Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC), a
provider of innovative spine surgery solutions dedicated to
revolutionizing the approach to spine surgery, today announced
financial results for the quarter ended September 30, 2020, and
recent corporate highlights.
Third
Quarter 2020
Financial Results
-
Total revenue of $41.2 million, including U.S. revenue
of $40.1 million, up 43% year-over-year;
- U.S.
gross margin of 72.9%;
- Cash
and cash equivalents of $15.7 million as
of September 30, 2020; and
- Pro
forma cash of $123.4 million including net proceeds from October
2020 follow-on offering.
Recent
Corporate Highlights
- Expanded
contribution of U.S. revenue from new products to over 70% of Q3
U.S. revenue, up from 42% in Q3 2019;
-
Increased U.S. revenue per case by 13% year-over-year, driven by
strong performance in the lateral interbody fusion and
AlphaInformatiX product categories;
-
Continued sales network transformation, resulting in 47%
year-over-year revenue growth from strategic distribution;
-
Increased revenue per surgeon by 20% year-over-year;
- Closed
a follow-on equity offering that generated net proceeds of $107.7
million to support continued growth-related investments and expand
the institutional shareholder base;
-
Successfully completed over 550 Prone Transpsoas, or PTP, surgeries
in preparation to launch the approach in the fourth quarter
2020;
-
Launched the Sigma TLIF Access System and the InVictus MIS Modular
Pedicle Screw System that fully integrate with SafeOp Neural
InformatiX, the SingleStep system and IdentiTi TLIF implants to
enable a comprehensive MIS TLIF approach; and
-
Launched the InVictus MIS Tower Fixation System, allowing for less
disruptive treatment of more complex pathologies.
“We have built the foundation for long-term
success,” said Pat Miles, Chairman and Chief Executive Officer.
“This marks our eighth consecutive quarter of double-digit revenue
growth. Our recently completed follow-on offering will fuel the
Organic Innovation Machine and continue to drive clinical
distinction. We thank those who have invested in our mission
to revolutionize the approach to spine surgery. I could not
be more confident in ATEC’s future. Our best is yet to come.”
Comparison of
Selected GAAP and Non-GAAP
Financial Resultsfor the
Third Quarter
2020 to Third
Quarter 2019
Revenue from U.S. products for the third quarter
2020 was $40.1 million, up 43% compared to $28.1 million in the
third quarter 2019. Revenue growth was generated primarily by
increased surgeon adoption of new products and the continued
evolution of the strategic distribution channel.
Gross profit and gross margin from U.S. products
for the third quarter 2020 were $29.2 million and 72.9%,
respectively, compared to $19.9 million and 70.8%, respectively,
for the third quarter 2019. On a non-GAAP basis, excluding non-cash
excess and obsolete charges, U.S. gross margin was 77.8% in the
third quarter of 2020, compared to 78.9% in the third quarter 2019.
Non-GAAP U.S. gross margin was impacted by product mix and
amortization of SafeOp-related intangibles, which began amortizing
in late 2019.
Total operating expenses for the third quarter
2020 were $42.1 million compared to $31.5 million in the third
quarter 2019. On a non-GAAP basis, excluding stock-based
compensation, litigation-related expenses and transaction-related
expenses, total operating expenses increased to $36.1 million from
$27.4 million in 2019, reflecting increased selling costs from U.S.
revenue growth, as well as increased investments in organic product
development to support new product launches.
Non-GAAP adjusted operating loss, which excludes
stock-based compensation, litigation-related expenses,
transaction-related expenses and excess and obsolescence charges,
was $4.8 million for the third quarter 2020, compared to a loss of
$5.1 million for the third quarter 2019.
Non-GAAP adjusted EBITDA, which excludes
stock-based compensation, litigation-related expenses,
transaction-related expenses and excess and obsolescence charges in
the third quarter 2020 was a loss of $2.0 million, compared to a
loss of $3.2 million in the third quarter 2019.
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.
Cash and cash equivalents at September 30, 2020
were $15.7 million, with an additional $25.0 million available
under the credit facility with Squadron Capital (the “Squadron
facility”). Including proceeds from the follow-on offering, pro
forma cash and cash equivalents were $123.4 million.
Current and long-term debt at face value as of
September 30, 2020 includes $75 million in term debt under the
Squadron facility.
Financial Outlook for
the Full Years 2020 and 2021
ATEC anticipates full year 2020 revenue will
range between $143.5 million and $146.0 million, which includes
U.S. revenue between $140.0 million and $142.0 million and
international revenue between $3.5 million and $4.0 million. ATEC
also expects U.S. revenue growth of approximately 25% for the full
year 2021.
