ATEC Announces Select Preliminary Second Quarter 2021 Financial Results
12 Juli 2021 - 3:00PM
Alphatec Holdings, Inc. (Nasdaq: ATEC), a provider of innovative
solutions dedicated to revolutionizing the approach to spine
surgery, announced today select preliminary revenue results for the
second quarter ended June 30, 2021.
Select Preliminary Second Quarter 2021
Financial Results
- U.S. revenue,
excluding the impact of EOS imaging, expected to range from $55.4
million to $56.0 million, which reflects growth of 92.1% to 94.2%
compared to the second quarter of 2020
- Total revenue,
excluding the impact of EOS imaging, expected to range from $55.8
million to $56.4 million, which reflects growth of 88.2% to 90.2%
compared to the second quarter of 2020
- Total cash at
June 30, 2021, of at least $74.0 million, in addition to available
borrowings of $40.0 million under existing term loan
The Company expects to announce second quarter
financial and operating results and provide updated full year 2021
revenue guidance inclusive of the EOS imaging acquisition after the
market closes on August 3, 2021.
“Portfolio-wide momentum is driving aggressive
U.S. revenue growth and gives us confidence that organic U.S.
revenue growth will exceed 50% this year,” said Pat Miles, Chairman
and CEO. “The spine prowess we are building has clearly begun to
deliver, but we are just getting started. The PTP technique is
gaining momentum and can not only penetrate, but more importantly,
expand the minimally invasive market for spine. Our increasingly
competitive portfolio is enabling us to capture more of each
procedural opportunity, and we have vast potential to continue to
grow ATEC’s U.S. footprint. We also just closed the EOS imaging
transaction, which will bring unprecedented clinical information
into the O.R. and extend our reach into EOS’ high-caliber account
base. ATEC is exceptionally well-positioned to continue to earn
surgeon confidence and market share.”
The select preliminary financial results
announced today are based on the Company’s current expectations and
may be adjusted as a result of, among other things, completion of
customary quarter-end close review procedures and further financial
review.
In conjunction with the release of second
quarter financial and operating results on August 3, 2021, the
Company will host a live webcast at 1:30 p.m. PT / 4:30 p.m. ET.
Access information follows.
Webcast Participants
To access the live webcast, please visit the
Investor Relations Section of ATEC’s Corporate Website
at investors.alphatecspine.com/quarterly-results. Participants
should go to the website at least 15 minutes before the event to
register, and download and install any necessary
software.
Dial-in Participants
Registration may be completed by visiting the
following registration link prior to, or on the day of, the
webcast: http://www.directeventreg.com/registration/event/4976259.
Once registered, each dial-in participant will be provided access
details and a registrant ID. Email reminders will also be sent to
registered participants.
Replay Participants
A replay of the webcast will remain available
through the Investor Relations section of ATEC’s Corporate Website
at investors.alphatecspine.com/quarterly-results for twelve
months. In addition, a replay of the audiocast will be available
beginning two hours after the call’s completion until August 10,
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 4976259.
About ATEC
ATEC, through its wholly owned
subsidiaries, Alphatec Spine, Inc., EOS imaging
S.A. 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 Company’s expanding AlphaInformatiX
Platform to better inform surgery and more safely and reproducibly
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
Company’s expectations with respect to future revenue and business
growth, and the potential benefits and synergies of the acquisition
of EOS imaging S.A. Important factors that could cause actual
operating results to differ significantly from those expressed or
implied by such forward-looking statements include, but are not
limited to: the uncertainty of success in developing new products
or products in the pipeline; failure to achieve acceptance of the
Company’s products by the surgeon community; failure to
obtain FDA or other regulatory clearance or approval for
new products, or unexpected or prolonged delays in the process;
continuation of favorable third party reimbursement for procedures
performed using the Company’s products; the Company’s ability to
compete with other products and emerging new technologies; product
liability exposure; patent infringement claims; changes to our
financial results for the quarter ended June 30, 2021 due
to the completion of financial closing procedures; uncertainties
and risks related to the integration of EOS Imaging S.A.; and the
impact of the COVID-19 on our business and the economy. The words
“believe,” “will,” “should,” “expect,” “intend,” “estimate,” “look
forward” and “anticipate,” variations of such words and similar
expressions identify forward-looking statements, but their absence
does not mean that a statement is not a forward-looking
statement. A further list and description of these and other
factors, risks and uncertainties can be found in the Company's most
recent annual report, and any subsequent quarterly and current
reports, filed with the Securities and Exchange Commission. ATEC
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise, unless required by law.
Investor/Media Contact:Tina
Jacobsen, CFAInvestor Relations(760) 494-6790
investorrelations@atecspine.com
Company Contact:J. Todd
KoningChief Financial OfficerAlphatec Holdings,
Inc.investorrelations@atecspine.com
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