Business
ATEC Reports First Quarter 2023 Financial Results
Total revenue grew 54% to $109 million, including surgical revenue growth of 55% EOS revenue grew to $15 million Adjusted EBITDA margin improved 1,080 basis
About this update from Alphatec Holdings, Inc.
[{"type":"text","content":"\n\nTotal revenue grew 54% to $109 million, including surgical revenue growth of 55%\n\n\n\nEOS revenue grew to $15 million\n\n\n\nAdjusted EBITDA margin improved 1,080 basis points year-over-year\n\n\n\n CARLSBAD, Calif.--(BUSINESS WIRE)--\nAlphatec Holdings, Inc. (Nasdaq: ATEC), a provider of innovative solutions dedicated to revolutionizing the approach to spine surgery, today announced financial results for the quarter ended March 31, 2023, and recent corporate highlights.\n\n\n\n\nFirst-Quarter 2023 Financial Results\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nQuarter Ended\nMarch 31, 2023\n\n\n\n\n\n\n\n\nTotal revenue\n\n\n\n\n\n\n\n$109 million\n\n\n\n\n\n\n\n\nGAAP gross margin\n\n\n\n\n\n\n\n65%\n\n\n\n\n\n\n\n\nNon-GAAP gross margin\n\n\n\n\n\n\n\n72%\n\n\n\n\n\n\n\n\nGAAP operating expenses\n\n\n\n\n\n\n\n$111 million\n\n\n\n\n\n\n\n\nNon-GAAP operating expenses\n\n\n\n\n\n\n\n$93 million\n\n\n\n\n\n\n\n\nGAAP operating loss\n\n\n\n\n\n\n\n($40) million\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n\n($5) million\n\n\n\n\n\n\n\n\nEnding cash balance\n\n\n\n\n\n\n\n$117 million\n\n\n\n\n\n\n\nRecent Highlights\n\n\n\nExtended momentum of PTPTM (Prone TransPsoas) procedure, the strongest contributor to Q1 revenue growth;\n\n\n\nAdvanced lateral sophistication with full commercial release of LTPTM (Lateral TransPsoas) procedure;\n\n\n\nIntroduced ATEC AIS (Adolescent Idiopathic Scoliosis) Approach, with adaptable InVictusTM instrumentation designed to streamline and optimize de-rotation;\n\n\n\nDrove 40% increase in surgical volume and 11% increase in average revenue per procedure;\n\n\n\nAcquired navigation-enabled robotics platform to enhance precision of ATEC’s procedural strategy.\n\n\n\n“We continue to execute against our mission to revolutionize the approach to spine surgery,” said Pat Miles, Chairman and Chief Executive Officer. “As many in our industry capitulate, or seek to drive growth through acquired revenues, ATEC is content to be the outlier: methodically applying our 100% spine focus and unmatched know-how to integrate and evolve technologies that improve the predictability and reproducibility of spine care. ATEC's innovation is not only driving rapid adoption today, it will also set new clinical standards for years to come.”\n\n\nFinancial Outlook for the Full-Year 2023\n\n\nThe Company continues to expect t...