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SeaSpine reported 3Q22 orthopedic sales of $67.1 million, +44.6% compared to the third quarter of 2021.
The “transformative” distribution partners brought on by the company over the last year helped drive the record quarter. SeaSpine’s surgery volumes increased 30% compared to the third quarter a year ago, while revenue per case increased in the high single digits.
International sales grew largely on final stocking orders ahead of SeaSpine’s planned exit from European spinal implant markets.
The company placed a total of six FLASH Navigation units during the quarter, either through capital sales or earn-out agreements. Since acquiring the technology, SeaSpine has executed a total of five earn-out agreements valued at $2.8 million annually.
The 7D FLASH Navigation system represents one of the biggest potential synergies for SeaSpine’s merger with Orthofix. “7D is a great agnostic platform. Not only can it be used in all different spine surgeries, but it can also be used in surgeries outside of spine. That’s going to be a great opportunity for us as we start combining and understanding what other areas of the organization can benefit from the use of 7D,” said SeaSpine CEO Keith Valentine.
The company expects momentum to carry into the fourth quarter, and raised 2022 revenue guidance to the range of $236 million to $238 million, representing growth between 23% and 24%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $41.5 | $24.2 | $17.3 | 71.3% |
| Orthobiologics | $25.7 | $22.2 | $3.4 | 15.5% |
| Total | $67.1 | $46.4 | $20.7 | 44.6% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $98.0 | $68.6 | $29.4 | 42.9% |
| Orthobiologics | $76.2 | $67.3 | $8.9 | 13.2% |
| Total | $174.2 | $135.9 | $38.3 | 28.2% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $51.1 | $41.2 | $9.9 | 24% |
| OUS | $16.0 | $5.2 | $10.8 | 206.9% |
| Total | $67.1 | $46.4 | $20.7 | 44.6% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $146.1 | $121.3 | $24.9 | 20.5% |
| OUS | $28.0 | $14.6 | $13.4 | 92% |
| Total | $174.2 | $135.9 | $38.3 | 28.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $67.1 | |
| Cost of Sales | $26.6 | 39.7% |
| Selling and Marketing | $33.0 | 49.1% |
| General and Admin | $14.8 | 22% |
| R & D | $6.6 | 9.8% |
| Other | $1.7 | 2.5% |
| Net Earnings | ($15.5) | (23.1%) |
SeaSpine reported 3Q22 orthopedic sales of $67.1 million, +44.6% compared to the third quarter of 2021.
The "transformative" distribution partners brought on by the company over the last year helped drive the record quarter. SeaSpine's surgery volumes increased 30% compared to the third quarter a year ago, while revenue per case increased...
SeaSpine reported 3Q22 orthopedic sales of $67.1 million, +44.6% compared to the third quarter of 2021.
The “transformative” distribution partners brought on by the company over the last year helped drive the record quarter. SeaSpine’s surgery volumes increased 30% compared to the third quarter a year ago, while revenue per case increased in the high single digits.
International sales grew largely on final stocking orders ahead of SeaSpine’s planned exit from European spinal implant markets.
The company placed a total of six FLASH Navigation units during the quarter, either through capital sales or earn-out agreements. Since acquiring the technology, SeaSpine has executed a total of five earn-out agreements valued at $2.8 million annually.
The 7D FLASH Navigation system represents one of the biggest potential synergies for SeaSpine’s merger with Orthofix. “7D is a great agnostic platform. Not only can it be used in all different spine surgeries, but it can also be used in surgeries outside of spine. That’s going to be a great opportunity for us as we start combining and understanding what other areas of the organization can benefit from the use of 7D,” said SeaSpine CEO Keith Valentine.
The company expects momentum to carry into the fourth quarter, and raised 2022 revenue guidance to the range of $236 million to $238 million, representing growth between 23% and 24%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $41.5 | $24.2 | $17.3 | 71.3% |
| Orthobiologics | $25.7 | $22.2 | $3.4 | 15.5% |
| Total | $67.1 | $46.4 | $20.7 | 44.6% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $98.0 | $68.6 | $29.4 | 42.9% |
| Orthobiologics | $76.2 | $67.3 | $8.9 | 13.2% |
| Total | $174.2 | $135.9 | $38.3 | 28.2% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $51.1 | $41.2 | $9.9 | 24% |
| OUS | $16.0 | $5.2 | $10.8 | 206.9% |
| Total | $67.1 | $46.4 | $20.7 | 44.6% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $146.1 | $121.3 | $24.9 | 20.5% |
| OUS | $28.0 | $14.6 | $13.4 | 92% |
| Total | $174.2 | $135.9 | $38.3 | 28.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $67.1 | |
| Cost of Sales | $26.6 | 39.7% |
| Selling and Marketing | $33.0 | 49.1% |
| General and Admin | $14.8 | 22% |
| R & D | $6.6 | 9.8% |
| Other | $1.7 | 2.5% |
| Net Earnings | ($15.5) | (23.1%) |
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
