SeaSpine Holdings (NSDQ:SPNE) posted fourth-quarter results that missed the consensus forecast on Wall Street.
The Carlsbad, Calif.-based company reported losses of $10.3 million, or -37¢ per share, on sales of $46.4 million for the three months ended Dec. 31, 2020, for a sales growth of 6.2% compared with Q4 2019.
Earnings per share were -37¢, 12¢ behind The Street, where analysts were looking for earnings of -25¢ and sales of $46.87 million.
“Our fourth-quarter results reflected record revenue and meaningful growth in both our spinal implants and orthobiologics portfolios, despite the greater impact of the pandemic on surgery volumes compared to the third quarter. Our results were particularly encouraging when compared to the fourth quarter of 2019, which included 21% growth in our U.S. spinal implants portfolio,” president and CEO Keith Valentine said in a news release.
“Despite all the uncertainty and disruption we faced in 2020, the entire SeaSpine organization remained committed to our mission to deliver cost effective spinal implants and orthobiologics procedural solutions to surgeons and hospitals to improve the quality of patient lives. That focus translated into 19 product launches in 2020, the most ever in a single year for SeaSpine, and nearly 9% year-over-year U.S. revenue growth in the second half of 2020 compared to the second half of 2019.”
SeaSpine did not provide a financial outlook for the fiscal year 2021.
Shares in SPNE were up 8.62% to $20.55 apiece at market close and were at a standstill in pre-market trading.