Here are five recent updates from Alphatec Spine.
1. Alphatec Spine appointed James M. Corbett President and CEO effective May 1, 2014. He succeeds Leslie H. Cross, who is retiring as CEO but will continue to serve as chairman of the board of directors. Mr. Corbett served as senior executive in global organizations including Baxter and Boston Scientific, most recently serving as CEO of Vertos Medical. This announcement comes on the heels of Pat Ryan resigning from his position as COO in January. The company has also eliminated the Senior Vice President, U.S. Commercial Operations position, previously held by Thomas McLeer. The company's director Luke Faulstick will also step down.
2. The company's first quarter financial report shows consolidated net revenues of $49.2 million and in it's recent financial report Alphatec Spine reiterated 2014 revenue guidance of $208 million to $215 million. The company's U.S. hospital non-biologics implant volume grew 15 percent over the first quarter, driven by the increased uptake of interbody solutions. Less-invasive product solutions increased approximately 10 percent from the first quarter of 2013, driven by strong uptake of Illico MIS in Japan. U.S. hospital volumes came in strong, but were offset by continued industry pricing pressures.
3. The Food and Drug Administration granted clearance to Alphatec's Arsenal, a new spinal fixation system designed to treat complex degenerative conditions, in the first quarter. The company also launched CoreX, a minimally invasive biologics product for harvesting and providing autologous bone in spinal fusion, and in China launched the DiscoCerv cervical disc prosthesis. More recently, Alphatec Spine's Pegasus Anchored Cervical Interbody device received the Becker's Spine Review Spine Device Award 2014.
4. Last October, Alphatec Spine entered into a three-year collaboration with an experienced spine surgeon group to contribute to the company's future innovations. The agreement combines product development with knowledge, insight and experience of treating spine patients. Over the course of three annual payments, the company will pay an aggregate of $8 million in common stock of Alphatec Holdings at a per share price. The agreement did not provide cash consulting or future royalty payments to the surgeon collaborators.
5. Transparency Market Research named Alphatec Spine among the key players in the minimally invasive vertebral compression fracture repair market, which is expected to reach $2.82 billion by 2019. The market was valued at $1.58 billion in 2018 and the compound annual growth rate is estimated at 8.7 percent. Research and Markets also placed the company among top vendors in the global biomaterials market, expected to grow at a CAGR of 14.85 percent through 2016.
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