Business
ATEC Reports Third Quarter 2024 Financial Results And Raises Full-Year Guidance
Surgical revenue grew 30%; total revenue grew 27% Full-year revenue and profitability guidance increased Enhanced balance sheet flexibility with $50 million
About this update from Alphatec Holdings, Inc.
[{"type":"text","content":"\n\nSurgical revenue grew 30%; total revenue grew 27%\n\n\nFull-year revenue and profitability guidance increased\n\n\nEnhanced balance sheet flexibility with $50 million expansion of existing term loan facility\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 September 30, 2024, and recent corporate highlights.\n\nThird Quarter 2024 Financial Results\n\n\n\n \n\n\n\nQuarter Ended\nSeptember 30, 2024\n\n\n\n\n\nTotal revenue\n\n\n\n$151 million\n\n\n\n\n\nGAAP gross margin\n\n\n\n68%\n\n\n\n\n\nNon-GAAP gross margin\n\n\n\n69%\n\n\n\n\n\nGAAP operating expenses\n\n\n\n$136 million\n\n\n\n\n\nNon-GAAP operating expenses\n\n\n\n$114 million\n\n\n\n\n\nGAAP net loss\n\n\n\n($40) million\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$7.4 million\n\n\n\n\n\nAdjusted EBITDA margin\n\n\n\n5%\n\n\n\n\n\nEnding cash balance\n\n\n\n$81 million\n\n\n\n\nRecent Highlights\n\n\nDrove 20% procedural volume growth on continued momentum of PTPTM and LTPTM;\n\n\nAchieved 19% growth in new surgeon adoption, a key leading indicator of future growth;\n\n\nContinued to expand U.S. footprint, which fueled over 200 surgeon training engagements;\n\n\nReduced free cash use to $21 million as accelerated investment phase nears completion.\n\n\n“At ATEC, our commitment continues to be to enhance spine care through innovation,” said Pat Miles, Chairman and Chief Executive Officer. “That commitment has fueled growth at multiples of our industry for over five years. We recognize the importance of converting growth to expand profitability so we can support our long-term vision, and we are actively executing internal initiatives to impact cash flow. Our view of the opportunity ahead is unchanged: we are building a special company that is uniquely positioned to revolutionize spine care.\"\n\nIncreased Existing Term Debt Facility\n\nThe Company reached an agreement with Braidwell LP, and Pharmakon Advisors, LP, to expand the Company’s existing term loan by $50 million, availing total capacity of up to $200 million. With the close of the transaction, the Company has pro-forma cash of approximately $128 million.\n\nPedro Gonzalez de Cosio, Co-Founder, Principal and CEO of Pharmakon Advisors, sai...