Positioned to invest in revenue-generating
assets as Company continues to capitalize on industry
disruptions
Alphatec Holdings, Inc. (NASDAQ:ATEC), a provider of innovative
solutions dedicated to revolutionizing the approach to spine
surgery, announced today that the successful close of a $150
million secondary offering on October 27, 2023, positions the
Company to accelerate investment in the revenue-generating assets
required to capitalize on industry disruption.
“We would like to thank our existing and new shareholders for
their confidence as we better position ATEC for long-term growth by
exploiting unprecedented industry turmoil,” said Pat Miles,
Chairman and Chief Executive Officer. “The pandemic taught us an
important lesson: when peers are disrupted, it is the ideal time
for thoughtful, bold actions that drive sustained market share
expansion.”
Miles added, “ATEC clinical distinction continues to attract
surgeons and sales talent, and the momentum of that interest has
escalated significantly. We have begun to address the roughly
one-third of U.S. territories that are under-covered or
unpenetrated with tenured talent from disrupted peers, and we
expect further, notable progress over the course of the next year.
The proceeds of last week’s capital infusion will position ATEC
well for continued sector-leading growth as we execute to our
profitability and free cash flow commitments.”
Third Quarter 2023 Select Preliminary Financial
Results
The Company continues to expect the following:
- Third quarter 2023 total revenue of $117.7 million to $118.5
million, implying total revenue growth of 31 to 32%;
- Third quarter 2023 adjusted EBITDA of $1.5 million to $2.3
million;
- Full-year 2023 total revenue of approximately $472
million.
ATEC expects to announce third quarter 2023 financial and
operating results on November 6, 2023, after the market close. The
Company will host a live webcast that day at 1:30 p.m. PT / 4:30
p.m. ET.
Webcast
To access the live webcast, please visit the Investor Relations
Section of ATEC’s Corporate Website.
Dial-in
To dial into the live webcast, please register at this link.
Access details will be shared via email.
Replay
A replay of the webcast will remain available through the
Investor Relations Section of ATEC’s Corporate Website for twelve
months. In addition, a dial-in replay will be available through
November 13, 2023. Access the replay by dialing (800) 770-2030 and
referencing conference ID number 97241.
Non-GAAP Financial Information
To supplement the Company’s financial statements presented in
accordance with generally accepted accounting principles in the
United States of America (GAAP), the Company reports certain
non-GAAP financial measures, including non-GAAP gross margin,
non-GAAP operating expenses, non-GAAP operating loss, and non-GAAP
adjusted EBITDA. The Company believes that these non-GAAP financial
measures provide investors with an additional tool for evaluating
the Company's core performance, which management uses in its own
evaluation of continuing operating performance, and a baseline for
assessing the future earnings potential of the Company. The
Company’s non-GAAP financial measures may not provide information
that is directly comparable to that provided by other companies in
the Company’s industry, as other companies in the industry may
calculate non-GAAP financial results differently, particularly
related to non-recurring, unusual items. Non-GAAP financial results
should be considered in addition to, and not as a substitute for,
or superior to, financial measures calculated in accordance with
GAAP. Included below are reconciliations of the non-GAAP financial
measures to the comparable GAAP financial measures for the third
quarter ended September 30, 2023.
Third Quarter Ended September
30, 2023 (Unaudited, in millions)
Net loss
$
(43.2
)
to
$
(42.4
)
Interest and other expense
4.4
to
4.4
Income tax provision (benefit)
(0.1
)
to
(0.1
)
Depreciation
10.6
to
10.6
Amortization of intangibles
4.1
to
4.1
EBITDA
(24.2
)
to
(23.4
)
Add back significant items:
Stock-based compensation
20.1
to
20.1
Excess and obsolete charges
2.5
to
2.5
Litigation-related expenses
2.7
to
2.7
Transaction-related expenses
0.3
to
0.3
Restructuring expenses
0.1
to
0.1
Adjusted EBITDA
$
1.5
to
$
2.3
About ATEC
ATEC, through its wholly owned subsidiaries, Alphatec Spine,
Inc., EOS imaging S.A.S. and SafeOp Surgical, Inc., is a medical
device company dedicated to revolutionizing the approach to spine
surgery through clinical distinction. ATEC’s Organic Innovation
Machine™ is focused on developing new approaches that integrate
seamlessly with the Company’s expanding AlphaInformatiX Platform to
better inform surgery and more safely and reproducibly achieve the
goals of spine surgery. ATEC’s vision is to be the Standard Bearer
in Spine. For more information, visit us at www.atecspine.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainty. Such statements are based on
management's current expectations and are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from those described therein. Forward-looking statements
include references to the Company’s expectations with respect to
future revenue and growth. The important factors that could cause
actual operating results to differ significantly from those
expressed or implied by such forward-looking statements include,
but are not limited to: failure to achieve acceptance of the
Company’s products by the surgeon community and changes to our
financial results for the quarter ended September 30, 2023 due to
the completion of financial closing procedures. The words
“believe,” “will,” “should,” “expect,” “intend,” “estimate,” “look
forward” and “anticipate,” and variations of such words and similar
expressions identify forward-looking statements, but their absence
does not mean that a statement is not a forward-looking statement.
A further list and description of these and other factors, risks
and uncertainties can be found in the Company's most recent annual
report, and any subsequent quarterly and current reports, filed
with the Securities and Exchange Commission. ATEC disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise, unless required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231031080616/en/
Investor/Media Contact: Tina Jacobsen, CFA Investor
Relations (760) 494-6790 investorrelations@atecspine.com
Company Contact: J. Todd Koning Chief Financial Officer
Alphatec Holdings, Inc. investorrelations@atecspine.com
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