Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of
Alphatec Spine, Inc., a medical device company that provides
physician-inspired solutions for patients with spinal disorders,
today announced its financial results for the third quarter of
fiscal year 2013, ended September 30, 2013.
Highlights of Alphatec Spine's Third Quarter and Recent
Activities:
- Third quarter 2013 total revenue was $50.2 million; up 7.2%
from the third quarter of 2012, or 10.7% on a constant currency
basis, representing broad growth in all of our markets.
- U.S. revenue was $33.7 million; up 8.8% from the third quarter
of 2012; excluding the revenue contributions of PureGen realized in
Q3 of 2012, U.S. revenue was up 15%. U.S. hospital implant
revenue was up 23.3%. Positive performance in the U.S. was the
result of continued solid unit volume gains in our core hospital
business and increased surgeon uptake across our various product
lines.
- International revenue was $16.5 million; up 4.0% from the third
quarter of 2012, or approximately 14.4% on a constant currency
basis. Strong operational performance was again attributable to the
Company's robust business in Japan, combined with thriving
underlying demand in Latin America, Asia and Europe.
- Adjusted EBITDA was $6.7 million, or 13.4% of revenues,
compared to $6.0 million, or 12.8% of revenues reported for the
third quarter of 2012, and $4.9 million, or 9.6% of revenues for
the second quarter of 2013.
- The planned restructuring of Scient'x S.A.S's and Surgiview
S.A.S's operations and the planned discontinuance of commercial
activities in France is anticipated to improve the gross margins
and overall profitability of our international businesses and is
anticipated to increase EBITDA by $6 to $7 million on an annualized
basis beginning in the second half of 2014.
- After ongoing dialog with the FDA, the Company has made the
business decision to discontinue PureGen from its product
portfolio. Investing in the significant clinical trial costs
and timelines to support the future commercialization of PureGen is
not a prudent use of Alphatec's resources at this time.
"When I came onboard as CEO eighteen months ago, I set out a
clear strategy for the company to strengthen the sales and
profitability of the organization," said Les Cross, Chairman and
CEO of Alphatec Spine. "This strategy was supported by key
operational initiatives to enhance the productivity of our global
sales organization, generate a continuous flow of new products,
improve overall margin structure and scale our business through
acquisitions of companies and key products. Today, I am
pleased to report that Alphatec's third quarter performance
demonstrates the tremendous progress we have made on each of these
initiatives."
"Our third quarter overall revenue performance continues to be
strong," continued Mr. Cross. "We are pleased to see the
progress we are making in the U.S. on unit volume sales to
hospitals as well as overall physician uptake of our
products. Additionally, our international business saw growth
across all major geographies in the third quarter. Japan
continues to deliver outstanding results. Excluding the impact
of foreign currency, our business in Japan grew 21% in the third
quarter of 2013 as compared to third quarter of 2012."
"We are also excited about the positive uptake we are seeing
with our newly launched products. Alphatec Solus, our latest
innovative lumbar interbody fusion device, and NEXoss, the
next-generation synthetic bone graft, have both gained traction
with surgeons in the third quarter and we expect this to continue
in 2013 and beyond."
"During the third quarter we also continued to deliver
operational savings and to further improve bottom-line
performance. In September we announced plans to restructure
our French operations as well as discontinue commercial operations
in France. This is a significant business decision for our
future financial performance as we expect that it will deliver
annualized adjusted EBITDA improvement of approximately $6 to $7
million beginning in the second half of 2014 once the restructuring
is complete. We are grateful for the significant contributions
of those employees who could be impacted by this plan and will do
everything we can to assist all affected employees and their
families. While these decisions are not always easy, we will
continue to identify and implement strategic cost reductions that
will drive overall improvement in gross margins and lower existing
cost structures."
"Overall, I am very proud of Alphatec's performance this year
and the third quarter results demonstrate our clarity of focus on
our strategy and delivering sustainable, positive results. The
foundation we have built over the last eighteen months is clearly
generating positive momentum and provides us with an extraordinary
opportunity to maximize future shareholder value. We are
committed to continue to identify ways in which we can
strategically drive top-line results while continuing our ongoing
fiscal discipline to improve future profitability."
