Alphatec Holdings, Inc. (Nasdaq: ATEC), a provider of innovative
solutions dedicated to revolutionizing the approach to spine
surgery, today announced financial results for the quarter and year
ended December 31, 2020, and recent corporate highlights.
Fourth Quarter and
Full Year
2020 Financial Results
|
Quarter EndedDecember 31, 2020 |
Year EndedDecember 31, 2020 |
Total revenues |
$44.0 million |
$144.9 million |
U.S. revenue |
$43.1 million |
$141.1 million |
U.S. gross margin |
72.5% |
72.5% |
Operating expenses |
$48.4 million |
$161.4 million |
Non-GAAP operating expenses |
$40.4 million |
$131.4 million |
Operating loss |
($17.0) million |
($58.9) million |
Non-GAAP adjusted EBITDA |
($4.1) million |
($10.4) million |
Ending Cash Balance |
$107.8 million |
Recent Highlights
-
Expanded contribution from new products to 75% of
Q4 U.S. revenue, up from 48% in Q4 2019;
-
Increased Q4 average U.S. revenue per case by 13%
year-over-year, driven by continued strong performance from
AlphaInformatiX and lateral interbody fusion (LIF), which includes
Prone TransPsoas (PTP™);
-
Continued sales network transformation, resulting in 47%
year-over-year revenue growth from strategic distribution in
Q4;
-
Increased Q4 revenue per surgeon by 15% year-over-year;
-
Advanced clinical distinction with 11 new product launches in 2020,
including the Q4 release of the novel PTP procedure, of which, well
over 1,000 surgeries have been successfully performed;
- Announced
agreement and planned tender offer to acquire EOS imaging, S.A.
(“EOS”), taking another significant step toward advancing ATEC
clinical prowess with improved information from diagnosis to
follow-up; and
- Secured over
$250 million of new capital through public and private placements
of common stock to fully fund the acquisition of EOS and provide
additional operating capital.
“It’s no accident that ATEC has averaged nearly
30% revenue growth over the past eight quarters,” said Pat Miles,
Chairman and Chief Executive Officer. “We are committed to the
intentional, methodical task of compelling surgeon adoption through
clinical distinction and to evolving our increasingly exclusive
sales footprint. We will continue expanding market share by
remaining focused on the priorities that got us here. I am
confident that the clinical prowess and relentless determination of
our team, coupled with our expanding information-based technology
platform, will allow us to continue to lead the industry in
advancing spine surgery.”
Comparison
of Selected GAAP and
Non-GAAP Financial Results for the Fourth
Quarter
2020 to Fourth Quarter
2019
Revenue from U.S. products for the
fourth quarter 2020 was $43.1 million, up 38% compared
to $31.1 million in the fourth 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 fourth quarter 2020
were $31.3 million and 72.5%, respectively, compared
to $22.1 million and 71.1%, respectively, for the fourth
quarter 2019. On a non-GAAP basis, excluding non-cash excess and
obsolete charges, U.S. gross margin was 76.3% in the
fourth quarter of 2020, compared to 78.1% in the fourth 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 fourth quarter
2020 were $48.4 million compared to $36.7
million in the fourth quarter 2019. On a non-GAAP basis,
excluding stock-based compensation, litigation, restructuring, and
transaction-related expenses, and a contingent consideration fair
value adjustment in 2019, total operating expenses increased
to $40.4 million from $29.2 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, restructuring, and
transaction-related expenses, a contingent consideration fair value
adjustment in 2019 and excess and obsolescence charges,
was $7.3 million for the fourth quarter 2020, compared to
a loss of $4.8 million for the fourth quarter 2019.
Non-GAAP adjusted EBITDA, which excludes
stock-based compensation, litigation, restructuring, and
transaction-related expenses, a contingent consideration fair value
adjustment in 2019 and excess and obsolescence charges was a loss
of $4.1 million for the fourth quarter 2020, compared to a
loss of $2.6 million in the fourth quarter 2019.
For more detailed information on non-GAAP
calculations, please refer to the table, “Alphatec Holdings, Inc.
Reconciliation of Non-GAAP Financial Measures,” that follows.
