Spine device company Alphatec reported a net loss of $26.8 million in the fourth quarter, but saw U.S. revenue increase 38 percent year over year to $43.1 million.
Seven details:
1. Total operating expenses in the fourth quarter were $48.4 million compared to $36.7 million for the same period the prior year.
2. The company attributed fourth-quarter revenue growth to the increased surgeon adoption of new products and the evolution of its strategic distribution channel.
3. In 2020, Alphatec introduced 11 products, including its prone transpsoas procedure, which treats a range of spinal pathologies from a lateral approach. The PTP procedure has been used in more than 1,000 surgeries since its fourth-quarter launch, the company said.
4. CEO Pat Miles said in a March 4 news release "it's no accident" Alphatec averaged almost 30 percent revenue growth in the past eight quarters. "We are committed to the intentional, methodical task of compelling surgeon adoption through clinical distinction and to evolving our increasingly exclusive sales footprint," he said.
5. The company raised more than $250 million through the placements of common stock to fund the $116.9 million acquisition of EOS Imaging and provide additional operating capital.
6. As of Dec. 31, cash and cash equivalents were $107.8 million, with another $40 million available under the credit facility with private equity company Squadron Capital.
7. Alphatec recently relocated to a 120,000-square-foot headquarters in Carlsbad, Calif. The company said it is planning a hiring spree through 2021.