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 fourth quarter and fiscal year ended December 31, 2011.
Under a separate release today, Alphatec Spine announced that it
has realigned the leadership roles of Dirk Kuyper and Les Cross.
Mr. Kuyper, formerly President and CEO, will assume the role of
President, Global Commercial Operations and will remain a member of
the Board of Directors. Les Cross, formerly Non-Executive Chairman
of the Board, will assume the role of Chairman and Chief Executive
Officer. The realignment is designed to enhance Alphatec Spine's
future revenue growth and operating excellence.
Fourth Quarter and Full Year 2011
Highlights
- Fourth quarter revenue grew 7.6% to $49.5 million, compared to
the fourth quarter of 2010, or 7.0% on a constant currency
basis.
- U.S. revenue grew 2.0% to $32.8 million in the fourth quarter
2011, compared to the fourth quarter 2010.
- International revenue grew 20.6% to $16.8 million in the fourth
quarter 2011, compared to the fourth quarter 2010, and 18.8% on a
constant currency basis.
- Full year 2011 revenue of $197.7 million grew 8.1% on a pro
forma basis, or 5.8% on a constant currency basis, compared to the
full year 2010. Full year 2011 revenue on a GAAP basis grew 15.2%,
or 12.5% on a constant currency basis.
- Generated non-GAAP cash from business operations of $2.0
million in the fourth quarter 2011 and was cash flow positive for
the full year 2011, before the effects of certain one-time charges
noted below.
- Introduced three new products in the fourth quarter 2011 at the
North American Spine Society (NASS) meeting in Chicago, IL.
- Trestle LuxeTM Anterior Cervical Plate System,
AvalonTM Occipito-Cervico Plating System, and the
Epicage® MIS Lumbar Interbody Spacer.
- Reached a global settlement agreement with Cross Medical
Products in connection with two pending legal matters.
"We are pleased with our revenue growth in the fourth quarter
and full year," said Dirk Kuyper, president, global commercial
operations at Alphatec Spine. "In the fourth quarter, constant
currency revenue growth of 7.0% was near the high end of our
performance in 2011, and we believe that we outpaced the global
spine market's rate of growth. This is a solid result given the
ongoing headwinds in the market and reflects the strength of our
broad product portfolio and global infrastructure.
"For 2012, we expect the global spine market to remain
challenging, but longer-term, we continue to believe the spine
market fundamentals remain strong as our global population ages and
the prevalence of disease states such as obesity, diabetes and
osteoporosis increases. We will continue to address the current
environment by controlling what we can; focusing on innovation to
maintain a continuous flow of new products; expanding our global
footprint; and, reducing our manufacturing costs and operating
expense structure to drive improving profitability and cash
flow.
"We are also focused on streamlining and strengthening Alphatec
Spine's operating fundamentals in 2012. We are not at all satisfied
with our performance in this area in 2011 and we have identified
three key initiatives in 2012 to address this; reduce our cost of
goods sold and increase efficiencies in our U.S. operations; reduce
our cost of goods sold in international operations; and, reduce
SG&A expenses internationally, all of which should help us
achieve our long-term goal of 20% non-GAAP adjusted EBITDA
margins.
"In order to expedite our success in this area we have enlisted
the support of a corporate performance improvement consulting firm
specializing in operational efficiency. The consulting firm will
help us quickly define and strengthen our essential business
processes such as raw material acquisition, manufacturing
processing, and field inventory management. Over time, we expect
our cost reduction programs to achieve annualized cost savings of
approximately $2 million.
"In the U.S., we are presently validating machinery to begin
manufacturing certain implants that we currently outsource,
beginning with our next generation anterior cervical plate, Trestle
Luxe. We have also begun to in-source certain finishing steps in
the manufacturing process such as anodizing. We have many other
initiatives underway in the U.S. and Europe as well.
"We remain focused on full market releases for certain new
products including Alphatec Solus and Epicage to complement Avalon
and Trestle Luxe. We will also continue to develop the next
generation of new products to keep the pipeline flowing in 2013 and
beyond with differentiated technologies to gain market share
globally.
"For 2012, our global focus on new markets, especially emerging
markets in Asia Pacific, Latin America, Brazil, China and India
strengthens our global diversification. We continue to be pleased
with our performance in Japan, which consistently produced solid
double digit growth in 2011."
