SeaSpine Holdings Corporation (SPNE), a global medical technology company specializing in designing developing, and delivering treatments for spinal disorders, announced that the company has commenced an underwritten public offering of shares of its common stock. SPNE stock saw a plummet adjacent to the news.
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SeaSpine Holdings Corporation (SPNE) has declined 3.01% at $20.30 in pre-market trading hours on the last check. The stock of SPNE increased 0.96% to finish the last trading session at $20.93. The price range of the company’s shares was between $20.305 and $21.10.
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Seaspine has commenced an underwritten public offering of 4,500,000 shares of its common stock at a price of $19.50 per share. The gross proceeds are estimated to reach $87.8M, without considering estimated offering expenses. SeaSpine has also granted a 30-day option to underwriters to purchase 675,000 additional shares.
SeaSpine plans to use a considerable part of the net proceeds from this offering, to finance the cash consideration of $27.5 million to acquire 7D Surgical. The left-over capital will be used for general corporate purposes; however, the offering not being conditioned upon the acquisition being completed.
SPNE expects FY21 revenue between a range of $200M-205M increasing approximately 30% to 33% year-on-year, with preliminary first-quarter FY21 expecting a ballpark figure of $42M. SeaSpine’s President and CEO, Keith Valentine said, “We were pleased with how our revenue accelerated as the first quarter progressed. Despite the headwinds, we faced in January and early February due to COVID restrictions on spine surgeries, we exceeded our own internal expectations for the quarter with strong results in March as those surgery restrictions eased.”
SeaSpine has presently commercialized its products in the United States and in almost 30 countries globally through an extensive distribution network with future plans for further expansion of the company.
SPNE offered a better-than-expected outlook for the current quarter and anticipates sales and profits to grow for the full year after the acquisition of 7D. Furthermore, a larger distribution network and a considerable increase in revenue combined with a diversified product line has peaked investor interest in the company.