Business
ATEC Reports First Quarter 2024 Financial Results and Raises Full-Year Guidance
Total revenue grew 27% to $138 million, with 30% growth in surgical revenue Adjusted EBITDA margin expanded 450 basis points Full-year revenue and adjusted
About this update from Alphatec Holdings, Inc.
[{"type":"text","content":"\n\nTotal revenue grew 27% to $138 million, with 30% growth in surgical revenue\n\n\n\nAdjusted EBITDA margin expanded 450 basis points\n\n\n\nFull-year revenue and adjusted EBITDA guidance increased to $601 million and $23 million, respectively\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, 2024, and recent corporate highlights.\n\n\nFirst Quarter 2024 Financial Results\n\n\n\n\n \n\n\n\n\n\n\nQuarter Ended\n\n\n\n\nMarch 31, 2024\n\n\n\n\n\n\n\n\nTotal revenue\n\n\n\n\n\n\n$138 million\n\n\n\n\n\n\n\n\nGAAP gross margin\n\n\n\n\n\n\n70%\n\n\n\n\n\n\n\n\nNon-GAAP gross margin\n\n\n\n\n\n\n71%\n\n\n\n\n\n\n\n\nGAAP operating expenses\n\n\n\n\n\n\n$141 million\n\n\n\n\n\n\n\n\nNon-GAAP operating expenses\n\n\n\n\n\n\n$115 million\n\n\n\n\n\n\n\n\nGAAP net loss\n\n\n\n\n\n\n($48) million\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n($3) million\n\n\n\n\n\n\n\n\nAdjusted EBITDA margin\n\n\n\n\n\n\n(2%)\n\n\n\n\n\n\n\n\nEnding cash balance\n\n\n\n\n\n\n$144 million\n\n\n\n\n\n\n\nFirst Quarter Highlights\n\n\n\nSurgical revenue grew 30% with a 23% increase in surgical volume and 6% increase in average revenue per procedure;\n\n\n\nHosted 150 surgeon training engagements, fueling 21% growth in surgeon adoption and increasing utilization;\n\n\n\nContinued to elevate U.S. footprint with expansion in several major markets and 28% growth in established territories;\n\n\n\nDeployed approximately $60 million of revenue-generating assets to capitalize on market opportunity.\n\n\n\n“The time to be spine’s most innovative pure play could not be better,” said Pat Miles, Chairman and Chief Executive Officer. “By applying unrivaled spine knowhow to meaningfully advance spine care with innovation, we have a clear line of sight to $1 billion in revenue and beyond. The purposeful foundation that we have established gives us great confidence to deliver profitable and self-funded future growth.”\n\n\nFinancial Outlook for the Full-Year 2024\n\n\nFor the fiscal year ended December 31, 2024, the Company now expects total revenue to grow 25% to $601 million compared to the previous expectation of $595 million. This includes surgical revenue of $536 million ...