Mr. Kuyper finished by saying, "We look forward to 2012 being
Alphatec Spine's best year ever. Today, our business has never been
stronger and our ability to succeed never greater. I am confident
we have the right products, strategies and global team in place to
be successful in 2012 and help us achieve our long-term goal of
being a top-five market leader. You have our commitment that
Alphatec Spine will remain dedicated to conducting its business
with a sense of urgency, accountability and excellence."
Fourth Quarter 2011 Financial Results
Consolidated revenues for the fourth quarter 2011 were $49.5
million, an increase of 7.6 percent, compared to $46.0 million
reported for the fourth quarter 2010. U.S. revenues for the fourth
quarter 2011 were $32.8 million, an increase of 2.0 percent,
compared to $32.1 million reported for the fourth quarter 2010.
International revenues totaled $16.8 million, reflecting growth of
20.6 percent, compared to the fourth quarter of 2010. On a constant
currency basis, revenues in the fourth quarter of 2011 grew 7.0
percent, compared to the fourth quarter of 2010.
Gross profit for the fourth quarter of 2011 was $24.9 million,
or 50.3 percent of revenues, reflecting a decrease of $6.6 million,
compared to the fourth quarter 2010.
Gross profit and gross margin in the fourth quarter of 2011 were
impacted by approximately $5.5 million in one-time charges,
primarily related to inventory write-offs and other inventory
adjustments in the Company's U.S. and international businesses.
Excluding the $5.5 million in adjustments, gross profit margin
would have been approximately 61.4 percent. Slightly negative
pricing and mix contributed to the sequential decline in gross
margin from the third quarter of 2011.
Total operating expenses for the fourth quarter of 2011 were
$41.4 million, or 83.6 percent of revenues, reflecting an increase
of $8.2 million, compared to the fourth quarter of 2010. Operating
expenses in the fourth quarter of 2011 include the $9.8 million
litigation settlement discussed below as well as provisions to
cover fixed asset write-offs and certain non income tax accruals
totaling $1.1 million.
Excluding the litigation settlement charge, total operating
expenses for the fourth quarter of 2011 would have been $31.6
million, or 63.8 percent of revenues, reflecting a $1.6 million
decrease from total operating expenses in the fourth quarter of
2010.
On January 5, 2012, the Company announced that it had reached a
global settlement agreement with Cross Medical Products, Inc. (a
subsidiary of Biomet, Inc.) regarding a license agreement dispute.
As part of the settlement, Alphatec Spine agreed to pay Cross
Medical $18 million. An initial payment of $5 million dollars was
made in January 2012. In addition to the initial payment, Alphatec
Spine will make thirteen payments of $1 million, with the payments
made quarterly, and the first payment being due in August 2012, and
each subsequent payment due three months thereafter until the final
payment, which is due in August 2015, is made. The Company has
expensed $9.8 million in the fourth quarter of 2011, which was
charged to operating expenses as a legal settlement adjustment.
With respect to the remaining $8.2 million, $8.0 million will be
recorded as a licensed intangible asset to be amortized over the
next seven quarters in 2012 and 2013, plus imputed interest of $0.2
million.
Net loss for the fourth quarter 2011, including the legal
settlement, was $16.0 million, or ($0.18) per share (basic and
diluted), compared with a net loss of $2.9 million, or ($0.03) per
share (basic and diluted) for the fourth quarter 2010.
Non-GAAP net loss for the fourth quarter of 2011 was $5.2
million or ($0.06) per share (basic and diluted), compared to
non-GAAP net loss of $1.5 million, or ($0.02) per share (basic and
diluted) reported for the fourth quarter 2010. Non-GAAP net loss
for the fourth quarter of 2011 includes adjustments for $9.8
million related to the legal settlement, amortization of intangible
assets and restructuring expenses.
Adjusted EBITDA in the fourth quarter of 2011 was ($1.2)
million, compared to the $4.4 million reported for the fourth
quarter of 2010. The decline in Adjusted EBITDA is primarily
attributable to adjustments noted above, which were $5.5 million in
gross profit and $1.1 million in operating expenses.
Cash and cash equivalents were $20.7 million at December 31,
2011, reflecting a decrease of $1.5 million, compared to the cash
position as of September 30, 2011 and $2.5 million, compared to the
cash position as of December 31, 2010. The Company's cash position
at December 31, 2011 reflects the repayment of an additional $3.5
million of the Company's working capital line of credit in the
fourth quarter for a total repayment of $5.0 million for the year.
