Business
ATEC Reports Third Quarter Financial Results and Recent Corporate Highlights
Total revenue growth of 53% including organic revenue growth of 29% Advancing adoption of PTP Technique drove 50% lateral contribution to revenue growth
About this update from Alphatec Holdings, Inc.
[{"type":"text","content":"\n\nTotal revenue growth of 53% including organic revenue growth of 29%\n\n\nAdvancing adoption of PTP Technique drove 50% lateral contribution to revenue growth\n\n\nRevenue related to EOS imaging exceeded $11 million\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, 2021, and recent corporate highlights.\n\nThird Quarter 2021 Financial Results\n\n\n\n \n\n\n\nQuarter Ended\nSeptember 30, 2021\n\n\n\n\n\nTotal revenue\n\n\n\n$62.9 million\n\n\n\n\n\nGAAP gross margin\n\n\n\n63.0%\n\n\n\n\n\nNon-GAAP gross margin\n\n\n\n72.0%\n\n\n\n\n\nOperating expenses\n\n\n\n$74.7 million\n\n\n\n\n\nNon-GAAP operating expenses\n\n\n\n$60.4 million\n\n\n\n\n\nGAAP operating loss\n\n\n\n($35.1) million\n\n\n\n\n\nNon-GAAP adjusted EBITDA\n\n\n\n($9.8) million\n\n\n\n\n\nEnding cash balance\n\n\n\n$223.9 million\n\n\n\n\nRecent Highlights\n\n\nAdvanced the adoption of the Prone Trans-Psoas (PTP) Technique, with ATEC lateral delivering over 50% of Q3 revenue growth;\n\n\nExpanded surgeon users by 20% compared to Q3 2020;\n\n\nGenerated over $11 million in EOS-related revenue and continued to build demand with a 25% increase in the pipeline of interest since the transaction closed;\n\n\nEnhanced the versatility of the InVictus Posterior Fixation Platform with the release of Osseoscrew, the only expandable screw commercially available in the U.S.;\n\n\nReleased the ALIF Standalone Interbody System, which improves intra-operative optionality and restores alignment at L4/L5 and L5/S1 where the majority of alignment is derived;\n\n\nClosed a convertible debt offering, reducing debt service and raising net proceeds of $188M for continued investment in growth.\n\n\n“In the third quarter, ATEC continued to earn market share by delivering on our promise to create procedures that improve patient care,” said Pat Miles, Chairman and Chief Executive Officer. “Despite ongoing market impacts, our surgeon customer base increased significantly. The accelerating uptake of PTP is testament to the reflected know-how and ATEC's ability to design technology for specific approach requirements. This is expanding adoption of the lateral approach by surgeons who have historica...