Surgalign's Q1 revenue dips by $3.9M: 7 notes

Spinal Tech

Medical technology company Surgalign saw a $3.9 million dip in revenue in the first quarter of 2023 as compared with the same period last year, according to the company's first quarter financial report, released on May 11. 

Here are seven things to know about the company's Q1 results: 

1. Surgalign's first quarter revenue reached $16.7 million, as compared with $20.6 million in the first quarter of last year and $20.6 million last quarter. 

2. The revenue decrease was due in part to a reduction in product offerings related to ongoing restructuring efforts. 

3. The company saw a gross margin of 63.7 percent, down 520 basis points from a year ago. 

4. Operating expenses were up $1.3 million to $24.4 million for the quarter. 

5. The company saw an operating loss of $1.1 million, compared with $8.9 million a year ago. 

6. Adjusted earnings saw a loss of $10.8 million. 

7. During the quarter Surgalign's Holo artificial intelligence spine imaging tool expanded into two new sites and one new state. 

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