For the full year 2011, the operations of the business, excluding
debt repayments, generated $2.5 million in positive cash flow of
which, $2.0 million occurred in the fourth quarter.
2012 Financial Guidance
The Company is providing its full year 2012 revenue guidance to
a range of $204 million to $209 million, a three to six percent
increase over 2011. The Company expects annual adjusted EBITDA to
be in the range of $23 million to $27 million, or 11 to 13 percent
of revenues. The Company expects to generate positive cash flow for
the full year 2012 after fulfilling its banking and legal
settlement obligations.
Conference Call Information
Alphatec Spine has scheduled a conference call to discuss its
financial results beginning today, February 28, 2012, at 2:00 p.m.
Pacific Time / 5:00 p.m. Eastern Time. Individuals interested in
listening to the conference call may do so by dialing (877)
556-5251 for domestic callers and (720) 545-0036 for international
callers. 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 products 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 affiliate, Scient'x S.A.S., 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 Japan, the Company markets
its products through its subsidiary, Alphatec Pacific, Inc. In
the rest of Asia and Australia, the Company sells its and
Scient'x's products through it's and Scient'x's
distributors.
The Alphatec Holdings, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3520
Non-GAAP Information
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 and transaction-related 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 expenses, and other
non-recurring income or expense items, such as in-process research
and development expense and transaction-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 non-GAAP-based earnings or loss and
EBITDA useful for evaluating aspects of the Company's business, its
reliance on these measures is 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 adjusted EBITDA in conjunction with GAAP
earnings and earnings per common share measures. 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. While the GAAP results are more complete,
the Company prefers to allow investors to have 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. 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 references to Alphatec Spine's 2012
revenue, adjusted EBITDA, free cash flow and earnings projections;
the growth rate of the spine market related to aging and elderly
patients; new product development and market success of those
products; reductions in the Company's manufacturing costs and
operating expenses; and geographic expansion. 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. 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; the successful global
launch of the Company's new products and the products in its
development pipeline including Alphatec Solus, Trestle Luxe, Avalon
and Epicage; 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
U.S. and/or global revenues; continuation of favorable third party
payor reimbursement for procedures performed using Alphatec Spine's
products; 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 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) |
|
|
|
|
December 31, 2011 |
December 31, 2010 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash
equivalents |
$ 20,666 |
$ 23,168 |
Accounts receivable,
net |
41,711 |
39,777 |
Inventories, net |
45,916 |
51,635 |
Prepaid expenses and other
current assets |
6,888 |
6,652 |
Deferred income tax
assets |
1,248 |
1,592 |
Total current assets |
116,429 |
122,824 |
|
|
|
Property and equipment, net |
31,476 |
38,440 |
Goodwill |
168,609 |
170,194 |
Intangibles, net |
47,144 |
43,148 |
Other assets |
3,034 |
2,410 |
Total assets |
$ 366,692 |
