CARLSBAD, Calif., Apr 30, 2015 (GLOBE NEWSWIRE via COMTEX) —
Alphatec Holdings, Inc. ATEC, +1.43% the parent company of Alphatec Spine, Inc., a global provider of spinal fusion technologies, announced today financial results for the first quarter ended March 31, 2015.
- First quarter consolidated net revenues up 5% in constant currency over 2014.
- First quarter adjusted EBITDA of $6.5 million, 13.4% of revenue.
- Reiterates 2015 constant currency revenue growth of approximately 4% to 7% over 2014 and adjusted EBITDA guidance of $34 million to $37 million.
Highlights of the First Quarter 2015 and Recent Activities
Positive Progress Made Towards Alphatec’s Corporate Strategic Objectives
Financial
- Consolidated revenues of $48.6 million as reported, $51.8 million in constant currency.
- Consolidated revenues were impacted by $3.2 million of foreign currency headwinds.
- International revenues grew 25% in constant currency over the first quarter of 2014 and represent 37% of global revenues as reported.
Strategic Pillar #1: Refocus Product Portfolio and R&D Pipeline
- Arsenal™ spinal fixation system commercially launched in the U.S. – February 2015. We continue to receive positive feedback from surgeons on the speed, strength and simplicity of the system.
- Arsenal approved in Japan and launch planning well-underway.
- Zodiac® and Illico® MIS launched in Brazil – April 2015.
“We were very pleased to receive early approval for Arsenal in Japan, our strongest share position in the world,” said Mike O’Neill, Chief Financial Officer. “And we’re expecting strong performance of Arsenal throughout 2015.”
Strategic Pillar #2: Expand Global Commercial Participation
- U.S. sales force expansion into new metro areas over 75% complete – May 1, 2015.
- European Union sales distribution expansion 50% complete – May 1, 2015.
Strategic Pillar #3: Transform Manufacturing and Distribution Operations
- Arsenal instrument sets for commercial launch achieved targeted 50% cost reduction.
- Piloting novel physical distribution strategy for improving set turn utilization.
