Here are six new financial reports from spine and spine-driven device companies. If you have any questions about this article, contact Laura at laura@beckershealthcare.com.
Alphatec Spine. During the first quarter of 2012, Alphatec Spine reported revenue of $48.5 million, slightly less than the same period last year. Net loss for the first quarter of 2012 was $1.3 million, compared to $1.9 million net loss during the first quarter of 2011. United States revenues were reported as $32.6 million, slightly less than the first quarter of 2011. U.S. hospital sales grew 3 percent, which was driven by biologics and minimally invasive products. International revenue was flat from last year to this year. Company CEO and Chairman Les Cross attributes the decreases to a challenging spine market.
Life Spine. Hoffman Estates, Ill.-based spine device company Life Spine reported a 37.9 percent growth in sales during the first quarter of 2012. The growth can be attributed to an increased demand for Life Spine's CENTRIC MIS Platform Products, including AILERON, a new minimally invasive in-situ expandable spinous process fixation system. AILERON is one of six new products the company is launching in limited releases.
Mazor Robotics. Mazor Robotics, an Israel-based robotic spinal system company and developer of the Renaissance system, reported $2.4 million in revenue for the first quarter of 2012, an increase over the same period last year. The company also reported a $1.2 million loss for the period. In the first quarter, the company sold three Renaissance Systems for minimally invasive and complex spinal surgery. Operating expenses increased during the first quarter of 2012 due to higher sales and marketing costs.
Medtroinc Spine. Medtronic's spine revenue dropped 6 percent during the fourth quarter of the 2012 fiscal year to $818 million due to poor United States sales. The biologics revenue declined 16 percent driven by negative sales of Infuse in the United States, continuing a downward trend since last summer. The international sales for the company's spine business increased 8 percent. The core spine revenue dropped only 3 percent. For the full year, Core Spinal revenue reached $2.4 billion, slightly lower than the $2.5 billion reported last year. Spinal biologics revenue also dropped to $800 million for the full-year report.
NuVasive. NuVasive reported revenue of $151.7 million during the first quarter of 2012, a 21.9 percent increase over the same period last year. The company reported $114.7 million in gross profit and cash and cash equivalents at $363.6 million. The total operating expenses for the first quarter was $107.5 million, which was higher than last year as a result of additional costs associated with higher revenue and infrastructure expansion. Net income for the company was reported at $673,000 on a GAAP basis.
TranS1. TranS1, a Wilmington, N.C.-based spine device company, reported a 26 percent decrease in revenue for the first quarter of 2012. The company reported revenue at $3.8 million and net loss at $5.8 million. However, President and CEO Ken Reali said the company made progress during the first quarter toward securing physician reimbursement and driving the adoption of the VEO direct lateral system. The company is also investing in a Category I code for its AxiaLIF technology, which will be available January 2013. The company reported cash and cash-equivalents at $38.5 million at the end of the first quarter.
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Alphatec Spine. During the first quarter of 2012, Alphatec Spine reported revenue of $48.5 million, slightly less than the same period last year. Net loss for the first quarter of 2012 was $1.3 million, compared to $1.9 million net loss during the first quarter of 2011. United States revenues were reported as $32.6 million, slightly less than the first quarter of 2011. U.S. hospital sales grew 3 percent, which was driven by biologics and minimally invasive products. International revenue was flat from last year to this year. Company CEO and Chairman Les Cross attributes the decreases to a challenging spine market.
Life Spine. Hoffman Estates, Ill.-based spine device company Life Spine reported a 37.9 percent growth in sales during the first quarter of 2012. The growth can be attributed to an increased demand for Life Spine's CENTRIC MIS Platform Products, including AILERON, a new minimally invasive in-situ expandable spinous process fixation system. AILERON is one of six new products the company is launching in limited releases.
Mazor Robotics. Mazor Robotics, an Israel-based robotic spinal system company and developer of the Renaissance system, reported $2.4 million in revenue for the first quarter of 2012, an increase over the same period last year. The company also reported a $1.2 million loss for the period. In the first quarter, the company sold three Renaissance Systems for minimally invasive and complex spinal surgery. Operating expenses increased during the first quarter of 2012 due to higher sales and marketing costs.
Medtroinc Spine. Medtronic's spine revenue dropped 6 percent during the fourth quarter of the 2012 fiscal year to $818 million due to poor United States sales. The biologics revenue declined 16 percent driven by negative sales of Infuse in the United States, continuing a downward trend since last summer. The international sales for the company's spine business increased 8 percent. The core spine revenue dropped only 3 percent. For the full year, Core Spinal revenue reached $2.4 billion, slightly lower than the $2.5 billion reported last year. Spinal biologics revenue also dropped to $800 million for the full-year report.
NuVasive. NuVasive reported revenue of $151.7 million during the first quarter of 2012, a 21.9 percent increase over the same period last year. The company reported $114.7 million in gross profit and cash and cash equivalents at $363.6 million. The total operating expenses for the first quarter was $107.5 million, which was higher than last year as a result of additional costs associated with higher revenue and infrastructure expansion. Net income for the company was reported at $673,000 on a GAAP basis.
TranS1. TranS1, a Wilmington, N.C.-based spine device company, reported a 26 percent decrease in revenue for the first quarter of 2012. The company reported revenue at $3.8 million and net loss at $5.8 million. However, President and CEO Ken Reali said the company made progress during the first quarter toward securing physician reimbursement and driving the adoption of the VEO direct lateral system. The company is also investing in a Category I code for its AxiaLIF technology, which will be available January 2013. The company reported cash and cash-equivalents at $38.5 million at the end of the first quarter.
More Articles on Orthopedic Devices:
Benvenue Medical Appoints 2 New Board Members
Department of Justice Ends 4-Year Investigation of Infuse
AxioMed Receives CE Mark for Freedom Cervical Disc