SeaSpine Beats Street In Q2 On Higher Sales From Spinal Implants, Orthobiologics; Raises FY2021 Sales Outlook

SeaSpine Holdings Corporation SPNE posted a narrower than expected second-quarter EPS loss of $(0.16), beating the consensus forecast of $(0.32) and lower than $(0.50) posted a year ago.
Sales of $47.5 million, ahead of the consensus of $45.9 million, increased 66% Y/Y and were up 21% compared to the second quarter of 2019.
U.S. revenue, which totaled $42.6 million, increased 64% Y/Y, driven by both the spinal implants and orthobiologics portfolios.
Sales of new and recently launched products increased to 74% and 41% of U.S. spinal implants and U.S. orthobiologics revenue, respectively.
Adjusted gross margin increased slightly to 64.5% from 63.5% in Q2 of 2020.
The Company also reported a lower adjusted EBITDA loss of $(3.5) million than $(7.8) million loss a year ago.
Cash and cash equivalents totaled $120.7 million, and the Company had no amounts outstanding under its credit facility.
Outlook: SeaSpine raised the bottom end of the range for its full-year 2021 revenue guidance to $201 million - $205 million, versus the prior guidance of $200 million - $205 million.
Price Action: SPNE shares closed at $19.87 on Monday.