CARLSBAD, Calif., May 04, 2009 (BUSINESS WIRE) — Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, with a focus on treating conditions related to the aging spine, announced today financial results for the first quarter ended March 31, 2009.
First Quarter 2009 Highlights:
> Record consolidated revenue of $30.6 million reported in the first quarter 2009 represents 32.0% growth over the first quarter 2008 and 7.6% sequential growth over revenues reported in the fourth quarter of 2008.
> US revenue growth of 27.7% over prior year was approximately three times greater than US spine market growth
> European revenue of $1.0 million reported in the first quarter 2009
> Adjusted EBITDA reached $1.4 million in the first quarter 2009, reflecting strong operating leverage.
> Raising 2009 revenue guidance to a range of $125 million to $128 million from previous guidance of $123 million to $125 million. Raising 2009 adjusted EBITDA guidance to a range of $12.5 million to $14.5 million from previous guidance of $12 million to $14 million. Re-affirming EPS guidance of EPS positive by the third quarter of 2009.
> Continued investment to expand our Aging Spine and core product portfolio.
> Acquired proprietary technology to treat lumbar spinal stenosis, stand-alone interbody technology to treat degenerative conditions and distribution rights for a tissue-based invivo wound covering product.
> Expanded fusion product portfolio:
> Initial commercial launch of Universal Novel(R) Anterior Lumbar Interbody Fusion (ALIF) System
> Full commercial release of OsseoFix+ Vertebroplasty System and the proprietary
> Vacuum Infusion Packaging (VIP) to be used with the AlphaGRAFT Profuse(TM) Demineralized Bone Scaffold product
> Full commercial release of Alphagraft(R) posterior lumbar implants and instrumentation
> Expanded European commercial adoption of OsseoFixTM Fracture Reduction System
> More than 50 patients, which represented more than 80 levels were treated in
> Europe in the first quarter for vertebral compression fractures using OsseoFix
> Executed new distribution agreements in Belgium, Denmark, Germany, Italy, The Netherlands, Austria and Spain