Alphatec Holdings announced preliminary third quarter financial results.
Here are five things to know:
1. Total revenue is expected between $22.8 million and $23.1 million. CEO Terry Rich reported revenue was down due to the impact of the hurricanes in Texas, Florida and Puerto Rico during the quarter, as well as fewer selling days.
"In spite of the weather-related challenges, we successfully managed operating expenses and substantially decreased cash burn for a fourth consecutive quarter," said Mr. Rich. "As well, with the momentum we are experiencing in our sales channel, we expect to drive sequential revenue growth in the fourth quarter."
2. U.S. commercial revenue is reported at $20.4 million to $20.7 million with a commercial gross margin increase of 68 percent to 69 percent.
3. Third quarter total operating expenses dropped from 2016 to 2017. The company expects to report $15.7 million to $16 million in total operating expenses for the quarter.
4. Alphatec reported around $15.4 million cash balance as of Sept. 30, 2017.
5. Alphatec plans to release third quarter final results on Nov. 9.
The company also announced recent leadership moves, appointing Ward W. Woods to its board and accepting the resignation of president and COO Mike Plunkett, effective Nov. 15. Mr. Plunkett will pursue other interests while remaining with Alphatec in a consulting capacity through the end of the year.