Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC),
today announced financial results for the fourth quarter and full
year ended December 31, 2019, and recent corporate highlights.
Fourth Quarter and Full Year 2019
Financial Highlights
|
Quarter Ended December 31,
2019 |
|
Year Ended December 31, 2019 |
|
|
|
|
Total revenues |
$ 32.4 million |
|
$ 113.4 million |
U.S. product revenue |
$ 31.1 million |
|
$ 108.2 million |
U.S. gross margin |
71.1% |
|
71.4% |
Operating expenses |
$ 36.7 million |
|
$ 124.9 million |
Non-GAAP operating expenses |
$ 29.2 million |
|
$ 105.2 million |
Operating loss |
$ (14.5) million |
|
$ (47.3) million |
Non-GAAP Adjusted EBITDA |
$ (2.6) million |
|
$ (11.2) million |
|
|
|
|
2019 and Recent Commercial and Product
Highlights
- Increased the percent of revenue
driven by new products to 48% in the fourth quarter of 2019 and 37%
for the full year 2019
- Advanced clinical distinction with
12 new product launches
- Grew revenue per case by over 20%
year-over-year in the fourth quarter 2019 and by 17% year-over-year
in the full year 2019
- Continued to make significant
progress transforming the sales network, generating revenue growth
from strategic distribution partners of over 40% compared to fourth
quarter 2018
- Launched the SafeOp Neural
Monitoring System, the first reflection of the AlphaInformatiX
platform
- Received FDA 510(k) clearance for 6
products
- Announced an agreement to acquire
EOS Imaging, S.A. (“EOS”), adding unprecedented spine imaging and
anatomical modeling proficiencies to the AlphaInformatiX
platform
- Secured a new capital commitment of
up to $160 million to refinance existing debt and fund the proposed
acquisition of EOS
“2019 was a strong year of
execution,” said Pat Miles, Chairman and Chief Executive Officer.
“We drove nearly 30% U.S. revenue growth by delivering on our
commitments to create clinical distinction, revitalize the sales
channel and compel surgeon adoption.”
“We are building on that momentum in 2020,”
Miles added. “With our recently announced agreement to acquire EOS
imaging, we are significantly enhancing our ability to inform spine
surgery, improve clinical decisions and drive better
patient-specific outcomes. The future is exceptionally bright for
spine’s Organic Innovation Machine!”
Comparison of 2019 Financial Results to
2018
U.S. product revenue for the fourth quarter 2019
was $31.1 million, up 35% compared to $23.0 million in the fourth
quarter 2018. U.S. product revenue for the full year 2019 was
$108.2 million, up 29% compared to $83.7 million in the full year
2018. Growth was driven by the strength of new product
introductions and the expansion of the strategic distribution
channel, which generated 88% of U.S. revenue in 2019, up from 80%
in 2018. Revenue growth generated by strategic distributors
continues to offset revenue impacts associated with transitioning
or discontinuing legacy distributor relationships.
U.S. gross profit and gross margin for the
fourth quarter 2019 were $22.1 million and 71.1%, respectively,
compared to $16.5 million and 71.6%, respectively, for the fourth
quarter 2018. U.S. gross profit and gross margin the full
year 2019 were $77.2 million and 71.4%, respectively, compared to
$62.7 million and 75.0%, respectively, for the full year
2018. U.S. gross margin was impacted by increased non-cash
excess and obsolete write-offs related to legacy products. On a
non-GAAP basis, excluding non-cash excess and obsolete charges,
U.S. gross margin was 78.1% in the fourth quarter of 2019, compared
to 79.1% in the fourth quarter of 2018, and 79.3% for the full year
2019, compared to 79.5% in 2018.
Total operating expenses for the fourth quarter
2019 were $36.7 million, reflecting an increase of $12.4 million
compared to $24.3 million in the fourth quarter 2018. Total
operating expenses for the full year 2019 were $124.9 million,
reflecting an increase of $39.2 million compared to $85.7 million
in the full year 2018.
