Record Revenue of $32.7 Million; 9th Consecutive Quarter of Record Revenue; Adjusted EBITDA Increases to $3.6 Million
CARLSBAD, Calif., Nov 9, 2009 (GlobeNewswire via COMTEX News Network) — Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, with a focus on treating conditions affecting to the aging spine, announced today financial results for the third quarter ended September 30, 2009.
Third Quarter 2009 Results:
* Record consolidated revenue of $32.7 million reported in the
third quarter 2009, which represents 27% growth over the third
quarter 2008
— U.S. revenue growth of 21% over prior year third quarter and
year-over-year growth of 28% for the last nine months
— International revenue of $6.6 million, which represents 52%
growth over the third quarter 2008
* Year-to-date revenue of $95.6 million, representing an increase
of 31% over the same period 2008
* Adjusted EBITDA of $3.6 million in the third quarter 2009 and
$7.8 million for year-to-date nine months, reflecting
strengthening operating leverage
— 31% increase over second quarter 2009 adjusted EBITDA of
$2.8 million
— $9.7 million increase over prior year-to-date nine months
adjusted EBITDA of negative ($1.9) million
* Reiterating 2009 revenue guidance of $128 million to
$130 million and adjusted 2009 EBITDA guidance of $12.5 million
to $14.5 million
Third Quarter 2009 Highlights:
* U.S. market launch of the Illico SE percutaneous MIS system
* OsseoScrew submitted to the FDA for 510K approval
* OsseoFix patient enrollment initiated for U.S. clinical study
* Settlement of Brodke et al. litigation matter
* Year-to-date over 300 patients treated in Europe with OsseoFix
* Year-to-date over 150 surgeons trained in Europe with OsseoFix
