UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): April 30, 2015
ALPHATEC HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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000-52024 |
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20-2463898 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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5818 El Camino Real, Carlsbad, CA |
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92008 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrants 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 (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 |
Results of Operations and Financial Condition. |
On April 30, 2015, Alphatec
Holdings, Inc. (the Company) issued a press release announcing its financial results for the quarter ended March 31, 2015. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is
incorporated herein by reference. In accordance with General Instruction B-2 of Form 8-K, the information set forth in this Item 2.02 and in Exhibit 99.1 shall not be deemed to be filed for purposes of Section 18 of the
Securities and Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except
as expressly set forth by specific reference in such a filing.
Item 9.01 |
Financial Statements and Exhibits. |
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99.1 |
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Press Release dated April 30, 2015 |
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.
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ALPHATEC HOLDINGS, INC. |
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(Registrant) |
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Date: April 30, 2015 |
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/s/ Ebun S. Garner, Esq. |
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Ebun S. Garner, Esq. |
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General Counsel and Senior Vice President |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Alphatec Holdings Announces First Quarter 2015 Revenue and Financial Results
CARLSBAD, CA, April 30, 2015 Alphatec Holdings, Inc. (Nasdaq: ATEC), the parent company of Alphatec Spine, Inc., a global provider of spinal
fusion technologies, announced today financial results for the first quarter ended March 31, 2015.
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First quarter consolidated net revenues up 5% in constant currency over 2014. |
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First quarter adjusted EBITDA of $6.5 million, 13.4% of revenue. |
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Reiterates 2015 constant currency revenue growth of approximately 4% to 7% over 2014 and adjusted EBITDA guidance of $34 million to $37 million. |
Highlights of the First Quarter 2015 and Recent Activities
Positive Progress Made Towards Alphatecs Corporate Strategic Objectives
Financial
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Consolidated revenues of $48.6 million as reported, $51.8 million in constant currency. |
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Consolidated revenues were impacted by $3.2 million of foreign currency headwinds. |
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International revenues grew 25% in constant currency over the first quarter of 2014 and represent 37% of global revenues as reported. |
Strategic Pillar #1: Refocus Product Portfolio and R&D Pipeline
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Arsenal spinal fixation system commercially launched in the U.S. - February 2015. We continue to receive positive feedback from surgeons on the speed, strength and simplicity of the system. |
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Arsenal approved in Japan and launch planning well-underway. |
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Zodiac® and Illico® MIS launched in Brazil April 2015. |
We were very pleased to receive early approval for Arsenal in Japan, our strongest share position in the world, said Mike ONeill, Chief
Financial Officer. And were expecting strong performance of Arsenal throughout 2015.
Strategic Pillar #2: Expand Global
Commercial Participation
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U.S. sales force expansion into new metro areas over 75% complete May 1, 2015. |
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European Union sales distribution expansion 50% complete May 1, 2015. |
Strategic Pillar #3:
Transform Manufacturing and Distribution Operations
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Arsenal instrument sets for commercial launch achieved targeted 50% cost reduction. |
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Piloting novel physical distribution strategy for improving set turn utilization. |
Alphatec is beginning
the transformation of the organization, actively executing against our strategy that is focused on improving the fundamental quality of the business by accelerating global growth and managing for profitability, said Jim Corbett, President and
Chief Executive Officer of Alphatec Spine. Our team is aligned and confident in our strategy and we are executing our plan with a sense of urgency. This plan will enable us to take significant steps to compete more effectively in the
marketplace, expand our global commercial participation and improve our operations.
-more-
Quarter Ended March 31, 2015
Consolidated net revenues for the first quarter of 2015 were $48.6 million as reported, down 1.1% compared to $49.2 million reported for the first
quarter of 2014, or up 5.4% on a constant currency basis due to the strengthening of the U.S. Dollar. Consolidated revenues were impacted by $3.2 million in the first quarter due to declines in the valuation of the Japanese Yen and Euro against the
U.S. Dollar.
U.S. net revenues for the first quarter of 2015 were $30.5 million, down 4.9%, compared to $32.1 million reported for the first
quarter of 2014.
International net revenues for the first quarter of 2015 were $18.2 million, up 6.2% compared to $17.1 million for the first
quarter of 2014, or up 24.6% on a constant currency basis.
Consolidated gross profit and gross margin for the first quarter of 2015 were $32.9
million and 67.7%, respectively, compared to $33.3 million and 67.7%, respectively, for the first quarter of 2014.
