Revenue of $45.4 Million; 55% Growth Over Q2 2009
Pro Forma Revenue Growth of 10% Over 2Q 2009 and 12.5% Growth on a
Constant Currency Basis
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of
Alphatec Spine, Inc., a medical device company that designs,
develops, manufactures and markets products for the surgical
treatment of spine disorders, with a focus on treating conditions
related to the aging spine, announced today financial results for
the fiscal quarter ended June 30, 2010.
Second Quarter 2010 Financial Highlights
The Company completed the acquisition of Scient'x S.A. on March
26, 2010. For the second quarter 2010, the Company's
consolidated statement of operations and consolidated statement of
cash flows include the operating results of Scient'x. Also in
the second quarter 2010, the Company divested one of its Japanese
subsidiaries, IMC Co. The Company is reporting IMC's operating
results as discontinued operations for all periods in 2010 and
2009. To present comparative revenue results, the Company is
utilizing pro forma revenues. The Company's pro forma revenues
include revenues for Scient'x for all periods in 2010 and 2009 and
do not include revenues for IMC for all periods in 2010 and
2009.
- Consolidated revenue of $45.4 million reported in the second
quarter 2010 represents 55% growth over the second quarter
2009. On a pro forma basis, year-over-year revenue growth was
10% for the second quarter and 15%
year-to-date.
- U.S. revenue of $29.3 million reported for the second quarter
2010 represents 11% growth over second quarter 2009 and 15%
year-to-date growth. On a pro forma basis, year-over-year
revenue growth was 1% for the second quarter and 9%
year-to-date.
- European revenue of $8.9 million reported in the second quarter
2010 was twenty times greater than the second quarter 2009. On a
pro forma basis, year-over-year revenue growth was 75% for the
second quarter and 65% year-to-date.
- Asian revenue of $5.2 million reported in the second quarter
2010 was more than double compared to the second quarter 2009. On a
pro forma basis, year-over-year revenue growth was 16% for the
second quarter and 12% year-to-date.
- Revenue outside the U.S., Europe and Asia ("Rest of world") was
reported at $2.0 million in the second quarter 2010.
- Adjusted EBITDA was $3.8 million in the second quarter 2010
compared to $2.5 million in the second quarter 2009.
- Non-GAAP net loss was $0.3 million for the second quarter 2010
compared to non-GAAP net loss of $1.8 million for the second
quarter 2009. Non-GAAP EPS was $0.00 per share for second
quarter 2010 compared to non-GAAP EPS of ($0.04) per share in
second quarter 2009.
- Completed follow-on equity offering with net proceeds of $43.1
million.
Second Quarter 2010 Performance Highlights
- OsseoFix, the Company's proprietary device for treating
vertebral compression fractures and restoration of vertebral height
has been used in over 1,100 patients in Europe through the second
quarter 2010 representing continued acceleration in product
adoption.
- OsseoScrew, the Company's proprietary expandable pedicle screw
system, designed for use in patients that require additional
fixation, was approved in the EU. We are pleased to report that
over 50 patients have been treated through June 30, 2010.
- Record U.S. surgical procedure volumes achieved in the second
quarter 2010.
- Completed integration of Scient'x U.S. operations.
- Realized estimated U.S. operating cost synergies of $2.3
million in savings over second quarter 2009 and $1.2 million over
first quarter 2010.
- Commenced integration of Scient'x international
operations.
- Held first combined international distributor sales
meeting.
- Strengthened and re-organized international sales and marketing
team to improve product positioning and geographic focus.
- Strengthened our management team by adding two new members to
senior management - Vice President of Clinical, Quality Assurance
and Regulatory Affairs and Vice President and General Manager,
Latin America.
- Continued R&D efforts in anticipation of market approval
for the Solus ALIF device, as well as pre-clinical animal testing
for our ELA stem cell program.
