Alphatec Spine's parent company, Alphatec, reported fourth quarter and 2015 financial results.
Here are seven key notes on the financial report:
1. Fourth quarter revenue hit $47 million, down 12.4 percent when compared to the same period last year. The company attributes the drop to declines in Japanese Yen and Euro valuation. Net revenue for the full year decreased 10.5 percent in 2015, reaching $185.3 million.
2. Net revenue in the United States reached $29.5 million in the fourth quarter, down from $35.7 million in the same period last year. However, the U.S. revenue was up 7.6 percent sequentially. Full year United States net revenue dropped 16.4 percent to $114.6 million.
3. International net revenues dropped 2.3 percent to $17.5 million in the fourth quarter. Full year international revenue jumped to $70.7 million.
4. The total operating expenses in the fourth quarter increased 6 percent from the fourth quarter in 2014. The total operating expenses reached $292.5 million in 2015.
5. The net loss for the fourth quarter was $9.9 million, up from $273,000 for the same period last year. Adjusted cash and cash equivalents reached $11.2 million for the fourth quarter. Full year 2015 net loss was $178.7 million, or $1.79 per share. Around $165.4 million of non-cash impairment charges unfavorably impacted the net loss.
6. The full year adjusted EBITDA was around $20.7 million, 11.2 percent of revenues. The gross profit for the year was $120.1 million and the gross margin was 64.8 percent.
7. The company delayed issuing financial guidance for 2016 while it works to reach resolution regarding the company's capital structure and liquidity position. The company announced in March it entered into a third amendment and waiver to the amended credit facility with MidCap Financial, extending the maturity date of the facility from Aug. 30, 2016 to Dec. 31, 2016.