SeaSpine reported big increases in fourth quarter and full-year revenue for 2018, including in both U.S. orthobiologics and spine business lines.
Five things to know:
1. Fourth quarter revenue jumped 12 percent to $38 million, driven by a 9 percent increase in U.S. revenue to $34 million. The company reported U.S. orthobiologics was up 10 percent year over year to $18.2 million and U.S. spinal implants increased 8 percent to $15.8 million.
2. In October, SeaSpine raised $54 million in net proceeds from an underwritten public offering of 3.7 million shares.
3. Net loss hit $9.5 million for the fourth quarter, up from $7.5 million over the same period last year. For the full year, net loss was $33.5 million.
4. Full year revenue was up 9 percent to $143.4 million, and U.S. revenue increased 8 percent for the full year to $127.9 million. Spinal implant revenue was up 9 percent to $68.1 million for the full year.
5. In 2019, SeaSpine expects full-year revenue to grow 6 percent to 9 percent, hitting $152 million to $156 million.