SeaSpine (SPNE) Stock Rating Reaffirmed by BTIG Research
BTIG Research reiterated their buy rating on shares of SeaSpine (NASDAQ:SPNE) in a research report released on Friday. BTIG Research currently has a $17.00 price objective on the medical equipment provider’s stock.
“From New Products Should Set up FY18 SeaSpine ended FY17 with strength in Orthobiologics driving upside in the quarter. Revenue of $34.0M exceeded BTIG/Consensus original expectations of $33.2M. Guidance was maintained ($135M-$139M) but mgmt. provided further clarity on the cadence of revenue throughout the year. SPNE has been filling out its product portfolio with a variety of unique orthobiologic products which we believe should help to bolster growth. That said, the impact of these products will be felt in 2H18 where growth should approach double digits. In addition with recent added capital from a completed ATM, SPNE has the fire power to increase instrument sets in the field which should help the hardware business as well. Net, net we view the set-up for SPNE as attractive in FY18 as new products improve growth, instrument sets support distributors, and valuation remains reasonable. Gross margins a standout. GMs of 63.3% were well ahead of our expectations and up ~460bps from the year ago quarter. Mgmt. is beginning to get leverage from its Irvine manufacturing facility as newer products comprise a larger portion of rev and can be manufactured at higher margins. FY18 GM guidance was set at 61%- 62%.”,” the firm’s analyst commented.
Other equities analysts have also issued research reports about the stock. HC Wainwright reiterated a buy rating and set a $15.00 price objective on shares of SeaSpine in a research report on Friday, November 3rd. Zacks Investment Research lowered shares of SeaSpine from a buy rating to a hold rating in a research report on Friday, January 5th. Finally, Ladenburg Thalmann Financial Services began coverage on shares of SeaSpine in a research report on Thursday, December 14th. They set a buy rating and a $20.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $17.20.
SeaSpine (NASDAQ:SPNE) last released its quarterly earnings data on Wednesday, February 28th. The medical equipment provider reported ($0.56) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.52) by ($0.04). SeaSpine had a negative net margin of 24.36% and a negative return on equity of 29.82%. The business had revenue of $33.98 million for the quarter. equities analysts expect that SeaSpine will post -1.8 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in SPNE. Schwab Charles Investment Management Inc. raised its stake in shares of SeaSpine by 1.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 18,707 shares of the medical equipment provider’s stock valued at $216,000 after acquiring an additional 190 shares during the period. Northern Trust Corp raised its stake in shares of SeaSpine by 2.3% in the second quarter. Northern Trust Corp now owns 24,869 shares of the medical equipment provider’s stock valued at $286,000 after acquiring an additional 559 shares during the period. Vanguard Group Inc. raised its stake in shares of SeaSpine by 10.6% in the second quarter. Vanguard Group Inc. now owns 334,832 shares of the medical equipment provider’s stock valued at $3,857,000 after acquiring an additional 32,191 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of SeaSpine by 22.9% in the second quarter. Dimensional Fund Advisors LP now owns 368,631 shares of the medical equipment provider’s stock valued at $4,247,000 after acquiring an additional 68,737 shares during the period. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of SeaSpine in the second quarter valued at $161,000. 44.13% of the stock is currently owned by institutional investors and hedge funds.
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SeaSpine Holdings Corporation is a medical technology company. The Company is focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. The Company operates through the development, manufacture and marketing of orthobiologics and spinal fusion hardware segment.
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