Knobias Clip Report (08-05-2008) ATEC
Submitted By Knobias ClipReport
ATEC: CEO Comments on Q2 Earnings Results and New Markets
By Fain Hughes, fhughes@knobias.com
Shares of Alphatec Holdings, Inc. (ATEC) were weaker on Tuesday after the Company reported financial results for the second quarter ended June 30, 2008. Consolidated revenues for the second quarter 2008 were $23.9 million, an increase of 26.7% from the $18.8 million reported for the second quarter 2007. Net loss for the second quarter 2008 was $3.6 million, or ($0.08) per share, compared with a net loss $703,000, or ($0.02) per share, for the second quarter 2007.
The Company reiterated its guidance for revenues for the full year 2008 of $95 million, which is below current consensus estimates.
Dirk Kuyper, President and CEO of Alphatec, commented in a conference call, “It is significant to note that we were able to grow our core business at a rate greater than the spine market in Q2, prior to the launch of any of our new products focused on disorders of the aging spine.”
He added, “The European market provides a strategic opportunity for us. To date, there have been over thirty surgeries completed, and we look forward to the increased adoption of our products there. We are also looking to add more distribution partners in that market. In addition, we have recently completed submissions to Japanese regulators for our core product line.”
Mr. Kuyper concluded, “As we look to the second half of 2008, our primary focus is a rebranding effort and the successful launch of our new products. In 2009, we will be looking to leverage our sales momentum to improve margins, asset utilization and overall efficiencies to drive improvements in earnings.”
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