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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SeaSpine Holdings Corporation | NASDAQ:SPNE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.54 | 9.00 | 9.35 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
DELAWARE
|
|
47-3251758
|
(STATE OR OTHER JURISDICTION OF
INCORPORATION OR ORGANIZATION)
|
|
(I.R.S. EMPLOYER
IDENTIFICATION NO.)
|
|
|
|
5770 Armada Drive, Carlsbad, California
|
|
92008
|
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
|
|
(ZIP CODE)
|
Large accelerated filer
|
o
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Accelerated filer
|
x
|
|
|
|
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Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
o
|
|
|
|
|
|
|
Emerging growth company
|
x
|
|
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|
Page
Number
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|
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Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2016 (Unaudited)
|
|
|
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Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2017 and 2016 (Unaudited)
|
|
|
|
Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 (Unaudited)
|
|
|
|
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016 (Unaudited)
|
|
|
|
Condensed Consolidated Statement of Equity for the six months ended June 30, 2017 (Unaudited)
|
|
|
|
Notes to Unaudited Condensed Consolidated Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
Item 5. Other Information
|
|
|
|
|
|
|
|
Exhibit 31.1
|
|
Exhibit 31.2
|
|
Exhibit 32.1
|
|
Exhibit 32.2
|
|
EX-101 INSTANCE DOCUMENT
|
|
EX-101 SCHEMA DOCUMENT
|
|
EX-101 CALCULATION LINKBASE DOCUMENT
|
|
EX-101 DEFINITION LINKBASE DOCUMENT
|
|
EX-101 LABELS LINKBASE DOCUMENT
|
|
EX-101 PRESENTATION LINKBASE DOCUMENT
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total revenue, net
|
$
|
34,196
|
|
|
$
|
33,201
|
|
|
$
|
66,090
|
|
|
$
|
64,600
|
|
Cost of goods sold
|
13,994
|
|
|
13,930
|
|
|
27,166
|
|
|
28,213
|
|
||||
Gross profit
|
20,202
|
|
|
19,271
|
|
|
38,924
|
|
|
36,387
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
24,249
|
|
|
26,989
|
|
|
48,219
|
|
|
52,363
|
|
||||
Research and development
|
3,344
|
|
|
3,181
|
|
|
6,394
|
|
|
5,934
|
|
||||
Intangible amortization
|
792
|
|
|
1,281
|
|
|
1,584
|
|
|
2,562
|
|
||||
Total operating expenses
|
28,385
|
|
|
31,451
|
|
|
56,197
|
|
|
60,859
|
|
||||
Operating loss
|
(8,183
|
)
|
|
(12,180
|
)
|
|
(17,273
|
)
|
|
(24,472
|
)
|
||||
Other income (expense), net
|
185
|
|
|
(232
|
)
|
|
172
|
|
|
26
|
|
||||
Loss before income taxes
|
(7,998
|
)
|
|
(12,412
|
)
|
|
(17,101
|
)
|
|
(24,446
|
)
|
||||
Provision (benefit) for income taxes
|
45
|
|
|
(429
|
)
|
|
45
|
|
|
(456
|
)
|
||||
Net loss
|
$
|
(8,043
|
)
|
|
$
|
(11,983
|
)
|
|
$
|
(17,146
|
)
|
|
$
|
(23,990
|
)
|
Net loss per share, basic and diluted
|
$
|
(0.68
|
)
|
|
$
|
(1.07
|
)
|
|
$
|
(1.46
|
)
|
|
$
|
(2.15
|
)
|
Weighted average shares used to compute basic and diluted net loss per share
|
11,888
|
|
|
11,179
|
|
|
11,705
|
|
|
11,173
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net loss
|
$
|
(8,043
|
)
|
|
$
|
(11,983
|
)
|
|
