SPNE · Seaspine Holdings Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|
| Revenue | $191.45M | $154.34M | $159.08M | $143.44M | $131.81M | $128.86M |
| Cost of Revenue | $76.86M | $56.84M | $55.97M | - | - | - |
| Gross Profit | $114.59M | $97.50M | $101.10M | $87.47M | $79.99M | $73.32M |
| R&D | $22.01M | $16.26M | $15.13M | $12.06M | $12.18M | $11.44M |
| SG&A | $42.94M | $35.87M | $30.23M | $105.39M | $97.30M | $101.06M |
| Total Operating Expenses | $175.56M | $140.93M | $140.33M | $120.61M | $112.65M | $116.82M |
| D&A | $13.93M | $10.72M | $10.35M | $10.70M | $10.87M | $11.76M |
| Operating Income | ($60.98M) | ($43.43M) | ($39.22M) | ($33.14M) | ($32.66M) | ($43.50M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | ($1.10M) | $218.0K | $356.0K | $129.0K | ($118.0K) | ($552.0K) |
| Net Income | ($54.35M) | ($43.18M) | ($39.28M) | ($33.52M) | ($32.12M) | ($43.21M) |
| EPS - Basic | - | - | - | - | - | - |
| EPS - Diluted | - | - | - | - | - | - |
Balance Sheet
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.11M | $76.81M | $20.20M | $24.23M | $10.79M | $14.57M |
| Accounts Receivable | $36.23M | $26.15M | $24.90M | $20.34M | $21.87M | $20.98M |
| Inventory | $72.30M | $54.04M | $47.16M | $42.74M | $41.72M | $45.30M |
| Accounts Payable | $20.30M | $5.01M | $7.45M | $9.21M | $7.38M | $8.54M |
| Current Assets | $195.96M | $160.89M | $96.16M | $120.06M | $76.42M | $82.66M |
| Total Assets | $377.27M | $214.40M | $141.72M | $172.34M | $134.47M | $147.16M |
| Current Liabilities | $52.98M | $30.73M | $30.48M | $26.55M | $23.16M | $24.42M |
| Long-term Debt | $0 | $0 | - | - | - | - |
| Total Liabilities | $64.90M | $42.68M | $31.96M | $30.26M | $28.82M | $36.19M |
| Stockholders' Equity | $312.36M | $171.72M | $109.76M | $142.09M | $105.65M | $110.98M |
| Retained Earnings | ($273.60M) | ($219.26M) | ($176.08M) | ($136.80M) | ($103.28M) | ($71.16M) |
Cash Flow
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($33.51M) | ($24.60M) | ($20.28M) | ($12.56M) | ($8.62M) | ($14.27M) |
| Investing Cash Flow | ($55.36M) | ($17.04M) | $17.17M | ($38.10M) | ($7.65M) | ($8.72M) |
| Financing Cash Flow | $95.55M | $98.14M | ($829.0K) | $64.20M | $12.04M | $4.28M |
| CapEx | $26.04M | $16.09M | $12.83M | $8.35M | $7.45M | $7.57M |
| Free Cash Flow | ($59.55M) | ($40.68M) | ($33.11M) | ($20.91M) | ($16.07M) | ($21.84M) |
Ratios
| Metric | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 59.9% | 63.2% | 63.6% | 61.0% | 60.7% | 56.9% |
| Operating margin | -31.9% | -28.1% | -24.7% | -23.1% | -24.8% | -33.8% |
| EBITDA margin | -24.6% | -21.2% | -18.2% | -15.6% | -16.5% | -24.6% |
| Net margin | -28.4% | -28.0% | -24.7% | -23.4% | -24.4% | -33.5% |
| Free cash flow margin | -31.1% | -26.4% | -20.8% | -14.6% | -12.2% | -16.9% |
| FCF / Net income | 1.10 | 0.94 | 0.84 | 0.62 | 0.50 | 0.51 |
| R&D / Revenue | 11.5% | 10.5% | 9.5% | 8.4% | 9.2% | 8.9% |
| SG&A / Revenue | 22.4% | 23.2% | 19.0% | 73.5% | 73.8% | 78.4% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -14.4% | -20.1% | -27.7% | -19.5% | -23.9% | -29.4% |
| Return on equity | -17.4% | -25.1% | -35.8% | -23.6% | -30.4% | -38.9% |
| Return on invested capital | -15.4% | -20.0% | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 3.70 | 5.24 | 3.16 | 4.52 | 3.30 | 3.39 |
| Quick ratio | 2.33 | 3.48 | 1.61 | 2.91 | 1.50 | 1.53 |
| Cash ratio | 1.57 | 2.50 | 0.66 | 0.91 | 0.47 | 0.60 |
| Leverage | ||||||
| Debt / Equity | 0.00 | 0.00 | - | - | - | - |
| Debt / Assets | 0.00 | 0.00 | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.21 | 1.25 | 1.29 | 1.21 | 1.27 | 1.33 |
| Liabilities / Assets | 0.17 | 0.20 | 0.23 | 0.18 | 0.21 | 0.25 |
| Efficiency | ||||||
| Asset turnover | 0.51 | 0.72 | 1.12 | 0.83 | 0.98 | 0.88 |
| Inventory turnover | 1.06 | 1.05 | 1.19 | - | - | - |
| Days sales outstanding | 69d | 62d | 57d | 52d | 61d | 59d |
| Days inventory outstanding | 343d | 347d | 308d | - | - | - |
| Days payable outstanding | 96d | 32d | 49d | - | - | - |
| Cash conversion cycle | 316d | 377d | 316d | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 24.0% | -3.0% | 10.9% | 8.8% | 2.3% | -12.1% |
| Revenue CAGR (3y) | 10.1% | 5.4% | 7.3% | -0.7% | - | - |
| Revenue CAGR (5y) | 8.2% | 1.0% | - | - | - | - |
| Gross profit growth (YoY) | 17.5% | -3.6% | 15.6% | 9.4% | 9.1% | -19.5% |
| Operating income growth (YoY) | -40.4% | -10.7% | -18.4% | -1.5% | 24.9% | -149.3% |
| Net income growth (YoY) | -25.9% | -9.9% | -17.2% | -4.4% | 25.7% | -67.8% |
| EPS growth (YoY) | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -46.4% | -22.9% | -58.4% | -30.1% | 26.4% | -67.6% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 81.9% | 56.4% | -22.8% | 34.5% | -4.8% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Business segments
$191.45M totalSpinal Fusion Hardware$99.63M · 52.0%
Orthobiologics$91.82M · 48.0%
Geographic
$91.82M totalUS$83.25M · 90.7%
International$8.57M · 9.3%
Stability scores
Altman Z′
FY 2021 · bankruptcy risk
1.68
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2021 · 9-point quality
2/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- -No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing SeaSpine Holdings Corp against the 5 most active filers in the same SIC group.