|
第99.1展示文本 |
ATEC發佈2024年第三季度財務結果
並提高了全年指引
手術收入增長30%; 總收入增長27%
全年營業收入和盈利指導增加
通過對現有貸款設施進行5,000萬美元擴容，提高資產負債表靈活性
2024年10月30日，加利福尼亞州卡爾斯巴德 - Alphatec Holdings, Inc.（納斯達克：ATEC）是一家致力於革新脊柱手術方法的創新解決方案提供商，今天宣佈了截至2024年9月30日的季度財務業績和最新企業亮點。
2024年第三季度 金融 結果
|
季度結束 2024年9月30日 |
總收入 |
$15100萬 |
GAAP毛利率 |
68% |
非GAAP毛利率 |
69% |
GAAP營業費用 |
$13600萬 |
非GAAP營業費用 |
11400萬美元 |
GAAP淨損失 |
（40）百萬美元 |
調整後的EBITDA |
740萬美元 |
調整後的EBITDA率 |
5% |
期末現金餘額 |
8100萬美元 |
最近的亮點
「在ATEC，我們的承諾繼續致力於通過創新提升脊柱護理，」Pat Miles，董事長兼首席執行官說。「這一承諾在過去五年中推動了我們的增長，增長率是我們行業的數倍。我們意識到將增長轉化爲擴大利潤的重要性，以便支持我們的長期願景，我們正在積極執行內部舉措來影響現金流。我們對未來機遇的看法保持不變：我們正在打造一家特別的公司，其獨特地位使其能夠徹底改革脊柱護理。」
提高現有的長期債務融資額
|
|
公司已與Braidwell LP和Pharmakon Advisors, LP達成協議，將公司現有的貸款額度擴大5000萬美元，可獲得高達20000萬美元的總容量。隨着交易的完成，公司擁有約12800萬美元的預計現金。
Pharmakon Advisors的聯合創始人、首席執行官Pedro Gonzalez de Cosio表示：「ATEC旨在改善脊柱護理，正在推動非凡增長。我們很高興能與團隊合作，支持這一重要使命，隨着公司繼續擴大盈利能力並轉向正現金流方面。」
關於融資的更多細節將包含在一份8-k表格的當前報告中，ATEC將在今天向證券交易委員會提交。
財務展望 2024年度整年
截止2024年12月31日結束的財政年度，公司現預計總營業收入將增長25%，達到60500萬美元，較先前預期的60200萬美元。其中包括手術收入54000萬美元和柚子收入6500萬美元。公司現預計非GAAP調整後的EBITDA約爲2700萬美元，較先前預期的2550萬美元。
財務業績網絡研討會
ATEC將於今天下午1:30時（太平洋時間）/下午4:30時（東部時間）通過現場網絡研討會公佈這些結果。訪問ATEC公司網站的投資者關係部分即可進入現場網絡研討會。
想要參加直播網絡研討會，請在此鏈接註冊。訪問詳情將通過電子郵件分享。
網絡直播的重播將在ATEC公司網站的投資者關係部門保留12個月。
非依據GAAP制定的財務信息
爲了補充按照美國通用會計準則（GAAP）編制的公司財務報表，公司報告了某些非GAAP財務指標，包括非GAAP毛利率、非GAAP營業費用、非GAAP營業虧損和非GAAP調整後的EBITDA。公司認爲這些非GAAP財務指標爲投資者提供了一個評估公司核心業績的額外工具，管理層在評估持續經營業績時使用，以及評估公司未來盈利潛力的基準。公司的非GAAP財務指標可能無法提供直接可比的信息，因爲公司行業板塊的其他公司可能以不同方式計算非GAAP財務結果，特別是與非常規、飛凡項目有關的情況。非GAAP財務結果應被視爲補充，而非替代或優於按照GAAP計算的財務指標。下面包括非GAAP財務指標與可比GAAP財務指標的調解。
關於 Alphatec Holdings，Inc.公司
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阿爾法泰克通過其全資子公司Alphatec Spine, Inc.，柚子成像S.A.S.和SafeOp Surgical, Inc.，是一家專注於通過臨床卓越革新脊柱外科手術方法的器械公司。ATEC的有機創新機器致力於開發與公司不斷擴大的AlphaInformatiX平台無縫集成的新方法，以更好地爲手術提供信息，並更安全、更可靠地達到脊柱外科手術的目標。ATEC的願景是成爲脊柱領域的標杆。欲了解更多信息，請訪問我們的網站www.atecspine.com。
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前瞻性聲明
本新聞發佈包含根據1995年《私人證券訴訟改革法案》的「前瞻性陳述」，涉及風險和不確定性。此類陳述基於管理層的當前期望，並受到一系列可能導致實際結果與前瞻性陳述描述不符的風險和不確定性。公司提醒投資者，無法保證實際結果不會因各種因素而與這類前瞻性陳述中所述的投射或建議有實質性不同。前瞻性陳述包括但不限於: 關於公司的營業收入、資產負債表、增長和財務前景與承諾的引用; 公司促使外科醫生採用、推動程序增長和轉變銷售渠道的能力。可能導致實際運營結果與此類前瞻性陳述所表達或暗示的結果顯著不同的重要因素包括但不限於: 在開發新產品或當前正在研發階段的產品方面獲得成功的不確定性; 公司執行戰略運營計劃的不確定性; 成功許可或收購新產品以及這些產品的商業成功的不確定性; 未能取得外科醫生社區對公司產品的認可; 未能獲得FDA或其他監管機構的批准或意外或進展時間過長的延遲的風險; 有利的第三方賠償持續性; 突發費用或負債或影響現金流或公司實現盈利能力的其他不利事件的不確定性; 額外資金及其形式的不確定性; 產品責任風險; 任何訴訟的不成功結果; 侵犯專利的索賠; 與公司知識產權相關的索賠; 以及公司履行其財務義務的能力。這些和其他因素、風險和不確定性的進一步清單和描述可在公司最近的年度報告以及向證券交易委員會提交的任何後續季度和當前報告中找到。ATEC否認有意或義務更新或修改任何前瞻性陳述，除非法律要求。
