- SeaSpine Holdings Corporation (NASDAQ:SPNE) posted a wider than expected Q3 EPS loss of $(0.48), missing the consensus forecast of $(0.31) and almost double from $(0.24)posted a year ago.
- Sales of $46.4 million, missing the consensus of $47.82 million, increased 7.5% Y/Y.
- “Increased restrictions on spine surgeries caused by the resurgence of the COVID-19 pandemic resulted in unanticipated third quarter volatility in our business,” said SeaSpine CEO Keith Valentine.
- U.S. revenue, which totaled $42.6 million, increased 5.5% Y/Y.
- Sales of new and recently launched products increased to 78% and 43% of U.S. spinal implants and U.S. orthobiologics revenue, respectively.
- Adjusted gross margin decreased to 64.3% from 68%, primarily due to amortization and fair market value adjustments associated with the 7D Surgical acquisition.
- Obsolete inventory charges also hit the margin in connection with the full commercial launches and additional set deployments of numerous spinal implant systems in 2021.
- Cash and cash equivalents stood at $102.4 million, and the Company had no amounts outstanding under its credit facility.
- Outlook: SeaSpine expects Q4 revenue of $54 million - $55 million (lower than the consensus of $58.61 million), up 16% - 18% Y/Y and 23% - 26% over Q4 of FY19.
- Price Action: SPNE shares are down 1.03% at $14.47 during the market session on the last check Friday.
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