SeaSpine Posts 20% Q4 2021 Sales Growth; Up 24% for Full Year

Earlier this week SeaSpine reported financial performance for Q4 and the full year 2021.
 
In Q4 the company gained $55.6 million in revenue, a growth of 20% over the prior year. U.S. sales made up $50.2 million of this, an increase of 19% year over year. Domestic revenue growth was driven by both spinal implants and orthobiologic products, as well as $3.9 million of capital sales revenue from recently acquired 7D Surgical.
 
Full year 2021 revenue expanded 24% to reach $191.5 million. U.S revenue made up $171.4 million, growing 23% compared to 2020. International revenue increased 30% to $20 million.
 
“We are pleased with our revenue performance in the fourth quarter, despite the impact of the pandemic on surgery volumes in December,” SeaSpine president and CEO Keith Valentine told the press. “As we enter the new year, we are encouraged with the steady improvements we have seen in operating room capacity and hospital staffing levels since early February. Those improvements, coupled with the strength of our comprehensive spinal implants and advanced DBM products portfolio, as well as disruptive 7D technologies, such as our FLASH Navigation System, drive the confidence in our ability to accelerate market share-taking across all markets in which we compete.”
 
Last year the company completed the integration of 7D Surgical. Full product launches of the Admiral ACP system, NorthStar facet fusion system, and Regatta lateral plate system also took place last year, as well as a limited Mariner MIS Wayfinder system rollout.
 
The company recently discontinued all spinal implant sales and marketing effective September of this year due to much higher upfront and recurring costs needed to comply with MDR regulations. Spinal implant sales made up about 3% of total revenue in 2021 and 2020. SeaSpine will continue sale and marketing of orthobiologic and enabling technologies in the European market.
 
SeaSpine expects to achieve 2022 revenue of $226-230 million, reflecting 18-20% revenue growth.