Alphatec reported a slight increase in first quarter net revenue for 2019.
Six things to know:
1. Alphatec reported revenue hit $24.6 million in the first quarter, up around 15 percent compared to the same period last year. U.S. product revenue jumped 20 percent to $23 million.
2. Operating loss for the quarter hit $10 million, up 1,514 percent from $667,000 last year. Net loss for the quarter was nearly $13 million, up from $1.9 million over the same period last year.
3. At the end of the quarter cash and cash equivalents hit $16.4 million. Gross profit was $16.5 million.
4. Since the beginning of the year, Alphatec has launched the IdentiTi ACDF system, IdentiTi PLIF system and AlphaGRAFT DBM Fiber, all spinal fusion products. It also received FDA clearance for the SafeOp Advanced Automated Neuromonitoring System.
5. Revenue per case also increased 13 percent in the first quarter compared to the same period last year. Revenue per distributor was up 30 percent.
6. For the full year, Alphatec expects to report revenue of $98 million to $103 million, with U.S. product revenue up 13 percent to 17 percent.