SeaSpine Holdings Corporation announced its preliminary financial results for the fourth-quarter and full-year 2018.
According to a company press release, preliminary and unaudited revenue for fourth-quarter 2018 is expected to be $37.6 million to $38 million, reflecting approximately 10.6% to 11.8% growth compared to the prior year period. Fourth-quarter 2018 U.S. revenue is expected to be $33.8 million to $34.1 million, reflecting 8% to 9% growth compared to the fourth-quarter 2017.
U.S. orthobiologics revenues are expected to reflect growth within the 9% to 10% range, and U.S spinal implants revenues are expected to reflect growth within the 7.5% to 8.5% range for the fourth quarter.
International revenue is expected to increase more than 35% to approximately $3.8 million to $3.9 million, with growth primarily driven by a recently added distributor in Australia.
Preliminary and unaudited full-year 2018 revenue is expected to be in the range of $143 million to $143.4 million, reflecting growth of approximately 8.5% to 9% over full-year 2017. Cash, cash equivalents and investments at Dec. 31, 2018 are expected to be approximately $54 million.
The company raised approximately $54 million of net proceeds in October from an underwritten public offering of 3.7 million shares of common stock and used a portion of those proceeds to repay the entire $7.3 million of outstanding borrowings under its credit facility.
“We are pleased by our strong revenue performance in the fourth quarter, which reflects continued solid growth across our portfolios,” said Keith Valentine, company president and CEO. “We are confident that we are well capitalized and positioned to sustain this growth as we continue to deliver cost-effective procedural solutions to surgeons and hospitals to improve the quality of patient lives.”
SeaSpine expects full-year 2019 revenue to be in the range of $152 to $156 million.