Third Quarter Financial Results
The Financial results of the Company were impacted by two
non-recurring items that were charged in the third
quarter. Charges incurred as a result of the planned French
restructuring and discontinuance of PureGen are identified in an
additional table attached hereto to aid reconciliations to our
operating results. The Company expensed a total of $8.5
million associated with the planned French restructuring.
$4.5 million of this included non-cash charges that were
expensed to cost of goods sold to reflect a provision to write off
inventory and surgical instruments associated with the
discontinuation of commercial operations in France. The
remainder, $4.0 million, was charged as a non-recurring future cash
restructuring expense and reflects the French Social Plan costs for
the impacted employees and other costs associated with the planned
restructuring.
The Company also charged $3.5 million to cost of goods sold in
the quarter to reflect non-cash expenses associated with the
Company's decision to cease further commercial activities with
respect to PureGen.
Both of these items have been excluded from our non-GAAP
Adjusted EBITDA metric as we believe that the non-recurring nature
of these charges does not represent the underlying performance of
the Company.
Consolidated net revenues for the third quarter of 2013 ended
September 30, 2013 were $50.2 million, representing growth of 7.2%
compared to $46.8 million reported for the third quarter of 2012.
Excluding the effect of foreign currency conversion, net revenues
increased 10.7% during the quarter.
U.S. net revenues for the third quarter of 2013 were $33.7
million, an increase of 8.8%, compared to $31.0 million reported
for U.S. net revenues in the third quarter of 2012.
International net revenues for the third quarter of 2013 were
$16.5 million, representing growth of 4.0% compared to $15.9
million reported for the third quarter of 2012. Excluding the
effect of foreign currency conversion, international net revenues
increased 14.4% during the quarter.
Gross profit and gross margin for the third quarter of 2013 were
$24.2 million and 48.3%, respectively, compared to $29.6 million
and 63.3%, respectively, for the third quarter of 2012. When
gross profit and gross margin in the third quarter of 2013 are
adjusted for the two non-recurring items ($4.5 million for French
inventory and $3.5 million for PureGen), gross profit and gross
margin would be $32.3 million and 64.3%, respectively, reflecting
continued performance at managing costs in a challenging
environment for both pricing and product mix.
Total operating expenses for the third quarter of 2013 were
$37.4 million, or 74.5% of revenues, reflecting an increase of
approximately $5.8 million compared to the third quarter of
2012. The variance is driven by the $4.0 million restructuring
charge, legal expenses associated with current litigation matters
and the medical device excise tax.
GAAP net loss for the third quarter of 2013 was $14.5 million or
($0.15) per share (basic and diluted), compared to a net loss of
$2.5 million, or ($0.03) per share (basic and diluted) for the
third quarter of 2012. Non-GAAP EPS when adjusted for the two
non-recurring items and the amortization of intangible assets is
$0.01 per share (basic and diluted), compared to $0.01 per share
(basic and diluted) for the third quarter of 2012.
Adjusted EBITDA in the third quarter of 2013 was $6.7 million,
or 13.4% of revenues, compared to $6.0 million, or 12.8% of
revenues reported for the third quarter of 2012. Adjusted EBITDA
represents net income or loss excluding the effects of interest,
taxes, depreciation, amortization, stock-based compensation, and
other non-recurring items, such as restructuring expenses,
IPR&D and transaction-related expenses.
Cash and cash equivalents were $18.7 million at September 30,
2013, compared to $22.2 million reported at December 31,
2012.
2013 Financial Guidance
The Company expects full-year revenues for 2013 to be
approximately $204 million on an as-reported basis, which
represents an increase of 3.9% from 2012 or approximately 6.5% on a
constant currency basis from 2012. The Company anticipates Non
GAAP Adjusted EBITDA to be in the range of $24 million to $25
million, or approximately 21% to 26% over 2012, and representing
approximately 12% of revenue.