On a non-GAAP basis, excluding restructuring
charges, stock-based compensation, transaction-related expenses,
litigation-related expenses, fair value adjustments, and a 2018
gain on settlement, total operating expenses in the fourth quarter
2019 increased to $29.2 million from $20.1 million in 2018, and
increased to $105.2 million for the full year 2019 from $77.2
million in 2018. The increases were attributable to increased
organic product development, the support of new product launches,
variable selling expenses and continued investment in the sales
channel.
GAAP Operating loss for the fourth quarter 2019
was $14.5 million, compared to a loss of $7.7 million for the
fourth quarter 2018, an increase of $6.8 million. The increase
includes $3.5 million attributable to non-cash stock-based
compensation, litigation-related expenses, and restructuring.
GAAP operating loss for the full year 2019 was $47.3 million,
compared to a loss of $22.4 million for the full year 2018, an
increase of $24.8 million. The increase includes $7.2 million
attributable to non-cash stock-based compensation,
litigation-related expenses, and restructuring.
Non-GAAP Adjusted EBITDA, which excludes
stock-based compensation, fair value adjustments,
litigation-related expenses, restructuring, transaction-related
expenses, non-cash excess and obsolescence charges and a 2018 gain
on settlement, was a loss of $2.6 million in the fourth quarter
2019, compared to earnings of $0.04 million in the fourth quarter
2018, and a loss of $11.2 million for the full year 2019, compared
to a loss of $3.3 million in the full year 2018.
For more detailed information on non-GAAP
operating expenses, non-GAAP adjusted operating loss and non-GAAP
adjusted EBITDA, please refer to the table, “Alphatec Holdings,
Inc. Reconciliation of Non-GAAP Financial Measures,” that
follows.
Current and long-term debt includes $45.0
million in term debt and $12.8 million outstanding under the
Company’s revolving credit facility at December 31, 2019 compared
to $35.0 million in term debt and $11.0 million outstanding under
the Company’s revolving credit facility at December 31, 2018.
Cash and cash equivalents were $47.1 million at
December 31, 2019, compared to $29.1 million reported at December
31, 2018.
2020 Financial Outlook
ATEC expects total 2020 revenue between $130.0
million and $134.0 million, with expected U.S. product revenue
between $128.0 and $131.0 million. Guidance contemplates U.S.
revenue growth of 19% to 21% compared to 2019. The company
will update guidance to reflect the impact of the proposed
acquisition of EOS when the transaction closes, which is expected
in the third quarter of 2020.
Investor Conference Call
Alphatec will host a live webcast and conference
call today at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results.
At that time, please click here to access the webcast. The
conference call will be available domestically at (877) 556-5251
and internationally at (720) 545-0036. The conference ID number is
5166856. During today’s webcast, management will be referring
to a presentation, viewable via the live webcast or through the
Investor Relations section of the Company’s website.
Non-GAAP Financial
Information
To supplement the Company’s financial statements
presented in accordance with U.S. generally accepted accounting
principles (GAAP), the Company reports certain non-GAAP financial
measures, including non-GAAP U.S. 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.
About Alphatec Holdings,
Inc.