$
|
(17,146
|
)
|
|
$
|
(23,990
|
)
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
320
|
|
|
(104
|
)
|
|
401
|
|
|
86
|
|
||||
Comprehensive loss
|
$
|
(7,723
|
)
|
|
$
|
(12,087
|
)
|
|
$
|
(16,745
|
)
|
|
$
|
(23,904
|
)
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
12,287
|
|
|
$
|
14,566
|
|
Trade accounts receivable, net of allowances of $522 and $483
|
21,689
|
|
|
20,982
|
|
||
Inventories
|
42,515
|
|
|
45,299
|
|
||
Prepaid expenses and other current assets
|
3,130
|
|
|
1,813
|
|
||
Total current assets
|
79,621
|
|
|
82,660
|
|
||
Property, plant and equipment, net
|
22,986
|
|
|
21,863
|
|
||
Intangible assets, net
|
38,568
|
|
|
41,785
|
|
||
Other assets
|
788
|
|
|
857
|
|
||
Total assets
|
$
|
141,963
|
|
|
$
|
147,165
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Short-term debt
|
$
|
—
|
|
|
$
|
445
|
|
Accounts payable, trade
|
10,413
|
|
|
8,537
|
|
||
Accrued compensation
|
3,862
|
|
|
4,393
|
|
||
Accrued commissions
|
4,801
|
|
|
4,398
|
|
||
Contingent consideration liabilities
|
1,860
|
|
|
2,855
|
|
||
Accrued expenses and other current liabilities
|
4,681
|
|
|
3,790
|
|
||
Total current liabilities
|
25,617
|
|
|
24,418
|
|
||
Long-term borrowings under credit facility
|
3,994
|
|
|
3,835
|
|
||
Contingent consideration liabilities
|
3,917
|
|
|
5,125
|
|
||
Other liabilities
|
2,969
|
|
|
2,810
|
|
||
Total liabilities
|
36,497
|
|
|
36,188
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; 15,000 authorized; no shares issued and outstanding at June 30, 2017 and December 31, 2016
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 60,000 authorized; 12,407 and 11,258 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively
|
124
|
|
|
113
|
|
||
Additional paid-in capital
|
191,976
|
|
|
180,753
|
|
||
Accumulated other comprehensive income
|
1,673
|
|
|
1,272
|
|
||
Accumulated deficit
|
(88,307
|
)
|
|
(71,161
|
)
|
||
Total stockholders' equity
|
105,466
|
|
|
110,977
|
|
||
Total liabilities and stockholders' equity
|
$
|
141,963
|
|
|
$
|
147,165
|
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(17,146
|
)
|
|
$
|
(23,990
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
5,442
|
|
|
6,248
|
|
||
Instrument replacement expense
|
724
|
|
|
760
|
|
||
Impairment of spinal instruments
|
—
|
|
|
672
|
|
||
Provision for excess and obsolete inventories
|
2,797
|
|
|
3,652
|
|
||
Amortization of debt issuance costs
|
69
|
|
|
71
|
|
||
Deferred income tax provision (benefit)
|
51
|
|
|
(88
|
)
|
||
Stock-based compensation
|
2,708
|
|
|
3,587
|
|
||
Loss from change in fair value of contingent consideration liabilities
|
345
|
|
|
—
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(553
|
)
|
|
2,524
|
|
||
Inventories
|
937
|
|
|
(9
|
)
|
||
Prepaid expenses and other current assets
|
(1,310
|
)
|
|
1,481
|
|
||
Other non-current assets
|
(10
|
)
|
|
5
|
|
||
Accounts payable
|
177
|
|
|
(3,683
|
)
|
||
Accrued commissions
|
403
|
|
|
239
|
|
||
Accrued expenses and other current liabilities
|
1,384
|
|
|
818
|
|
||
Other non-current liabilities
|
42
|
|
|
213
|
|
||
Net cash used in operating activities
|
(3,940
|
)
|
|
(7,500
|
)
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(2,973
|
)
|
|
(3,446
|
)
|
||
