Key Developments For Alphatec Holdings, Inc
Alphatec Holdings, Inc (ATEC.O) (Consolidated Issue listed on NASDAQ Global Market)
Alphatec Holdings, Inc. Raises FY 2009 Revenue Outlook; Reiterates FY 2009 Earnings Outlook
Alphatec Holdings, Inc. raised its fiscal 2009 revenue outlook and expects revenue to a range of $128-$130 million from previous outlook of $125-$128 million. It reiterated fiscal 2009 earnings outlook and expects adjusted EBITDA to a range of $12.5-$14.5 million and earnings per share (EPS) of positive by the third quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report revenues of $126 million and EBITDA of $10.4 million for the same period.
Alphatec Holdings, Inc. Enters Agreement With International Spinal Innovations, LLC
Alphatec Holdings, Inc. announced that it has entered into an agreement with International Spinal Innovations, LLC, pursuant to which International Spinal Innovations will provide Alphatec Spine worldwide license rights to intellectual property related to a stand-alone anterior lumbar interbody fusion (ALIF) device. The International Spinal Innovations license, combined with intellectual property previously acquired from SpineVision S.A., will allow Alphatec Spine to develop and commercialize a zero-profile, self-locking interbody device for both ALIF and cervical procedures. Alphatec Spine expects to submit its stand-alone ALIF device to the U.S. Food and Drug Administration (FDA) for a 510k clearance in the first half of 2010. In addition, the Company anticipates launching the stand-alone ALIF product initially in Europe under a CE mark in the first half of 2010.
Alphatec Holdings, Inc. Completes $10 Million Private Placement Of Common Stock
Alphatec Holdings, Inc. announced that it has successfully completed a private placement of $10 million of shares of its common stock to one of its existing shareholders, HealthpointCapital Partners II, L.P. Pursuant to the purchase agreement governing the offering, the price per share for the common stock was $2.54, which is the higher of (i) the average closing share price for the Company's common stock on the Nasdaq National Market for prior four most recently completed trading days prior to the date the agreement was executed, and (ii) the closing share bid price for the Company's common stock on the Nasdaq National Market on the date that the agreement was executed. Alphatec plans to use the net proceeds of the private placement for general working capital purposes. The net proceeds to the Company pursuant to the offering are expected to be approximately $9.9 million. Thomas Weisel Partners acted as sole placement agent in connection with this transaction. The shares of common stock sold in the offering have not yet been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent a registration statement or exemption from registration. The closing of this private placement is expected to occur on or about June 22, 2009.
Alphatec Holdings, Inc. Raises FY 2009 Guidance; Reaffirms Q3 2009 EPS Gudance
Alphatec Holdings, Inc. raised fiscal 2009 revenue guidance to a range of $125 to $128 million from previous guidance of $123 to $125 million and adjusted EBITDA guidance to a range of $12.5 to $14.5 million from previous guidance of $12 to $14 million. The Company re-affirmed earnings per share (EPS) guidance of EPS positive by the third quarter of 2009. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $124 million for fiscal 2009.
Alphatec Holdings, Inc. Introduces GLIF (Guided Lateral Interbody Fusion) Technique And ARC Portal Access System
Alphatec Holdings, Inc. announced that it has introduced the ARC Portal Access System in conjunction with the introduction of the minimally invasive GLIF (Guided Lateral Interbody Fusion) technique during the AANS (American Association of Neurological Surgeons) annual meeting in San Diego, CA. GLIF technique and ARC Portal Access System is designed to allow surgeons to perform lumbar interbody fusion procedures with the opportunity for less intra operative blood loss and minimized tissue disruption; while decreasing the recovery time for most patients. ARC Portal Access System and instrumentation has been designed specifically for the GLIF technique, providing lateral access with direct visualization to the intervertebral disc space while allowing the patient to remain in a prone position
