Alphatec (Nasdaq: ATEC) posted first-quarter results yesterday that missed the earnings consensus on Wall Street and matched on revenue estimates.
The Carlsbad, Calif.-based company reported losses of -$22.9 million, or -26¢ per share, on sales of $44.12 million for the three months ended March 31, for a sales growth of 46.51% compared with Q1 2020.
Earnings per share were -26¢, 6¢ behind The Street, where analysts were looking for sales of $44.12 million.
“With revenue growth of 50% in the first quarter, ATEC’s market share expansion continues,” CEO Pat Miles said in a news release. “Our relentless focus on improving the clinical experience in spine is now propelling industry-leading growth. Market-shaping innovation, integrated with unprecedented intra-operative information, is compelling an increasing number of surgeons and exclusive distributors to partner with ATEC. That growth is being amplified as the introduction of distinct products and procedures throughout our portfolio increases revenue per surgery and inspires broader adoption. Still, there is vast opportunity ahead of us to advance spine surgery, and as spine’s most experienced students, we know that ATEC’s best is yet to come!”
Alphatec expects total revenue for the 2021 fiscal year to be approximately $190 million to represent revenue growth of 33% compared with 2020.
Shares in ATEC were down -0.91% to $15.28 apiece at market close yesterday and were at a standstill this morning.