"While we are pleased with the long-term business prospects and
fundamentals at Alphatec Spine, and our current growth rate
continues to exceed that of most of our competitors and the broader
spine market, our growth rate was below our expectations. Several
factors contributed to this: U.S. price pressure on our core
products, which we believe to be in the mid single digits; the
unpredictability of product approvals by the FDA, which makes the
timing of market release of key technologies uncertain; and the
complexity of integrating an international organization into our
operations," stated Dirk Kuyper, Alphatec Spine's President and
Chief Executive Officer. Mr. Kuyper continued, "We continue
to be enthusiastic that with the addition of Scient'x, and as a
result of the transaction, we believe that Alphatec Spine is the
leading pure-play spine company that is truly global, with scale to
address opportunities in the U.S., Asia, Europe, Middle East and
Latin America. We continue to experience strong growth in the
volume of surgical procedures performed in the U.S., and have
addressed the current market challenges to ensure sustainable
long-term revenue growth and a drive to profitability. We look
forward to leveraging our broad-based international distribution
network towards those goals."
Second Quarter 2010 Financial Results
As previously announced, on March 26, 2010 the Company completed
the acquisition of Scient'x S.A., a global medical device company
based in France that designs, develops and manufactures surgical
implants to treat disorders of the spine. As of March 31, 2010, the
Company's consolidated balance sheet includes the fair value of
Scient'x's acquired assets and assumed liabilities. Commencing
April 1, 2010, the Company's consolidated statement of operations
and consolidated statement of cash flows include the operating
results of Scient'x.
In connection with the Company's strategy to focus on the sale
of spinal implants in Japan, in April 2010, Alphatec Pacific
entered into an agreement to sell one of its wholly owned
subsidiaries, IMC, to a third party. As a result of this sale, the
Company is reporting IMC's operating results as discontinued
operations for both periods of 2010 and 2009. For the year
ended December 31, 2009, IMC's revenue was $11.5 million and IMC's
net income was $0.3 million. For the three months ended March
31, 2010, IMC's revenue was $3.1 million and IMC's net income was
$0.
Consolidated revenues for the second quarter 2010 were $45.4
million, an increase of $16.0 million, or 54.5%, from the $29.4
million reported for the second quarter 2009.
U.S. revenues for the second quarter 2010 were $29.3 million, an
increase of 11.1% from the $26.4 million reported for the second
quarter 2009.
European revenues for the second quarter 2010 were $8.9 million,
a 2,054% increase over the $0.4 million reported for the second
quarter 2009.
Asia revenues for the second quarter 2010 were $5.2 million, an
increase of $2.6 million, or 101.4%, from the $2.6 million reported
for the second quarter 2009.
Rest of world revenues for the second quarter 2010 were $2.0
million.
Gross profit for the second quarter 2010 was $28.8 million, an
increase of $8.9 million, or 44.5% over second quarter 2009 gross
profit of $19.9 million. Second quarter 2010 gross margin of 63.5%
was below second quarter 2009 gross margin of 67.9%; however gross
margin increased sequentially 110 basis points over first quarter
2010 gross margin of 62.4%. The decrease in gross margin of
440 basis points over prior year second quarter is primarily due to
geographic sales mix associated with our increased European
business, which contributes lower gross margins. The U.S.
gross margin for the second quarter 2010 was 71.4%, an increase
from both prior year second quarter U.S. gross margin of 69.4% and
first quarter 2010 gross margin of 69.9%, reflecting increased
manufacturing efficiencies and reduced royalty burden, partially
offset by U.S. price erosion.
Total operating expenses for the second quarter 2010 were $31.9
million, an increase of $6.2 million compared to second quarter
2009 of $25.7 million, and includes $5.7 million in operating
expenses associated with the addition of the Company's newly
acquired European operations. The second quarter 2010 includes $1.3
million in acquisition-related restructuring and transaction
expenses. Excluding the acquisition-related restructuring and
transaction expenses, total operating expense increased $4.9
million compared to second quarter 2009.
Research and development expenses for the second quarter 2010
were $4.9 million, an increase of $1.5 million compared to the
second quarter 2009 R&D expenses of $3.4 million. Second
quarter 2010 includes R&D expenses of $0.7 million that are
related to the Company's new European operations.
In-process research and development expenses for the second
quarter 2010 were $0.1 million, a decrease of $4.4 million compared
to the second quarter 2009 IPR&D expense of $4.5 million.
