SeaSpine released its financial results for the first quarter of 2017 and predicted solid growth over the rest of the year.
Here's what you need to know:
1. The company revealed $31.9 million in first quarter revenue, marking a 1.6 percent year-over-year increase.
2. Total U.S. revenue increased by 0.2 percent to $28.6 million:
- Orthobiologics revenue was $15.1 million
- Spinal hardware revenue was $13.5 million
3. International revenue was $3.3 million, increasing by 15 percent year-over-year.
4. The company launched the Rapid Graft Delivery System and the Daytona Small Statue Pediatric Deformity System during the first quarter.
5. SeaSpine expects full-year 2017 revenue to increase by approximately 0 percent to 3 percent and fall in the range of $129 million and $133 million.
SeaSpine President and CEO Keith Valentine said, "Our first quarter performance reflects early traction with our strengthening distributor base and our expanding and updated product portfolio…We are continuing to invest in key objectives aimed at top line performance while simultaneously reducing our net cash spend to extend our liquidity horizon."
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