Gross profit declined 1.1% from the
first quarter of 2014 primarily due to lower U.S. sales volume.
Gross margin was unchanged compared to prior year as margin improvements realized as a
result of continued operational diligence were offset by unfavorable variation in regional and product mix.
Total operating expenses for the first
quarter of 2015 were $31.8 million, reflecting a decrease of approximately $6.2 million compared to the first quarter of 2014. This decrease is primarily attributable to the expenses related to the Orthotec legal matter and restructuring of the
Companys French operations incurred in the first quarter of 2014. Total operating expenses for the first quarter of 2015 decreased by $0.5 million when compared with non-GAAP operating expense adjustments for the first quarter of 2014.
GAAP net loss for the first quarter of 2015 was $4.6 million or ($0.05) per share (basic and diluted), compared to a net loss of $6.7 million,
or ($0.07) per share (basic and diluted) for the first quarter of 2014.
Adjusted EBITDA in the first quarter of 2015 was $6.5 million, or
13.4% of revenues, compared to $6.7 million, or 13.6% of revenues reported in the first quarter of 2014. First quarter 2015 adjusted EBITDA represents net income excluding effects of interest, taxes, depreciation, amortization and stock-based
compensation. Adjusted EBITDA was unfavorably impacted by fluctuations in foreign currency during the first quarter 2015 when compared to prior year.
Cash and cash equivalents were $11.4 million at March 31, 2015, compared to $19.7 million reported at December 31, 2014. Additionally, the
Company has reported $5.7 million of current and non-current restricted cash, which must be used for future payment obligations associated with the Orthotec settlement.
2015 Financial Guidance
Given the progress we are
making on our commercial expansion along with planned product launches for 2015, we expect to see momentum for the second half of the year, said Mr. Corbett. We are reiterating our 2015 full year guidance and we remain confident in
our strategy and approach towards reaching our goal of 20% adjusted EBITDA in the next three years.
The Company reiterates full year 2015 constant
currency revenue growth guidance of approximately 4% to 7% over 2014, which represents a range of revenue in constant currency of $215 million to $222 million. Additionally, the Company reaffirms guidance expectations for annual adjusted EBITDA of
$34 million to $37 million in 2015, representing a range of approximately 10% to 20% growth over 2014.
-more-
Conference Call
Alphatec Spine will webcast its Quarterly Update Call today at 5:00 p.m. EDT / 2:00 p.m. PDT. Jim Corbett, President and CEO of Alphatec Spine, will lead the
call. During the call the Company plans to provide further details underlying its first quarter 2015 financial results.
To access the webcast, please log
on to www.alphatecspine.com approximately fifteen minutes prior to the call to register, download and install any necessary audio software. For those without access to the internet, the live call may be accessed by phone by calling toll-free
(877) 556-5251 (U.S. / Canada) or (720) 545-0036 (international), participant passcode number 30370732. A replay of the call will also be available on the investor relations section of Alphatec Spines website for at least 30 days.
Non-GAAP Information
Alphatec Spine reports certain
non-GAAP financial measures such as non-GAAP earnings and earnings per share, adjusted for effects of amortization and other non-recurring or expense items, such as loss on extinguishment of debt, restructuring expenses and transaction-related
expenses. Adjusted EBITDA included in this press release is a non-GAAP financial measure that represents net income (loss) excluding the effects of interest, taxes, depreciation, amortization, stock-based compensation expenses, in process research
and development (IPR&D) expenses and other non-recurring income or expense items, such as severance expenses, litigation expenses, damages associated with ongoing litigation and transaction-related expenses. The Company believes that non-GAAP
adjusted EBITDA provides investors with an additional tool for evaluating the Companys core performance, which management uses in its own evaluation of continuing operating performance, and a base-line for assessing the future earnings
potential of the Company. For completeness, management uses non-GAAP adjusted EBITDA in conjunction with GAAP earnings and earnings per common share measures. These non-GAPP financial measures should be considered in addition to, and not as a
substitute for, or superior to, financial measures calculated in accordance with GAAP. Included below are reconciliations of the non-GAAP financial measures to the comparable GAAP financial measure.
About Alphatec Spine
Alphatec Spine, Inc., a wholly
owned subsidiary of Alphatec Holdings, Inc., is a global medical device company that designs, develops, manufactures and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and
degeneration, congenital deformities and trauma. The Companys mission is to improve lives by delivering advancements in spinal fusion technologies. The Company and its affiliates market products in the U.S. and internationally via a direct
sales force and independent distributors.