The Company remains subject to the potential and
uncertain impact of the ongoing COVID-19 pandemic. If hospitals
experience a surge in cases and need to defer elective procedures
to preserve capacity for COVID-19 patients, the Company’s ability
to achieve these financial objectives could be adversely
affected.
Investor Conference Call
ATEC will present these via a live webcast today
at 1:30 p.m. PT / 4:30 p.m. ET. The live webcast
will be accessible via this link. An audiocast of the
presentation will also be available domestically at (877) 556-5251
and internationally at (720) 545-0036. The conference ID number is
5178028.
A replay of the webcast will remain available on
ATEC’s corporate website at www.atecspine.com until the
Company releases fourth quarter financial results. In addition, a
replay of the audiocast will be available until November 15,
2020. The replay dial-in numbers are (855) 859-2056 for domestic
callers and (404) 537-3406 for international callers. Please use
the replay conference ID number 5178028.
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’s Organic Innovation Machine is
focused on developing new approaches that integrate seamlessly with
the SafeOp Neural InformatiX System to safely and reproducibly
treat spine’s various pathologies and achieve the goals of spine
surgery. Alphatec’s vision is to become 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 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 references to the
impact of the COVID-19 pandemic on the Company's business and
financial results, references to the Company’s revenue and growth
outlook, planned commercial launches, product introduction and
surgeon adoption, salesforce revitalization and growth of strategic
distribution network, the Company’s strategy in significantly
repositioning the ATEC brand, turning the Company into a growth
organization, creating future market disruption, and the Company’s
future ability to finance its operations. 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
impact of COVID-19 pandemic on the Company's business and the
economy; the uncertainty of success in developing new products or
products currently in the Company’s pipeline; 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 the Company’s 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 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 products and with emerging new
technologies; product liability exposure; an unsuccessful outcome
in any litigation asserted against the Company. 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:
Tina
Jacobsen 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 |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Revenues: |
|
|
|
|
|
|
|
|
Revenue from U.S. products |
$ |
40,052 |
|
|
$ |
28,051 |
|
|
$ |
97,956 |
|
|
$ |
77,099 |
|
|
Revenue from international supply agreement |
|
1,111 |
|
|
|
1,150 |
|
|
|
2,951 |
|
|
|
3,976 |
|
|
Total revenues |
|
41,163 |
|
|
|
29,201 |
|
|
|
100,907 |
|
|
|
81,075 |
|
|
Cost of
revenues |
|
11,926 |
|
|
|
9,268 |
|
|
|
29,797 |
|
|
|
25,688 |
|
|
Gross
profit |
|
29,237 |
|
|
|
19,933 |
|
|
|
71,110 |
|
|
|
55,387 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
4,379 |
|
|
|
3,800 |
|
|
|
11,800 |
|
|
|
10,413 |
|
|
Sales, general and administrative |
|
35,985 |
|
|
|
26,954 |
|
|
|
91,021 |
|
|
|
72,738 |
|
|
Litigation-related |
|
1,560 |
|
|
|
604 |
|
|
|
5,507 |
|
|
|
4,427 |
|
|
Amortization of acquired intangible assets |
|
172 |
|
|
|
172 |
|
|
|
516 |
|
|
|
526 |
|
|
Transaction-related |
|
2 |
|
|
|
— |
|
|
|
4,093 |
|
|
|
— |
|
|
Restructuring |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60.00 |
|
|
Total
operating expenses |
|
42,098 |
|
|
|
31,530 |
|
|
|
112,937 |
|
|
|
88,164 |
|
|
Operating
loss |
|
(12,861 |
) |
|
|
(11,597 |
) |
|
|
(41,827 |
) |
|
|
(32,777 |
) |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest and other expense, net |
|
(2,768 |
) |
|
|
(2,926 |
) |
|
|