Cash and cash equivalents at December 31,
2020, were $107.8 million, with an additional $40.0
million available under the credit facility with Squadron
Capital (the “Squadron facility”). Including gross proceeds
from the December 2020 private placement, which closed in March
2021, pro forma cash and available cash at December 31, 2020, was
approximately $280 million.
Current and long-term debt at face value as
of December 31, 2020, includes $45 million in
term debt under the Squadron facility.
Financial
Outlook for the Full Year 2021
The Company continues to expect 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 second
quarter 2021.
The Company remains subject to the potential and
uncertain impact of the ongoing COVID-19 pandemic. If hospitals
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.
EOS Tender Offer
On or before March 5, 2021, ATEC expects to file
a draft offer document with the French financial market authority,
Autorité des marchés financiers (“AMF”), relating to its
Tender Offer Agreement (the “Tender Offer Agreement”) with EOS to
purchase all of the issued and outstanding ordinary shares (“EOS
Shares”) and outstanding convertible bonds (“OCEANEs”), of EOS.
Subject to clearance by the French Ministry of
the Economy and Finance and AMF, the Offer will consist of a cash
tender offer price of €2.45 (or approximately $2.99) per EOS Share
and €7.01 (or approximately $8.55) per OCEANE, respectively, for a
total purchase price of approximately $117 million. Once
approved, the Offer will be open for tender during an initial
acceptance period of 25 Euronext Paris trading days. The obligation
of ATEC or its affiliates to purchase EOS Shares and OCEANEs
pursuant to the Offer is subject to the satisfaction or waiver of
the condition that a number of EOS Shares and OCEANE have been
validly tendered that would allow ATEC to acquire at least
two-thirds of the share capital and voting rights of EOS on a fully
diluted basis at the end of the acceptance period of the Offer. The
settlement and delivery of the EOS Shares and OCEANEs tendered into
the Offer will occur shortly after the end of the initial
acceptance period of the Offer. The Offer will then reopen for a
subsequent acceptance period of 10 Euronext Paris trading days.
If ATEC and / or its affiliates own 90% or more
of EOS’ share capital and voting rights upon closing of the initial
or subsequent offer acceptance period, ATEC shall implement a
mandatory squeeze out on any remaining non-tendered EOS Shares
pursuant to applicable French laws and regulations. A squeeze-out
of the OCEANEs may also be implemented if ATEC and/or its
affiliates own 90% or more of EOS Shares on an as-converted
basis.
The transaction is expected to close in the
second quarter of 2021.
Financing Matters
In connection with the proposed acquisition of
EOS in December 2020, ATEC announced a definitive securities
purchase agreement to raise $138 million in a private placement of
common stock at a price of $11.11 per share. The private placement,
which closed on March 1, 2021, generated net proceeds of
approximately $132 million after placement fees.
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 can
be accessed by visiting the Investor Relations section of ATEC’s
corporate website at https://investors.alphatecspine.com/investors.
To dial in to the webcast, please visit the
following registration link:
http://www.directeventreg.com/registration/event/8357697. Once
registered, participants will be provided with access details and a
registrant ID.
A replay of the webcast will remain available
through the Investor Relations section of ATEC’s Corporate Website
at https://investors.alphatecspine.com/investors for
twelve months. In addition, a replay of the audiocast will be
available beginning two hours after the call’s completion
until April 11, 2021. The replay dial-in numbers are
(800)585-8367 for domestic callers and (416)621-4642 for
international callers. Please use the replay conference ID number
8357697.
