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CARLSBAD, Calif., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., announced today financial results for the fourth quarter and fiscal year ended December 31, 2012.
"On behalf of the entire global Alphatec Spine team, I am pleased to report a strong fourth quarter and a great finish to 2012," said Les Cross, Chairman and Chief Executive Officer of Alphatec Spine. "Since I became CEO last year, we have made significant changes to the organization through investments in leadership talent, operational process improvements, product licenses and an acquisition, which collectively contributed to our positive fourth quarter result and should provide a strong foundation going forward.
"It was a challenging year for the entire organization to undertake Alphatec's transformation, but with much of the heavy lifting now behind us our focus is on performance execution in 2013. The Company's employees have fully embraced a culture of continuous improvement to strengthen our competitive position.
"I remain excited and confident about the Company's potential to accelerate revenue growth and profitability in U.S. and international markets in 2013, driven by the combination of a strong pipeline of new products, new surgeon conversions as a result of the Phygen acquisition, a more seasoned U.S. commercial organization, and expanded penetration in international markets. We believe that 2013 should be an exciting year at Alphatec Spine."
"As a result of our efforts in 2012, we have strong fourth quarter results to report," Mr. Cross continued, "Alphatec posted global revenue growth of almost 7% compared to the fourth quarter of 2011, or 8% on a constant currency basis. Furthermore, this result was driven by solid execution from both our U.S. and International businesses. This is a substantially improved result over the previous three quarters of 2012.
"Our U.S. business grew 4% in the fourth quarter of 2012, as compared to the fourth quarter of 2011, driven by another great quarter from our Biologics business and from the Company's acquisition of Phygen, which we completed in November of 2012. Biologics and Phygen should represent two important growth engines for Alphatec in 2013.