Alphatec (Nasdaq: ATEC) today posted second-quarter results today that beat the revenue consensus on Wall Street but missed on earnings estimates.
The Carlsbad, Calif.-based company reported losses of -$38.2 million, or -39¢ per share, on sales of $62.2 million for the three months ended June 30 for a sales growth of 110.09% compared with Q2 2020.
Earnings per share were -39¢, 20¢ behind The Street, where analysts were looking for sales of $44.8 million.
“We are accelerating revenue through sound execution of our growth priorities,” CEO Pat Miles said in a news release. “But this is just the first inning; we intend to become the dominant force in the industry by significantly improving the clinical experience in spine. We channeled decades of spine experience as the pioneers of lateral surgery to create the PTP technique in order to improve the optionality and predictability of the lateral approach. PTP adoption is accelerating and utilization is increasing among both new and existing surgeon customers. In a few short years, we have created surgical approaches and products that are unrivaled. With the close of the EOS transaction, we intend to extend our prowess by equipping the AlphaInformatiX platform with unprecedented imaging information throughout the entire continuum of care, bringing the standards relied on by the world’s most prestigious academic centers to spine surgery. Our early success has driven excitement within these walls that is palpable – we know the opportunity ahead of us and are confident we have what it takes to win in the innings ahead.”
Alphatex said it expects total revenue for the 2021 fiscal year to be approximately $238 million to represent 64% growth compared to the year prior.
Shares in ATEC were at a standstill before the market opened.