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. ATEC’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, the
Company’s future ability to finance its operations and statements
about the anticipated acquisition of EOS imaging, S.A. 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; and uncertainties and risks related to the
proposed tender offer EOS Imaging, S.A. 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, CFAInvestor Relations (760)
494-6790 investorrelations@atecspine.com
Company Contact: Jeff Black
Chief Financial Officer
investorrelations@atecspine.com
ALPHATEC
HOLDINGS, INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Revenues: |
|
|
|
|
|
|
|
Revenue from U.S. products |
$ |
43,123 |
|
|
$ |
31,143 |
|
|
$ |
141,079 |
|
|
$ |
108,242 |
|
Revenue from international supply agreement |
|
831 |
|
|
|
1,209 |
|
|
|
3,782 |
|
|
|
5,185 |
|
Total revenues |
|
43,954 |
|
|
|
32,352 |
|
|
|
144,861 |
|
|
|
113,427 |
|
Cost of
revenues |
|
12,563 |
|
|
|
10,145 |
|
|
|
42,360 |
|
|
|
35,833 |
|
Gross
profit |
|
31,391 |
|
|
|
22,207 |
|
|
|
102,501 |
|
|
|
77,594 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and development |
|
5,355 |
|
|
|
3,436 |
|
|
|
18,745 |
|
|
|
13,849 |
|
Sales, general and administrative |
|
39,725 |
|
|
|
28,976 |
|
|
|
129,156 |
|
|
|
101,714 |
|
Litigation-related |
|
3,045 |
|
|
|
4,122 |
|
|
|
8,552 |
|
|
|
8,549 |
|
Amortization of acquired intangible assets |
|
172 |
|
|
|
172 |
|
|
|
688 |
|
|
|
698 |
|
Transaction-related |
|
130 |
|
|
|
— |
|
|
|
4,223 |
|
|
|
— |
|
Restructuring |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60 |
|
Total
operating expenses |
|
48,427 |
|
|
|
36,706 |
|
|
|
161,364 |
|
|
|
124,870 |
|
Operating
loss |
|
(17,036 |
) |
|
|
(14,499 |
) |
|
|
(58,863 |
) |
|
|
(47,276 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
Interest and other expense, net |
|
(3,700 |
) |
|
|
(2,899 |
) |
|
|
(12,374 |
) |
|
|
(9,865 |
) |
Loss on debt extinguishment |
|
(6,057 |
) |
|
|
— |
|
|
|
(7,612 |
) |
|
|
— |
|
Total other expenses, net |
|
(9,757 |
) |
|
|
(2,899 |
) |
|
|
(19,986 |
) |
|
|
(9,865 |
) |
Loss from
continuing operations before taxes |
|
(26,793 |
) |
|
|
(17,398 |
) |
|
|
(78,849 |
) |
|
|
(57,141 |
) |
Income tax provision |
|
5 |
|
|
|
(361 |
) |
|
|
145 |
|
|
|
(239 |
) |
Loss from
continuing operations |
|
(26,798 |
) |
|
|
(17,037 |
) |
|
|
(78,994 |
) |
|
|
(56,902 |
) |
Loss from discontinued operations |
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
(100 |
) |
Net
loss |
$ |
(26,798 |
) |
|
$ |
(17,031 |
) |
|
$ |
(78,994 |
) |
|
$ |
(57,002 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share, basic and diluted: |
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.35 |
) |
|
$ |
(0.28 |
) |
|
$ |
(1.18 |
) |
|
$ |
(1.09 |
) |
Discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss per
share, basic and diluted |
$ |
(0.35 |
) |
|
$ |
(0.28 |
) |
|
$ |
(1.18 |
) |
|
$ |
(1.09 |
) |
|
|
|
|
|
|
|
|
Shares used
in calculating basic and diluted net loss per share |
|
77,098 |
|
|
|
61,139 |
|
|
|
67,020 |
|
|
|
52,234 |
|
|
|
|
|
|
|
|
|
Stock-based compensation included in: |
|
|
|
|
|
|
|
Cost of
