SeaSpine Holdings Corporation (SPNE)

SeaSpine Holdings was a medical technology company based in Carlsbad, California, that focused on surgical treatment of spinal disorders. It developed and sold two broad groups of products: orthobiologics, such as bone graft substitutes and demineralized bone matrix used to help vertebrae fuse, and spinal implant systems, including screws, rods and interbody devices used in fusion surgery. It also invested in surgical navigation technology to guide implant placement.

The company was created in July 2015, when Integra LifeSciences spun off its orthobiologics and spinal hardware business as a separate public company. SeaSpine's shares were distributed to Integra stockholders and began trading on NASDAQ under the ticker SPNE. As a stand-alone company it worked to refresh an aging product line, expand its sales network of independent distributors and grow revenue, while generally reporting operating losses.

SeaSpine raised capital through several stock offerings to fund product launches and acquisitions. In 2021 it bought 7D Surgical, a Toronto developer of camera-based navigation systems, to pair imaging with its implant portfolio. The company competed with much larger spine businesses at Medtronic, Globus Medical, NuVasive and others, and its scale was a recurring constraint on profitability and market reach.

In October 2022 SeaSpine and Orthofix Medical announced an all-stock merger of equals intended to create a larger spine and orthopedics company. Under the terms, SeaSpine holders would receive 0.4163 Orthofix shares for each SeaSpine share, leaving Orthofix holders with a majority of the combined company. Shareholders of both companies approved the deal in early January 2023, clearing the way for a prompt closing.

The merger became effective at 12:01 a.m. Eastern time on January 5, 2023, when SeaSpine became a wholly owned subsidiary of Orthofix. SeaSpine requested that NASDAQ delist its stock, so January 4, 2023, was its last day of trading. The combined business continues under the Orthofix name and trades on NASDAQ as OFIX, with SeaSpine's orthobiologics and navigation products folded into its spine portfolio.