Sea-Bone posts Q3 revenue in line with Wall Street consensus

Sea-Bone posts Q3 revenue in line with Wall Street consensus

sea-bone (NSDQ:SIBN) posted third-quarter results this week that beat earnings consensus on Wall Street and were in line with revenue estimates.

Santa Clara, California-based orthopedic implant company, reported a net loss of $14.2 million, or -41¢ per share on sales of $26.43 million for the three months ended Sept. 30, for sales growth of 18.6%. Profit losses were up slightly from Q3 2021 when it reported $15.9 million in losses.

Earnings per share was 7¢ ahead of the Street, where analysts were looking for sales of $26.43 million.

“We are encouraged by the continued top-line acceleration in our business and the increasing operating leverage that we were able to generate in the quarter,” President and CEO Laura Francis said in a news release. “Given a record US active surgeon base and growing surgeon enthusiasm for iFuse-Bedrock Granite, I am excited about the long-term potential for the business. As we look beyond 2022, we are confident that our experienced US sales force , favorable reimbursement tailwinds and our best-in-class portfolio together position us to accelerate growth while increasing operational efficiency and sales force productivity.”

Sea-Bone expects revenue for fiscal 2022 to be in the range of $104 million to $105 million, representing growth of approximately 16% to 17% year-over-year.

SIBN shares fell 13.63% to close at $14.48 in mid-morning trading. massdeviceof MedTech 100 Index — which includes shares of the world’s largest medical device companies — was up slightly.

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