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K2M reports 12% increase in total revenue for second quarter of 2018
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K2M Group Holdings Inc. reported a total revenue of $7.9 million for the second quarter of 2018, an increase of 12% from the second quarter of 2017. Higher sales volume from new surgeon users and products in the United States and increased set investments by distribution partners in Australia and Japan contributed to the increase in revenue.
According to a company press release, revenue in the United States increased 7% to $54.3 million and international revenue increased 29.1% to $19.3 million for the second quarter of 2018. Gross profit in the second quarter of 2018 was $48 million, an increase of 11.1% from 2017.
Operating expenses increased 13.7% from the second quarter of 2017 to $58.4 million for the second quarter of 2018. Increases in sales and marketing, research and development, general and administrative expenses contributed to the increase of operating expenses. Loss from operations was $10.4 million and other expenses totaled $3 million.
Net loss increased to $10.8 million, or $0.25 per diluted share, for the second quarter of 2018 from $9.1 million, or $0.21 per diluted share, for the second quarter of 2017.
K2M had $66.2 million in cash and cash equivalents, an increase from $24 million in 2017, as of June 30, 2018.
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