CARLSBAD, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., announced today financial results for the first quarter of fiscal year 2013, ended March 31, 2013.
"I am pleased to report strong results for Alphatec Spine's first quarter 2013. We are off to a great start to the new year," said Les Cross, Chairman and CEO of Alphatec Spine. "It is clear that the investments we made into Alphatec's leadership, innovation, operations and business development activities in 2012 are paying dividends.
"Revenue growth of more than 4% over the first quarter of last year, or more than 6% on a constant currency basis, was above market, and we achieved this excellent result in spite of ongoing spine market challenges."Our U.S. business grew almost 2% over the first quarter of 2012, driven by the Company's acquisition of Phygen. "Our international business grew 9% over the first quarter of 2012, or approximately 16% on a constant currency basis. Our subsidiary in Japan continues to perform very well, but in the first quarter, its growth was significantly impacted by the weakness of the Japanese Yen versus the U.S. Dollar. "We remain excited about our new product pipeline this year. Our Pegasus™ anchored, anterior cervical interbody device, which offers single-step deployment of the anchor without the need for impaction, has been received well by surgeons and the cases that have been performed thus far have gone well. "Likewise, the initial cases for our recently approved Alphatec Solus® anterior lumbar interbody fusion device, which provides four points of fixation from a single deployment step, have gone very well and interest in the marketplace for this product is growing. "We are also excited about our newest minimally invasive surgery systems (MIS), including our ILLICO® Multi-Level System, which expands a surgeon's opportunity to address longer constructs by leveraging the strength of Alphatec's ILLICO MIS system.