ATEC Announces Preliminary 2021 Revenue Results and 2022 Guidance
January 10 2022 - 8:00AM
Business Wire
- Full-year 2021 U.S. organic revenue growth of 50% to 51% driven
primarily by accelerated PTP™ adoption
- Fourth quarter 2021 U.S. organic revenue growth of 41% to
42%
- Full-year 2022 total revenue expected to grow approximately 26%
to $305 million
Alphatec Holdings, Inc. (Nasdaq: ATEC), a provider of innovative
solutions dedicated to revolutionizing the approach to spine
surgery, announced today preliminary revenue results for the fourth
quarter and full year ended December 31, 2021, and provided
estimates for its full-year 2022 revenue guidance.
Preliminary, Unaudited Q4 and Full-Year
2021 Revenue Ranges
Fourth Quarter Ended December 31,
2021(1)
Full Year Ended December 31,
2021(1)
U.S. Organic Revenue
$60.8M - $61.3M
$211.8M - $212.3M
EOS-Related Revenue
$12.5M - $12.8M
$29.7M - $30.0M
Revenue from Products & Services
$73.2M - $74.0M
$241.5M - $242.3M
International Supply Agreement
--
$0.9M
Total Revenue
$73.2M - $74.0M
$242.5 - $243.3M
(1)May not foot due to rounding
Preliminary, unaudited fourth quarter 2021 U.S. organic revenue
grew 41% to 42% compared to the prior year period and 18% to 19%
sequentially. The greatest contributor to growth in the fourth
quarter was robust uptake of the PTP (Prone-TransPsoas) Approach,
which, coupled with strong interest in the recently launched ALIF
Standalone Interbody System, drove better-than-anticipated anterior
column adoption. The integration of EOS imaging is proceeding as
planned and EOS-related revenue exceeded expectations.
“Our dedication to creating clinical distinction drove
significant growth in 2021,” said Pat Miles, Chairman and Chief
Executive Officer. “PTP continues to gain momentum and expand the
market for less invasive surgery. Additionally, the real-time,
objective information that ATEC alone brings into the O.R. through
SafeOp (automated SSEP and EMG) is improving surgical
predictability and patient outcomes. The industry’s leading
surgeons and sales professionals are increasingly recognizing ATEC
as spine’s new innovator. As I look to the years ahead, I couldn’t
be more excited about our ability to earn surgeons’ confidence.
We’ve assembled the highest concentration of know-how in the
industry and built an engine capable of fueling significant revenue
growth well into the future.”
The preliminary information presented in this press release is
based on the Company’s current expectations and may be adjusted as
a result of, among other things, completion of customary annual
audit procedures. The Company expects to announce its fourth
quarter and full-year 2021 financial and operating results on
Tuesday, March 1st, 2022, after the market close.
Financial Outlook for the Full-Year 2022
The Company anticipates full-year 2022 total revenue of $305
million, reflecting growth of approximately 26% compared to the
full year 2021. This includes organic revenue growth of between 22%
and 23% and approximately $45 million of revenue related to EOS
imaging. Further detail will be provided when the Company reports
fourth quarter and full-year 2021 financial results.
About ATEC
ATEC, through its wholly owned subsidiaries, Alphatec Spine,
Inc., EOS imaging S.A. and SafeOp Surgical, Inc., is a medical
device company dedicated to revolutionizing the approach to spine
surgery through clinical distinction. ATEC's Organic Innovation
MachineTM is focused on developing new approaches that integrate
seamlessly with the Company’s expanding AlphaInformatiX Platform to
better inform surgery and more safely and reproducibly achieve the
goals of spine surgery. ATEC's vision is to become the Standard
Bearer in Spine. For more information, visit us at
www.atecspine.com
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainty. Such statements are based on
management's current expectations and are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from those described therein. Forward-looking statements
include references to the Company’s ability to create clinical
distinction, compel surgeon adoption and earn market share; the
Company’s planned commercial launches, product introductions and
product integration; and the Company’s expectations with respect to
future revenue and growth. The important factors that could cause
actual operating results to differ significantly from those
expressed or implied by such forward-looking statements include,
but are not limited to: the uncertainty of success in developing
new products or products in the Company’s pipeline; failure to
achieve acceptance of the Company’s products by the surgeon
community; failure to obtain FDA or other regulatory clearance or
approval for new products, or unexpected or prolonged delays in the
process; continuation of favorable third party reimbursement for
procedures performed using the Company’s products; the Company’s
ability to compete with other products and emerging new
technologies; product liability exposure; patent infringement
claims; changes to our financial results for the quarter and year
ended December 31, 2021 due to the completion of financial closing
procedures; and the impact of COVID-19 on our business and the
economy. The words “believe,” “will,” “should,” “expect,” “intend,”
“estimate,” “look forward” and “anticipate,” and variations of such
words and similar expressions identify forward-looking statements,
but their absence does not mean that a statement is not a
forward-looking statement. A further list and description of these
and other factors, risks and uncertainties can be found in the
Company's most recent annual report, and any subsequent quarterly
and current reports, filed with the Securities and Exchange
Commission. ATEC disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise, unless required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220110005324/en/
Investor/Media Contact: Tina Jacobsen, CFA Investor
Relations (760) 494-6790 investorrelations@atecspine.com
Company Contact: J. Todd Koning Chief Financial Officer
Alphatec Holdings, Inc. investorrelations@atecspine.com
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