Nov. 12 at 4:16 AM
$SI
Shares of Shoulder Innovations rose after revenue surged in the latest quarter as the company sold more of its implant systems.
The stock climbed 21% to
$13.80 in after-hours trading on Monday. Through market close, shares are down 6.5% in the past three months.
The medical technology company posted a third-quarter loss of
$8.7 million, compared with
$4.1 million, a year earlier. Loss per share came in at 64 cents a share, compared with analyst expectations for a loss of 31 cents a share, according to FactSet.
Revenue jumped 58% to
$11.8 million, topping analyst estimates of
$9.9 million.
The growth was driven by increases in implant systems sold and new customers, the company said.
Shoulder Innovations now expects revenue of
$45 million to
$46 million for the full year, up from its prior outlook of 42 million to
$44 million.
Chief Executive Rob Ball said the company continues to add new surgeon customers and drive adoption of its implant systems.
