Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of
Alphatec Spine, Inc., a provider of spinal fusion technologies,
announced today financial results for the third quarter ended
September 30, 2016. Today the Company also announced that Donald
Williams, the Chairman of the Company’s Audit Committee, has been
named Lead Independent Director, effective immediately.
- Third quarter total net revenues of $26.7 million; revenue from
the Company’s U.S. commercial business of $25.2 million.
- Cash totaled $25.6 million at the end of the third
quarter.
Highlights of the Third quarter 2016 and
Recent Activities
Operational Activities
- Closed sale of international business to Globus Medical on
September 1, 2016 for $80 million in cash and $30 million, 5-year
term loan.
- New capital structure established – reduced overall Company
debt to $40.9 million at September 30, 2016.
- CEO search actively underway with a nationally recognized
executive search firm.
Products and Portfolio
- Actively developing and commercializing products in the
minimally invasive (MIS) and complex spine markets – two of the
fastest growth segments for spine.
- Arsenal™ Deformity – limited launch underway, including
the addition of the Adolescent Idiopathic Scoliosis (AIS) module in
Q4 2016.
- Battalion™ Lateral Spacer System and Squadron™ Lateral
Retractor – received FDA 510(k) market clearance; preparing for
limited market release in Q1 2017.
- XYcor® Expandable Spinal Spacer System – received FDA 510(k)
market clearance; introduced to surgeons at NASS; limited market
release anticipated in Q4 2016.
Supply Chain Operations
- Completed transition of international business to Globus
Medical; successfully operating supply chain model to support
ongoing supply agreement for international products.
- Completed corporate restructuring to align with the Company’s
targeted focus on the U.S. markets and reduced workforce by
20%.
- Suppliers are engaged and actively collaborating with the
Company to ensure the continuous flow of new and existing products
through the supply chain.
“We are in the process of building an exciting
new company, a new Alphatec, with a simplified operating model, new
senior leadership and a positive new culture for our employees and
our customers – all of which are supported by a broad portfolio of
innovative products,” said Leslie Cross, Chairman and Chief
Executive Officer of Alphatec Spine. “Strategically, our
focus for the new Alphatec is simple. We must excel at
managing our supply chain and we need to reinvigorate our sales
performance and grow our U.S. business. Today, we are
actively working on both initiatives with a collective passion and
sense of urgency. This journey will take time and we
anticipate both challenges and opportunities along the way. I
am confident that the leadership team has the skills and experience
to drive the change needed to improve our performance and deliver
enduring, profitable growth. We look forward to sharing
more details about our plans early in the new year.”
Mr. Cross added, “In addition, I am pleased to
announce that Don Williams has accepted to serve as the Company’s
Lead Independent Director. Don has been an Alphatec board
member since May 2015 and the Chairman of the Audit Committee since
October 2015. His experience in the public accounting
industry and his contributions as a director on our board have been
invaluable and we appreciate his continuing commitment to
Alphatec.”
Discontinued and Continuing
OperationsOn September 1, 2016, the Company completed the
sale of the Company’s international operations and distribution
channel to Globus Medical. Consequently, the Company’s
financial results from the international business, excluding
revenue and cost of sales with wholly owned subsidiaries, are
reflected within discontinued operations for all periods presented.
Going forward, the financial results from continuing operations
will consist of net product revenue for the U.S. commercial
business and the revenue associated with the supply agreement with
Globus Medical. For more information on the details related to
discontinued operations, please see the Company’s Form 10-Q filed
with the Securities and Exchange Commission on November 9,
2016.
Quarter Ended September 30,
2016
U.S. commercial revenues for the third quarter
of 2016 were $25.2 million, down 8%, compared to $27.4 million
reported for the third quarter of 2015. Within the
Company’s direct hospital business, implant unit volume has
increased over the prior year, however, this growth has been offset
by mid-single digit price decline consistent with the pricing
trends the Company has experienced for the past several
years. Revenue from the Company’s stocking business is down
approximately 50% from the prior year. The third quarter of
2016 was a difficult quarter for the Company given the distraction
related to the sale of the international business, which
contributed to a sequential decline in hospital implant unit
volumes from the second quarter of 2016. Today, with the
successful sale and transition of the international business
complete and an improved balance sheet, the Company is actively
engaging with surgeon and distributor customers and building a plan
to regain sales momentum and improve U.S. sales.
U.S. gross profit and gross margin for the third
quarter of 2016 were $15.2 million and 60.4%, respectively,
compared to $19.5 million and 71.3%, respectively, for the third
quarter of 2015.
