- REMI Robotic Navigation System to advance ATEC’s procedural
strategy by integrating navigation and robotics into spine
workflow
- First quarter 2023 total revenue expected to grow more than 52%
to over $108 million
- Full-year total revenue guidance raised to $450 million
- Reaffirms break-even adjusted EBITDA in 2023 and break-even
free cash flow in 2025
- Webcast today at 2:00pm PT/ 5:00pm ET
Alphatec Holdings, Inc. (Nasdaq: ATEC), a provider of innovative
solutions dedicated to revolutionizing the approach to spine
surgery, announced today that it has acquired all assets related to
the REMI Robotic Navigation System from Fusion Robotics, LLC, a
privately held medical technology company, for a purchase price of
$55 million.
The REMI (Robotic-Enabled Minimally Invasive) System is an
intra-operative platform developed by spine experts with deep
navigation and robotics know-how that integrates navigation and
robotics into spine procedures utilizing either a 3D imaging scan
or 2D fluoroscopic images of the patient. REMI’s small,
table-mounted navigation system guides instrumentation and implants
to a precise destination during surgery. The incorporation of REMI
into ATEC’s procedural strategy will improve surgical
predictability, reduce radiation exposure and enhance
intra-operative precision.
“ATEC's intention is to further clinical distinction by
integrating actionable information into spine’s procedural
workflow,” remarked Pat Miles, Chairman and Chief Executive
Officer. “With our SafeOp and EOS systems, we have demonstrated
prowess in identifying informational technologies and know-how that
can integrate information into spine surgery’s procedural workflow.
We are excited to add the Fusion Robotics platform’s navigation and
robotic precision capabilities to ATEC’s intra-operative
informational ecosystem and advance our commitment to control
clinical variables in the operating room.”
“We founded Fusion Robotics with the vision of applying years of
experience and extensive know-how in image-guided surgery to
designing and developing a more efficient, integrated navigation
and robotics solution for spine,” added Kevin Foley, M.D.,
co-founder of Fusion Robotics, LLC. “We are thrilled that the
Fusion team will be able to apply its prowess to accelerating the
evolution of the REMI platform as part of ATEC’s innovation
machine.”
Preliminary, Unaudited First Quarter 2023 Financial
Update
ATEC's preliminary total revenue grew over 52% year-over-year in
the first quarter. Continued strong momentum fueled preliminary
surgical revenue growth of over 53%, led by surgical volume growth
of at least 39% compared to the prior year period.
First Quarter Ended March 31,
2023
Surgical revenue
$93.2M to $94.3M
EOS revenue
$14.8M to $15.2M
Total revenue
$108.0M to $109.5M
The select, preliminary financial results announced today are
based on the Company’s current expectations and may be adjusted as
a result of, among other things, completion of customary
quarter-end close review procedures and further financial
review.
Financial Outlook for the Full-Year 2023
The Company now anticipates full-year 2023 total revenue of $450
million, reflecting growth of approximately 28% year-over-year.
This includes surgical revenue of approximately $393 million and
approximately $57 million of EOS revenue. The Company continues to
expect to achieve non-GAAP adjusted EBITDA break-even for the
full-year 2023.
Previous Full-Year 2023
Guidance
Updated Full-Year 2023
Guidance
Surgical revenue
$383M
$393M
EOS revenue
$55M
$57M
Total revenue
$438M
$450M
Further detail will be provided when the Company reports first
quarter 2023 financial results on Thursday, May 4, 2023, after the
market close.
Webcast
The Company will host a live webcast today at 2:00 p.m. PT /
5:00 p.m. ET. To access the live webcast, please visit the Investor
Relations Section of ATEC’s Corporate Website. To dial into the
live webcast, please register at this link. Access details will be
shared via email.
A replay of the webcast will remain available through the
Investor Relations Section of ATEC’s Corporate Website for twelve
months. In addition, a dial-in replay will be available beginning
two hours after the webcast’s completion through April 26, 2023 .
Access the replay by dialing (800) 770-2030 and referencing
conference ID number 78538.