Non-GAAP Definitions
Amortization of intangible assets: Represents amortization expense associated with intangible assets including, but not limited to customer relationships, intellectual property, and trade names acquired in business combinations and asset acquisitions.
Litigation-related expenses: We are involved in various litigation matters that from time-to-time result in settlements. Litigation matters can vary in their characteristics, frequency and significance to our operating results and core business operations. We review litigation matters from both a qualitative and quantitative perspective to determine whether such matters are a normal and recurring part of our business. We include in our GAAP financial statements litigation fees and settlement expenses that we determine to be normal, recurring and routine to our business. When we determine that certain litigation matters are not normal and recurring to our core business operations, we believe excluding these expenses will provide our management and investors with useful incremental information. Litigation fees and settlement expenses excluded from our non-GAAP financial measures in the periods presented relate primarily to patent litigation and other litigation matters that relate directly to the business transformation that we started in 2018 and are discussed more fully in our periodic reports filed with the Securities Exchange Commission.
Other non-recurring expenses: These expenses represent non-recurring expenses that we consider to be one-time in nature.
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|
Purchase accounting adjustments on acquisitions: Includes non-cash expenses incurred as a result of fair value asset step-ups associated with tangible assets acquired from business combinations or asset acquisitions.
Restructuring expenses: From time-to-time, in order to realign the Company’s operations or to achieve synergies associated with an acquisition, the Company may eliminate roles or restructure its operations and footprint. In such cases the Company may incur one-time severance and personnel costs associated with workforce reductions, or costs associated with exiting and/or relocating facilities. We exclude these costs as we do not consider such amounts to be part of the ongoing operations.