Gross margin declined 10.9 percentage points
from the third quarter of 2016 primarily as a result of increased
inventory costs due to lower than anticipated purchase volume and
obsolete inventory reserve adjustments related to optimizing the
Company’s product portfolio through active product lifecycle
management.
Total operating expenses for the third quarter
of 2016, excluding charges for restructuring and intangible asset
impairment, were $17.1 million, reflecting a decrease of $4.6
million compared to the third quarter of 2015. The Company
has been actively monitoring its expenses and reducing costs across
the general and administrative (G&A), research and development
(R&D) and marketing and selling areas of the business, which
contributed to this 21% overall reduction in total operating
expenses. The Company is making steady progress on its goal
of reducing its operating expenses by $20 million and continues to
look for additional opportunities to improve its cost structure to
better align with its focus on the U.S. market going forward.
GAAP net loss for the third quarter of 2016 was
$13.7 million or ($1.18) per share (basic and diluted), compared to
a net loss of $160.3 million, or ($18.96) per share basic and
diluted for the third quarter of 2015. GAAP net loss for the
third quarter of 2015 was unfavorably impacted by $164.3 million of
non-cash impairment charges, as well as favorable $6.3 million of
warrant fair-value adjustments attributable to the Company’s
underlying stock price.
Adjusted EBITDA in the third quarter of 2016 was $709 thousand,
or 2.7% of revenues, compared to $3.5 million, or 11.0% of revenues
reported in the third quarter of 2015. Third quarter 2016
adjusted EBITDA represents net income excluding effects of
interest, taxes, depreciation, amortization, stock-based
compensation and restructuring expenses.
Cash and cash equivalents were $25.6 million at
September 30, 2016, compared to $9.5 million reported at June 30,
2016. The increase is primarily the result of the proceeds
from the sale of the international business and the associated
borrowing under the debt facility with Globus Medical.
Total Current and Long-term Debt, which includes
both MidCap Financial and Globus Medical, was $40.9 million at
September 30, 2016. This represents a decrease of $34.7
million from June 30, 2016 as a result of the Company applying a
significant portion of the net proceeds from the sale of the
international business to reduce the Company’s total debt and the
addition of the $25 million initial draw down from the credit
facility with Globus that occurred upon closing of the Globus
transaction.
Nine Months Ended September 30,
2016
U.S. net revenues for the nine months ended
September 30, 2016 were $82.4 million, down 3.1%, compared to $85.1
million reported for the nine months ended September 30,
2015. Sales in the Company’s direct hospital business
increased over the same period in the prior year, however, this
growth was partially offset by mid-single digit price declines
consistent with pricing trends the Company has experienced for the
past several years. Revenue from the Company’s stocking
business is down approximately 50% from the same period in the
prior year.
U.S. gross profit and gross margin for the nine
months ended September 30, 2016 were $56.4 million and 68.4%,
respectively, compared to $58.1 million and 68.3%, respectively,
for the nine months ended September 30, 2015.
Gross margin increased slightly from the prior
period primarily as a result of the absence of one-time charges
that were present during the nine months in 2015 that are not
present over the same period in 2016.
Total operating expenses for the nine months
ended September 30, 2016, excluding charges for restructuring and
intangible asset impairment, were $66.3 million, reflecting a
decrease of $3.8 million compared to the nine months ended
September 30, 2015. The 5.5% improvement from prior period is
primarily driven by expense reductions across R&D, marketing
and G&A.
GAAP net loss for the nine months ended
September 30, 2016 was $25.6 million or ($1.91) per share (basic
and diluted), compared to a net loss of $168.8 million, or ($19.92)
per share basic and diluted for the nine months ended September 30,
2015. GAAP net loss for the nine months ended September 30,
2015 was unfavorably impacted by $164.3 million of non-cash
impairment charges, as well as favorable $6.3 million of warrant
fair-value adjustments attributable to the Company’s underlying
stock price.
Adjusted EBITDA in the nine months ended September 30, 2016 was
$3.3 million, or 3.5% of revenues, compared to $7.1 million, or
7.1% of revenues reported in the nine months ended September 30,
2015. Nine months ended September 30, 2016 adjusted EBITDA
represents net income excluding effects of interest, taxes,
depreciation, amortization, stock-based compensation and
restructuring expenses.