revenue |
$ |
138 |
|
|
$ |
33 |
|
|
$ |
512 |
|
|
$ |
146 |
|
Research and
development |
|
632 |
|
|
|
209 |
|
|
|
2,114 |
|
|
|
752 |
|
Sales,
general and administrative |
|
4,202 |
|
|
|
3,148 |
|
|
|
15,033 |
|
|
|
10,058 |
|
|
$ |
4,972 |
|
|
$ |
3,390 |
|
|
$ |
17,659 |
|
|
$ |
10,956 |
|
|
|
|
|
|
|
|
|
ALPHATEC
HOLDINGS, INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in
thousands) |
|
|
|
|
|
|
|
|
|
December
31, |
December
31, |
|
|
2020 |
|
|
2019 |
|
|
|
|
ASSETS |
Current
assets: |
|
|
|
Cash |
$ |
107,765 |
|
$ |
47,113 |
Accounts receivable, net |
|
23,527 |
|
|
16,150 |
Inventories, net |
|
46,001 |
|
|
34,854 |
Prepaid expenses and other current assets |
|
5,439 |
|
|
9,880 |
Withholding tax receivable from Officer |
|
1,076 |
|
|
— |
Current assets of discontinued operations |
|
352 |
|
|
321 |
Total
current assets |
|
184,160 |
|
|
108,318 |
|
|
|
|
Property and
equipment, net |
|
36,670 |
|
|
19,722 |
Right-of-use
asset |
|
1,177 |
|
|
1,860 |
Goodwill |
|
13,897 |
|
|
13,897 |
Intangibles,
net |
|
24,720 |
|
|
25,605 |
Other
assets |
|
541 |
|
|
493 |
Noncurrent
assets of discontinued operations |
|
58 |
|
|
53 |
Total
assets |
$ |
261,223 |
|
$ |
169,948 |
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
Current
liabilities: |
|
|
|
Accounts payable |
$ |
17,599 |
|
$ |
7,772 |
Accrued expenses |
|
35,231 |
|
|
26,416 |
Current portion of long-term debt |
|
4,200 |
|
|
489 |
Current portion of lease liability |
|
885 |
|
|
1,314 |
Current liabilities of discontinued operations |
|
397 |
|
|
399 |
Total
current liabilities |
|
58,312 |
|
|
36,390 |
|
|
|
|
Total long term liabilities |
|
49,428 |
|
|
66,324 |
|
|
|
|
Redeemable preferred stock |
|
23,603 |
|
|
23,603 |
Stockholders' equity |
|
129,880 |
|
|
43,631 |
Total
liabilities and stockholders' equity |
$ |
261,223 |
|
$ |
169,948 |
|
|
|
|
ALPHATEC
HOLDINGS, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
(unaudited) |
Operating
expenses |
|
48,427 |
|
|
|
36,706 |
|
|
|
161,364 |
|
|
124,870 |
|
Adjustments: |
|
|
|
|
|
|
Stock-based compensation |
|
(4,834 |
) |
|
|
(3,357 |
) |
|
|
(17,147 |
) |
|
(10,810 |
) |
Contingent consideration fair value adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
(289 |
) |
Litigation-related expenses |
|
(3,045 |
) |
|
|
(4,122 |
) |
|
|
(8,552 |
) |
|
(8,549 |
) |
Restructuring |
|
— |
|
|
|
— |
|
|
|
— |
|
|
(60 |
) |
Transaction-related expenses |
|
(130 |
) |
|
|
— |
|
|
|
(4,223 |
) |
|
— |
|
Non-GAAP
operating expenses |
$ |
40,418 |
|
|
$ |
29,227 |
|
|
$ |
131,442 |
|
$ |
105,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
(unaudited) |
Operating
loss, as reported |
$ |
(17,036 |
) |
|
$ |
(14,499 |
) |
|
$ |
(58,863 |
) |
$ |
(47,276 |
) |
Add back
significant items: |
|
|
|
|
|
|
Stock-based compensation |
|
4,972 |
|
|
|
3,390 |
|
|
|
17,659 |
|
|
10,956 |
|
Contingent consideration fair value adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
289 |
|
Litigation-related expenses |
|
3,045 |
|
|
|
4,122 |
|
|
|
8,552 |
|
|
8,549 |
|
Restructuring |
|
— |
|
|
|
— |
|
|
|
— |
|
|
60 |
|
Transaction-related expenses |
|
130 |
|
|
|
— |
|
|
|
4,223 |
|
|
— |
|
Excess & obsolete charges |
