CARLSBAD, Calif., Oct. 23, 2012 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., announced today that the Company has signed a new supply agreement that provides the Company with exclusive worldwide rights to market, sell and distribute an anchored, zero-profile anterior cervical interbody device.
The device's 510(K) application is currently under review by the U.S. Food and Drug Administration (FDA) for market clearance. Pursuant to the agreement, Alphatec Spine will pay an upfront fee over the next 12 months and has agreed to certain minimum purchase commitments. The market for cervical interbody devices is estimated to be $465 million. The anchored interbody device market is the fastest growing segment of the cervical interbody market and is estimated to currently be approximately $47 million.
"I am pleased to announce this new supply agreement. While we compete in the cervical interbody market with certain of our Novel PEEK spacers and structural allograft products, the addition of an anchored, zero-profile cervical interbody device will add depth to our cervical portfolio with surgeons who have adopted this technology," said Les Cross, Chairman and CEO of Alphatec Spine."When I became CEO of Alphatec Spine earlier this year, I laid out a clear strategy to strengthen the sales and profitability of the organization. We have focused on streamlining our internal operations to strengthen margins and shorten the cycle time for developing and commercializing new products. I also recognized Alphatec's need to simultaneously scale our business through acquisitions of companies and new products to further accelerate top-line growth. While it has been my ongoing expectation that it will take time to yield meaningful and positive impacts to our revenue growth, we are building a new and stronger foundation that should strengthen future revenue growth and lower our cost structure through decreased manufacturing and operating costs to enhance our margins."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV