SeaSpine Holdings extended its credit facility with Wells Fargo through July 2021 with an option to increase the limit from $30 million to $40 million.
“We are pleased to report strong operating performance, which reflects solid revenue growth and gross margin expansion,” said Keith Valentine, SeaSpine president and CEO. “We continue to advance our strategic objectives driven by our innovative product pipeline, strengthening distribution footprint and expanded and more effective medical education and training programs.”
Total revenue for Q2/18 was $36.4 million, a 6.5% increase compared to the same period of the prior year. Total U.S. revenue was $32.6 million, a 7.5% increase compared to the same period of the prior year.
Spinal Implants revenue totaled $17.8 million, a 7.2% increase compared to the second quarter of 2017, and was driven by growth in recently launched products, led primarily by the Shoreline and Mariner systems. Orthobiologics revenue totaled $18.6 million, a 5.8% increase compared to the second quarter of 2017, and was led by growth in the DBM franchise, including the company’s OsteoBallast and OsteoStrand products.
Gross margin for the Q2/18 was 60.0%, compared to 59.1% for the same period in 2017. The increase was primarily driven by higher gross margins associated with U.S. spinal implant sales, which were higher as a percentage of total revenue compared to the same period of the prior year.
SeaSpine expects full-year 2018 revenue to be in the range of $136 million to $139 million, reflecting growth of 3.2% to 5.5% over full-year 2017 revenue.
Carlsbad, CA-based SeaSpine is a global medical technology company focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders.
