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Alphatec Holdings announces second quarter financial results

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Alphatec Holdings Inc., the parent company of Alphatec Spine Inc., this week released its financial results for the second quarter, which ended June 30, 2015. Alphatec announced consolidated revenues of $46.6 million, or $50.2 million in constant currency, according to a company press release.

The Alphatec revenues were down by 12.3% compared to $53.2 million which was reported for the second quarter of 2014, or down 5.6% on a constant currency basis. Consolidated revenues in the second quarter were impacted by the decrease in the Japanese Yen and Euro valuation against the U.S. dollar, according to the release.

The U.S. net revenues were down, as well, in the second quarter. They came in at $27.2 million, down 21.1%, compared to $34.5 million reported for the second quarter of 2014. International revenues increased by 4%, to $19.4 million compared to $18.6 million for the second quarter of 2014, or up 23.0% on a constant currency basis.

Gross profit declined 23.8% from the second quarter of 2015 primarily due to lower U.S. sales volume, the effects of foreign currency translation and the global geographic mix. Gross profit and gross margin were $27.5 million and 59.0%, respectively, compared to $36.1 million and 67.9%, for the second quarter of 2014, according to the company.

“During the last 12 months, Alphatec has embarked on an overall company transformation to accelerate global growth and increase profitability,” Jim Corbett, president and CEO of Alphatec Spine, stated in the release. “While our Q2 performance reflects the significant work we still have ahead of us, we have established a solid foundation for our strategic plans. I, together with the senior leadership team, am confident that we now have both the strategy and the structure to compete more effectively and broadly in the spinal fusion market.”

Alphatec chief financial officer Mike O’Neill, stated in the release, “The first half of the year we have been making significant changes to our business and investing in transforming or commercial model, which we believe will position us for a stronger second half of 2015 and 2016.”  

Reference: www.alphatecspine.com