CARLSBAD, Calif., Oct. 30, 2019 (GLOBE NEWSWIRE) — Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC), a provider of innovative spine surgery solutions dedicated to revolutionizing the approach to spine surgery, today announced financial results for the quarter ended September 30, 2019, and recent corporate highlights.
Third Quarter 2019 Financial Results
- Total net revenue of $29.2 million; U.S. revenue of $28.1 million, up 34% compared to the prior year and up 8% sequentially;
- U.S. gross margin of 70.8%; and
- Cash and cash equivalents of $57.8 million as of September 30, 2019.
Third Quarter-to-Date Corporate Highlights
- Closed a follow-on equity offering that generated $54 million in net proceeds for growth-related investment and expanded the institutional shareholder base;
- Enhanced clinical distinction with five new product launches: the IdentiTi™ TLIF Porous Oblique System, the IdentiTi™ LIF Systems, the AMP™ Anti-Migration LIF Plate System, the Transcend™ Lateral Interbody Spacer, and the Trestle Luxe® II Anterior Cervical Plate System;
- Increased contribution from new products to 42% of U.S. revenue;
- Expanded percentage of U.S. revenue driven by strategic distribution network to 89%;
- Increased U.S. revenue per case by 17% compared to the prior year; and
- Expanded senior leadership team by appointing Eric Dasso as Executive Vice President, Adjunctive Technologies.
“Our continued focus on compelling surgeon adoption by creating clinical distinction and revitalizing the ATEC sales channel substantially accelerated organic U.S. revenue growth in the third quarter,” said Pat Miles, Chairman and Chief Executive Officer. “As a result, we are increasing 2019 revenue expectations for the second time this year, now anticipating full-year U.S. revenue growth of over 26%. I’m proud of all that our teams have accomplished to date, and I am even more enthusiastic about the future for spine’s new Organic Innovation Machine.”