Court denies injuction in Medtronic’s non-compete suit against former Medicrea CEO

[Image from Unsplash]A federal court in New York has denied Medtronic a preliminary injunction in its non-compete-agreement lawsuit against former Medicrea CEO Joseph Walland.

Judge Edgardo Ramos of the U.S. District Court of Southern New York, in a Sept. 10 order, ruled that the agreement between Walland and Medtronic was covered by the law in California, where Walland has resided the majority of the time in recent years, and not New York.

Under California law, “every contract by which anyone is restrained from engaging in a lawful profession, trade, or business of any kind is to that extent void,” Ramos wrote.

“An injunction would impose a hardship on Walland because it would bar him from his current employment, and given Medicrea’s nationwide market, he would likely be barred from working anywhere else in the country that overlaps with his specialty,” Ramos said. “Further, if enjoined, Walland will be deprived of the benefits of C…

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Alphatec posts mixed-bag Q2 results, sales up 110%

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 increas…

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Alphatec sales up 46% in Q1 results

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 …

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Alphatec to run new distribution center out of Tennessee

[Image courtesy of Google]

Alphatec (Nasdaq: ATEC) announced today that it will lease a 75,000 ft2 facility in Memphis, Tenn. to house its primary distribution operations.

The spine surgery tech company plans to open the new distribution facility in July and aggressively ramp up operations in the Home of the Blues in coming years. ATEC’s Carlsbad, Calif. headquarters will continue to serve as the development and shipment of Alpha release products.

Get the full story on our sister site Medical Design & Outsourcing. 

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Alphatec to run new distribution center out of Tennessee

[Image courtesy of Google]

Alphatec (Nasdaq: ATEC) announced today that it will lease a 75,000 ft2 facility in Memphis, Tenn. to house its primary distribution operations.

The spine surgery tech company plans to open the new distribution facility in July and aggressively ramp up operations in the Home of the Blues in coming years. ATEC’s Carlsbad, Calif. headquarters will continue to serve as the development and shipment of Alpha release products.

“Revolutionizing the approach to spine surgery also requires that we evolve the standard by which we serve our customers,” Alphatec Holdings CEO Pat Miles said in a news release.

“We must remain predictable and efficient as we rapidly grow,” Miles said. “This new distribution facility will not only enable us to better support surgeries with earlier deliverie…

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Alphatec posts mixed-bag Q4 results

Alphatec (NSDQ:ATEC) posted fourth-quarter results that beat the revenue consensus on Wall Street but missed on earnings.

The Carlsbad, Calif.-based company reported losses of -$26.8 million, or -35¢ per share, on sales of $43.9 million for the three months ended Dec. 31, 2020, for a sales growth of 35.9% compared with Q4 2019.

Earnings per share were -35¢, 15¢ behind The Street, where analysts were looking for sales of $43.88 million and -20¢ per share.

“It’s no accident that ATEC has averaged nearly 30% revenue growth over the past eight quarters,” CEO Pat Miles said in a news release. “We are committed to the intentional, methodical task of compelling surgeon adoption through clinical distinction and to evolving our increasingly exclusive sales footprint. We will continue expanding market share by remaining focused on the priorities that got us here. I am confident that the clinical prowess and relentless determination of our team, coupled with our ex…

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Alphatec raises $30M

Alphatec (NSDQ:ATEC) filed an SEC Form D to confirm the sale of $30 million in an equity offering worth nearly $170 million.

The new notice offering of equity, which made its first sale on Dec. 18, 2020, has received investments from six participants so far. The company does not intend for the offering of about $168 million, which has approximately $138 million remaining to be sold, to last for more than one year.

Carlsbad, Calif.-based Alphatec is not requiring a minimum investment in the offering. The company additionally disclosed in the SEC filing that it owes an estimated $3.24 million in sales commissions to Cowen & Company.

Alphatec did not disclose an intended use of proceeds from the offering. The company develops the SafeOp neural informatix system for safely and reproducibly treating the spine’s various pathologies.

The company raised $100 million in a public offering priced last October.

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