The Carlsbad, Calif.-based company posted losses of approximately $9 million, or 48¢ per share, on sales of approximately $36.2 million for the three months ended March 31, seeing losses grow 26.5% while sales grew 9% compared with the same period during the previous year.
Losses per share were just behind the 44¢ consensus on Wall Street, where analysts expected to see sales of approximately $35.6 million, which the company topped.
“We were pleased with our performance and execution in the first quarter. We remain steadfast in delivering on our vision to develop surgeon-centric, cost effective solutions that combine innovative spinal implant systems with industry leading orthobiologics. I’m excited by the opportunity we have ahead to significantly expand our market share with our robust pipeline of new and next-generation products, coupled with the potential of our more exclusive and committed distribution partners,” prez & CEO Keith Valentine said in a press release.
SeaSpine tightened its guidance for the year, expecting to see sales of between $154 million and $156 million, up from previous guidance of between $152 million and $156 million.
Shares in SeaSpine rose approximately 2.3% today, at $14.71 as of 3:38 p.m. EDT.
In March, SeaSpine Holdings said that inked a controlled equity offering sales agreement with Cantor Fitzgerald & Co., who will look to offer up to $50 million in the company’s shares.