- Annual GAAP revenue of $171.6 million; 42.3% growth over 2009; pro forma revenue of $182.9 million; 7.1% growth over 2009 and 8.3% growth on a constant-currency basis
- Adjusted EBITDA of $18.9 million; 32.2% growth over 2009
CARLSBAD, Calif., Feb. 24, 2011 (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 fourth quarter and full year ended December 31, 2010.
2010 Performance Highlights
- Positioned Alphatec as a global leader within the spine market.
- Completed acquisition of Scient'x S.A.
- Acquisition created global scale with sales in over 50 countries in all major markets.
- Combined entity is the third-largest global pure-play spinal implant company.
- Alphatec Spine products launched in all major European markets and several other major international markets.
- Achieved significant revenue growth in key markets.
- Achieved annual U.S. revenue of $119.9 million, representing 14.7% year-over-year growth on a GAAP basis, and 6.1% year-over-year growth on a pro forma basis.
- With expanded European product distribution, achieved annual Europe revenue of $24.2 million, representing more than 490% year-over-year growth on a GAAP basis, and 16.9% year-over-year growth on a pro forma basis.
- Achieved annual Asia revenue of $20.0 million, representing 66.8% year-over-year growth on a GAAP basis, and 16.8% year-over-year growth on a pro forma basis.
- Enhanced product offerings in the Biologics market.
- Launched PureGen TM Osteoprogenitor Cell Allograft in September 2010.
- Established Biologics Division with dedicated sales specialists and biologics experts to drive biologics product adoption and provide support for the surgeon community with respect to the Company's biologics products.
- Enhanced product offerings in the Aging Spine and MIS markets.
- All proprietary aging spine products, including Osseofix ®, OsseoScrew ®, and Helifix TM have been launched in Europe.
- OsseoFix has been used in approximately 1,900 patients and OsseoScrew has been used in approximately 200 patients in Europe.
- Illico SE ® Percutaneous MIS Screw System, as well as Solus TM Locking ALIF System, have been launched in Europe.
- MIS revenues for full year 2010 increased more than 480% from full year 2009.
Dirk Kuyper, the Company's President and Chief Executive Officer, stated: "I am proud of the performance and results that our company delivered in 2010. We have successfully positioned Alphatec Spine as a leader within the spine market, with a broad and expanded global reach, integrated R&D and manufacturing and continued focus on both the core spine market as well as differentiated technologies in Aging Spine, MIS and Biologics." Mr. Kuyper continued, "As we enter 2011, we remain confident in our ability to grow faster than the overall spine market and 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, profitability, and generation of free cash flow."