Becker's Spine Review

40 SPINE DEVICE & INNOVATION InVivo's Q2 Net Loss Hits $10.4M as Spinal Cord Injury Trial Shows Early Success: 5 Things to Know By Laura Dyrda I nVivo erapeutics reported $10.4 million net loss in the sec- ond quarter of 2015. However, CEO Mark Perrin is focused on the strides forward the company made in the first half of the year. "InVivo made significant advancement across all fronts during the second quarter," he said. "e three patients in our ongoing clinical trial continued to make meaningful motor and sensory improvements. We added two new clinical sites, one of which is a federally designated Spinal Cord Injury Model Systems center. We expanded our communications efforts by exhibiting at two major neurological conferences and were highlighted in InVivo co-founder Dr. Robert Laner's closing keynote address at the International Society for Stem Cell Research Annual Meeting." e company also added Jim Guest, MD, to the scientific advisory board and appointed Ann Merrifield as the board's lead director. Here are five things to know about the company's financial report: 1. InVivo reported a $10.4 million net loss for the quarter, up from $3.6 mil- lion for the same period last year. A derivative warrant liability of around $4.6 million, reflecting changes in the fair market value of the derivative warrant liability, impacted the quar- ter's results. 2. Cash and cash equivalents at the quarter's end were $25 million. e company received $4 million from the exercise of warrants issued in the company's May 2014 public offering during the second quarter of 2015. 3. For the first half of 2015, InVivo reported a $26.2 million net loss, or $1.02 per diluted share. is is up significantly from $8.7 million for the first half of last year. 4. e company received $6.9 million from warrant exercises in the first six months of 2015, representing around 69 percent of the warrants issued during the May 2014 public offering. 5. In June, one month aer its public listing on NASDAQ, the company was added to Russell Global, Russell 3000, Russell 2000 and Russell Microcap Indexes. en, in July, the compa- ny posted positive results from two patients, one month and six months aer treatment. "It was a great quarter and we re- iterate our previous cash forecast: we anticipate our cash position will last us into the fourth quarter of 2016," said Mr. Perrin. n SpineGuard Revenue Up 41% in 1st Half of 2015: 6 Things to Know By Laura Dyrda S pineGuard reported revenue growth for the first half of 2015. Here are five quick points: 1. The company's revenue grew 41 percent in the first half of the year over the same period last year. The company's revenue was up 354 percent in the second quarter. 2. United States revenue was up 52 percent and represented 77 percent of global revenue. 3. Revenue increased 14 percent outside of the United States, which was 23 percent of global revenue. 4. France is the company's second direct market and reported 42 percent growth in the second quarter; in the first quarter the French market reported 36 percent growth. 5. There were 3,716 PediGuard units sold in the first half of 2015, compared with 3,008 sold in the first half of last year. 6. In the United States, 1,923 units were sold, 52 percent of units sold. n

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