After the company preannounced Q3 revenue that came in slightly below the consensus, Northland analyst Mark Landy says LDR Holding (LDRH) is a not a proxy for the broader spine market. The vast majority of LDR's sales are from niche products, Landy tells investors in a research note. As such, he believes last night's news should not be extrapolated to NuVasive (NUVA) and K2M Group (KTWO). He thinks the consensus estimates for LDR's MOBI-C growth in 2015 may have been a "touch optimistic" given a slower than expected broadening of reimbursement for two-level use. He keeps an Outperform rating on LDR Holding with a $38 price target.