$ 377,016 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 17,390 |
$ 15,957 |
Accrued expenses |
32,583 |
22,530 |
Deferred revenue |
2,768 |
3,396 |
Current portion of long-term
debt |
4,396 |
1,708 |
Total current liabilities |
57,137 |
43,591 |
|
|
|
Total long term
liabilities |
40,624 |
43,388 |
Redeemable preferred
stock |
23,603 |
23,603 |
Stockholders' equity |
245,328 |
266,434 |
Total liabilities and stockholders'
equity |
$ 366,692 |
$ 377,016 |
|
ALPHATEC HOLDINGS,
INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands,
except per share amounts - unaudited) |
|
|
|
|
|
|
Three Months Ended
December 31, |
Year Ended December
31, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Revenues |
$ 49,510 |
$ 46,018 |
$ 197,711 |
$ 171,610 |
Cost of revenues |
24,209 |
14,141 |
79,168 |
57,657 |
Amortization of acquired intangible
assets |
390 |
394 |
1,613 |
1,136 |
Total cost of revenues |
24,599 |
14,535 |
80,781 |
58,793 |
Gross profit |
24,911 |
31,483 |
116,930 |
112,817 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and development |
3,235 |
4,084 |
16,888 |
16,431 |
In-process research and
development |
-- |
-- |
-- |
2,967 |
Sales and marketing |
18,124 |
18,971 |
75,189 |
66,542 |
General and administrative |
9,660 |
9,578 |
36,367 |
31,078 |
Amortization of acquired
intangible assets |
523 |
533 |
2,152 |
1,535 |
Transaction related
expenses |
-- |
20 |
-- |
3,671 |
Restructuring expenses |
57 |
(7) |
1,050 |
2,382 |
Litigation settlement |
9,800 |
-- |
9,800 |
-- |
Total operating expenses |
41,399 |
33,179 |
141,446 |
124,606 |
Operating loss |
(16,488) |
(1,696) |
(24,516) |
(11,789) |
Interest and other income
(expense), net |
(941) |
(2,335) |
(2,172) |
(4,698) |
Loss from continuing operations before
taxes |
(17,429) |
(4,031) |
(26,688) |
(16,487) |
Income tax benefit |
(1,463) |
(1,155) |
(4,507) |
(2,054) |
Loss from continuing operations |
(15,966) |
(2,876) |
(22,181) |
(14,433) |
Income from discontinued
operations, net of tax |
-- |
-- |
-- |
78 |
|
|
|
|
|
Net loss |
$ (15,966) |
$ (2,876) |
$ (22,181) |
$ (14,355) |
|
|
|
|
|
Net loss per common share: |
|
|
|
|
Basic and diluted net loss from
continuing operations |
$ (0.18) |
$ (0.03) |
$ (0.25) |
$ (0.18) |
Basic and diluted net income
from discontinued operations |
-- |
-- |
-- |
-- |
Basic and diluted net loss per
share |
$ (0.18) |
$ (0.03) |
$ (0.25) |
$ (0.18) |
|
|
|
|
|
Weighted-average shares - basic and
diluted |
88,918 |
88,078 |
88,798 |
78,590 |
|
ALPHATEC HOLDINGS,
INC. |
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES |
(in thousands, except
per share amounts - unaudited) |
|
|
|
|
|
|
Three Months Ended
December 31, |
Year Ended December
31, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Operating loss, as reported |
$ (16,488) |
$ (1,696) |
$ (24,516) |
$ (11,789) |
Add back: |
|
|
|
|
Depreciation |
3,684 |
3,664 |
14,789 |
13,126 |
Amortization of intangible
assets |
340 |
204 |
1,322 |
1,449 |
Amortization of acquired
intangible assets |
913 |
927 |
3,765 |
2,671 |
Total EBITDA |
(11,551) |
3,099 |
(4,640) |
5,457 |
|
|
|
|
|
Add back significant items: |
|
|
|
|
Stock-based compensation |
497 |
851 |
2,425 |
3,177 |
In-process research and
development |
-- |
-- |
-- |
2,967 |
Acquisition-related inventory
step-up |
-- |
449 |
751 |
1,281 |
Transaction related
expenses |
-- |
20 |
-- |
3,671 |
Restructuring expenses |
57 |
(7) |
1,050 |
2,382 |
Litigation settlement |
9,800 |
-- |
9,800 |
-- |
|
|
|
|
|
EBITDA, as adjusted for significant
items |
$ (1,197) |
$ 4,412 |
$ 9,386 |
$ 18,935 |
|
|
|
|
|
Net loss, as reported |
$ (15,966) |
$ (2,876) |
$ (22,181) |
$ (14,355) |
Add back: |
|
|
|
|
In-process research and
development |
-- |
-- |
-- |
2,967 |
Acquisition-related inventory
step-up |
-- |
449 |
751 |
1,281 |
Amortization of acquired
intangible assets |
