Business
ATEC Reports Second Quarter 2023 Financial Results and Raises Full Year 2023 Revenue and Adjusted EBITDA Guidance
Total revenue grew 39% to $117 million Surgical revenue grew 41% to $102 million and EOS revenue grew 24% to $15 million Delivered positive adjusted EBITDA
About this update from Alphatec Holdings, Inc.
[{"type":"text","content":"\n\nTotal revenue grew 39% to $117 million\n\n\n\nSurgical revenue grew 41% to $102 million and EOS revenue grew 24% to $15 million\n\n\n\nDelivered positive adjusted EBITDA of over $1 million\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 June 30, 2023, and recent corporate highlights.\n\n\nSecond Quarter 2023 Financial Results\n\n\n\n\n \n\n\n\n\n\n\nQuarter Ended\nJune 30, 2023\n\n\n\n\n\n\n\n\nTotal revenue\n\n\n\n\n\n\n$117 million\n\n\n\n\n\n\n\n\nGAAP gross margin\n\n\n\n\n\n\n55%\n\n\n\n\n\n\n\n\nNon-GAAP gross margin\n\n\n\n\n\n\n73%\n\n\n\n\n\n\n\n\nGAAP operating expenses\n\n\n\n\n\n\n$114 million\n\n\n\n\n\n\n\n\nNon-GAAP operating expenses\n\n\n\n\n\n\n$94 million\n\n\n\n\n\n\n\n\nGAAP operating loss\n\n\n\n\n\n\n($50) million\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n$1 million\n\n\n\n\n\n\n\n\nEnding cash balance\n\n\n\n\n\n\n$101 million\n\n\n\n\n\n\n\nRecent Highlights\n\n\n\nContinued to advance the clinical procedural experience through PTP™ (Prone TransPsoas) and launch of LTP™ (Lateral TransPsoas), the strongest contributors to Q2 revenue growth;\n\n\n\nLaunched ALIF access system to further LTP with midline ALIF approach for L3 to S1;\n\n\n\nAcquired navigation-enabled robotics platform, which will integrate into ATEC’s procedural workflow, improving precision, clinical predictability and efficiency, while minimizing radiation;\n\n\n\nDrove 32% increase in surgical volume and 7% increase in average revenue per procedure;\n\n\n\nExpanded adjusted EBITDA margin by 1,110 basis points.\n\n\n\n“ATEC’s 100% spine focus gives us a unique ability to create comprehensive, ground-up procedures that directly improve spine care,” said Pat Miles, Chairman and Chief Executive Officer. “Our long-held thesis - that good surgery is good business - is proving out. We are delivering unmatched clinical distinction, which is compelling strong surgeon adoption, attracting some of spine’s most talented sales professionals, and fueling industry-leading procedural volume growth. But we're still just getting started. We are focused on developing the most actionable informatics ecosystem in spine, which will use EOS and navigation-enabled robot...