Non-GAAP Information
Alphatec Spine reports certain non-GAAP
financial measures such as non-GAAP earnings and earnings per
share, adjusted for effects of amortization and other non-recurring
or expense items, such as impairments, loss on extinguishment of
debt, and restructuring expenses. Adjusted EBITDA included in
this press release is a non-GAAP financial measure that represents
net income (loss) excluding the effects of interest, taxes,
depreciation, amortization, stock-based compensation expenses, in
process research and development (IPR&D) expenses and other
non-recurring income or expense items, such as impairments,
restructuring expenses, severance expenses, litigation expenses,
damages associated with ongoing litigation and transaction-related
expenses. The Company believes that non-GAAP adjusted EBITDA
provides 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 base-line for
assessing the future earnings potential of the Company. For
completeness, management uses non-GAAP adjusted EBITDA in
conjunction with GAAP earnings and earnings per common share
measures. These non-GAPP financial measures 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 measure.
About Alphatec Spine
Alphatec Spine, Inc., a wholly owned subsidiary
of Alphatec Holdings, Inc., is a medical device company that
designs, develops and markets spinal fusion technology products and
solutions for the treatment of spinal disorders associated with
disease and degeneration, congenital deformities and trauma. The
Company's mission is to improve lives by delivering advancements in
spinal fusion technologies. The Company markets products in the
U.S. via a direct sales force and independent distributors.
Additional information can be found at
www.alphatecspine.com.
Forward Looking Statements
This press release may contain "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 in the
forward-looking statements. Alphatec Spine cautions investors that
there can be no assurance that actual results or business
conditions will not differ materially from those projected or
suggested in such forward-looking statements as a result of various
factors. Forward looking statements include the references to the
success of the Company's initiatives to drive sales growth,
increase margins and increase operating efficiencies. 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:
the uncertainty of success in developing new products or
products currently in Alphatec Spine's pipeline, including the
products discussed in this press release; the uncertainties in the
Company’s ability to execute upon its strategic operating plan; the
uncertainties regarding the ability to successfully license or
acquire new products, and the commercial success of such products;
failure to achieve acceptance of Alphatec Spine's products by the
surgeon community, including Battalion, Arsenal Deformity and
XYcor; the Company’s ability to meet the product supply obligations
set forth in the supply agreement with Globus Medical; failure to
obtain FDA clearance or approval or international regulatory
approvals for new products, including the products discussed in
this press release, or unexpected or prolonged delays in the
process; continuation of favorable third party payor reimbursement
for procedures performed using the Company’s products;
unanticipated expenses or liabilities or other adverse events
affecting cash flow or the Company’s ability to successfully
control its costs or achieve profitability; uncertainty of
additional funding; the Company’s ability to compete with other
competing products and with emerging new technologies; product
liability exposure; an unsuccessful outcome in any litigation in
which the Company is a defendant; patent infringement claims;
claims related to the Company’s intellectual property and the
Company’s ability to meet its financial obligations under its
credit agreements and the Orthotec settlement agreement. The words
“believe,” “will,” “should,” “expect,” “intend,” “estimate” and
“anticipate,” 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.
Please refer to the risks detailed from time to time in Alphatec
Spine's SEC reports, including its Annual Report Form 10-K for the
year ended December 31, 2015, filed on March 15, 2016 with the
Securities and Exchange Commission, and its Amended Annual Report
Form 10-K/A filed on April 29, 2016, as well as other filings on
Form 10-Q and periodic filings on Form 8-K. Alphatec Spine
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.