Alphatec Holdings, Inc. (ATEC), through its
wholly-owned subsidiaries, Alphatec Spine,
Inc. and SafeOp Surgical, Inc., is a medical device
company dedicated to revolutionizing the approach to spine surgery
through clinical distinction. ATEC architects and commercializes
approach-based technology that integrates seamlessly with the
SafeOp Neural InformatiX System to provide real-time, objective
nerve information that can enhance the safety and reproducibility
of spine surgery. Additional information can be found
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 in the
forward-looking statements. The Company 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 Company’s 2020 revenue and growth outlook, planned commercial
launches and product introductions, the Company’s strategy in
significantly repositioning the ATEC brand, turning the Company
into a growth organization and creating future market disruption,
its ability to finance future operations, statements about the
timing of the anticipated EOS acquisition, when and whether the
anticipated EOS acquisition ultimately will close, the potential
benefits and synergies of the anticipated acquisition (including
the expected impact on future financial and operating
results). 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: uncertainty of success in developing new products or
products currently in the pipeline; uncertainties in the Company’s
ability to execute upon its strategic operating plan; uncertainties
regarding the ability to successfully license or acquire new
products, and the commercial success of such products; failure to
achieve acceptance of products by the surgeon community; failure to
obtain FDA or other regulatory clearance or approval for
new products, or unexpected or prolonged delays in the process;
continuation of favorable third party reimbursement for procedures
performed; 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
products or emerging new technologies; product liability exposure;
an unsuccessful outcome in any litigation in which the Company is a
defendant; patent infringement claims; the Company’s ability to
meet its financial obligations under its credit agreements and
the OrthoTec LLC settlement agreement; uncertainties as to the
timing and the closing of the EOS acquisition; uncertainties as to
the percentage of EOS’s securityholders tendering their shares; the
ability to retain and hire key EOS personnel, maintain
relationships with their customers and suppliers, and maintain
their operating results and business generally; the risk that the
businesses will not be integrated successfully. The words
“believe,” “will,” “should,” “expect,” “intend,” “estimate,” “look
forward” 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. 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.
Investor/Media Contact:
Josh Berg Investor Relations (760) 494-6790
ir@atecspine.com
Company Contact:
Jeff BlackChief Financial OfficerAlphatec Holdings, Inc.
ir@atecspine.com
|
ALPHATEC
HOLDINGS, INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(unaudited) |
|
|
|
(unaudited) |
|
|
Revenues: |
|
|
|
|
|
|
|
Revenue from U.S. products |
$ |
