Business
ATEC Reports Second Quarter 2020 Financial Results and Recent Corporate Highlights
• U.S. Revenue Grows 11%• Seventh Consecutive Quarter of Year-Over-Year Double-Digit Revenue Increase CARLSBAD, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) --
About this update from Alphatec Holdings, Inc.
[{"type":"text","content":"• U.S. Revenue Grows 11%• Seventh Consecutive Quarter of Year-Over-Year Double-Digit Revenue Increase\n CARLSBAD, Calif., Aug. 06, 2020 (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 June 30, 2020, and recent corporate highlights. Second Quarter 2020 Financial Results Total revenue of $29.6 million; U.S. revenue of $28.8 million, up 11% year-over-year;U.S. gross margin of 72.3%; andCash and cash equivalents of $31.2 million as of June 30, 2020. Recent Corporate Highlights Increased contribution from new products to 61% of Q2 U.S. revenue, up from 32% in Q2 2019;Increased U.S. revenue and average product categories sold per case year-over-year by 14%, more than offsetting 4% decrease in surgery volume;Continued sales network transformation, resulting in 15% year-over-year revenue growth from strategic distribution;Increased revenue from top 20 surgeons by 25% year-over-year; andCommenced significant upgrades of ATEC cervical portfolio sophistication with FDA 510(k) clearance of the InsigniaTM Anterior Cervical Plate System and InVictusTM CT Spinal Fixation System, which expands the elegance of InVictus across cervical, thoracic and lumbar procedures. “I am proud of the way our team continues to methodically execute the plan,” said Pat Miles, Chairman and Chief Executive Officer. “Three years ago, we committed to creating clinical distinction, compelling surgeon adoption and revitalizing our sales channel. We described a time when unmatched procedural innovation would attract an increasingly influential surgeon base and a more professionalized salesforce, which would lead to increased case complexity, more products per procedure, and improved revenue per surgery. We’re beginning to see this vision reflected in our financial performance. While other companies commit to advertising campaigns, our commitment is to improving spine care. We are just getting started. We expect to see continued strong interest and enthusiasm for the 8 to 10 new solutions we will deliver in the second half of 2020. We could not be more viscerally and personally engaged in our mission and our ability to continue to drive industry-leading growth. We know ou...