|
第99.1展示文本 |
ATEC发布2024年第三季度财务结果
并提高了全年指引
手术收入增长30%; 总收入增长27%
全年营业收入和盈利指导增加
通过对现有贷款设施进行5,000万美元扩容，提高资产负债表灵活性
2024年10月30日，加利福尼亚州卡尔斯巴德 - Alphatec Holdings, Inc.（纳斯达克：ATEC）是一家致力于革新脊柱手术方法的创新解决方案提供商，今天宣布了截至2024年9月30日的季度财务业绩和最新企业亮点。
2024年第三季度 金融 结果
|
季度结束 2024年9月30日 |
总收入 |
$15100万 |
GAAP毛利率 |
68% |
非GAAP毛利率 |
69% |
GAAP营业费用 |
$13600万 |
非GAAP营业费用 |
11400万美元 |
GAAP净损失 |
（40）百万美元 |
调整后的EBITDA |
740万美元 |
调整后的EBITDA率 |
5% |
期末现金余额 |
8100万美元 |
最近的亮点
“在ATEC，我们的承诺继续致力于通过创新提升脊柱护理，”Pat Miles，董事长兼首席执行官说。“这一承诺在过去五年中推动了我们的增长，增长率是我们行业的数倍。我们意识到将增长转化为扩大利润的重要性，以便支持我们的长期愿景，我们正在积极执行内部举措来影响现金流。我们对未来机遇的看法保持不变：我们正在打造一家特别的公司，其独特地位使其能够彻底改革脊柱护理。”
提高现有的长期债务融资额
|
|
公司已与Braidwell LP和Pharmakon Advisors, LP达成协议，将公司现有的贷款额度扩大5000万美元，可获得高达20000万美元的总容量。随着交易的完成，公司拥有约12800万美元的预计现金。
Pharmakon Advisors的联合创始人、首席执行官Pedro Gonzalez de Cosio表示：“ATEC旨在改善脊柱护理，正在推动非凡增长。我们很高兴能与团队合作，支持这一重要使命，随着公司继续扩大盈利能力并转向正现金流方面。”
关于融资的更多细节将包含在一份8-k表格的当前报告中，ATEC将在今天向证券交易委员会提交。
财务展望 2024年度整年
截止2024年12月31日结束的财政年度，公司现预计总营业收入将增长25%，达到60500万美元，较先前预期的60200万美元。其中包括手术收入54000万美元和柚子收入6500万美元。公司现预计非GAAP调整后的EBITDA约为2700万美元，较先前预期的2550万美元。
财务业绩网络研讨会
ATEC将于今天下午1:30时（太平洋时间）/下午4:30时（东部时间）通过现场网络研讨会公布这些结果。访问ATEC公司网站的投资者关系部分即可进入现场网络研讨会。
想要参加直播网络研讨会，请在此链接注册。访问详情将通过电子邮件分享。
网络直播的重播将在ATEC公司网站的投资者关系部门保留12个月。
非依据GAAP制定的财务信息
为了补充按照美国通用会计准则（GAAP）编制的公司财务报表，公司报告了某些非GAAP财务指标，包括非GAAP毛利率、非GAAP营业费用、非GAAP营业亏损和非GAAP调整后的EBITDA。公司认为这些非GAAP财务指标为投资者提供了一个评估公司核心业绩的额外工具，管理层在评估持续经营业绩时使用，以及评估公司未来盈利潜力的基准。公司的非GAAP财务指标可能无法提供直接可比的信息，因为公司行业板块的其他公司可能以不同方式计算非GAAP财务结果，特别是与非常规、飞凡项目有关的情况。非GAAP财务结果应被视为补充，而非替代或优于按照GAAP计算的财务指标。下面包括非GAAP财务指标与可比GAAP财务指标的调解。
关于 Alphatec Holdings，Inc.公司
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|
阿尔法泰克通过其全资子公司Alphatec Spine, Inc.，柚子成像S.A.S.和SafeOp Surgical, Inc.，是一家专注于通过临床卓越革新脊柱外科手术方法的器械公司。ATEC的有机创新机器致力于开发与公司不断扩大的AlphaInformatiX平台无缝集成的新方法，以更好地为手术提供信息，并更安全、更可靠地达到脊柱外科手术的目标。ATEC的愿景是成为脊柱领域的标杆。欲了解更多信息，请访问我们的网站www.atecspine.com。
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前瞻性声明
本新闻发布包含根据1995年《私人证券诉讼改革法案》的“前瞻性陈述”，涉及风险和不确定性。此类陈述基于管理层的当前期望，并受到一系列可能导致实际结果与前瞻性陈述描述不符的风险和不确定性。公司提醒投资者，无法保证实际结果不会因各种因素而与这类前瞻性陈述中所述的投射或建议有实质性不同。前瞻性陈述包括但不限于: 关于公司的营业收入、资产负债表、增长和财务前景与承诺的引用; 公司促使外科医生采用、推动程序增长和转变销售渠道的能力。可能导致实际运营结果与此类前瞻性陈述所表达或暗示的结果显著不同的重要因素包括但不限于: 在开发新产品或当前正在研发阶段的产品方面获得成功的不确定性; 公司执行战略运营计划的不确定性; 成功许可或收购新产品以及这些产品的商业成功的不确定性; 未能取得外科医生社区对公司产品的认可; 未能获得FDA或其他监管机构的批准或意外或进展时间过长的延迟的风险; 有利的第三方赔偿持续性; 突发费用或负债或影响现金流或公司实现盈利能力的其他不利事件的不确定性; 额外资金及其形式的不确定性; 产品责任风险; 任何诉讼的不成功结果; 侵犯专利的索赔; 与公司知识产权相关的索赔; 以及公司履行其财务义务的能力。这些和其他因素、风险和不确定性的进一步清单和描述可在公司最近的年度报告以及向证券交易委员会提交的任何后续季度和当前报告中找到。ATEC否认有意或义务更新或修改任何前瞻性陈述，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 |
|
|||||||||||||||