Additional information can be found at www.alphatecspine.com.
Forward Looking Statements
This press release may
contain 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 managements current expectations and are subject to a
number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Alphatec Spine cautions investors that there can be no assurance that actual results or business
-more-
conditions will not differ materially from those projected or suggested in such forward-looking statements as a
result of various factors. Forward looking statements include the references to Alphatec Spines 2015 revenue guidance and 2015 adjusted EBITDA guidance; the success of the Companys initiatives to drive global sales growth, increase
margins and increase operating efficiencies; and the success of the Company in achieving its three strategic pillars, and the Companys ability to implement a plan that will ensure that it competes more effectively in the marketplace, expands
global participation, and improves operations. 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: the
uncertainty of success in developing new products or products currently in Alphatec Spines pipeline; the uncertainties in the Companys ability to execute upon is strategic operating plan; the uncertainties regarding the ability to
successfully license or acquire new products, and the commercial success of such products; failure to achieve acceptance of Alphatec Spines products by the surgeon community, including Arsenal, Zodiac and Illico and the Companys
biologics products; failure to successfully implement streamlining and lean activities to create anticipated savings; failure to obtain FDA clearance or approval or international regulatory approvals for new products, including the products
discussed in this press release, or unexpected or prolonged delays in the process; continuation of favorable third party payor reimbursement for procedures performed using the Companys products; unanticipated expenses or liabilities or other
adverse events affecting cash flow or the Companys ability to successfully control its costs or achieve profitability; uncertainty of additional funding; the Companys ability to compete with other competing products and with emerging new
technologies; product liability exposure; an unsuccessful outcome in any material litigation in which the Company is a defendant; patent infringement claims; claims related to the Companys intellectual property and the Companys ability
to meet its financial obligations under its credit agreements and the Orthotec and Cross Medical settlement agreements. The words believe, will, should, expect, intend, estimate
and anticipate, 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. Please refer to the risks detailed from time
to time in Alphatec Spines SEC reports, including its Annual Report Form 10-K for the year ended December 31, 2014, filed on February 27, 2015 with the Securities and Exchange Commission, as well as other filings on Form 10-Q and
periodic filings on Form 8-K. Alphatec Spine 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.
CONTACT: Investor/Media Contact:
Christine Zedelmayer
Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
czedelmayer@alphatecspine.com
-tables to follow-
ALPHATEC HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts - unaudited)
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Three Months Ended |
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March 31, |
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2015 |
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2014 |
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Revenues |
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$ |
48,647 |
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$ |
49,173 |
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Cost of revenues |
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15,335 |
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15,433 |
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Amortization of acquired intangible assets |
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369 |
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446 |
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Total cost of revenues |
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15,704 |
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15,879 |
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Gross profit |
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32,943 |
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33,294 |
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67.7 |
% |
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67.7 |
% |
Operating expenses: |
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Research and development |
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3,851 |
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4,181 |
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Sales and marketing |
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18,195 |
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18,059 |
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General and administrative |
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9,138 |
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14,222 |
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Amortization of acquired intangible assets |
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677 |
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758 |
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Restructuring expenses |
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(60 |
) |
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776 |
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Total operating expenses |
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31,801 |
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37,996 |
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Operating income (loss) |
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1,142 |
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(4,702 |
) |
Interest and other income (expense), net |
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(4,801 |
) |
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(1,302 |
) |
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Loss from continuing operations before taxes |
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(3,659 |
) |
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(6,004 |
) |
Income tax provision |
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902 |
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669 |
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Net loss |
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$ |
(4,561 |
) |
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$ |
(6,673 |
) |
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Net loss per common share: |
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Basic and diluted net loss per share |
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$ |
(0.05 |
) |
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$ |
(0.07 |
) |
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Weighted-average shares - basic and diluted |
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99,020 |
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96,838 |
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-tables to follow-
ALPHATEC HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands - unaudited)
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March 31, |
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December 31, |
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2015 |
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2014 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
11,400 |
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$ |
19,735 |
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Restricted Cash |
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4,400 |
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4,400 |
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Accounts receivable, net |
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38,914 |
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40,440 |
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Inventories, net |
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41,772 |
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41,747 |
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Prepaid expenses and other current assets |
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4,734 |
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5,466 |
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Deferred income tax assets |
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1,248 |
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1,324 |
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Total current assets |