Sales and marketing expenses for the second quarter 2010 were
$17.1 million, an increase of $4.8 million compared to the second
quarter 2009 sales and marketing expenses of $12.3 million. Second
quarter 2010 includes sales and marketing expenses of $2.7 million
that are related to the Company's new European operations.
General and administrative expenses for the second quarter 2010
were $8.0 million, an increase of $2.5 million, compared to the
second quarter 2009 G&A expenses of $5.5 million. Second
quarter 2010 includes G&A expenses of $1.3 million related to
the Company's new European operations.
Adjusted EBITDA was $3.8 million in the second quarter 2010, an
increase of $1.3 million compared to adjusted EBITDA of $2.5
million reported for the second quarter 2009.
Net loss for the second quarter 2010 was $3.0 million, or
($0.04) per share (basic and diluted), compared with a net loss of
$6.3 million, or ($0.13) per share (basic and diluted) for the
second quarter 2009.
Non-GAAP EPS for second quarter 2010 was $0.00 per share
compared to ($0.04) per share reported in the second quarter 2009.
Non-GAAP net earnings or (loss) excludes in-process research and
development expenses and Scient'x acquisition-related expenses.
2010 Financial Guidance Update
The Company believes that in the second quarter of 2010, U.S.
and European spine market growth slowed from their historical
levels. Although we are confident that demographics will lead
to continued long-term growth of the global spine market, as a
result of the deceleration of the market, the Company has revised
its internal growth projections for 2010 to reflect current market
conditions. The revised guidance reflects an annual growth
rate that the Company believes continues to outperform the spine
market.
Revising full year 2010 financial guidance, the Company
anticipates pro forma combined annual revenues of $188 million to
$193 million, $21 million to $24 million in pro forma combined
adjusted EBITDA and positive non-GAAP EPS for the full year 2010,
excluding acquisition-related expenses. The Company is issuing this
guidance to reflect the 2010 pro forma combined effect on a
12-month basis, as if the Scient'x acquisition closed January 1,
2010. The revised annual pro forma revenue guidance reflects
annual growth of 10% to 13% over pro forma 2009 revenues of $170.8
million.
On a GAAP reporting basis, the Company expects full year 2010
consolidated revenues in the range of $177 million to $182 million,
adjusted EBITDA to be in the range of $21 million to $24 million,
and positive non-GAAP EPS, excluding acquisition-related expenses.
The GAAP reporting basis guidance reflects the actual closing of
the Scient'x acquisition at the end of March 2010 and the inclusion
of Scient'x's actual operating results, effective April 1, 2010,
into the Company's consolidated statement of operations and
consolidated statement of cash flows. The GAAP reporting basis
guidance also excludes IMC revenues of $3.1 million from first
quarter 2010 as IMC was divested in the second quarter of 2010 and
reported as discontinued operations.
As previously announced, the Scient'x transaction closed on
March 26, 2010. The Company has absorbed acquisition-related
expenses that had a negative impact to GAAP EPS in the first and
second quarters of 2010 and expects to absorb additional
acquisition-related expenses in the third and fourth quarters of
2010.
Conference Call
Alphatec Spine will host a conference call today at 1:30 p.m. PT
/ 4:30 p.m. ET to discuss the results. To participate in the
conference call, please visit the investor relations section of the
Alphatec Spine website at www.alphatecspine.com. The dial-in
numbers are (877) 556-5251 for domestic callers and (720) 545-0036
for international. A live webcast of the conference call will be
available online from the investor relations section of the
Alphatec Spine website at www.alphatecspine.com. The webcast will
be recorded and will remain available on the investor relations
section of Alphatec Spine's website, for at least 30 days.