Stock-based compensation: Stock-based compensation is charged to cost of revenue and operating expenses. We exclude stock-based compensation from certain of our non-GAAP financial measures because we believe that excluding these non-cash expenses provides meaningful supplemental information regarding operational performance. Because of the variety of equity awards used by companies, the varying methodologies for determining stock-based compensation expense, the subjective assumptions involved in those determinations, and the volatility in valuations that can be driven by market conditions outside the Company’s control, the Company believes excluding stock-based compensation expense enhances the ability of management and investors to understand and assess the underlying performance of its business over time.
Transaction-related expenses: These expenses represent one-time costs associated with business combinations and asset acquisitions. These items may include but are not limited to consulting and legal fees, contract termination costs and other related deal costs.
Adjusted EBITDA: Represents earnings before non-operating income/expense, taxes, depreciation and amortization, as adjusted for the applicable non-GAAP adjustments previously described.
Investor/Media Contact:
Tina Jacobsen, CFA
Investor Relations
(760) 494-6790
investorrelations@atecspine.com
Company Contact:
J. Todd Koning
Chief Financial Officer
investorrelations@atecspine.com
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|
ALPHATEC HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
Revenue from products and services |
|
$ |
150,719 |
|
|
$ |
118,262 |
|
|
$ |
434,769 |
|
|
$ |
344,292 |
|
Cost of sales |
|
|
47,990 |
|
|
|
38,215 |
|
|
|
132,095 |
|
|
|
129,279 |
|
Gross profit |
|
|
102,729 |
|
|
|
80,047 |
|
|
|
302,674 |
|
|
|
215,013 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
20,357 |
|
|
|
20,000 |
|
|
|
57,474 |
|
|
|
47,831 |
|
Sales, general and administrative |
|
|
109,200 |
|
|
|
91,411 |
|
|
|
335,658 |
|
|
|
269,960 |
|
Litigation-related expenses |
|
|
2,093 |
|
|
|
2,715 |
|
|
|
8,611 |
|
|
|
12,815 |
|
Amortization of acquired intangible assets |
|
|
3,848 |
|
|
|
3,873 |
|
|
|
11,538 |
|
|
|
10,461 |
|
Transaction-related expenses |
|
|
— |
|
|
|
278 |
|
|
|
(117 |
) |
|
|
2,178 |
|
Restructuring expenses |
|
|
934 |
|
|
|
129 |
|
|
|
1,861 |
|
|
|
333 |
|
Total operating expenses |
|
|
136,432 |
|
|
|
118,406 |
|
|
|
415,025 |
|
|
|
343,578 |
|
Operating loss |
|
|
(33,703 |
) |
|
|
(38,359 |
) |
|
|
(112,351 |
) |
|
|
(128,565 |
) |
Other expense, net: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
|
(6,572 |
) |
|
|
(4,459 |
) |
|
|
(17,728 |
) |
|
|
(12,225 |
) |
Other income, net |
|
|
623 |
|
|
|
47 |
|
|
|
897 |
|
|
|
3,077 |
|
Total other expense, net |
|
|
(5,949 |
) |
|
|
(4,412 |
) |
|
|
(16,831 |
) |
|
|
(9,148 |
) |
Net loss before taxes |
|
|
(39,652 |
) |
|
|
(42,771 |
) |
|
|
(129,182 |
) |
|
|
(137,713 |
) |
Income tax benefit |