Inducement Awards Granted
As an inducement material to accepting employment with the
Company, and in accordance with Nasdaq Listing Rule 5635(c)(4),
ATEC today announced that the independent Compensation Committee of
the Board of Directors has approved aggregate grants to eighteen
new employees (who are not executive officers) of, collectively,
22,741 restricted stock units (“RSUs”) under the Company’s 2016
Employment Inducement Award Plan. The RSUs will vest in equal
annual installments on each of the first four anniversaries of the
grant date, provided that the recipient remains continuously
employed by ATEC as of such vesting date. In addition, the RSUs
will vest fully upon a change of control of ATEC.
About ATEC
ATEC, through its wholly owned subsidiaries, Alphatec Spine,
Inc., EOS imaging S.A. and SafeOp Surgical, Inc., is a medical
device company dedicated to revolutionizing the approach to spine
surgery through clinical distinction. ATEC’s Organic Innovation
Machine™ is focused on developing new approaches that integrate
seamlessly with the Company’s expanding AlphaInformatiX Platform to
better inform surgery and more safely and reproducibly achieve the
goals of spine surgery. ATEC’s vision is to be the Standard Bearer
in Spine. For more information, visit us at www.atecspine.com.
About Fusion Robotics
Fusion Robotics, LLC is a privately held medical device
manufacturer headquartered in Boulder, CO. It is focused on the
research, development and commercialization of robotics
technologies for spinal surgical applications. The company's
mission is to provide pragmatic and economical navigation and
robotics solutions for broad clinical use in spine surgery. Fusion
Robotics is a subsidiary of Accelus Inc.
Forward Looking Statements
This press release contains "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
management's 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.
The Company cautions investors that there can be no assurance that
actual results will not differ materially from those projected or
suggested in such forward-looking statements as a result of various
factors. The words “may,” “might,” “will,” “could,” “would,”
“should,” “expect,” “plan,” “anticipate,” “intend,” “believe,”
“expect,” “estimate,” “seek,” “predict,” “future,” “project,”
“potential,” “continue,” “target” and similar words or expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Forward-looking statements include, but are not limited to: the
potential benefits and synergies of the announced acquisition,
including the expected impact on future financial and operating
results, post-acquisition plans, and intentions, strategy and
procedural integration; the Company’s expectations with respect to
future revenue, growth and financial outlook; planned commercial
launches, introductions, integration, regulatory submissions or
clearances; the Company’s ability to create clinical distinction,
compel surgeon adoption and earn market share; and the Company’s
expectations with respect to future revenue, growth and financial
outlook. 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 effect of the announcement of the acquisition on the Company’s
ability to retain and hire key personnel and maintain relationships
with customers and suppliers; risks related to potential litigation
in connection with acquisition; the risk that the assets acquired
will not be integrated successfully or that the benefits and
synergies from the acquisition may not be fully realized or may
take longer to realize than expected; the uncertainty of success in
developing new products or products currently in the pipeline; the
uncertainties in the Company’s ability to execute upon its
strategic operating plan; failure to achieve acceptance of the
Company’s products by the surgeon community; failure to obtain FDA
or other regulatory clearance or approval or unexpected or
prolonged delays in the process; continuation of favorable
third-party reimbursement; the Company’s ability to compete with
other products or with emerging technologies; product liability
exposure; an unsuccessful outcome in any litigation; and changes to
our financial results for the quarter due to the completion of
financial closing procedures. A further list and description of
these and other factors, risks and uncertainties can be found in
the Company's most recent annual report, and any subsequent
quarterly and current reports, filed with the Securities and
Exchange Commission. Forward-looking statements represent the
Company’s views only as of today and should not be relied upon as
representing its views as of any subsequent date. ATEC 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. No representations or
warranties (expressed or implied) are made about the accuracy of
any such forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230419005422/en/
Investor/ Media Contact: Tina Jacobsen, CFA Investor
Relations (760) 494-6790 investorrelations@atecspine.com
Company Contact: J. Todd Koning Chief Financial Officer
Alphatec Holdings, Inc. investorrelations@atecspine.com
Alphatec (NASDAQ:ATEC)
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