|
1,615 |
|
|
|
2,173 |
|
|
|
7,044 |
|
|
8,624 |
|
Adjusted
operating loss |
|
(7,274 |
) |
|
|
(4,814 |
) |
|
|
(21,385 |
) |
|
(18,798 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss, as reported |
$ |
(17,036 |
) |
|
$ |
(14,499 |
) |
|
$ |
(58,863 |
) |
$ |
(47,276 |
) |
Depreciation |
|
2,704 |
|
|
|
1,947 |
|
|
|
9,186 |
|
|
6,775 |
|
Amortization of intangible assets |
|
441 |
|
|
|
277 |
|
|
|
1,763 |
|
|
803 |
|
EBITDA |
|
(13,891 |
) |
|
|
(12,275 |
) |
|
|
(47,914 |
) |
|
(39,698 |
) |
Add back
significant items: |
|
|
|
|
|
|
Stock-based compensation |
|
4,972 |
|
|
|
3,390 |
|
|
|
17,659 |
|
|
10,956 |
|
Contingent consideration fair value adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
289 |
|
Litigation-related expenses |
|
3,045 |
|
|
|
4,122 |
|
|
|
8,552 |
|
|
8,549 |
|
Restructuring |
|
— |
|
|
|
— |
|
|
|
— |
|
|
60 |
|
Transaction-related expenses |
|
130 |
|
|
|
— |
|
|
|
4,223 |
|
|
— |
|
Excess & obsolete charges |
|
1,615 |
|
|
|
2,173 |
|
|
|
7,044 |
|
|
8,624 |
|
Adjusted
EBITDA |
$ |
(4,129 |
) |
|
$ |
(2,590 |
) |
|
$ |
(10,436 |
) |
$ |
(11,220 |
) |
|
|
|
|
|
|
|
ALPHATEC
HOLDINGS, INC. |
RECONCILIATION OF GEOGRAPHIC SEGMENT REVENUES AND GROSS
PROFIT |
(in
thousands, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Revenues by
source |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Revenue from
U.S. products |
$ |
43,123 |
|
|
$ |
31,143 |
|
|
$ |
141,079 |
|
|
$ |
108,242 |
|
Revenue from
international supply agreement |
|
831 |
|
|
|
1,209 |
|
|
|
3,782 |
|
|
$ |
5,185 |
|
Total
revenues |
$ |
43,954 |
|
|
$ |
32,352 |
|
|
$ |
144,861 |
|
|
$ |
113,427 |
|
|
|
|
|
|
|
|
|
Gross profit
by source |
|
|
|
|
|
|
|
Revenue from
U.S. products |
$ |
31,282 |
|
|
$ |
22,148 |
|
|
$ |
102,248 |
|
|
$ |
77,235 |
|
Revenue from
international supply agreement |
|
109 |
|
|
|
59 |
|
|
|
253 |
|
|
|
359 |
|
Total gross
profit |
$ |
31,391 |
|
|
$ |
22,207 |
|
|
$ |
102,501 |
|
|
$ |
77,594 |
|
|
|
|
|
|
|
|
|
Gross profit
margin by source |
|
|
|
|
|
|
|
Revenue from
U.S. products |
|
72.5 |
% |
|
|
71.1 |
% |
|
|
72.5 |
% |
|
|
71.4 |
% |
Revenue from
international supply agreement |
|
13.1 |
% |
|
|
4.9 |
% |
|
|
6.7 |
% |
|
|
6.9 |
% |
Total gross
profit margin |
|
71.4 |
% |
|
|
68.6 |
% |
|
|
70.8 |
% |
|
|
68.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND GROSS
MARGIN FROM U.S. PRODUCTS |
(in
thousands, except percentages) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
GAAP-based
gross profit from U.S. products |
$ |
31,282 |
|
|
$ |
22,148 |
|
|
$ |
102,248 |
|
|
$ |
77,235 |
|
Add:
non-cash excess and obsolete charges |
|
1,615 |
|
|
|
2,173 |
|
|
|
7,044 |
|
|
|
8,624 |
|
Non-GAAP
gross profit from U.S. products |
$ |
32,897 |
|
|
$ |
24,321 |
|
|
$ |
109,292 |
|
|
$ |
85,859 |
|
|
|
|
|
|
|
|
|
GAAP-based
gross margin from U.S. products |
|
72.5 |
% |
|
|
71.1 |
% |
|
|
72.5 |
% |
|
|
71.4 |
% |
Add:
non-cash excess and obsolete charges |
|
3.7 |
% |
|
|
7.0 |
% |
|
|
5.0 |
% |
|
|
8.0 |
% |
Non-GAAP
gross margin from U.S. products |
|
76.3 |
% |
|
|
78.1 |
% |
|
|
77.5 |
% |
|
|
79.3 |
% |
|
|
|
|
|
|
|
|
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