Devicemaker Surgalign Holdings reported global spine revenue of $26.2 million in the fourth quarter of 2020, its first full quarter since rebranding in July.
Six notes:
1. Fourth-quarter spine revenue was down from $31.6 million for the same period in 2019, when it operated as RTI Surgical.
2. Gross profit was $19.7 million compared to $23.6 million in the fourth quarter of 2019.
3. Fourth-quarter net loss was $118.1 million, up from $199.6 million for the same period the prior year.
4. The company treated the October acquisition of Holo Surgical as an asset purchase. The acquisition cost $95 million and included Holo Surgical's ARIA surgical navigation system.
5. Surgalign had about $44 million in cash as of Dec. 31 and raised about $40 million through a secondary equity offering that closed Feb. 1.
6. The company projects 2021 revenue to increase between 7 percent to 10 percent from 2020 global spine revenue of about $102 million.
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