ATEC Announces Preliminary 2020 Revenue Results
January 12 2021 - 9:00AM
Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC), a
medical device company dedicated to revolutionizing the approach to
spine surgery, announced today preliminary revenue results for the
fourth quarter and full year ended December 31, 2020.
Preliminary, Unaudited 2020
Revenue
|
Fourth Quarter EndedDecember 31, 2020 |
Year EndedDecember 31, 2020 |
U.S. Revenue |
$43.0 million to $43.3 million |
$141.0 million to $141.3 million |
Total Revenue |
$43.8 million to $44.1 million |
$144.8 million to $145.1 million |
Preliminary, unaudited fourth quarter 2020 U.S.
revenue grew 38% to 39% year-over-year and 7% to 8% sequentially
despite the impact of the recent surge of COVID-19 cases, which
pressured surgery volume growth in several key geographies. Growth
was driven primarily by the continuing rapid adoption of recently
released ATEC technologies and strong pull-through from the SafeOp
Neural InformatiX System. New product sales represented
approximately 75% of estimated U.S. revenue for the quarter.
Preliminary, unaudited full-year 2020 U.S. revenue reflects growth
of 30% to 31% compared to 2019.
"Our 2020 performance gives me great confidence
in our ability to continue to earn market share," said Pat Miles,
Chairman and Chief Executive Officer. "While we expect
pandemic-related volume variability to persist into 2021, we will
continue to drive adoption of novel procedures like PTP while we
work to close the EOS transaction. The clinical prowess of the team
we have assembled and the unparalleled output of the organic
innovation machine tell me that ATEC's best is yet to come."
The preliminary results announced today are
unaudited and are therefore subject to change. The Company expects
to announce its fourth quarter and full-year 2020 financial and
operating results on March 4, 2021.
2021 Revenue Guidance
The Company expects total revenue for the fiscal
year ended December 31, 2021, to approximate $178 million, which
includes U.S. revenue of approximately $176 million. Revenue
guidance reflects expected U.S. revenue growth of approximately 25%
compared to 2020, driven by continued launches of novel procedures
and products and growing traction of the procedures and products
released in 2020. Total revenue guidance contemplates the
anticipated wind-down of the Company’s international supply
agreement by August 2021. The Company expects to update guidance to
reflect the positive impact of EOS imaging when that transaction
closes, which is anticipated in Q2 2021.
The Company remains subject to the potential and
uncertain impact of the ongoing COVID-19 pandemic. If hospitals
continue to experience a surge in COVID-19 cases and defer elective
procedures to preserve capacity, the Company’s ability to achieve
these financial objectives may be adversely affected
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 therein.
Forward-looking statements include references to the impact of the
COVID-19 pandemic on the Company's business and financial results;
the Company’s ability to create clinical distinction, compel
surgeon adoption and earn market share; the Company’s planned
commercial launches, product introductions and product integration;
when and whether the anticipated acquisition of EOS imaging, S.A.
ultimately will close and the potential benefits and synergies
thereof; and 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: the uncertainty of success in developing
new products or products in the Company’s pipeline; 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 procedures performed using the Company’s
products; the Company’s ability to compete with other products and
emerging new technologies; product liability exposure; patent
infringement claims; changes to our financial results for the
quarter and year ended December 31, 2020 due to the
completion of financial closing procedures; and the impact of the
COVID-19 on our business and the economy. 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 JacobsenInvestor Relations (760)
494-6790investorrelations@atecspine.com
Company Contact:
Jeff BlackChief Financial OfficerAlphatec Holdings, Inc.
investorrelations@atecspine.com
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