SeaSpine reported 3 percent revenue increase in the second quarter of 2017.
Here are six key points:
1. SeaSpine's revenue hit $34.2 million for the second quarter, a 3 percent year over year increase. U.S. revenue was up 1.1 percent to $30.4 million, driven by $16 million in U.S. orthobiologics revenue. The U.S. spinal instrumentation revenue hit $14.4 million.
2. International revenue jumped 20.5 percent year over year to $3.8 million.
3. During the second quarter, SeaSpine launched the Mariner Posterior Fixation System, a modular pedicle screw system used during posterior lumbar fixation, and the limited commercial launch of Skipjack Expandable Interbody System, designed to provide in-situ expansion for height or lordosis.
4. Net loss reached $8 million, less than $12 million reported for the second quarter last year. Operating expenses reached $28.4 million, down from $31.5 million due to lower selling, general and administration as well as intangible amortization expenses.
5. The company reported $12.3 million cash on hand and $4 million of outstanding borrowing against a $30 million credit facility.
6. SeaSpine expects full year revenue to reach $130 million to $133 million, a 1 percent to 3 percent growth over 2016.