Conference Call
Alphatec Spine will webcast its Quarterly Update Call today at
5:00 p.m. EST / 2:00 p.m. PST. Les Cross, Alphatec's Chairman
and CEO will lead the call. During the call the Company plans
to provide further details underlying its third quarter 2013
financial results.
To access the webcast, please log on to www.alphatecspine.com
approximately fifteen minutes prior to the call to register,
download and install any necessary audio software. For those
without access to the internet, the live call may be accessed by
phone by calling toll-free (877) 556-5251 (U.S. / Canada) or (720)
545-0036 (international), participant passcode number
90531878. A replay of the call will also be available on the
investor relations section of Alphatec Spine's website for at least
30 days.
Non-GAAP Information
Alphatec Spine reports certain non-GAAP financial measures such
as non-GAAP earnings and earnings per share, adjusted for effects
of amortization and other non-recurring or expense items, such as
loss on extinguishment of debt, restructuring expenses and
transaction-related expenses. 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 severance
expense and transaction-related expenses. 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. For completeness, Management uses
non-GAAP adjusted EBITDA in conjunction with GAAP earnings and
earnings per common share measures. These non-GAAP financial
measures 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
measure.
About Alphatec Spine
Alphatec Spine, Inc., a wholly owned subsidiary of Alphatec
Holdings, Inc., is a medical device company that designs, develops,
manufactures and markets physician-inspired products and solutions
for the treatment of spinal disorders associated with trauma,
congenital deformities, disease and degeneration. The Company's
mission is to combine innovative surgical solutions with
world-class customer service to improve outcomes and patient
quality of life. The Company and its affiliates market products in
the U.S. and in over 50 countries internationally via a direct
sales force and independent distributors.
Additional information can be found at
www.alphatecspine.com.
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 2013
revenue (including without limitation, the approximated revenues
for Q4 2013 that are set forth in this press release) and adjusted
EBITDA projections; the success of the Company to achieve the gross
margin, profitability and adjusted EBITDA improvements of the
French restructuring in the anticipated timeframes; the ability of
the Company to minimize the revenue loss associated with the French
restructuring; the success of the Company's initiatives to drive
global sales growth, increase margins and increase operating
efficiencies. 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
uncertainties regarding the ability to successfully license or
acquire new products, and the commercial success of such products;
failure to achieve acceptance of Alphatec Spine's products by the
surgeon community, including the Alphatec Solus, and NeXoss
products discussed in this press release; failure to successfully
implement streamlining activities to create anticipated savings;
failure to successfully begin in-house manufacturing of certain
products; failure to obtain FDA clearance or approval or
international regulatory approvals for new products, including the
products discussed in this press release, 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; failure to meet all
financial obligations in the Cross Medical settlement or its credit
agreement; an unsuccessful outcome in any material litigation in
which the Company is a defendant; patent infringement claims and
claims related to Alphatec Spine's intellectual property. 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.