About Alphatec Spine
Alphatec Spine, Inc. is a wholly owned subsidiary of Alphatec
Holdings, Inc. (Nasdaq:ATEC). Alphatec Spine is a medical device
company that designs, develops, manufactures and markets products
for the surgical treatment of spine disorders, primarily focused on
the aging spine. The Company's mission is to combine world-class
customer service with innovative, surgeon-driven design that will
help improve the aging patient's quality of life. The Company is
poised to achieve its goal through new solutions for patients with
osteoporosis, stenosis and other aging spine deformities, improved
minimally invasive products and techniques and integrated biologics
solutions. In addition to its U.S. operations, the Company also
markets its products in over 50 international markets through its
subsidiary, Scient'x SA, via a direct sales force in France, Italy
and the United Kingdom and via independent distributors in the rest
of Europe, the Middle East and Africa, South America and Latin
America. In Asia and Australia, the Company markets its products
through its subsidiary, Alphatec Pacific, Inc, and through
Scient'x's distributors in China, Korea and Australia.
Also visit the Aging Spine Center, www.agingspine.com, a
web-based information portal for healthcare providers and patients
regarding aging spine disorders and their treatment. Alphatec Spine
is working with the National Osteoporosis Foundation as well as
other clinical portals that provide peer-reviewed content, to
populate the Aging Spine Center. The interactive website will
enable patients to review pertinent information about all the key
disorders that affect the aging spine in an easy-to-understand
format that includes videos, graphics and questions that should be
asked of caregivers. Medical information will include published
abstracts regarding the aging spine.
The Alphatec Holdings, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3520
Non-GAAP Information for non-GAAP earnings and Adjusted
EBITDA
Non-GAAP earnings included in this press release is a non-GAAP
(generally accepted accounting principles) financial measure that
represents net income (loss) excluding the effects of in-process
research and development expenses, acquisition-related expenses and
litigation settlement expenses. Management does not consider these
expenses when it makes certain evaluations of the operations of the
Company. Non-GAAP earnings, as defined above, may not be similar to
non-GAAP earnings measures used by other companies and is not a
measurement under GAAP.
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 expense, and other income or expense items, such as
in-process research and development expense and acquisition-related
expenses. Adjusted EBITDA, as defined above, may not be similar to
adjusted EBITDA measures used by other companies and is not a
measurement under GAAP.
Though management finds GAAP-based earnings or loss and adjusted
EBITDA useful for evaluating aspects of the Company's business, its
reliance on these measures are limited because excluded items often
have a material effect on the Company's earnings and earnings per
common share calculated in accordance with GAAP. Therefore,
management uses non-GAAP earnings and adjusted EBITDA in
conjunction with GAAP earnings and earnings per common share
measures. The Company believes that non-GAAP earnings and 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. While the
GAAP results are more complete, the Company prefers to allow
investors to have these supplemental metrics since, with
reconciliation to GAAP, they may provide greater insight into the
Company's financial results.