ALPHATEC HOLDINGS, INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(in thousands, except
per share amounts - unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
26,711 |
|
|
$ |
31,687 |
|
|
$ |
93,158 |
|
|
$ |
99,597 |
|
|
|
Cost of revenues |
|
|
10,849 |
|
|
|
10,029 |
|
|
|
31,651 |
|
|
|
35,174 |
|
|
|
Gross profit |
|
|
15,862 |
|
|
|
21,658 |
|
|
|
61,507 |
|
|
|
64,423 |
|
|
|
|
|
|
59.4 |
% |
|
|
68.3 |
% |
|
|
66.0 |
% |
|
|
64.7 |
% |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,087 |
|
|
|
1,850 |
|
|
|
6,799 |
|
|
|
9,538 |
|
|
|
In-process research and
development |
|
|
- |
|
|
|
274 |
|
|
|
- |
|
|
|
274 |
|
|
|
Sales and marketing |
|
|
11,764 |
|
|
|
12,774 |
|
|
|
39,498 |
|
|
|
37,864 |
|
|
|
General and administrative |
|
|
4,136 |
|
|
|
6,541 |
|
|
|
19,760 |
|
|
|
21,579 |
|
|
|
Amortization of acquired intangible
assets |
|
|
83 |
|
|
|
280 |
|
|
|
249 |
|
|
|
896 |
|
|
|
Impairment of goodwill and
intangibles |
|
|
1,736 |
|
|
|
164,263 |
|
|
|
1,736 |
|
|
|
164,263 |
|
|
|
Restructuring expenses |
|
|
1,605 |
|
|
|
351 |
|
|
|
1,778 |
|
|
|
351 |
|
|
|
Total operating expenses |
|
|
20,411 |
|
|
|
186,333 |
|
|
|
69,820 |
|
|
|
234,765 |
|
|
|
Operating income
(loss) |
|
|
(4,549 |
) |
|
|
(164,675 |
) |
|
|
(8,313 |
) |
|
|
(170,342 |
) |
|
|
Interest and other income
(expense), net |
|
|
(10,511 |
) |
|
|
5,194 |
|
|
|
(12,870 |
) |
|
|
4,224 |
|
|
|
Pretax net loss |
|
|
(15,060 |
) |
|
|
(159,481 |
) |
|
|
(21,183 |
) |
|
|
(166,118 |
) |
|
|
Income tax (benefit) provision |
|
|
(4,997 |
) |
|
|
(2,483 |
) |
|
|
(4,962 |
) |
|
|
(1,328 |
) |
|
|
Loss from continuing
operations |
|
|
(10,063 |
) |
|
|
(156,998 |
) |
|
|
(16,220 |
) |
|
|
(164,790 |
) |
|
|
Loss from discontinued
operations |
|
|
(3,658 |
) |
|
|
(3,267 |
) |
|
|
(9,351 |
) |
|
|
(3,983 |
) |
|
|
Net loss |
|
$ |
(13,721 |
) |
|
$ |
(160,265 |
) |
|
$ |
(25,571 |
) |
|
$ |
(168,773 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
continuing operations |
|
$ |
(1.18 |
) |
|
$ |
(18.96 |
) |
|
$ |
(1.91 |
) |
|
$ |
(19.92 |
) |
|
|
Net loss per share
discontinued operations |
|
|
(0.43 |
) |
|
|
(0.39 |
) |
|
|
(1.10 |
) |
|
|
(0.48 |
) |
|
|
|
|
$ |
(1.60 |
) |
|
$ |
(19.35 |
) |
|
$ |
(3.01 |
) |
|
$ |
(20.40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
- basic and diluted |
|
|
8,560 |
|
|
|
8,281 |
|
|
|
8,505 |
|
|
|
8,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALPHATEC HOLDINGS, INC. |
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
(in thousands -
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
25,598 |
|
|
$ |
6,295 |
|
|
|
Restricted Cash |
|
- |
|
|
|
2,350 |
|
|
|
Accounts receivable, net |
|
16,546 |
|
|
|
26,870 |
|
|
|
Inventories, net |
|
27,661 |
|
|
|
32,424 |
|
|
|
Prepaid expenses and other current
assets |
|
2,941 |
|
|
|
3,138 |
|
|
|
Current assets of discontinued
operations |
|
2,828 |
|
|
|
30,418 |
|
|
|
Total current
assets |
|
75,574 |
|
|
|
101,495 |
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
13,712 |
|
|
|
16,067 |
|
|
|
Intangibles, net |
|
6,152 |
|
|
|
8,806 |
|
|
|
Other assets |
|
516 |
|
|
|
502 |
|
|
|
Noncurrent assets of
discontinued operations |
|
71 |
|
|
|
19,471 |
|
|
|
Total assets |
$ |
96,025 |
|
|
$ |
146,341 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
6,821 |
|
|
$ |
13,542 |
|
|
|
Accrued expenses |
|
30,705 |
|
|
|
21,175 |
|
|
|
Common stock warrant
liabilities |
|
- |
|
|
|
687 |
|
|
|
Current portion of long-term
debt |
|
2,647 |
|
|
|
79,742 |
|
|
|
Current liabilities of discontinued
operations |
|