Please refer to the risks detailed from time to time in Alphatec
Spine's SEC reports, including its Annual Report Form 10-K for the
year ended December 31, 2012, filed on March 4, 2013 with the
Securities and Exchange Commission, as well as other filings on
Form 10-Q and periodic filings on Form 8-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
STATEMENTS OF OPERATIONS |
(in thousands, except
per share amounts - unaudited) |
|
|
Three Months Ended |
Nine Months Ended |
|
September 30, |
September 30, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Revenues |
$ 50,196 |
$ 46,839 |
$ 151,659 |
$ 143,535 |
Cost of revenues |
25,532 |
16,844 |
61,303 |
50,773 |
Amortization of acquired intangible
assets |
432 |
362 |
1,289 |
1,114 |
Total cost of revenues |
25,964 |
17,206 |
62,592 |
51,887 |
Gross profit |
24,232 |
29,633 |
89,067 |
91,648 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and development |
3,028 |
3,216 |
10,376 |
11,003 |
Sales and marketing |
18,149 |
17,778 |
55,804 |
55,843 |
General and administrative |
11,443 |
9,758 |
34,018 |
28,714 |
Amortization of acquired intangible
assets |
741 |
491 |
2,255 |
1,574 |
Transaction related costs |
-- |
364 |
-- |
364 |
Restructuring expenses |
4,045 |
-- |
4,045 |
-- |
Total operating expenses |
37,406 |
31,607 |
106,498 |
97,498 |
Operating loss |
(13,174) |
(1,974) |
(17,431) |
(5,850) |
Interest and other income (expense),
net |
(836) |
(533) |
(3,506) |
(5,013) |
Loss from continuing operations before
taxes |
(14,010) |
(2,507) |
(20,937) |
(10,863) |
Income tax provision (benefit) |
500 |
(38) |
883 |
(759) |
Net loss |
$ (14,510) |
$ (2,469) |
$ (21,820) |
$ (10,104) |
|
|
|
|
|
Net loss per common share: |
|
|
|
|
Basic and diluted net loss per share |
$ (0.15) |
$ (0.03) |
$ (0.23) |
$ (0.11) |
|
|
|
|
|
Weighted-average shares - basic and
diluted |
96,381 |
89,503 |
96,046 |
89,222 |
|
|
ALPHATEC HOLDINGS,
INC. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(in thousands -
unaudited) |
|
|
|
|
September 30, |
December 31, |
|
2013 |
2012 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 18,654 |
$ 22,241 |
Accounts receivable, net |
41,738 |
41,012 |
Inventories, net |
43,139 |
49,855 |
Prepaid expenses and other current
assets |
6,069 |
5,953 |
Deferred income tax assets |
2,874 |
2,991 |
Total current assets |
112,474 |
122,052 |
|
|
|
Property and equipment, net |
29,515 |
30,403 |
Goodwill |
181,390 |
180,838 |
Intangibles, net |
40,744 |
46,856 |
Other assets |
2,012 |
1,978 |
Total assets |
$ 366,135 |
$ 382,127 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 14,171 |
$ 15,237 |
Accrued expenses |
35,952 |
38,490 |
Deferred revenue |
1,264 |
1,361 |
Current portion of long-term
debt |
4,984 |
1,700 |
Total current liabilities |
56,371 |
56,788 |
|
|
|
Total long term liabilities |
57,191 |
55,920 |
Redeemable preferred stock |
23,603 |
23,603 |
Stockholders' equity |
228,970 |
245,816 |
Total liabilities and stockholders'
equity |
$ 366,135 |
$ 382,127 |
|
|
ALPHATEC HOLDINGS,
INC. |
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES |
(in thousands, except
per share amounts - unaudited) |
|
|
|
|
|
|
Three Months Ended |
Nine Months Ended |
|
September 30, |
September 30, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Operating loss, as reported |
$ (13,174) |
$ (1,974) |
$ (17,431) |
$ (5,850) |