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. These forward-looking statements include, but are not
limited to: Alphatec Spine's ability to accelerate new product
momentum, bring to market differentiated products and commercialize
its product pipeline. 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,
including, but not limited to, the following: Alphatec Spine's
ability to meet its 2010 revenue, adjusted EBITDA, and earnings
projections, the ability to successfully integrate Scient'x and
Alphatec, the U.S. and global growth rate of the spine market
overall and the growth rate related to aging and elderly patients,
uncertainty of success in developing new products or products
currently in Alphatec Spine's pipeline, the successful global
launch of the Alphatec Spine's new products and the products in its
development pipeline including OsseoFix, OsseoScrew, and Solus,
failure to achieve acceptance of Alphatec Spine's products by the
surgeon community, failure to obtain FDA clearance or approval for
new products, or unexpected or prolonged delays in the process,
Alphatec Spine's ability to develop and expand its business in the
United States, Asia, Europe, the Middle East and Africa and Latin
America continuation of favorable third party payor reimbursement
for procedures performed using Alphatec Spine's products, price
erosion, unanticipated expenses or liabilities or other adverse
events affecting cash flow or Alphatec Spine's ability to
successfully control its costs or achieve profitability,
uncertainty of additional funding, Alphatec Spine's ability to
compete with other competing products and with emerging new
technologies, product liability exposure, patent infringement
claims and claims related to Alphatec Spine's or a third party's
intellectual property. Please refer to the risks detailed from time
to time in Alphatec Spine's SEC reports, including quarterly
reports on Form 10-Q, reports on Form 8-K and annual reports on
Form 10-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
BALANCE SHEETS |
(in thousands -
unaudited) |
|
|
|
|
June 30, 2010 |
December 31, 2009 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 38,408 |
$ 10,085 |
Accounts receivable, net |
37,153 |
24,766 |
Inventories, net |
49,913 |
29,515 |
Prepaid expenses and other current
assets |
5,744 |
3,128 |
Deferred income tax assets |
1,398 |
128 |
Total current assets |
132,616 |
67,622 |
|
|
|
Property and equipment, net |
40,603 |
30,356 |
Goodwill |
162,098 |
60,113 |
Intangibles, net |
37,045 |
2,296 |
Other assets |
2,330 |
1,501 |
Total assets |
$ 374,692 |
$ 161,888 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 21,242 |
$ 12,781 |
Accrued expenses |
21,464 |
16,439 |
Deferred revenue |
1,299 |
2,135 |
Other current liabilities |
1,179 |
-- |
Current portion of long-term
debt |
10,024 |
6,724 |
Total current liabilities |
55,208 |
38,079 |
|
|
|
Total other long term
liabilities |
37,888 |
25,377 |
Redeemable preferred stock |
23,603 |
23,603 |
Stockholders' equity -
Alphatec |
257,500 |
74,829 |
Non-controlling interest |
493 |
-- |
Total liabilities and stockholders'
equity |
$ 374,692 |
$ 161,888 |
|
ALPHATEC HOLDINGS,
INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except
per share amounts - unaudited) |
|
|
|
|
|
|
Three Months Ended June
30, |
Six Months Ended June 30, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Revenues |
$ 45,424 |
$ 29,401 |
$ 80,746 |
$ 57,255 |
Cost of revenues |
16,222 |
9,451 |
27,970 |
18,283 |
Amortization of acquired intangible
assets |
369 |
-- |
369 |
-- |
Total cost of revenues |
16,591 |
9,451 |
28,339 |
18,283 |
Gross profit |
28,833 |
19,950 |
52,407 |