Additions to technology assets
|
(200
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(3,173
|
)
|
|
(3,446
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Repayments of short-term debt
|
(445
|
)
|
|
—
|
|
||
Proceeds from issuance of common stock- employee stock purchase plan
|
453
|
|
|
356
|
|
||
Proceeds from issuance of common stock, net of offering costs- ATM transactions
|
4,566
|
|
|
—
|
|
||
Proceeds from exercise of stock options
|
35
|
|
|
—
|
|
||
Repurchases of common stock for income tax withheld upon vesting of restricted stock awards
|
(46
|
)
|
|
(2
|
)
|
||
Net cash provided by financing activities
|
4,563
|
|
|
354
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
271
|
|
|
150
|
|
||
Net change in cash and cash equivalents
|
(2,279
|
)
|
|
(10,442
|
)
|
||
Cash and cash equivalents at beginning of period
|
14,566
|
|
|
33,429
|
|
||
Cash and cash equivalents at end of period
|
$
|
12,287
|
|
|
$
|
22,987
|
|
Non-cash operating activities:
|
|
|
|
||||
Settlement of bonus in payment of restricted stock units
|
$
|
970
|
|
|
$
|
—
|
|
Non-cash investing activities:
|
|
|
|
||||
Property and equipment in liabilities
|
$
|
2,275
|
|
|
$
|
1,453
|
|
Settlement of contingent closing consideration liabilities in connection with acquisition of business (see
Note 8
)
|
$
|
2,548
|
|
|
$
|
—
|
|
|
Common Stock
|
|
Additional
|
|
Accumulated Other
|
|
|
|
Total
|
|||||||||||||
|
Number of
|
|
|
|
Paid-In
|
|
Comprehensive
|
|
Accumulated
|
|
Stockholders'
|
|||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Income
|
|
Deficit
|
|
Equity
|
|||||||||||
Balance December 31, 2016
|
11,258
|
|
|
$
|
113
|
|
|
$
|
180,753
|
|
|
$
|
1,272
|
|
|
$
|
(71,161
|
)
|
|
$
|
110,977
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,146
|
)
|
|
(17,146
|
)
|
|||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
401
|
|
|
—
|
|
|
401
|
|
|||||
Restricted stock awards/units issued
|
252
|
|
|
2
|
|
|
968
|
|
|
—
|
|
|
—
|
|
|
970
|
|
|||||
Issuance of common stock under employee stock purchase plan
|
71
|
|
|
1
|
|
|
452
|
|
|
—
|
|
|
—
|
|
|
453
|
|
|||||
Issuance of common stock- NLT Spine Ltd contingent closing consideration
|
350
|
|
|
3
|
|
|
2,545
|
|
|
—
|
|
|
—
|
|
|
2,548
|
|
|||||
Issuance of common stock, net of offering costs- ATM transactions
|
477
|
|
|
5
|
|
|
4,561
|
|
|
—
|
|
|
—
|
|
|
4,566
|
|
|||||
Issuance of common stock- exercise of stock options
|
5
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|||||
Repurchases of common stock for income tax withheld upon vesting of restricted stock awards
|
(6
|
)
|
|
—
|
|
|
(46
|
)
|
|
—
|
|
|
—
|
|
|
(46
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,708
|
|
|
—
|
|
|
—
|
|
|
2,708
|
|
|||||
Balance June 30, 2017
|
12,407
|
|
|
124
|
|
|
191,976
|
|
|
1,673
|
|
|
(88,307
|
)
|
|
105,466
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(In thousands)
|
||||||
Finished goods
|
$
|
30,965
|
|
|
$
|
30,922
|
|
Work in process
|
8,345
|
|
|
10,554
|
|
||
Raw materials
|
3,205
|
|
|
3,823
|
|
||
|
$
|
42,515
|
|
|
$
|
45,299
|
|
|
June 30, 2017
|
|
December 31, 2016
|
|
Useful Lives
|
||||
|
(In thousands)
|
|
|
||||||
Leasehold improvement
|
$
|
5,222
|
|
|
$
|
5,003
|
|
|
Lease Term
|