|
|
(36 |
) |
|
|
(117 |
) |
|
|
(391 |
) |
|
|
(153 |
) |
Net loss |
|
$ |
(39,616 |
) |
|
$ |
(42,654 |
) |
|
$ |
(128,791 |
) |
|
$ |
(137,560 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.90 |
) |
|
$ |
(1.18 |
) |
Weighted average shares outstanding, basic and diluted |
|
|
143,492 |
|
|
|
122,468 |
|
|
|
142,400 |
|
|
|
117,026 |
|
Stock-based compensation included in: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales |
|
$ |
1,439 |
|
|
$ |
2,369 |
|
|
$ |
2,476 |
|
|
$ |
24,601 |
|
Research and development |
|
|
7,207 |
|
|
|
6,790 |
|
|
|
17,137 |
|
|
|
9,587 |
|
Sales, general and administrative |
|
|
8,816 |
|
|
|
10,914 |
|
|
|
32,131 |
|
|
|
26,541 |
|
|
|
$ |
17,462 |
|
|
$ |
20,073 |
|
|
$ |
51,744 |
|
|
$ |
60,729 |
|
|
|
ALPHATEC HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
|
|
September 30, |
|
|
December 31, |
|
||
|
|
(unaudited) |
|
|
|
|
||
ASSETS |
|
|||||||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
80,976 |
|
|
$ |
220,970 |
|
Accounts receivable, net |
|
|
78,452 |
|
|
|
72,613 |
|
Inventories |
|
|
183,111 |
|
|
|
136,842 |
|
Prepaid expenses and other current assets |
|
|
19,886 |
|
|
|
20,666 |
|
Total current assets |
|
|
362,425 |
|
|
|
451,091 |
|
Property and equipment, net |
|
|
171,430 |
|
|
|
149,835 |
|
Right-of-use assets |
|
|
37,015 |
|
|
|
26,410 |
|
Goodwill |
|
|
73,397 |
|
|
|
73,003 |
|
Intangible assets, net |
|
|
98,785 |
|
|
|
102,451 |
|
Other assets |
|
|
2,843 |
|
|
|
2,418 |
|
Total assets |
|
$ |
745,895 |
|
|
$ |
805,208 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|||||||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
59,578 |
|
|
$ |
48,985 |
|
Accrued expenses and other current liabilities |
|
|
76,262 |
|
|
|
87,712 |
|
Contract liabilities |
|
|
11,602 |
|
|
|
13,910 |
|
Short-term debt |
|
|
1,790 |
|
|
|
1,808 |
|
Current portion of operating lease liabilities |
|
|
6,989 |
|
|
|
5,159 |
|
Total current liabilities |
|
|
156,221 |
|
|
|
157,574 |
|
Total long-term liabilities |
|
|
567,433 |
|
|
|
545,915 |
|
Redeemable preferred stock |
|
|
23,603 |
|
|
|
23,603 |
|
Stockholders' equity |
|
|
(1,362 |
) |
|
|
78,116 |
|
Total liabilities and stockholders' equity |
|
$ |
745,895 |
|
|
$ |
805,208 |
|
|
|
ALPHATEC HOLDINGS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
(unaudited) |
|
|
|
|
|
|
||||||||||
|
Gross profit, GAAP |
|
$ |
102,729 |
|
|
$ |
80,047 |
|
|
$ |
302,674 |
|
|
$ |
215,013 |
|
|
Add: amortization of intangible assets |
|
|
308 |
|
|
|
221 |
|
|
|
922 |
|
|
|
661 |
|
|
Add: stock-based compensation |
|
|
1,439 |
|
|
|
2,369 |
|
|
|
2,476 |
|
|
|
24,601 |
|
|
Add: purchase accounting adjustments on acquisitions |
|
|
— |
|
|
|
— |
|
|
|
197 |
|
|
|
195 |
|
|
Non-GAAP gross profit |
|
$ |
104,476 |
|
|
$ |
82,637 |
|
|
$ |
306,269 |
|
|
$ |
240,470 |
|
|
Gross margin, GAAP |
|
|
68.2 |
% |
|
|
67.7 |
% |
|
|
69.6 |
% |
|
|
62.5 |
% |
|
Add: amortization of intangible assets |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