38,972 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and development |
4,909 |
3,436 |
8,596 |
6,303 |
In-process research and development |
92 |
4,493 |
542 |
5,783 |
Sales and marketing |
17,115 |
12,272 |
30,519 |
24,530 |
General and administrative |
8,007 |
5,457 |
13,567 |
11,321 |
Amortization of acquired intangible
assets |
469 |
-- |
469 |
-- |
Transaction related expenses |
493 |
-- |
3,645 |
-- |
Restructuring expenses |
805 |
-- |
1,687 |
-- |
Total operating expenses |
31,890 |
25,658 |
59,025 |
47,937 |
Operating loss |
(3,057) |
(5,708) |
(6,618) |
(8,965) |
Interest and other income (expense),
net |
(309) |
(738) |
(1,278) |
(1,878) |
Loss from continuing operations before
taxes |
(3,366) |
(6,446) |
(7,896) |
(10,843) |
Income tax (benefit) provision |
(265) |
(4) |
(129) |
26 |
Loss from continuing operations |
(3,101) |
(6,442) |
(7,767) |
(10,869) |
Income from discontinued operations, net
of tax |
122 |
139 |
78 |
183 |
|
|
|
|
|
Net loss |
$ (2,979) |
$ (6,303) |
$ (7,689) |
$ (10,686) |
|
|
|
|
|
Net loss attributable to non-controlling
interest |
$ -- |
$ -- |
$ -- |
$ -- |
Net loss attributable to Alphatec |
$ (2,979) |
$ (6,303) |
$ (7,689) |
$ (10,686) |
|
|
|
|
|
Net income (loss) per common share: |
|
|
|
|
Basic and diluted net loss from
continuing operations |
$ (0.04) |
$ (0.13) |
$ (0.11) |
$ (0.23) |
Basic and diluted net income from
discontinued operations |
0.00 |
0.00 |
0.00 |
0.00 |
Basic and diluted net loss per share |
$ (0.04) |
$ (0.13) |
$ (0.11) |
$ (0.23) |
|
|
|
|
|
Weighted-average shares - basic and
diluted |
84,675 |
47,157 |
69,500 |
46,832 |
|
ALPHATEC HOLDINGS,
INC. |
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES |
(in thousands -
unaudited) |
|
|
|
|
|
|
Three Months Ended June
30, |
Six Months Ended June 30, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Operating loss, as reported |
$ (3,057) |
$ (5,708) |
$ (6,618) |
$ (8,965) |
Add back: |
|
|
|
|
Depreciation |
3,234 |
2,120 |
5,876 |
3,942 |
Amortization of intangibles |
203 |
777 |
1,123 |
1,556 |
Amortization of acquired intangibles |
838 |
-- |
838 |
-- |
Total EBITDA |
1,218 |
(2,811) |
1,219 |
(3,467) |
|
|
|
|
|
Add back significant items: |
|
|
|
|
Stock-based compensation |
772 |
831 |
1,753 |
1,465 |
In-process research and development |
92 |
4,493 |
542 |
5,783 |
Acquisition-related inventory
step-up |
413 |
-- |
413 |
-- |
Transaction related expenses |
493 |
-- |
3,645 |
-- |
Restructuring expenses |
805 |
-- |
1,687 |
-- |
|
|
|
|
|
EBITDA, as adjusted for significant
items |
$ 3,793 |
$ 2,513 |
$ 9,259 |
$ 3,781 |
|
|
|
|
|
Net loss, as reported |
$ (2,979) |
$ (6,303) |
$ (7,689) |
$ (10,686) |
Add back: |
|
|
|
|
In-process research and development |
92 |
4,493 |
542 |
5,783 |
Acquisition-related inventory
step-up |
413 |
-- |
413 |
-- |
Amortization of acquired intangibles |
838 |
-- |
838 |
-- |
Transaction related expenses |
493 |
-- |
3,645 |
-- |
Restructuring expenses |
805 |
-- |
1,687 |
-- |
|
|
|
|
|
Net loss, as adjusted for significant
items |
$ (338) |
$ (1,810) |
$ (564) |
$ (4,903) |
|
|
|
|
|
Net loss per common share - basic and
diluted |
$ (0.04) |
$ (0.13) |
$ (0.11) |
$ (0.23) |
Add back: |
|
|
|
|
In-process research and development |
0.00 |
0.09 |
0.01 |
0.13 |
Acquisition-related inventory
step-up |
0.01 |
-- |
0.01 |
-- |
Amortization of acquired intangibles |
0.01 |
-- |
0.01 |
-- |
Transaction related expenses |
0.01 |
-- |
0.05 |
-- |
Restructuring expenses |
0.01 |
-- |
0.02 |
-- |
|
|
|
|
|
Net loss per common share - basic and
diluted, as adjusted for significant items |
$ 0.00 |
$ (0.04) |
$ (0.01) |
$ (0.10) |
|
ALPHATEC HOLDINGS,
INC. |
RECONCILIATION OF