Machinery and production equipment
|
7,016
|
|
|
6,826
|
|
|
3-10 years
|
||
Spinal instrument sets
|
22,544
|
|
|
26,618
|
|
|
5 years
|
||
Information systems and hardware
|
7,283
|
|
|
6,918
|
|
|
3-7 years
|
||
Furniture and fixtures
|
1,072
|
|
|
1,058
|
|
|
3-5 years
|
||
Construction in progress
|
8,627
|
|
|
7,828
|
|
|
|
||
Total
|
51,764
|
|
|
54,251
|
|
|
|
||
Less accumulated depreciation and amortization
|
(28,778
|
)
|
|
(32,388
|
)
|
|
|
||
Property, plant and equipment, net
|
$
|
22,986
|
|
|
$
|
21,863
|
|
|
|
(In thousands)
|
|
||
Cash paid for purchase
|
$
|
1,000
|
|
Contingent closing consideration
|
2,930
|
|
|
Contingent milestone payments
|
2,310
|
|
|
Contingent royalty payments
|
3,010
|
|
|
Total purchase price
|
$
|
9,250
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
(In thousands, except per share data)
|
2016
|
|
2016
|
||||
Operating loss
|
$
|
(12,685
|
)
|
|
$
|
(25,483
|
)
|
Net loss
|
(12,488
|
)
|
|
(25,001
|
)
|
||
Net loss per share, basic and diluted
|
$
|
(1.12
|
)
|
|
$
|
(2.24
|
)
|
Weighted average shares used to compute basic and diluted net loss per share
|
11,179
|
|
|
11,173
|
|
|
|
Total
|
|
Quoted Price in Active Market (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
June 30, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Contingent consideration liabilities- current
|
|
$
|
1,860
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,860
|
|
Contingent consideration liabilities- non-current
|
|
3,917
|
|
|
—
|
|
|
—
|
|
|
3,917
|
|
||||
Total contingent consideration
|
|
$
|
5,777
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,777
|
|
Three months ended June 30, 2017
|
|
(in thousands)
|
|
|
Balance as of March 31, 2017
|
|
5,617
|
|
|
Loss from change in fair value of contingent milestone and royalty payments recorded in selling, general and administrative expenses
|
|
160
|
|
|
Fair value at June 30, 2017
|
|
$
|
5,777
|
|
Six months ended June 30, 2017
|
|
(in thousands)
|
|
|
Balance as of January 1, 2017
|
|
$
|
7,980
|
|
Contingent consideration liabilities settled
|
|
(2,548
|
)
|
|
Gain from change in fair value of contingent closing consideration recorded in other income
|
|
(112
|
)
|
|
Loss from change in fair value of contingent milestone and royalty payments recorded in selling, general and administrative expenses
|
|
457
|
|
|
Fair value at June 30, 2017
|
|
$
|
5,777
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|||||
|
2016
|
|
2017
|
|
2016
|
|||
Expected dividend yield
|
0
|
%
|
|
0
|
%
|
|
0
|
%
|
Risk-free interest rate
|
1.2
|
%
|
|
2.0
|
%
|
|
1.3
|
%
|
Expected volatility
|
38.2
|
%
|
|
35.7
|
%
|
|
38.3
|
%
|
Expected term (in years)
|
4.8
|
|
|
5.1
|
|
|
4.9
|
|
|
Three and Six Months Ended June 30,
|
||||
|
2017
|
|
2016
|
||
Expected dividend yield
|
0
|
%
|
|
0
|
%
|
Risk-free interest rate
|
1.0
|
%
|
|
0.7
|
%
|
Expected volatility
|
28.5
|
%
|
|
32.4
|
%
|
Expected term (in years)
|
1.3
|
|
|
1.3
|
|
|
Payments Due by Calendar Year
|
|
|
|
(In thousands)
|
|
|
2017
|
$
|
954
|
|
2018
|
2,052
|
|
|
2019
|
2,100
|
|
|
2020
|
2,156
|
|
|
2021
|
2,212
|
|
|
Thereafter
|
8,474
|
|
|
Total minimum lease payments
|
$
|
17,948
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
|
|
|
|
|