Add: stock-based compensation |
|
|
1.0 |
% |
|
|
2.0 |
% |
|
|
0.6 |
% |
|
|
7.1 |
% |
|
Add: purchase accounting adjustments on acquisitions |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.1 |
% |
|
Non-GAAP gross margin |
|
|
69.3 |
% |
|
|
69.9 |
% |
|
|
70.4 |
% |
|
|
69.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
(unaudited) |
|
|
|
|
|
|
||||||||||
|
Operating expenses, GAAP |
|
$ |
136,432 |
|
|
$ |
118,406 |
|
|
$ |
415,025 |
|
|
$ |
343,578 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Stock-based compensation |
|
|
(16,023 |
) |
|
|
(17,704 |
) |
|
|
(49,268 |
) |
|
|
(36,128 |
) |
|
Litigation-related expenses |
|
|
(2,093 |
) |
|
|
(2,715 |
) |
|
|
(8,611 |
) |
|
|
(12,815 |
) |
|
Amortization of intangible assets |
|
|
(3,848 |
) |
|
|
(3,873 |
) |
|
|
(11,538 |
) |
|
|
(10,461 |
) |
|
Transaction-related expenses |
|
|
— |
|
|
|
(278 |
) |
|
|
117 |
|
|
|
(2,178 |
) |
|
Restructuring expenses |
|
|
(934 |
) |
|
|
(129 |
) |
|
|
(1,861 |
) |
|
|
(333 |
) |
|
Other non-recurring expenses1, 2 |
|
|
— |
|
|
|
— |
|
|
|
(1,608 |
) |
|
|
(1,349 |
) |
|
Non-GAAP operating expenses |
|
$ |
113,534 |
|
|
$ |
93,707 |
|
|
$ |
342,256 |
|
|
$ |
280,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
(unaudited) |
|
|
|
|
|
|
||||||||||
|
Net loss, GAAP |
|
$ |
(39,616 |
) |
|
$ |
(42,654 |
) |
|
$ |
(128,791 |
) |
|
$ |
(137,560 |
) |
|
Other expense, net |
|
|
5,949 |
|
|
|
4,412 |
|
|
|
16,831 |
|
|
|
9,148 |
|
|
Income tax benefit |
|
|
(36 |
) |
|
|
(117 |
) |
|
|
(391 |
) |
|
|
(153 |
) |
|
Depreciation |
|
|
16,491 |
|
|
|
10,651 |
|
|
|
45,950 |
|
|
|
28,998 |
|
|
Amortization of intangible assets |
|
|
4,156 |
|
|
|
4,094 |
|
|
|
12,460 |
|
|
|
11,122 |
|
|
EBITDA |
|
|
(13,056 |
) |
|
|
(23,614 |
) |
|
|
(53,941 |
) |
|
|
(88,445 |
) |
|
Add back significant items: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Stock-based compensation |
|
|
17,462 |
|
|
|
20,073 |
|
|
|
51,744 |
|
|
|
60,729 |
|
|
Purchase accounting adjustments on acquisitions |
|
|
— |
|
|
|
— |
|
|
|
197 |
|
|
|
195 |
|
|
Litigation-related expenses |
|
|
2,093 |
|
|
|
2,715 |
|
|
|
8,611 |
|
|
|
12,815 |
|
|
Transaction-related expenses |
|
|
— |
|
|
|
278 |
|
|
|
(117 |
) |
|
|
2,178 |
|
|
Restructuring expenses |
|
|
934 |
|
|
|
129 |
|
|
|
1,861 |
|
|
|
333 |
|
|
Other non-recurring expenses1, 2 |
|
|
— |
|
|
|
— |
|
|
|
1,608 |
|
|
|
1,349 |
|
|
Adjusted EBITDA |
|
$ |
7,433 |
|
|
$ |
(419 |
) |
|
$ |
9,963 |
|
|
$ |
(10,846 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Adjusted EBITDA margin |
|
|
4.9 |
% |
|
|
(0.4 |
%) |
|
|
2.3 |
% |
|
|
(3.2 |
%) |
|
Adjusted EBITDA margin expansion |
|
530 bps |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
1 |
Non-recurring net charges on assets and liabilities associated with customer plan of reorganization |
|
|||||||||||||||
2 |
Non-recurring consulting fees associated with the implementation of our state tax-planning strategy |
|
|||||||||||||||