GEOGRAPHIC SEGMENT REVENUES AND GROSS PROFIT |
(in thousands, except
gross profit margin percentages - unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
|
|
2010 |
2009 |
% Change |
Impact from Foreign Currency |
|
|
|
|
|
Revenues by geographic segment |
|
|
|
|
U.S. |
$ 29,317 |
$ 26,378 |
11.1% |
0.0% |
Europe |
8,874 |
412 |
2054.0% |
-11.2% |
Asia |
5,258 |
2,611 |
101.4% |
3.9% |
Rest of world |
1,975 |
-- |
100.0% |
-11.7% |
Total revenues |
$ 45,424 |
$ 29,401 |
54.5% |
-2.5% |
|
|
|
|
|
Gross profit by geographic segment |
|
|
|
|
U.S. |
$ 20,933 |
$ 18,300 |
|
|
Europe |
3,738 |
161 |
|
|
Asia |
3,003 |
1,489 |
|
|
Rest of world |
1,159 |
-- |
|
|
Total gross profit |
$ 28,833 |
$ 19,950 |
|
|
|
|
|
|
|
Gross profit margin by geographic
segment |
|
|
|
|
U.S. |
71.4% |
69.4% |
|
|
Europe |
42.1% |
39.1% |
|
|
Asia |
57.1% |
57.0% |
|
|
Rest of world |
58.7% |
0.0% |
|
|
Total gross profit margin |
63.5% |
67.9% |
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2010 |
2009 |
% Change |
Impact from Foreign Currency |
|
|
|
|
|
Revenues by geographic segment |
|
|
|
|
U.S. |
$ 57,753 |
$ 50,191 |
15.1% |
0.0% |
Europe |
12,773 |
1,379 |
826.3% |
-3.3% |
Asia |
8,245 |
5,685 |
45.0% |
4.0% |
Rest of world |
1,975 |
-- |
100.0% |
-5.8% |
Total revenues |
$ 80,746 |
$ 57,255 |
41.0% |
-0.3% |
|
|
|
|
|
Gross profit by geographic segment |
|
|
|
|
U.S. |
$ 40,799 |
$ 35,163 |
|
|
Europe |
5,686 |
553 |
|
|
Asia |
4,763 |
3,256 |
|
|
Rest of world |
1,159 |
-- |
|
|
Total gross profit |
$ 52,407 |
$ 38,972 |
|
|
|
|
|
|
|
Gross profit margin by geographic
segment |
|
|
|
|
U.S. |
70.6% |
70.1% |
|
|
Europe |
44.5% |
40.1% |
|
|
Asia |
57.8% |
57.3% |
|
|
Rest of world |
58.7% |
0.0% |
|
|
Total gross profit margin |
64.9% |
68.1% |
|
|
|
|
|
|
|
Footnotes: |
|
|
|
|
1) IMC operating results
have been removed from Asia revenues and gross profit for 2010 and
2009 periods presented. |
|
|
|
|
|
2) The impact from foreign
currency represents the percentage change in 2010 revenues due to
the change in foreign exchange rates for the periods
presented. |
|
ALPHATEC HOLDINGS,
INC. |
PRO FORMA REVENUES BY
GEOGRAPHIC SEGMENT |
(in thousands -
unaudited) |
|
|
|
|
Three Months Ended June
30, |
% Change |
|
|
2010 |
2009 |
Reported |
Constant Currency |
|
|
|
|
|
Pro Forma Revenues by geographic segment |
|
|
|
|
U.S. |
$ 29,317 |
$ 28,955 |
1.3% |
1.3% |
Europe |
8,874 |
5,073 |
74.9% |
97.0% |
Asia |
5,258 |
4,537 |
15.9% |
11.5% |
Rest of world |
1,975 |
2,860 |
-30.9% |
-21.8% |
Total revenues |
$ 45,424 |
$ 41,425 |
9.7% |
12.5% |
|
|
|
|
|
|
Six Months Ended June 30, |
% Change |
|
|
2010 |
2009 |
Reported |
Constant Currency |
|
|
|
|
|
Pro Forma Revenues by geographic segment |
|
|
|
|
U.S. |
$ 60,728 |
$ 55,573 |
9.3% |
9.3% |
Europe |
17,632 |
10,711 |
64.6% |
68.7% |
Asia |
9,902 |
8,811 |
12.4% |
8.8% |
Rest of world |
3,819 |
5,170 |
-26.1% |
-23.8% |
Total revenues |
$ 92,081 |
$ 80,265 |
14.7% |
15.0% |
|
|
|
|
|
Footnotes: |
|
|
|
|
1) IMC operating results
have been removed from Asia pro forma revenues for 2010 and 2009
periods presented. |
|
|
|
|
|
2) Pro Forma revenues for
all periods presented include the results of Scient'x as if the
Scient'x acquisition had occurred on January 1, 2009. |
|
|
|
|
|
3) % Change - Constant
Currency represents the change in 2010 pro forma revenue had the
2010 foreign exchange rates remained constant with 2009 foreign
exchange rates. |
CONTACT: Alphatec Spine, Inc.
Peter C. Wulff, Chief Financial Officer
(760) 494-6746
investorrelations@alphatecspine.com
Westwicke Partners
Lynn C. Pieper
(415) 202-5678
lynn.pieper@westwicke.com
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