Business
ATEC Reports Fourth Quarter and Full Year 2019 Financial Results
U.S. Revenue Grew Nearly 30% Year-Over-Year for the Full YearAnd 35% Year-Over-Year in the Fourth Quarter CARLSBAD, Calif., March 05, 2020 (GLOBE NEWSWIRE) --
About this update from Alphatec Holdings, Inc.
[{"type":"text","content":"U.S. Revenue Grew Nearly 30% Year-Over-Year for the Full YearAnd 35% Year-Over-Year in the Fourth Quarter\n CARLSBAD, Calif., March 05, 2020 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC), today announced financial results for the fourth quarter and full year ended December 31, 2019, and recent corporate highlights. Fourth Quarter and Full Year 2019 Financial Highlights Quarter Ended December 31, 2019 Year Ended December 31, 2019 Total revenues$ 32.4 million $ 113.4 millionU.S. product revenue$ 31.1 million $ 108.2 millionU.S. gross margin71.1% 71.4%Operating expenses$ 36.7 million $ 124.9 millionNon-GAAP operating expenses$ 29.2 million $ 105.2 millionOperating loss$ (14.5) million $ (47.3) millionNon-GAAP Adjusted EBITDA$ (2.6) million $ (11.2) million 2019 and Recent Commercial and Product Highlights Increased the percent of revenue driven by new products to 48% in the fourth quarter of 2019 and 37% for the full year 2019Advanced clinical distinction with 12 new product launchesGrew revenue per case by over 20% year-over-year in the fourth quarter 2019 and by 17% year-over-year in the full year 2019Continued to make significant progress transforming the sales network, generating revenue growth from strategic distribution partners of over 40% compared to fourth quarter 2018Launched the SafeOp Neural Monitoring System, the first reflection of the AlphaInformatiX platformReceived FDA 510(k) clearance for 6 productsAnnounced an agreement to acquire EOS Imaging, S.A. (“EOS”), adding unprecedented spine imaging and anatomical modeling proficiencies to the AlphaInformatiX platformSecured a new capital commitment of up to $160 million to refinance existing debt and fund the proposed acquisition of EOS “2019 was a strong year of execution,” said Pat Miles, Chairman and Chief Executive Officer. “We drove nearly 30% U.S. revenue growth by delivering on our commitments to create clinical distinction, revitalize the sales channel and compel surgeon adoption.” “We are building on that momentum in 2020,” Miles added. “With our recently announced agreement to acquire EOS imaging, we are significantly enhancing our ability to inform spine surgery, improve clinical decisions and drive better patient-specific outcomes. The future is exceptionally bright for spine’s Organic Innovation Machine!” Comparison of...