Business
ATEC Reports Second Quarter 2022 Financial Results and Increases Full-Year Revenue Guidance
Total revenue grows 35% to $84 million, including organic revenue growth of 30% EOS imaging generates revenue of $12 million Company increases full-year
About this update from Alphatec Holdings, Inc.
[{"type":"text","content":"\n\nTotal revenue grows 35% to $84 million, including organic revenue growth of 30%\n\n\nEOS imaging generates revenue of $12 million\n\n\nCompany increases full-year revenue guidance to $325 million, reflecting 34% growth\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 June 30, 2022, and recent corporate highlights.\n\nSecond-Quarter and Full-Year 2022 Financial Results\n\n\n\n \n\n\n\nQuarter Ended June 30, 2022\n\n\n\n\n\nTotal revenue\n\n\n\n$84 million\n\n\n\n\n\nGAAP gross margin\n\n\n\n66%\n\n\n\n\n\nNon-GAAP gross margin\n\n\n\n70%\n\n\n\n\n\nOperating expenses\n\n\n\n$91 million\n\n\n\n\n\nNon-GAAP operating expenses\n\n\n\n$75 million\n\n\n\n\n\nGAAP operating loss\n\n\n\n($36) million\n\n\n\n\n\nNon-GAAP adjusted EBITDA\n\n\n\n($8) million\n\n\n\n\n\nEnding cash balance\n\n\n\n$107 million\n\n\n\n\nRecent Highlights\n\n\nHosted over 150 surgeons at training events, contributing to a 23% increase in surgeon users compared to prior year;\n\n\nStrong surgeon adoption fueled average revenue per surgery growth of 10%;\n\n\nGenerated $12 million in EOS-related revenue, reflecting 49% growth on a pro-forma basis;\n\n\nDrove operating cost leverage, with a $3 million sequential improvement in adjusted EBITDA;\n\n\nSigned term sheet for a $50 million revolver with $25 million accordion feature.\n\n\n“By focusing on the entire surgical procedure and investing to obviate clinical variability, we are bringing increased predictability and reproducibility to spine surgery and fueling sector-leading growth,” said Pat Miles, Chairman and Chief Executive Officer. “That growth has enabled us to begin to lever sales channel investments while expanding our geographic footprint. At our Investor Day in May, we shared a long-term financial outlook that included a 23% revenue CAGR toward $555 million in 2025 and positive adjusted EBITDA in 2023. We are executing against those commitments and I am confident that years of sustainable growth and scale lie ahead.”\n\nFinancial Outlook for the Full-Year 2022\n\nThe Company now expects total revenue of $325 million for the fiscal year ended December 31, 2022, reflecting growth of approximately 34% compared to the f...