(8,674 |
) |
|
|
(6,966 |
) |
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
(1,555 |
) |
|
|
— |
|
|
Total other expenses, net |
|
(2,768 |
) |
|
|
(2,926 |
) |
|
|
(10,229 |
) |
|
|
(6,966 |
) |
|
Loss from
continuing operations before taxes |
|
(15,629 |
) |
|
|
(14,523 |
) |
|
|
(52,056 |
) |
|
|
(39,743 |
) |
|
Income tax provision |
|
40 |
|
|
|
20 |
|
|
|
140 |
|
|
|
122 |
|
|
Loss from
continuing operations |
|
(15,669 |
) |
|
|
(14,543 |
) |
|
|
(52,196 |
) |
|
|
(39,865 |
) |
|
Loss from discontinued operations |
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
|
(106 |
) |
|
Net
loss |
$ |
(15,669 |
) |
|
$ |
(14,567 |
) |
|
$ |
(52,196 |
) |
|
$ |
(39,971 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share, basic and diluted: |
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.24 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.81 |
) |
|
Discontinued operations |
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
Net loss per
share, basic and diluted |
$ |
(0.24 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.81 |
) |
|
|
|
|
|
|
|
|
|
|
Shares used
in calculating basic and diluted net loss per share |
|
64,761 |
|
|
|
55,736 |
|
|
|
63,669 |
|
|
|
49,252 |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation included in: |
|
|
|
|
|
|
|
|
Cost of
revenue |
$ |
139 |
|
|
$ |
57 |
|
|
$ |
374 |
|
|
$ |
113 |
|
|
Research and
development |
|
379 |
|
|
|
227 |
|
|
|
1,066 |
|
|
|
543 |
|
|
Sales,
general and administrative |
|
4,026 |
|
|
|
3,319 |
|
|
|
11,247 |
|
|
|
6,910 |
|
|
|
$ |
4,544 |
|
|
$ |
3,603 |
|
|
$ |
12,687 |
|
|
$ |
7,566 |
|
|
|
|
|
|
|
|
|
|
|
ALPHATEC
HOLDINGS, INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in
thousands) |
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
2020 |
|
2019 |
|
(unaudited) |
|
|
ASSETS |
Current
assets: |
|
|
|
Cash |
$ |
15,678 |
|
$ |
47,113 |
Accounts
receivable, net |
|
24,270 |
|
|
16,150 |
Inventories,
net |
|
42,144 |
|
|
34,854 |
Prepaid
expenses and other current assets |
|
3,321 |
|
|
9,880 |
Withholding
tax receivable from Officer |
|
934 |
|
|
— |
Current
assets of discontinued operations |
|
335 |
|
|
321 |
Total
current assets |
|
86,682 |
|
|
108,318 |
|
|
|
|
Property and
equipment, net |
|
27,681 |
|
|
19,722 |
Right-of-use
asset |
|
1,530 |
|
|
1,860 |
Goodwill |
|
13,897 |
|
|
13,897 |
Intangibles,
net |
|
24,283 |
|
|
25,605 |
Other
assets |
|
549 |
|
|
493 |
Noncurrent
assets of discontinued operations |
|
55 |
|
|
53 |
Total
assets |
$ |
154,677 |
|
$ |
169,948 |
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
13,910 |
|
$ |
7,772 |
Accrued
expenses |
|
30,980 |
|
|
26,416 |
Current
portion of long-term debt |
|
1,672 |
|
|
489 |
Current
portion of lease liability |
|
1,208 |
|
|
1,314 |
Current
liabilities of discontinued operations |
|
395 |
|
|
399 |
Total
current liabilities |
|
48,165 |
|
|
36,390 |
|
|
|
|
Total long
term liabilities |
|
74,858 |
|
|
66,324 |
|
|
|
|
Redeemable
preferred stock |
|
23,603 |
|
|
23,603 |
Stockholders' equity |
|
8,051 |
|
|
43,631 |
Total
liabilities and stockholders' equity |
$ |
154,677 |
|
$ |
169,948 |
|
|
|
|
ALPHATEC
HOLDINGS, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
2019 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
(unaudited) |
|
Operating expenses |
|
|
42,098 |
|
|
|
31,530 |
|
|
|
112,937 |
|
|
88,164 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
(4,405 |
) |
|
|
(3,546 |
) |
|
|
(12,313 |
) |
|
(7,453 |
) |
|
Contingent consideration fair value adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(289 |
) |
|
Litigation-related expenses |
|
|
(1,560 |
) |
|
|
(604 |
) |
|
|
(5,507 |
) |
|
(4,427 |
) |
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(60 |
) |
|
Transaction-related expenses |
|
|
(2 |
) |
|
|
— |
|
|
|
(4,093 |
) |
|
— |
|
|
Non-GAAP
operating expenses |
|
$ |
36,131 |
|
|
$ |
27,380 |
|
|
$ |
91,024 |
|
$ |
75,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
