SeaSpine reported a drop in full year revenue for 2016.
Here are eight things to know:
1. The company reported 2016 revenue dropped 3.2 percent to $128.9 million. The total U.S. revenue decreased 2.9 percent to $116.8 million.
2. Operating expenses were down in 2016, hitting $116.8 million compared to $124.2 million in 2015. The decrease was driven by lower selling as well as general and administrative selling. However, there was increased investment in the company's product development.
3. SeaSpine reported a full year net loss of $43.2 million, a drop from the $55.5 million reported in 2015. Cash and cash equivalents for the full year hit $14.6 million. The company has $3.8 million in outstanding borrowing against its credit facility.
4. Full year orthobiologics revenue dropped 1.6 percent, reaching $66.2 percent. The spinal hardware revenue was down 5 percent, hitting $62.7 million.
5. In the fourth quarter, SeaSpine reported $32.5 million in revenue, a drop from $34.7 million reported in the same period of 2015. U.S. revenue dropped 4.5 percent in the quarter, hitting $29.8 million. The company's orthobiologics revenue dropped 6.4 percent in the quarter and the spinal hardware revenue was down 6.3 percent due to lower demand for the company's older products and continued pricing pressures.
6. Fourth quarter net losses hit $9.8 million, down from the $13.8 million net loss over the same time period in 2015.
7. Over the past year, the company reported positive clinician responses to the Mariner Posterior Lumbar Fixation System and ACS Anterior Cervical Standalone System launches. The company also fully launched the Vu aPOD Prime NanoMetalene System.
8. The company expects full year 2017 revenue to hit $129 million to $133 million, which would be up to a 3 percent growth over 2016.