|
|
||||
Reported tax rate
|
(0.6
|
)%
|
|
3.5
|
%
|
|
(0.3
|
)%
|
|
1.9
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Orthobiologics
|
$
|
17,615
|
|
|
$
|
16,805
|
|
|
$
|
34,740
|
|
|
$
|
33,463
|
|
Spinal instrumentation
|
16,581
|
|
|
16,396
|
|
|
31,350
|
|
|
31,137
|
|
||||
Total revenue, net
|
$
|
34,196
|
|
|
$
|
33,201
|
|
|
$
|
66,090
|
|
|
$
|
64,600
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
United States
|
$
|
30,353
|
|
|
$
|
30,012
|
|
|
$
|
58,964
|
|
|
$
|
58,556
|
|
International
|
3,843
|
|
|
3,189
|
|
|
7,126
|
|
|
6,044
|
|
||||
Total revenue, net
|
$
|
34,196
|
|
|
$
|
33,201
|
|
|
$
|
66,090
|
|
|
$
|
64,600
|
|
•
|
general economic and business conditions, in both domestic and international markets;
|
•
|
our expectations and estimates concerning future financial performance, financing plans and the impact of competition;
|
•
|
anticipated trends in our business, including healthcare reform in the United States, increased pricing pressure from our competitors or hospitals, exclusion from major healthcare systems, whether as a result of unwillingness to provide required pricing or otherwise, and changes in third-party payment systems;
|
•
|
physicians’ willingness to adopt our recently launched and planned products, customers’ continued willingness to pay for our products and third-party payors’ willingness to provide or continue coverage and appropriate reimbursement for any of our products and our ability to secure regulatory approval for products in development;
|
•
|
existing and future regulations affecting our business, both in the United States and internationally, and enforcement of those regulations;
|
•
|
anticipated demand for our products and our ability to purchase or produce our products in sufficient quantities to meet customer demand;
|
•
|
our ability to manage timelines and costs related to manufacturing our products;
|
•
|
our ability to attract and retain new, high-quality distributors, whether as a result of inability to reach agreement on financial or other contractual terms or otherwise, disruption to our existing distribution network as new distributors are added, and the ability of new distributors to generate growth or offset disruption to existing distributors;
|
•
|
our ability to successfully develop new and next-generation products and the costs associated with designing and developing those new and next-generation products;
|
•
|
our ability to support the safety and efficacy of our products with long-term clinical data;
|
•
|
our ability to obtain additional debt and equity financing to fund capital expenditures and working capital requirements and acquisitions;
|
•
|
the risk of supply shortages, including our dependence on a limited number of third-party suppliers for components and raw materials;
|
•
|
our ability to protect our intellectual property, including unpatented trade secrets, and to operate without infringing or misappropriating the proprietary rights of others;
|
•
|
our ability to complete acquisitions, integrate operations post-acquisition and maintain relationships with customers of acquired entities; and
|
•
|
other risk factors described in the section entitled “Risk Factors” of the 2016 10-K.
