022 revenue guidance to a range between $231 million and $235 million, reflecting growth of approximately 21% to 23% from 2021. The previous guidance was a range of $226 million to $230 million. SeaSpine expects its U.S. spinal implants portfolio to exceed 20% growth this year.
SPNE shares were up nearly 2% at $9.93 apiece by afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.4%.