31,143 |
|
|
$ |
23,050 |
|
|
$ |
108,242 |
|
|
$ |
83,656 |
|
Revenue from international supply agreement |
|
1,209 |
|
|
|
2,293 |
|
|
|
5,185 |
|
|
|
8,038 |
|
Total revenues |
|
32,352 |
|
|
|
25,343 |
|
|
|
113,427 |
|
|
|
91,694 |
|
Cost of
revenues |
|
10,145 |
|
|
|
8,771 |
|
|
|
35,833 |
|
|
|
28,457 |
|
Gross
profit |
|
22,207 |
|
|
|
16,572 |
|
|
|
77,594 |
|
|
|
63,237 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and development |
|
3,436 |
|
|
|
2,964 |
|
|
|
13,849 |
|
|
|
9,853 |
|
Sales, general and administrative |
|
28,976 |
|
|
|
18,949 |
|
|
|
101,714 |
|
|
|
72,640 |
|
Litigation-related expenses |
|
4,122 |
|
|
|
1,540 |
|
|
|
8,549 |
|
|
|
5,683 |
|
Amortization of intangible assets |
|
172 |
|
|
|
187 |
|
|
|
698 |
|
|
|
738 |
|
Transaction-related expenses |
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
1,550 |
|
Gain on settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,168 |
) |
Restructuring expenses |
|
— |
|
|
|
623 |
|
|
|
60 |
|
|
|
1,381 |
|
Total
operating expenses |
|
36,706 |
|
|
|
24,267 |
|
|
|
124,870 |
|
|
|
85,677 |
|
Operating
loss |
|
(14,499 |
) |
|
|
(7,695 |
) |
|
|
(47,276 |
) |
|
|
(22,440 |
) |
Total other expenses, net |
|
(2,899 |
) |
|
|
(2,546 |
) |
|
|
(9,865 |
) |
|
|
(7,729 |
) |
Loss from
continuing operations before taxes |
|
(17,398 |
) |
|
|
(10,241 |
) |
|
|
(57,141 |
) |
|
|
(30,169 |
) |
Income tax (benefit) provision |
|
(361 |
) |
|
|
336 |
|
|
|
(239 |
) |
|
|
(1,361 |
) |
Loss from
continuing operations |
|
(17,037 |
) |
|
|
(10,577 |
) |
|
|
(56,902 |
) |
|
|
(28,808 |
) |
Loss from discontinued operations |
|
6 |
|
|
|
(51 |
) |
|
|
(100 |
) |
|
|
(167 |
) |
Net
loss |
$ |
(17,031 |
) |
|
$ |
(10,628 |
) |
|
$ |
(57,002 |
) |
|
$ |
(28,975 |
) |
Recognition of beneficial conversion feature - Series B Preferred
Stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(13,488 |
) |
Net loss
attributable to common shareholders |
$ |
(17,031 |
) |
|
$ |
(10,628 |
) |
|
$ |
(57,002 |
) |
|
$ |
(42,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share, basic and diluted: |
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.28 |
) |
|
$ |
(0.24 |
) |
|
$ |
(1.09 |
) |
|
$ |
(0.82 |
) |
Discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss per
share, basic and diluted |
$ |
(0.28 |
) |
|
$ |
(0.25 |
) |
|
$ |
(1.09 |
) |
|
$ |
(1.20 |
) |
|
|
|
|
|
|
|
|
Shares used
in calculating basic and diluted net loss per share |
|
61,139 |
|
|
|
43,201 |
|
|
|
52,234 |
|
|
|
35,315 |
|
|
|
|
|
|
|
|
|
Stock-based compensation included in: |
|
|
|
|
|
|
|
Cost of
revenue |
$ |
33 |
|
|
$ |
22 |
|
|
$ |
146 |
|
|
$ |
73 |
|
Research and
development |
|
209 |
|
|
|
222 |
|
|
|
752 |
|
|
|
351 |
|
Sales,
general and administrative |
|
3,148 |
|
|
|
1,618 |
|
|
|
10,058 |
|
|
|
4,880 |
|
|
$ |
3,390 |
|
|
$ |
1,862 |
|
|
$ |
10,956 |
|
|
$ |
5,304 |
|
|
|
|
|
|
|
|
|
|
ALPHATEC
HOLDINGS, INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in
thousands) |
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
2019 |
|
2018 |
|
(unaudited) |
|
|
ASSETS |
Current
assets: |
|
|
|
Cash |
$ |
47,113 |
|
|
$ |
29,054 |
|
Accounts receivable, net |
