Alphatec Spine Announces Third Quarter 2010 Revenue And Financial Results
- Revenue of $44.8 million; 49% growth over 3Q 2009; Pro Forma Revenue Growth of 2% over 3Q 2009 and 2.3% Growth on a Constant-Currency Basis
- Adjusted EBITDA of $5.3 million; 11.9% growth over 3Q 2009
- Non-GAAP Net Earnings of $0.7 million; or $0.01 per share
CARLSBAD, Calif., Nov. 8, 2010 (GLOBE NEWSWIRE) -- 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 September 30, 2010.
Third Quarter 2010 Performance Highlights
- Achieved US revenues of $30.0 million, representing 15.2% year-over-year growth on a GAAP basis, and 3.4% year-over-year growth on a pro forma basis.
- Launched PureGen™, the Company's Osteoprogenitor Cell Allograft with the first case completed in September.
- Established Biologics Division at Alphatec Spine, with the addition of Edward Ross, Vice President and General Manager, Biologics as well as dedicated sales specialists to drive biologics product adoption and work with customers as biologics experts.
- Strengthened US sales network with the addition of several independent distribution agents and direct representatives in key strategic markets.
- OsseoFix™, the Company's proprietary device for treating vertebral compression fractures and restoration of vertebral height, has been used in over 1,600 patients in Europe through 3Q 2010, representing continued acceleration in product adoption.
- OsseoScrew™, the Company's proprietary expandable pedicle screw system, has been used in over 100 patients in Europe through 3Q 2010.
- Helifix™ Interspinous Spacer System, a proprietary minimally invasive non-fusion solution for lumbar spinal stenosis, was launched in Europe with the first cases completed in Switzerland and Germany.
- Solus™ ALIF System, a zero-profile, single-action locking implant that is used in anterior lumbar interbody fusion (ALIF) procedures, was launched in Europe with the first cases completed in Germany.
- The Company resubmitted the Solus 510(k) application with a revised indication in the third quarter 2010.
Dirk Kuyper, the Company's President and Chief Executive Officer, stated: "I am proud of the focus of the Alphatec Spine team and our ability to achieve continued revenue growth through execution and key product launches despite the challenges currently facing the spine market." Mr. Kuyper continued, "2010 has been a transformative year for the Company and in the third quarter we saw a stabilization of our business internationally and a stabilization of pricing here in the US. The Scient'x integration is progressing, and with the launch of PureGen and most of our key technologies in Europe, we are well positioned as we enter 2011 to drive towards our goal of being the leading global pure-play spine company. We have the team, the products and the strategic plan to achieve long-term revenue growth and enhanced profitability."
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