Business
ATEC Reports Third Quarter 2020 Financial Results and Recent Corporate Highlights
U.S. Revenue Grows 43%Eighth Consecutive Quarter of Double-Digit Revenue Growth CARLSBAD, Calif., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc.
About this update from Alphatec Holdings, Inc.
[{"type":"text","content":"U.S. Revenue Grows 43%Eighth Consecutive Quarter of Double-Digit Revenue Growth CARLSBAD, Calif., Nov. 05, 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 September 30, 2020, and recent corporate highlights.\n Third Quarter 2020 Financial Results Total revenue of $41.2 million, including U.S. revenue of $40.1 million, up 43% year-over-year;U.S. gross margin of 72.9%;Cash and cash equivalents of $15.7 million as of September 30, 2020; andPro forma cash of $123.4 million including net proceeds from October 2020 follow-on offering. Recent Corporate Highlights Expanded contribution of U.S. revenue from new products to over 70% of Q3 U.S. revenue, up from 42% in Q3 2019;Increased U.S. revenue per case by 13% year-over-year, driven by strong performance in the lateral interbody fusion and AlphaInformatiX product categories;Continued sales network transformation, resulting in 47% year-over-year revenue growth from strategic distribution;Increased revenue per surgeon by 20% year-over-year;Closed a follow-on equity offering that generated net proceeds of $107.7 million to support continued growth-related investments and expand the institutional shareholder base;Successfully completed over 550 Prone Transpsoas, or PTP, surgeries in preparation to launch the approach in the fourth quarter 2020;Launched the Sigma TLIF Access System and the InVictus MIS Modular Pedicle Screw System that fully integrate with SafeOp Neural InformatiX, the SingleStep system and IdentiTi TLIF implants to enable a comprehensive MIS TLIF approach; andLaunched the InVictus MIS Tower Fixation System, allowing for less disruptive treatment of more complex pathologies. “We have built the foundation for long-term success,” said Pat Miles, Chairman and Chief Executive Officer. “This marks our eighth consecutive quarter of double-digit revenue growth. Our recently completed follow-on offering will fuel the Organic Innovation Machine and continue to drive clinical distinction. We thank those who have invested in our mission to revolutionize the approach to spine surgery. I could not be more confident in ATEC’s future. Our best is yet to come.” Comparison of Selected G...