|
16,150 |
|
|
|
15,095 |
|
Inventories, net |
|
34,854 |
|
|
|
28,765 |
|
Prepaid expenses and other current assets |
|
9,880 |
|
|
|
2,380 |
|
Current assets of discontinued operations |
|
321 |
|
|
|
242 |
|
Total
current assets |
|
108,318 |
|
|
|
75,536 |
|
|
|
|
|
Property and
equipment, net |
|
19,722 |
|
|
|
13,235 |
|
Right-of-use
asset |
|
1,860 |
|
|
|
- |
|
Goodwill |
|
13,897 |
|
|
|
13,897 |
|
Intangibles,
net |
|
25,605 |
|
|
|
26,408 |
|
Other
assets |
|
493 |
|
|
|
347 |
|
Noncurrent
assets of discontinued operations |
|
53 |
|
|
|
54 |
|
Total
assets |
$ |
169,948 |
|
|
$ |
129,477 |
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
Current
liabilities: |
|
|
|
Accounts payable |
$ |
7,772 |
|
|
$ |
4,399 |
|
Accrued expenses |
|
26,416 |
|
|
|
22,316 |
|
Current portion of long-term debt |
|
489 |
|
|
|
3,276 |
|
Current portion of lease liability |
|
1,314 |
|
|
|
- |
|
Current liabilities of discontinued operations |
|
399 |
|
|
|
621 |
|
Total
current liabilities |
|
36,390 |
|
|
|
30,612 |
|
|
|
|
|
Total long term liabilities |
|
66,324 |
|
|
|
57,688 |
|
|
|
|
|
Redeemable preferred stock |
|
23,603 |
|
|
|
23,603 |
|
Stockholders' equity |
|
43,631 |
|
|
|
17,574 |
|
Total
liabilities and stockholders' equity |
$ |
169,948 |
|
|
$ |
129,477 |
|
|
|
|
|
|
ALPHATEC
HOLDINGS, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
36,706 |
|
|
|
24,267 |
|
|
|
124,870 |
|
|
|
85,677 |
|
Adjustments: |
|
|
|
|
|
|
|
Stock-based compensation |
|
(3,357 |
) |
|
|
(1,840 |
) |
|
|
(10,810 |
) |
|
|
(5,231 |
) |
Contingent consideration fair value adjustment |
|
- |
|
|
|
(200 |
) |
|
|
(289 |
) |
|
|
(846 |
) |
Litigation-related expenses |
|
(4,122 |
) |
|
|
(1,540 |
) |
|
|
(8,549 |
) |
|
|
(5,683 |
) |
Restructuring |
|
- |
|
|
|
(623 |
) |
|
|
(60 |
) |
|
|
(1,381 |
) |
Transaction-related expenses |
|
- |
|
|
|
(4 |
) |
|
|
- |
|
|
|
(1,550 |
) |
Gain on settlement |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,168 |
|
Non-GAAP
operating expenses |
$ |
29,227 |
|
|
$ |
20,060 |
|
|
$ |
105,162 |
|
|
$ |
77,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(unaudited) |
|
|
|
(unaudited) |
|
|
Operating
loss, as reported |
$ |
(14,499 |
) |
|
$ |
(7,695 |
) |
|
$ |
(47,276 |
) |
|
$ |
(22,440 |
) |
Add back
significant items: |
|
|
|
|
|
|
|
Stock-based compensation |
|
3,390 |
|
|
|
1,862 |
|
|
|
10,956 |
|
|
|
5,304 |
|
Contingent consideration fair value adjustment |
|
- |
|
|
|
200 |
|
|
|
289 |
|
|
|
846 |
|
Litigation-related expenses |
|
4,122 |
|
|
|
1,540 |
|
|
|
8,549 |
|
|
|
5,683 |
|
Restructuring |
|
- |
|
|
|
623 |
|
|
|
60 |
|
|
|
1,381 |
|
Transaction-related expenses |
|
- |
|
|
|
4 |
|
|
|
- |
|
|
|
1,550 |
|
Excess & obsolete charges |
|
2,173 |
|
|
|
1,717 |
|
|
|
8,624 |
|
|
|
3,733 |
|
Gain on settlement |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6,168 |
) |
Adjusted
operating loss |
|
(4,814 |
) |
|
|
(1,749 |
) |
|
|
(18,798 |
) |
|
|
(10,111 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss, as reported |
$ |
(14,499 |
) |
|
$ |
(7,695 |
) |
|
$ |
(47,276 |
) |
|
$ |
(22,440 |
) |
Depreciation |
|
1,947 |
|
|
|
1,597 |
|
|
|
6,775 |
