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FOR IMMEDIATE RELEASE
Alphatec Holdings Announces Fourth Quarter and Full Year 2014 Revenue and Financial Results
Company posts record sales and adjusted EBITDA for both fourth quarter and full year 2014
CARLSBAD, CA, February 26, 2015 Alphatec Holdings, Inc. (Nasdaq: ATEC), the parent company of Alphatec Spine, Inc., a global provider of spinal fusion technologies, announced today financial results for the fourth quarter and full year ended December 31, 2014.
|||Fourth quarter revenue of $53.6 million; 1.1% growth over 2013. 4.5% growth on a constant currency basis.|
|||Fourth quarter adjusted EBITDA of $8.3 million, 15.4% of revenue; 10.3% growth over 2013.|
|||Annual total revenue of $207.0 million; 1.1% growth over 2013. 2.5% growth on a constant currency basis.|
|||Full year adjusted EBITDA of $30.8 million, 14.9% of revenue; 22.4% growth over 2013.|
Highlights of Alphatecs Fiscal Year 2014
Progressively strengthened the quality of our business:
|||U.S. revenue of $137.1 million, representing 1.6% growth over full year 2013.|
|||International revenue of $69.9 million, representing 4.4% growth in constant currency over full year 2013.|
|||Revenues from international operations represent 34% of global revenues.|
|||Consolidated full year revenues were impacted by $2.9 million due to the devaluation of the Japanese Yen and Euro against the U.S. dollar.|
|||Adjusted EBITDA of approximately $31 million, or 15% of revenue.|
|||Consolidated gross margin improved 860 basis points to 69.3% from 60.7% in 2013.|
|||Successfully completed phase two of the U.S. beta launch of the Arsenal Spinal Fixation System, the Companys innovative solution to treat the most complex degenerative pathologies. Full commercial launch of Arsenal is underway.|
|||Biologics growth in the U.S. of over 14% in the fourth quarter of 2014.|
2014 marked a transition year for Alphatec Spine, said Jim Corbett, President and CEO of Alphatec Spine, who joined the Company in May last year. During the year, we substantially completed the restructuring of our French operations, settled the Orthotec litigation, strengthened our executive leadership team, and achieved record-level adjusted EBITDA.
Mr. Corbett added, We still have work to do in order to compete more effectively in the marketplace and create greater shareholder value. We have refocused the Company on a clear strategy aligned across the organization and begun executing initiatives intended to improve the fundamental quality of our business. With the support of the Companys highly engaged team, Alphatec is committed to making strides to accelerate growth and continue to improve profitability.
The following information was filed by Alphatec Holdings, Inc. (ATEC) on Thursday, February 26, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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