|
|
Three Months Ended June 30,
|
|
2017 vs. 2016
|
|
Six Months Ended June 30,
|
|
2017 vs. 2016
|
||||||||||||||
(In thousands, except percentages)
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Total revenue, net
|
$
|
34,196
|
|
|
$
|
33,201
|
|
|
3.0
|
%
|
|
$
|
66,090
|
|
|
$
|
64,600
|
|
|
2.3
|
%
|
Cost of goods sold
|
13,994
|
|
|
13,930
|
|
|
0.5
|
%
|
|
27,166
|
|
|
28,213
|
|
|
(3.7
|
)%
|
||||
Gross profit
|
20,202
|
|
|
19,271
|
|
|
4.8
|
%
|
|
38,924
|
|
|
36,387
|
|
|
7.0
|
%
|
||||
Gross margin
|
59.1
|
%
|
|
58.0
|
%
|
|
|
|
58.9
|
%
|
|
56.3
|
%
|
|
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative
|
24,249
|
|
|
26,989
|
|
|
(10.2
|
)%
|
|
48,219
|
|
|
52,363
|
|
|
(7.9
|
)%
|
||||
Research and development
|
3,344
|
|
|
3,181
|
|
|
5.1
|
%
|
|
6,394
|
|
|
5,934
|
|
|
7.8
|
%
|
||||
Intangible amortization
|
792
|
|
|
1,281
|
|
|
(38.2
|
)%
|
|
1,584
|
|
|
2,562
|
|
|
(38.2
|
)%
|
||||
Total operating expenses
|
28,385
|
|
|
31,451
|
|
|
(9.7
|
)%
|
|
56,197
|
|
|
60,859
|
|
|
(7.7
|
)%
|
||||
Operating loss
|
(8,183
|
)
|
|
(12,180
|
)
|
|
(32.8
|
)%
|
|
(17,273
|
)
|
|
(24,472
|
)
|
|
(29.4
|
)%
|
||||
Other income (expense), net
|
185
|
|
|
(232
|
)
|
|
(179.7
|
)%
|
|
172
|
|
|
26
|
|
|
561.5
|
%
|
||||
Loss before income taxes
|
(7,998
|
)
|
|
(12,412
|
)
|
|
(35.6
|
)%
|
|
(17,101
|
)
|
|
(24,446
|
)
|
|
(30.0
|
)%
|
||||
Provision (benefit) for income taxes
|
45
|
|
|
(429
|
)
|
|
(110.5
|
)%
|
|
45
|
|
|
(456
|
)
|
|
(109.9
|
)%
|
||||
Net loss
|
$
|
(8,043
|
)
|
|
$
|
(11,983
|
)
|
|
(32.9
|
)%
|
|
$
|
(17,146
|
)
|
|
$
|
(23,990
|
)
|
|
(28.5
|
)%
|
|
|
Three Months Ended June 30,
|
|
2017 vs. 2016
|
|||||||
|
|
2017
|
|
2016
|
|
% Change
|
|||||
|
|
(In thousands)
|
|
|
|||||||
Orthobiologics
|
|
$
|
17,615
|
|
|
$
|
16,805
|
|
|
4.8
|
%
|
United States
|
|
15,975
|
|
|
14,894
|
|
|
7.3
|
%
|
||
International
|
|
1,640
|
|
|
1,911
|
|
|
(14.2
|
)%
|
||
% of total revenue, net
|
|
52
|
%
|
|
51
|
%
|
|
|
|||
|
|
|
|
|
|
|
|||||
Spinal instrumentation
|
|
$
|
16,581
|
|
|
$
|
16,396
|
|
|
1.1
|
%
|
United States
|
|
14,378
|
|
|
15,118
|
|
|
(4.9
|
)%
|
||
International
|
|
2,203
|
|
|
1,278
|
|
|
72.4
|
%
|
||
% of total revenue, net
|
|
48
|
%
|
|
49
|
%
|
|
|
|||
|
|
|
|
|
|
|
|||||
Total revenue, net
|
|
$
|
34,196
|
|
|
$
|
33,201
|
|
|
3.0
|
%
|
|
|
Three Months Ended June 30,
|
|
2017 vs. 2016
|
|||||||
|
|
2017
|
|
2016
|
|
% Change
|
|||||
|
|
(In thousands)
|
|
|
|||||||
United States
|
|
$
|
30,353
|
|
|
$
|
30,012
|
|
|
1.1
|
%
|
International
|
|
3,843
|
|
|
3,189
|
|
|
20.5
|
%
|
||
Total revenue, net
|
|
$
|
34,196
|
|
|
$
|
33,201
|
|
|
3.0
|
%
|
|
Three Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Loss before income taxes
|
$
|
(7,998
|
)
|
|
$
|
(12,412
|
)
|
Provision (benefit) for income taxes
|
45
|
|
|
(429
|
)
|
||
Effective tax rate
|
(0.6
|
)%
|
|
3.5
|
%
|
|
|
Six Months Ended June 30,
|
|
