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SeaSpine started at buy by Wainwright

July 10, 2017

H.C. Wainwright initiates coverage on SeaSpine Holdings (NASDAQ: SPNE) with a Buy rating and a price target of $15.00.

Analyst Swayampakula Ramakanth commented, “A pure play spine company poised to enter a high-growth period. SeaSpine is an orthopedic surgical products company based in California. The company was spun out from Integra LifeSciences (IART; not rated) in 2015 and is focused on the development and marketing of specialized hardware and orthobiologic products for spine surgeries. In the last two years, the company completed a period of reorganization, introduced 20 new products, and forged partnerships with 97 new distributors in the US. We believe these forward-looking actions have positioned the company to enter a period of double-digit percent growth in the near-term, and we project revenues to grow to $321M in 2027 from $132M in 2017. At the current valuation of 1x 2017E sales, we believe SeaSpine makes an attractive choice for growth investors interested in the orthopedic surgery space. We are initiating our coverage of SPNE with a Buy and a 12-month price target of $15.00 per share.”


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