SeaSpine Holdings (NSDQ:SPNE) yesterday slashed its first-quarter losses by more than 20% on the way to beating the consensus forecast on Wall Street, sending share prices up today in New York.
Carlsbad, Calif.-based SeaSpine posted losses of -$7.1 million, or -50¢ per share, on sales of $33.2 million for the three months ended March 31, cutting its red ink by -21.9% on sales growth of 4.0% compared with Q1 2017.
Analysts were looking for losses per share of -53¢ on sales of $32.7 million.
“We are pleased with our first-quarter results, which reflect solid revenue growth in both our orthobiologics and spinal implants portfolios, as well as operational efficiencies,” president & CEO Keith Valentine said in prepared remarks. “As we continue to upgrade our distribution footprint, we are well positioned to leverage our recently launched products and development pipeline across both franchises to deliver clinical value to surgeons, hospitals, and patients.”
SeaSpine said it still expects to report sales of $135 million to $139 million this year.
SPNE shares were up 1.1% to $10.95 apiece today in mid-afternoon trading.
The post SeaSpine Holdings slashes losses with Street-beating Q1 results appeared first on MassDevice.
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