2017 vs. 2016
|
|||||||
|
|
2017
|
|
2016
|
|
% Change
|
|||||
|
|
(In thousands)
|
|
|
|||||||
Orthobiologics
|
|
$
|
34,740
|
|
|
$
|
33,463
|
|
|
3.8
|
%
|
United States
|
|
31,077
|
|
|
29,818
|
|
|
4.2
|
%
|
||
International
|
|
3,663
|
|
|
3,645
|
|
|
0.5
|
%
|
||
% of total revenue, net
|
|
53
|
%
|
|
52
|
%
|
|
|
|||
|
|
|
|
|
|
|
|||||
Spinal instrumentation
|
|
$
|
31,350
|
|
|
$
|
31,137
|
|
|
0.7
|
%
|
United States
|
|
27,887
|
|
|
28,738
|
|
|
(3.0
|
)%
|
||
International
|
|
3,463
|
|
|
2,399
|
|
|
44.4
|
%
|
||
% of total revenue, net
|
|
47
|
%
|
|
48
|
%
|
|
|
|||
|
|
|
|
|
|
|
|||||
Total revenue, net
|
|
$
|
66,090
|
|
|
$
|
64,600
|
|
|
2.3
|
%
|
|
|
Six Months Ended June 30,
|
|
2017 vs. 2016
|
|||||||
|
|
2017
|
|
2016
|
|
% Change
|
|||||
|
|
(In thousands)
|
|
|
|||||||
United States
|
|
$
|
58,964
|
|
|
$
|
58,556
|
|
|
0.7
|
%
|
International
|
|
7,126
|
|
|
6,044
|
|
|
17.9
|
%
|
||
Total revenue, net
|
|
$
|
66,090
|
|
|
$
|
64,600
|
|
|
2.3
|
%
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Loss before income taxes
|
$
|
(17,101
|
)
|
|
$
|
(24,446
|
)
|
Provision (benefit) for income taxes
|
45
|
|
|
(456
|
)
|
||
Effective tax rate
|
(0.3
|
)%
|
|
1.9
|
%
|
|
Six Months Ended June 30,
|
|
2017 vs. 2016
|
|||||||
|
2017
|
|
2016
|
|
% Change
|
|||||
|
(In thousands)
|
|
|
|||||||
Net cash used in operating activities
|
$
|
(3,940
|
)
|
|
$
|
(7,500
|
)
|
|
(47.5
|
)%
|
Net cash used in investing activities
|
(3,173
|
)
|
|
(3,446
|
)
|
|
(7.9
|
)%
|
||
Net cash provided by financing activities
|
4,563
|
|
|
354
|
|
|
1,189.0
|
%
|
||
Effect of exchange rate changes on cash and cash equivalents
|
271
|
|
|
150
|
|
|
80.7
|
%
|
||
Net decrease in cash and cash equivalents
|
$
|
(2,279
|
)
|
|
$
|
(10,442
|
)
|
|
(78.2
|
)%
|
Period
|
|
Total Number of Shares Purchased (1)
|
|
|
Average Price Paid per Share
|
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
|
Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs
|
|
|
|
|
|
|
|
|
|
|
|
|||||
June 1- June 30
|
|
113
|
|
|
$
|
10.00
|
|
|
—
|
|
|
—
|
|
(1
|
)
|
These shares were surrendered to the Company to satisfy tax withholdings obligations in connection with the vesting of restricted stock awards.
|
|
|
|
|
|
|
|
SEASPINE HOLDINGS CORPORATION
|
|
|
|
|
Date:
|
August 4, 2017
|
|
/s/ Keith C. Valentine
|
|
|
|
Keith C. Valentine
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
August 4, 2017
|
|
/s/ John J. Bostjancic
|
|
|
|
John J. Bostjancic
|
|
|
|
Chief Financial Officer
|
*
|
Filed herewith
|
**
|
These certifications are being furnished solely to accompany this report pursuant to 18 U.S.C. 1350, and are not being
filed for purposes of Section 18 of the Securities Exchange Act of 1934 and are not to be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation by reference language in such filing.
|
1 Year SeaSpine Chart |
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