2019 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
(unaudited) |
|
Operating
loss, as reported |
|
$ |
(12,861 |
) |
|
$ |
(11,597 |
) |
|
$ |
(41,827 |
) |
$ |
(32,777 |
) |
|
Add back
significant items: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
4,544 |
|
|
|
3,603 |
|
|
|
12,687 |
|
|
7,566 |
|
|
Contingent consideration fair value adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(289 |
) |
|
Litigation-related expenses |
|
|
1,560 |
|
|
|
604 |
|
|
|
5,507 |
|
|
4,427 |
|
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
60 |
|
|
Transaction-related expenses |
|
|
2 |
|
|
|
— |
|
|
|
4,093 |
|
|
— |
|
|
Excess & obsolete charges |
|
|
1,995 |
|
|
|
2,276 |
|
|
|
5,429 |
|
|
6,451 |
|
|
Adjusted
operating loss |
|
|
(4,760 |
) |
|
|
(5,114 |
) |
|
|
(14,111 |
) |
|
(14,562 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss, as reported |
|
$ |
(12,861 |
) |
|
$ |
(11,597 |
) |
|
$ |
(41,827 |
) |
$ |
(32,777 |
) |
|
Depreciation |
|
|
2,307 |
|
|
|
1,752 |
|
|
|
6,482 |
|
|
4,828 |
|
|
Amortization of intangible assets |
|
|
441 |
|
|
|
172 |
|
|
|
1,322 |
|
|
526 |
|
|
EBITDA |
|
|
(10,113 |
) |
|
|
(9,673 |
) |
|
|
(34,023 |
) |
|
(27,423 |
) |
|
Add back
significant items: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
4,544 |
|
|
|
3,603 |
|
|
|
12,687 |
|
|
7,566 |
|
|
Contingent consideration fair value adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(289 |
) |
|
Litigation-related expenses |
|
|
1,560 |
|
|
|
604 |
|
|
|
5,507 |
|
|
4,427 |
|
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
60 |
|
|
Transaction-related expenses |
|
|
2 |
|
|
|
— |
|
|
|
4,093 |
|
|
— |
|
|
Excess & obsolete charges |
|
|
1,995 |
|
|
|
2,276 |
|
|
|
5,429 |
|
|
6,451 |
|
|
Adjusted
EBITDA |
|
$ |
(2,012 |
) |
|
$ |
(3,190 |
) |
|
$ |
(6,307 |
) |
$ |
(9,208 |
) |
|
|
|
|
|
|
|
|
|
|
ALPHATEC
HOLDINGS, INC. |
|
RECONCILIATION OF GEOGRAPHIC SEGMENT REVENUES AND GROSS
PROFIT |
|
(in
thousands, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Revenues by
source |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Revenue from U.S. products |
$ |
40,052 |
|
|
$ |
28,051 |
|
|
$ |
97,956 |
|
|
$ |
77,099 |
|
|
Revenue from
international supply agreement |
|
1,111 |
|
|
|
1,150 |
|
|
|
2,951 |
|
|
$ |
3,976 |
|
|
Total
revenues |
$ |
41,163 |
|
|
$ |
29,201 |
|
|
$ |
100,907 |
|
|
$ |
81,075 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit
by source |
|
|
|
|
|
|
|
|
Revenue from
U.S. products |
$ |
29,178 |
|
|
$ |
19,853 |
|
|
$ |
70,966 |
|
|
$ |
55,087 |
|
|
Revenue from
international supply agreement |
|
59 |
|
|
|
80 |
|
|
|
144 |
|
|
|
300 |
|
|
Total gross
profit |
$ |
29,237 |
|
|
$ |
19,933 |
|
|
$ |
71,110 |
|
|
$ |
55,387 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit
margin by source |
|
|
|
|
|
|
|
|
Revenue from
U.S. products |
|
72.9 |
% |
|
|
70.8 |
% |
|
|
72.4 |
% |
|
|
71.4 |
% |
|
Revenue from
international supply agreement |
|
5.3 |
% |
|
|
7.0 |
% |
|
|
4.9 |
% |
|
|
7.5 |
% |
|
Total gross
profit margin |
|
71.0 |
% |
|
|
68.3 |
% |
|
|
70.5 |
% |
|
|
68.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND GROSS
MARGIN FROM U.S. PRODUCTS |
|
(in
thousands, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
GAAP-based
gross profit from U.S. products |
$ |
29,178 |
|
|
$ |
19,853 |
|
|
$ |
70,966 |
|
|
$ |
55,087 |
|
|
Add:
non-cash excess and obsolete charges |
|
1,995 |
|
|
|
2,276 |
|
|
|
5,429 |
|
|
|
6,451 |
|
|
Non-GAAP
gross profit from U.S. products |
$ |
31,173 |
|
|
$ |
22,129 |
|
|
$ |
76,395 |
|
|
$ |
61,538 |
|
|
|
|
|
|
|
|
|
|
|
GAAP-based
gross margin from U.S. products |
|
72.9 |
% |
|
|
70.8 |
% |
|
|
72.4 |
% |
|
|
71.4 |
% |
|
Add:
non-cash excess and obsolete charges |
|
5.0 |
% |
|
|
8.1 |
% |
|
|
5.5 |
% |
|
|
8.4 |
% |
|
Non-GAAP
gross margin from U.S. products |
|
77.8 |
% |
|
|
78.9 |
% |
|
|
78.0 |
% |
|
|
79.8 |
% |
|
|
|
|
|
|
|
|
|
|
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