Add back: |
|
|
|
|
Depreciation |
3,677 |
3,542 |
10,852 |
10,536 |
Amortization of intangible assets |
2,525 |
1,405 |
5,568 |
4,199 |
Amortization of acquired intangible
assets |
1,173 |
853 |
3,544 |
2,688 |
Total EBITDA |
(5,799) |
3,826 |
2,533 |
11,573 |
|
|
|
|
|
Add back significant items: |
|
|
|
|
Stock-based compensation |
853 |
1,000 |
2,832 |
2,210 |
In-process research and development |
-- |
-- |
-- |
-- |
Transaction related expenses |
-- |
364 |
-- |
364 |
Restructuring and other charges |
11,666 |
793 |
12,321 |
793 |
|
|
|
|
|
EBITDA, as adjusted for significant
items |
$ 6,720 |
$ 5,983 |
$ 17,686 |
$ 14,940 |
|
|
|
|
|
|
|
|
|
|
Net loss, as reported |
$ (14,510) |
$ (2,469) |
$ (21,820) |
$ (10,104) |
Add back: |
|
|
|
|
In-process research and development |
-- |
-- |
-- |
-- |
Amortization of acquired intangible
assets |
1,173 |
853 |
3,544 |
2,688 |
Amortization of intangible assets |
2,525 |
1,405 |
5,568 |
4,199 |
Loss on extinguishment of debt |
-- |
-- |
-- |
2,910 |
Transaction related expenses |
-- |
364 |
-- |
364 |
Restructuring and other charges |
11,666 |
793 |
12,321 |
793 |
|
|
|
|
|
Net loss, as adjusted for significant
items |
$ 854 |
$ 946 |
$ (387) |
$ 850 |
|
|
|
|
|
|
|
|
|
|
Net loss per common share - basic and
diluted |
$ (0.15) |
$ (0.03) |
$ (0.23) |
$ (0.11) |
Add back: |
|
|
|
|
Amortization of acquired intangible
assets |
0.01 |
0.01 |
0.04 |
0.03 |
Amortization of intangible assets |
0.03 |
0.02 |
0.06 |
0.05 |
Loss on extinguishment of debt |
-- |
-- |
-- |
0.03 |
Transaction related expense |
-- |
0.00 |
-- |
0.00 |
Restructuring and other charges |
0.12 |
0.01 |
0.13 |
0.01 |
|
|
|
|
|
Net loss per common share - basic
and diluted, as adjusted for significant items |
$ 0.01 |
$ 0.01 |
$ (0.00) |
$ 0.01 |
|
|
|
|
|
Weighted-average shares - basic and
diluted |
96,381 |
89,503 |
96,046 |
89,222 |
|
|
ALPHATEC HOLDINGS,
INC. |
RECONCILIATION OF
GEOGRAPHIC SEGMENT REVENUES AND GROSS PROFIT |
(in thousands, except
percentages - unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
% Change |
|
September 30, |
% Change |
% Change |
Foreign |
|
2013 |
2012 |
As Reported |
Operations |
Currency |
|
|
|
|
|
|
Revenues by geographic segment |
|
|
|
|
|
U.S. |
$ 33,696 |
$ 30,980 |
8.8% |
8.8% |
0.0% |
International |
16,500 |
15,859 |
4.0% |
14.4% |
-10.4% |
Total revenues |
$ 50,196 |
$ 46,839 |
7.2% |
10.7% |
-3.5% |
|
|
|
|
|
|
Gross profit by geographic segment |
|
|
|
|
|
U.S. |
$ 19,754 |
$ 21,360 |
|
|
|
International |
4,478 |
8,273 |
|
|
|
Total gross profit |
$ 24,232 |
$ 29,633 |
|
|
|
|
|
|
|
|
|
Gross profit margin by geographic
segment |
|
|
|
|
|
U.S. |
58.6% |
68.9% |
|
|
|
International |
27.1% |
52.2% |
|
|
|
Total gross profit margin |
48.3% |
63.3% |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
% Change |
|
September 30, |
% Change |
% Change |
Foreign |
|
2013 |
2012 |
As Reported |
Operations |
Currency |
|
|
|
|
|
|
Revenues by geographic segment |
|
|
|
|
|
U.S. |
$ 99,249 |
$ 96,430 |
2.9% |
2.9% |
0.0% |
International |
52,410 |
47,105 |
11.3% |
20.6% |
-9.3% |
Total revenues |
$ 151,659 |
$ 143,535 |
5.7% |
8.7% |
-3.0% |
|
|
|
|
|
|
Gross profit by geographic segment |
|
|
|
|
|
U.S. |
$ 64,778 |
$ 66,785 |
|
|
|
International |
24,289 |
24,863 |
|
|
|
Total gross profit |
$ 89,067 |
$ 91,648 |
|
|
|
|
|
|
|
|
|
Gross profit margin by geographic