|
|
|
6,051 |
|
Amortization of intangible assets |
|
277 |
|
|
|
187 |
|
|
|
803 |
|
|
|
738 |
|
EBITDA |
|
(12,275 |
) |
|
|
(5,911 |
) |
|
|
(39,698 |
) |
|
|
(15,651 |
) |
Add back
significant items: |
|
|
|
|
|
|
|
Stock-based compensation |
|
3,390 |
|
|
|
1,862 |
|
|
|
10,956 |
|
|
|
5,304 |
|
Contingent consideration fair value adjustment |
|
- |
|
|
|
200 |
|
|
|
289 |
|
|
|
846 |
|
Litigation-related expenses |
|
4,122 |
|
|
|
1,540 |
|
|
|
8,549 |
|
|
|
5,683 |
|
Restructuring |
|
- |
|
|
|
623 |
|
|
|
60 |
|
|
|
1,381 |
|
Transaction-related expenses |
|
- |
|
|
|
4 |
|
|
|
- |
|
|
|
1,550 |
|
Excess & obsolete charges |
|
2,173 |
|
|
|
1,717 |
|
|
|
8,624 |
|
|
|
3,733 |
|
Gain on settlement |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6,168 |
) |
Adjusted
EBITDA |
$ |
(2,590 |
) |
|
$ |
35 |
|
|
$ |
(11,220 |
) |
|
$ |
(3,322 |
) |
|
|
|
|
|
|
|
|
|
ALPHATEC
HOLDINGS, INC. |
RECONCILIATION OF GEOGRAPHIC SEGMENT REVENUES AND GROSS
PROFIT |
(in
thousands, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
|
December 31, |
|
December 31, |
|
% Change |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
Revenues by
source |
(unaudited) |
|
|
|
|
|
|
|
|
Revenue from U.S. products |
$ |
31,143 |
|
|
$ |
23,050 |
|
|
$ |
108,242 |
|
|
$ |
83,656 |
|
|
29.4 |
% |
Revenue from
international supply agreement |
|
1,209 |
|
|
|
2,293 |
|
|
|
5,185 |
|
|
|
8,038 |
|
|
(35.5 |
%) |
Total
revenues |
$ |
32,352 |
|
|
$ |
25,343 |
|
|
$ |
113,427 |
|
|
$ |
91,694 |
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
|
|
Gross profit
by source |
|
|
|
|
|
|
|
|
|
Revenue from
U.S. products |
$ |
22,148 |
|
|
$ |
16,510 |
|
|
$ |
77,235 |
|
|
$ |
62,740 |
|
|
|
Revenue from
international supply agreement |
|
59 |
|
|
|
62 |
|
|
|
359 |
|
|
|
497 |
|
|
|
Total gross
profit |
$ |
22,207 |
|
|
$ |
16,572 |
|
|
$ |
77,594 |
|
|
$ |
63,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
margin by source |
|
|
|
|
|
|
|
|
|
Revenue from
U.S. products |
|
71.1 |
% |
|
|
71.6 |
% |
|
|
71.4 |
% |
|
|
75.0 |
% |
|
|
Revenue from
international supply agreement |
|
4.9 |
% |
|
|
2.7 |
% |
|
|
6.9 |
% |
|
|
6.2 |
% |
|
|
Total gross
profit margin |
|
68.6 |
% |
|
|
65.4 |
% |
|
|
68.4 |
% |
|
|
69.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND GROSS
MARGIN FROM U.S. PRODUCTS |
(in
thousands, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
GAAP-based
gross profit from U.S. products |
$ |
22,148 |
|
|
$ |
16,510 |
|
|
$ |
77,235 |
|
|
$ |
62,740 |
|
|
|
Add:
non-cash excess and obsolete charges |
|
2,173 |
|
|
|
1,717 |
|
|
|
8,624 |
|
|
|
3,733 |
|
|
|
Non-GAAP
gross profit from U.S. products |
$ |
24,321 |
|
|
$ |
18,227 |
|
|
$ |
85,859 |
|
|
$ |
66,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP-based
gross margin from U.S. products |
|
71.1 |
% |
|
|
71.6 |
% |
|
|
71.4 |
% |
|
|
75.0 |
% |
|
|
Add:
non-cash excess and obsolete charges |
|
7.0 |
% |
|
|
7.4 |
% |
|
|
8.0 |
% |
|
|
4.5 |
% |
|
|
Non-GAAP
gross margin from U.S. products |
|
78.1 |
% |
|
|
79.1 |
% |
|
|
79.3 |
% |
|
|
79.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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