913 |
927 |
3,765 |
2,671 |
Transaction related
expenses |
-- |
20 |
-- |
3,671 |
Restructuring expenses |
57 |
(7) |
1,050 |
2,382 |
Litigation settlement |
9,800 |
-- |
9,800 |
-- |
|
|
|
|
|
Net loss, as adjusted for significant
items |
$ (5,196) |
$ (1,487) |
$ (6,815) |
$ (1,383) |
|
|
|
|
|
Net loss per common share - basic and
diluted |
$ (0.18) |
$ (0.03) |
$ (0.25) |
$ (0.18) |
Add back: |
|
|
|
|
In-process research and
development |
-- |
0.00 |
-- |
0.04 |
Acquisition-related inventory
step-up |
-- |
0.01 |
0.01 |
0.01 |
Amortization of acquired
intangible assets |
0.01 |
0.01 |
0.04 |
0.03 |
Transaction related
expenses |
-- |
0.00 |
-- |
0.05 |
Restructuring expenses |
-- |
(0.00) |
0.01 |
0.03 |
Litigation settlement |
0.11 |
-- |
0.11 |
-- |
|
|
|
|
|
Net loss per common share - basic and
diluted, as adjusted for significant items |
$ (0.06) |
$ (0.02) |
$ (0.08) |
$ (0.02) |
|
ALPHATEC HOLDINGS,
INC. |
RECONCILIATION OF
GEOGRAPHIC SEGMENT REVENUES AND GROSS PROFIT |
(in thousands, except
percentages - unaudited) |
|
|
|
|
|
Three Months Ended
December 31, |
|
Impact from Foreign |
|
2011 |
2010 |
% Change |
Currency |
|
|
|
|
|
Revenues by geographic segment |
|
|
|
|
U.S. |
$ 32,752 |
$ 32,117 |
2.0% |
0.0% |
International |
16,758 |
13,901 |
20.6% |
1.5% |
Total revenues |
$ 49,510 |
$ 46,018 |
7.6% |
0.5% |
|
|
|
|
|
Gross profit by geographic segment |
|
|
|
|
U.S. |
$ 18,728 |
$ 25,082 |
|
|
International |
6,183 |
6,401 |
|
|
Total gross profit |
$ 24,911 |
$ 31,483 |
|
|
|
|
|
|
|
Gross profit margin by geographic
segment |
|
|
|
|
U.S. |
57.2% |
78.1% |
|
|
International |
36.9% |
46.0% |
|
|
Total gross profit margin |
50.3% |
68.4% |
|
|
|
|
|
|
|
|
Year Ended December
31, |
|
Impact from Foreign |
|
2011 |
2010 |
% Change |
Currency |
|
|
|
|
|
Revenues by geographic segment |
|
|
|
|
U.S. |
$ 133,824 |
$ 119,880 |
11.6% |
0.0% |
International |
63,887 |
51,730 |
23.5% |
7.2% |
Total revenues |
$ 197,711 |
$ 171,610 |
15.2% |
2.3% |
|
|
|
|
|
Gross profit by geographic segment |
|
|
|
|
U.S. |
$ 87,085 |
$ 89,226 |
|
|
International |
29,845 |
23,591 |
|
|
Total gross profit |
$ 116,930 |
$ 112,817 |
|
|
|
|
|
|
|
Gross profit margin by geographic
segment |
|
|
|
|
U.S. |
65.1% |
74.4% |
|
|
International |
46.7% |
45.6% |
|
|
Total gross profit margin |
59.1% |
65.7% |
|
|
|
|
|
|
|
Footnotes: |
|
|
|
|
1) The impact from foreign
currency represents the percentage change in 2011 revenues due to
the change in foreign exchange rates for the periods
presented. |
|
ALPHATEC HOLDINGS,
INC. |
PRO FORMA REVENUES BY
GEOGRAPHIC SEGMENT |
(in thousands, except
percentages - unaudited) |
|
|
|
|
|
|
Three Months Ended
December 31, |
|
Impact from Foreign |
|
2011 |
2010 |
% Change |
Currency |
|
|
|
|
|
Pro Forma Revenues by geographic segment |
|
|
|
|
U.S. |
$ 32,752 |
$ 32,117 |
2.0% |
0.0% |
International |
16,758 |
13,901 |
20.6% |
1.5% |
Total revenues |
$ 49,510 |
$ 46,018 |
7.6% |
0.5% |
|
|
|
|
|
|
Year Ended December
31, |
|
Impact from Foreign |
|
2011 |
2010 |
% Change |
Currency |
|
|
|
|
|
Pro Forma Revenues by geographic segment |
|
|
|
|
U.S. |
$ 133,824 |
$ 122,855 |
8.9% |
0.0% |
International |
63,887 |
60,090 |
6.3% |
6.5% |
Total revenues |
$ 197,711 |
$ 182,945 |
8.1% |
2.1% |
|
|
|
|
|
Footnotes: |
|
|
|
|
1) Pro Forma revenues for
the periods presented include the results of Scient'x as if the
Scient'x acquisition had occurred on January 1, 2010. |
|
|
|
|
|
2) The impact from foreign
currency represents the percentage change in 2011 revenues due to
the change in foreign exchange rates for the periods
presented. |
CONTACT: Investor/Media Contact:
Mark Francois
Senior Director, Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
mfrancois@alphatecspine.com
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