segment |
|
|
|
|
|
U.S. |
65.3% |
69.3% |
|
|
|
International |
46.3% |
52.8% |
|
|
|
Total gross profit margin |
58.7% |
63.9% |
|
|
|
|
|
|
|
|
|
Footnotes: |
|
|
|
|
|
1) The impact from foreign
currency represents the percentage change in 2013 revenues due to
the change in foreign exchange rates for the periods
presented. |
|
|
|
|
|
|
|
ALPHATEC HOLDINGS,
INC. |
NON-GAAP CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands,
except per share amounts - unaudited) |
|
|
|
|
|
|
Three Months Ended
September 30, 2013 |
|
|
Non-GAAP |
|
|
|
GAAP |
Adjustments |
|
Non-GAAP |
|
|
|
|
|
Revenues |
$ 50,196 |
$ -- |
|
$ 50,196 |
Cost of revenues |
25,532 |
(8,045) |
(a) (b) |
17,487 |
Amortization of acquired intangible
assets |
432 |
|
|
432 |
Total cost of revenues |
25,964 |
(8,045) |
|
17,919 |
Gross profit |
24,232 |
8,045 |
|
32,277 |
|
48.3% |
|
|
64.3% |
Operating expenses: |
|
|
|
|
Research and development |
3,028 |
-- |
|
3,028 |
Sales and marketing |
18,149 |
|
|
18,149 |
General and administrative |
11,443 |
(469) |
(c) |
10,974 |
Amortization of acquired intangible
assets |
741 |
|
|
741 |
Transaction related costs |
-- |
|
|
-- |
Restructuring expenses |
4,045 |
(4,045) |
(d) |
-- |
Total operating expenses |
37,406 |
(4,514) |
|
32,892 |
Operating loss |
(13,174) |
12,559 |
|
(615) |
Interest and other income (expense),
net |
(836) |
|
|
(836) |
Loss from continuing operations before
taxes |
(14,010) |
12,559 |
|
(1,451) |
Income tax provision (benefit) |
500 |
|
|
500 |
Net loss |
$ (14,510) |
$ 12,559 |
|
$ (1,951) |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2013 |
|
|
Non-GAAP |
|
|
|
GAAP |
Adjustments |
|
Non-GAAP |
|
|
|
|
|
Revenues |
$ 151,659 |
$ -- |
|
$ 151,659 |
Cost of revenues |
61,303 |
(8,045) |
(a) (b) |
53,258 |
Amortization of acquired intangible
assets |
1,289 |
|
|
1,289 |
Total cost of revenues |
62,592 |
(8,045) |
|
54,547 |
Gross profit |
89,067 |
8,045 |
|
97,112 |
|
58.7% |
|
|
64.0% |
Operating expenses: |
|
|
|
|
Research and development |
10,376 |
(162) |
(e) |
10,214 |
Sales and marketing |
55,804 |
|
|
55,804 |
General and administrative |
34,018 |
(962) |
(c) |
33,056 |
Amortization of acquired intangible
assets |
2,255 |
|
|
2,255 |
Transaction related costs |
-- |
|
|
-- |
Restructuring expenses |
4,045 |
(4,045) |
(d) |
-- |
Total operating expenses |
106,498 |
(5,169) |
|
101,329 |
Operating loss |
(17,431) |
13,214 |
|
(4,217) |
Interest and other income (expense),
net |
(3,506) |
|
|
(3,506) |
Loss from continuing operations before
taxes |
(20,937) |
13,214 |
|
(7,723) |
Income tax provision (benefit) |
883 |
|
|
883 |
Net loss |
$ (21,820) |
$ 13,214 |
|
$ (8,606) |
|
|
|
|
|
Notes: |
|
|
|
|
(a) Write-off of inventory and
intangibles of $3.5 million related to the Company's Puregen
product. |
(b) Record inventory and
instrument net book value adjustment of $4.5 million related to the
restructuring of the Company's French operations. |
(c) Amount primarily relates to
Phygen related severance benefits. |
(d) Facility closing costs
accrued for the restructuring of the Company's French
operations. |
(e) Expense of in-process
research and development. |
CONTACT: Investor/Media Contact:
Christine Zedelmayer
Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
czedelmayer@alphatecspine.com
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