2,207 |
|
|
|
9,891 |
|
|
|
Total current
liabilities |
|
42,380 |
|
|
|
125,037 |
|
|
|
|
|
|
|
|
|
Total long term liabilities |
|
68,166 |
|
|
|
32,761 |
|
|
|
Long term liabilities of
discontinued operations |
|
87 |
|
|
|
1,516 |
|
|
|
Redeemable preferred stock |
|
23,603 |
|
|
|
23,603 |
|
|
|
Stockholders' (deficit) equity |
|
(38,211 |
) |
|
|
(36,576 |
) |
|
|
Total liabilities and
stockholders' (deficit) equity |
$ |
96,025 |
|
|
$ |
146,341 |
|
|
|
|
|
|
|
|
ALPHATEC HOLDINGS, INC. |
|
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES |
|
(in thousands, except per share amounts -
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), as reported |
$ |
(4,549 |
) |
|
$ |
(164,675 |
) |
|
|
$ |
(8,313 |
) |
|
$ |
(170,342 |
) |
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
1,623 |
|
|
|
2,873 |
|
|
|
|
5,652 |
|
|
|
7,492 |
|
|
|
Amortization of intangible
assets |
|
223 |
|
|
|
188 |
|
|
|
|
666 |
|
|
|
1,745 |
|
|
|
Amortization of acquired intangible
assets |
|
83 |
|
|
|
280 |
|
|
|
|
249 |
|
|
|
896 |
|
|
|
Total EBITDA |
|
(2,620 |
) |
|
|
(161,334 |
) |
|
|
|
(1,746 |
) |
|
|
(160,209 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back significant
items: |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(12 |
) |
|
|
(78 |
) |
|
|
|
1,510 |
|
|
|
2,440 |
|
|
|
In-process research and
development |
|
- |
|
|
|
274 |
|
|
|
|
- |
|
|
|
274 |
|
|
|
Goodwill and intangible
impairment |
|
1,736 |
|
|
|
164,263 |
|
|
|
|
1,736 |
|
|
|
164,263 |
|
|
|
Restructuring and other
charges |
|
1,605 |
|
|
|
351 |
|
|
|
|
1,778 |
|
|
|
351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted for
significant items |
$ |
709 |
|
|
$ |
3,476 |
|
|
|
$ |
3,278 |
|
|
$ |
7,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALPHATEC HOLDINGS, INC. |
|
RECONCILIATION OF REVENUES AND GROSS
PROFIT |
|
(in thousands, except percentages -
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
Revenues by source |
|
|
|
|
|
U.S. commercial
revenue |
$ |
25,189 |
|
|
$ |
27,385 |
|
|
|
-8.0 |
% |
|
|
|
Other |
|
1,522 |
|
|
|
4,302 |
|
|
|
-64.6 |
% |
|
|
|
Total revenues |
$ |
26,711 |
|
|
$ |
31,687 |
|
|
|
-15.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Gross profit by
source |
|
|
|
|
|
U.S. |
$ |
15,206 |
|
|
$ |
19,512 |
|
|
|
Other |
|
656 |
|
|
|
2,146 |
|
|
|
Total gross profit |
$ |
15,862 |
|
|
$ |
21,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin by
source |
|
|
|
|
|
U.S. |
|
60.4 |
% |
|
|
71.3 |
% |
|
|
Other |
|
43.1 |
% |
|
|
49.9 |
% |
|
|
Total gross profit
margin |
|
59.4 |
% |
|
|
68.3 |
% |
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
September 30, |
|
% Change |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
As Reported |
|
|
|
|
|
|
|
|
|
Revenues by source |
|
|
|
|
|
U.S. base business |
$ |
82,445 |
|
|
$ |
85,099 |
|
|
|
-3.1 |
% |
|
|
|
Other |
|
10,713 |
|
|
|
14,498 |
|
|
|
-26.1 |
% |
|
|
|
Total revenues |
$ |
93,158 |
|
|
$ |
99,597 |
|
|
|
-6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Gross profit by
source |
|
|
|
|
|
U.S. |
$ |
56,430 |
|
|
$ |
58,092 |
|
|
|
Other |
|
5,077 |
|
|
|
6,331 |
|
|
|
Total gross profit |
$ |
61,507 |
|
|
$ |
64,423 |
|
|
|
|
|
|
|
|
|
Gross profit margin by
source |
|
|
|
|
|
U.S. |
|
68.4 |
% |
|
|
68.3 |
% |
|
|
Other |
|
47.4 |
% |
|
|
43.7 |
% |
|
|
Total gross profit
margin |
|
66.0 |
% |
|
|
64.7 |
% |
|
|
CONTACT: Investor/Media Contact:
Christine Zedelmayer
Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
czedelmayer@alphatecspine.com
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