ATEC Alphatec Holdings Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 08, 2024

 

 

Alphatec Holdings, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			000-52024	20-2463898
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1950 Camino Vida Roble
Carlsbad, California				92008
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 760 431-9286

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $.0001 per share		ATEC		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On January 8, 2024, the Company issued a press release announcing selected preliminary unaudited financial information for the year ended December 31, 2023 (the “Press Release”). The Company has not finalized its financial statement closing process for the year ended December 31, 2023. As a result, the information in the Press Release is preliminary and based upon information available to the Company as of the date of the Press Release. During the course of the Company’s closing process, items may be identified that would require the Company to make adjustments, which may be material, and as a result, the estimates included in the Press Release are subject to risks and uncertainties, including possible adjustments to preliminary operating results.

A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished under Items 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

99.1	Press Release of Alphatec Holdings, Inc., dated January 8, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Alphatec Holdings, Inc.
Date:	January 8, 2024	By:	/s/ J. Todd Koning
			J. Todd Koning Executive Vice President and Chief Financial Officer

 

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	Exhibit 99.1

 

ATEC Announces Record Preliminary Revenue Results for 2023

and 2024 Revenue Guidance

 

Full-year 2023 total revenue grew approximately 37% to over $480 million

Expected full-year 2024 total revenue of $595 million

 

CARLSBAD, Calif., January 8, 2024 – 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, 2023, and provided revenue guidance for full-year 2024.

Preliminary, Unaudited Fourth Quarter and Full-Year 2023 Revenue Ranges

 

	Fourth Quarter Ended December 31, 2023	Full Year Ended December 31, 2023
Surgical Revenue	$121.8M to $122.8M	$422.0M to $423.0M
EOS Revenue	$15.0M to $15.6M	$59.1M to $59.7M
Total Revenue	$136.8M to $138.4M	$481.1M to $482.7M

May not foot due to rounding.

Preliminary total revenue grew approximately 37% in the full-year 2023. The continued strong momentum of the Company’s lateral franchise, which includes PTP (the Prone TransPsoas approach) and LTP (the Lateral TransPsoas approach), fueled portfolio-wide adoption and preliminary, full-year 2023 surgical revenue growth of 39% to 40%. Surgical volume growth accelerated to 31% for the full-year 2023 compared to 25% in 2022.

“Our conviction that good spine surgery is good business drove sector-leading growth again in 2023,” said Pat Miles, Chairman and Chief Executive Officer. “As we look to what is ahead, we know our best is yet to come. The vast need for more predictable, more durable spine care is not and cannot be met by distracted conglomerateurs. Leveraging 100% spine focus, we will continue to earn market share by distinguishing ATEC with information-integrated procedures that improve spine surgery outcomes. The robust volume growth that results will enable further execution against our profitability commitments and self-funded continued future growth.”

The preliminary revenue results announced today are based on the Company’s current expectations and may be adjusted as a result of, among other things, completion of customary annual audit procedures.

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Revenue Outlook for the Full-Year 2024

The Company anticipates full-year 2024 total revenue of $595 million, reflecting growth of approximately 23% to 24% compared to the full-year 2023. This includes surgical revenue of approximately $530 million and approximately $65 million of EOS revenue.

The Company will report fourth quarter and full-year 2023 financial results, and provide guidance for 2024 profitability, on Tuesday, February 27, 2024, after the market close. The Company will host a live webcast that day at 1:30 p.m. PT / 4:30 p.m. ET.

Webcast

To access the live webcast, please visit the Investor Relations Section of ATEC’s Corporate Website.

Dial-in

To dial into the live webcast, please register at this link. Access details will be shared via email.

Replay

A replay of the webcast will be available through March 5, 2024. Access the replay by dialing (800) 770-2030 and referencing conference ID number 97241.

Long-Range Financial Plan Update

The Company will share an updated long-range financial plan at the Lotte New York Palace in New York, NY, on March 19, 2024, at 3pm ET. Further detail can be found on ATEC’s Investor Relations website.

About ATEC

ATEC, through its wholly owned subsidiaries, Alphatec Spine, Inc., EOS imaging S.A.S. and SafeOp Surgical, Inc., is a medical device company dedicated to revolutionizing the approach to spine surgery through clinical distinction. ATEC’s Organic Innovation Machine™ 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.

 

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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 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: failure to achieve acceptance of the Company’s products by the surgeon community and changes to our financial results for the quarter and year ended December 31, 2023 due to the completion of financial closing procedures. 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.

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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v3.23.4

Document And Entity Information	Jan. 08, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 08, 2024
Entity Registrant Name	Alphatec Holdings, Inc.
Entity Central Index Key	0001350653
Entity Emerging Growth Company	false
Entity File Number	000-52024
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2463898
Entity Address, Address Line One	1950 Camino Vida Roble
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	760
Local Phone Number	431-9286
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $.0001 per share
Trading Symbol	ATEC
Security Exchange Name	NASDAQ

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