The Carlsbad, Calif.-based company posted losses of $9.5 million, or 65¢ per share, on sales of $35.8 million for the three months ended September 30, seeing losses grow 27.7% while sales grew 12.9% compared with the same period during the previous year.
Losses per share were behind the 48¢ consensus on Wall Street, where analysts expected to see sales of $35.2 million, which the company topped.
“We are pleased by our third quarter results, which reflect solid revenue growth across our business. With our recently strengthened balance sheet, we now have more than $55 million of cash on hand, no debt, and immediate access to additional cash from our long-term credit facility. We are continuing to invest in the innovation and commercialization of differentiated technologies and the expansion of our global distribution footprint that has been the catalyst for our revenue growth. We are confident that we are well positioned to continue our growth trajectory as a market share taker and to deliver cost effective procedural solutions to surgeons and hospitals to improve the quality of patient lives,” prez & CEO Keith Valentine said in a press release.
The company reaffirmed its full-year 2018 revenue, expecting to post between $141 million and $142 million, reflecting growth of between 7% and 8%.
Shares in SeaSpine rose slightly today, up 0.4% to close at $17.45.
In July, SeaSpine saw shares stay steady after the medical device maker posted second quarter earnings that topped Wall Street’s sales consensus but missed losses-per-share expectations.