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102,468 |
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113,112 |
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Property and equipment, net |
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25,913 |
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26,040 |
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Goodwill |
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161,702 |
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171,333 |
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Intangibles, net |
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27,114 |
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30,259 |
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Other assets |
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2,909 |
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4,179 |
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Total assets |
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$ |
320,106 |
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$ |
344,923 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
8,909 |
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$ |
10,130 |
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Accrued expenses |
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30,380 |
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35,393 |
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Deferred revenue |
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1,351 |
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1,300 |
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Common stock warrant liabilities |
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8,817 |
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8,702 |
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Current portion of long-term debt |
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7,256 |
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8,076 |
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Total current liabilities |
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56,713 |
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63,601 |
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Total long term liabilities |
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105,346 |
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108,765 |
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Redeemable preferred stock |
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23,603 |
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23,603 |
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Stockholders equity |
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134,444 |
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148,954 |
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Total liabilities and stockholders equity |
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$ |
320,106 |
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$ |
344,923 |
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-tables to follow-
ALPHATEC HOLDINGS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts - unaudited)
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Three Months Ended |
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|
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March 31, |
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|
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2015 |
|
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2014 |
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Operating income (loss), as reported |
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$ |
1,142 |
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|
$ |
(4,702 |
) |
Add back: |
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Depreciation |
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2,791 |
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|
3,250 |
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Amortization of intangible assets |
|
|
325 |
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|
397 |
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Amortization of acquired intangible assets |
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1,046 |
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1,204 |
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Total EBITDA |
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5,304 |
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|
149 |
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Add back significant items: |
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Stock-based compensation |
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1,253 |
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|
944 |
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Litigation settlement and trial costs |
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4,779 |
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Restructuring and other charges |
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|
(60 |
) |
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|
812 |
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EBITDA, as adjusted for significant items |
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$ |
6,497 |
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$ |
6,684 |
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|
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Net loss, as reported |
|
$ |
(4,561 |
) |
|
$ |
(6,673 |
) |
Add back: |
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
|
1,046 |
|
|
|
1,204 |
|
Amortization of intangible assets |
|
|
325 |
|
|
|
397 |
|
Warrant fair value adjustment |
|
|
115 |
|
|
|
|
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Litigation settlement and trial costs |
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|
|
|
|
|
4,779 |
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Restructuring and other charges |
|
|
(60 |
) |
|
|
812 |
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|
|
|
|
|
|
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Net income (loss), as adjusted for significant items |
|
$ |
(3,135 |
) |
|
$ |
519 |
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|
|
|
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Net loss per common share - basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.07 |
) |
Add back: |
|
|
|
|
|
|
|
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Amortization of acquired intangible assets |
|
|
0.01 |
|
|
|
0.01 |
|
Amortization of intangible assets |
|
|
0.00 |
|
|
|
0.00 |
|
Warrant fair value adjustment |
|
|
0.00 |
|
|
|
|
|
Litigation settlement and trial costs |
|
|
|
|
|
|
0.05 |
|
Restructuring and other charges |
|
|
(0.00 |
) |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share - basic, as adjusted for significant items |
|
$ |
(0.03 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares - basic and diluted |
|
|
99,020 |
|
|
|
96,838 |
|
|
|
|
|
|
|
|
|
|
-tables to follow-
ALPHATEC HOLDINGS, INC.
RECONCILIATION OF GEOGRAPHIC SEGMENT REVENUES AND GROSS PROFIT
(in thousands, except percentages - unaudited)
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|
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|
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|
|
|
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|
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Three Months Ended |
|
|
|
|
|
|
|
|
% Change |
|
|
|
March 31, |
|
|
% Change |
|
|
% Change |
|
|
Foreign |
|
|
|
2015 |
|
|
2014 |
|
|
As Reported |
|
|
Operations |
|
|
Currency |
|
Revenues by geographic segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
30,467 |
|
|
$ |
32,050 |
|
|
|
-4.9 |
% |
|
|
-4.9 |
% |
|
|
0.0 |
% |
International |
|
|
18,180 |
|
|
|
17,123 |
|
|
|
6.2 |
% |
|
|
24.6 |
% |
|
|
-18.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
48,647 |
|
|
$ |
49,173 |
|
|
|
-1.1 |
% |
|
|
5.4 |
% |
|
|
-6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit by geographic segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
21,579 |
|
|
$ |
23,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
11,364 |
|
|
|
10,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross profit |
|
$ |
32,943 |
|
|
$ |
33,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin by geographic segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
70.8 |
% |
|
|
71.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
62.5 |
% |
|
|
59.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross profit margin |
|
|
67.7 |
% |
|
|
67.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes:
1) |
The impact from foreign currency represents the percentage change in 2015 revenues due to the change in foreign exchange rates for the periods presented. |
-tables to follow-
ALPHATEC HOLDINGS, INC.
NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts - unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2015 |
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
|
GAAP |
|
|
Adjustments |
|
|
Non-GAAP |
|
Revenues |
|
$ |
48,647 |
|
|
$ |
|
|
|
$ |
48,647 |
|
Cost of revenues |
|
|
15,335 |
|
|
|
|
|
|
|
15,335 |
|
Amortization of acquired intangible assets |
|
|
369 |
|
|
|
|
|
|
|
369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues |
|
|
15,704 |
|
|
|
|
|
|
|
15,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
32,943 |
|
|
|
|
|
|
|
32,943 |
|
|
|
|
67.7 |
% |
|
|
|
|
|
|
67.7 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
3,851 |
|
|
|
|
|
|
|
3,851 |
|
Sales and marketing |
|
|
18,195 |
|
|
|
|
|
|
|
18,195 |
|
General and administrative |
|
|
9,138 |
|
|
|
|
|
|
|
9,138 |
|
Amortization of acquired intangible assets |
|
|
677 |
|
|
|
|
|
|
|
677 |
|
Restructuring expenses |
|
|
(60 |
) |
|
|
60 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
31,801 |
|
|
|
60 |
|
|
|
31,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
1,142 |
|
|
|
(60 |
) |
|
|
1,082 |
|
Interest and other income (expense), net |
|
|
(4,801 |
) |
|
|
115 |
(a) |
|
|
(4,686 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before taxes |
|
|
(3,659 |
) |
|
|
55 |
|
|
|
(3,604 |
) |
Income tax provision |
|
|
902 |
|
|
|
|
|
|
|
902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,561 |
) |
|
$ |
55 |
|
|
$ |
(4,506 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
(a) |
Consists of warrant fair value adjustment. |
(b) |
Employee severance and facility closing costs accrued for the restructuring of the Companys French operations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014 |
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
|
GAAP |
|
|
Adjustments |
|
|
Non-GAAP |
|
Revenues |
|
$ |
49,173 |
|
|
$ |
|
|
|
$ |
49,173 |
|
Cost of revenues |
|
|
15,433 |
|
|
|
|
|
|
|
15,433 |
|
Amortization of acquired intangible assets |
|
|
446 |
|
|
|
|
|
|
|
446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues |
|
|
15,879 |
|
|
|
|
|
|
|
15,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
33,294 |
|
|
|
|
|
|
|
33,294 |
|
|
|
|
67.7 |
% |
|
|
|
|
|
|
67.7 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
4,181 |
|
|
|
|
|
|
|
4,181 |
|
Sales and marketing |
|
|
18,059 |
|
|
|
|
|
|
|
18,059 |
|
General and administrative |
|
|
14,222 |
|
|
|
(4,779 |
)(c) |
|
|
9,443 |
|
Amortization of acquired intangible assets |
|
|
758 |
|
|
|
|
|
|
|
758 |
|
Transaction related costs |
|
|
|
|
|
|
|
|
|
|
|
|
Litigation settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring expenses |
|
|
776 |
|
|
|
(776 |
)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
37,996 |
|
|
|
(5,555 |
) |
|
|
32,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
(4,702 |
) |
|
|
5,555 |
|
|
|
853 |
|
Interest and other income (expense), net |
|
|
(1,302 |
) |
|
|
|
|
|
|
(1,302 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before taxes |
|
|
(6,004 |
) |
|
|
5,555 |
|
|
|
(449 |
) |
Income tax provision |
|
|
669 |
|
|
|
|
|
|
|
669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(6,673 |
) |
|
$ |
5,555 |
|
|
$ |
(1,118 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
(c) |
Amount consists of Orthotec ltigation trial related costs of $4.8 million. |
(d) |
Employee severance and facility closing costs accrued for the restructuring of the Companys French operations. |
# # #
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