atec-8k_20210712.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 12, 2021

ALPHATEC HOLDINGS, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware

000-52024

20-2463898

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

1950 Camino Vida Roble

Carlsbad, California 92008

(Address of Principal Executive Offices)

(760) 431-9286

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14.a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $.0001 per share	ATEC	The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition

On July 12, 2021, Alphatec Holdings, Inc. (the “Company”) issued a press release announcing selected preliminary unaudited financial information for the quarter ended June 30, 2021 (the “Press Release”). The Company has not finalized its financial statement closing process for the quarter ended June 30, 2021. As a result, the information in the Press Release is preliminary and based upon information available to the Company as of the date of the Press Release. During the course of the Company’s closing process, items may be identified that would require the Company to make adjustments, which may be material, and as a result, the estimates included in the Press Release are subject to risks and uncertainties, including possible adjustments to preliminary operating results.

A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished under Items 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits.

99.1		Press Release, dated July 12, 2021
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 12, 2021	ALPHATEC HOLDINGS, INC.

	By:	/s/ J. Todd Koning
	Name:	J. Todd Koning
	Its:	Chief Financial Officer

Exhibit 99.1

ATEC Announces Select Preliminary

Second Quarter 2021 Financial Results

Second quarter 2021 U.S. organic revenue expected to range from

$55.4 million to $56.0 million

Full year 2021 U.S. organic revenue growth now expected to exceed 50%

CARLSBAD, Calif., July 12, 2021 – Alphatec Holdings, Inc. (Nasdaq: ATEC), a provider of innovative solutions dedicated to revolutionizing the approach to spine surgery, announced today select preliminary revenue results for the second quarter ended June 30, 2021.

Select Preliminary Second Quarter 2021 Financial Results

•

U.S. revenue, excluding the impact of EOS imaging, expected to range from $55.4 million to $56.0 million, which reflects growth of 92.1% to 94.2% compared to the second quarter of 2020

•

Total revenue, excluding the impact of EOS imaging, expected to range from $55.8 million to $56.4 million, which reflects growth of 88.2% to 90.2% compared to the second quarter of 2020

•

Total cash at June 30, 2021, of at least $74.0 million, in addition to available borrowings of $40.0 million under existing term loan

The Company expects to announce second quarter financial and operating results and provide updated full year 2021 revenue guidance inclusive of the EOS imaging acquisition after the market closes on August 3, 2021.

“Portfolio-wide momentum is driving aggressive U.S. revenue growth and gives us confidence that organic U.S. revenue growth will exceed 50% this year” said Pat Miles, Chairman and CEO. “The spine prowess we are building has clearly begun to deliver, but we are just getting started. The PTP technique is gaining momentum and can not only penetrate, but more importantly, expand the minimally invasive market for spine. Our increasingly competitive portfolio is enabling us to capture more of each procedural opportunity, and we have vast potential to continue to grow ATEC’s U.S. footprint. We also just closed the EOS imaging transaction, which will bring unprecedented clinical information into the O.R. and extend our reach into EOS’ high-caliber account base. ATEC is exceptionally well-positioned to continue to earn surgeon confidence and market share.”

The select preliminary financial results announced today are based on the Company’s current expectations and may be adjusted as a result of, among other things, completion of customary quarter-end close review procedures and further financial review.

In conjunction with the release of second quarter financial and operating results on August 3, 2021, the Company will host a live webcast at 1:30 p.m. PT / 4:30 p.m. ET. Access information follows.

Webcast Participants

To access the live webcast, please visit the Investor Relations Section of ATEC’s Corporate Website at investors.alphatecspine.com/quarterly-results. Participants should go to the website at least 15 minutes before the event to register, and download and install any necessary software.

Dial-in Participants

Registration may be completed by visiting the following registration link prior to, or on the day of, the webcast: http://www.directeventreg.com/registration/event/4976259. Once registered, each dial-in participant will be provided access details and a registrant ID. Email reminders will also be sent to registered participants.

Replay Participants

A replay of the webcast will remain available through the Investor Relations section of ATEC’s Corporate Website at investors.alphatecspine.com/quarterly-results for twelve months. In addition, a replay of the audiocast will be available beginning two hours after the call’s completion until August 10, 2021. The replay dial-in numbers are (800)585-8367 for domestic callers and (416)621-4642 for international callers. Please use the replay conference ID number 4976259.

About ATEC

ATEC, through its wholly owned subsidiaries, Alphatec Spine, Inc., EOS imaging S.A. and SafeOp Surgical, Inc., is a medical device company dedicated to revolutionizing the approach to spine surgery through clinical distinction. ATEC’s Organic Innovation Machine^TM is focused on developing new approaches that integrate seamlessly with the Company’s expanding AlphaInformatiX Platform to better inform surgery and more safely and reproducibly achieve the goals of spine surgery. ATEC’s vision is to become the Standard Bearer in Spine. For more information, visit us at www.atecspine.com.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Forward-looking statements include references to the Company’s expectations with respect to future revenue and business growth, and the potential benefits and synergies of the acquisition of EOS imaging S.A. Important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to: the uncertainty of success in developing new products or products in the pipeline; failure to achieve acceptance of the Company’s products by the surgeon community; failure to obtain FDA or other

regulatory clearance or approval for new products, or unexpected or prolonged delays in the process; continuation of favorable third party reimbursement for procedures performed using the Company’s products; the Company’s ability to compete with other products and emerging new technologies; product liability exposure; patent infringement claims; changes to our financial results for the quarter ended June 30, 2021 due to the completion of financial closing procedures; uncertainties and risks related to the integration of EOS Imaging S.A.; and the impact of the COVID-19 on our business and the economy. The words “believe,” “will,” “should,” “expect,” “intend,” “estimate,” “look forward” and “anticipate,” variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. A further list and description of these and other factors, risks and uncertainties can be found in the Company's most recent annual report, and any subsequent quarterly and current reports, filed with the Securities and Exchange Commission. ATEC disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

Investor/Media Contact:

Tina Jacobsen, CFA

Investor Relations

(760) 494-6790

[email protected]

Company Contact:

J. Todd Koning

Chief Financial Officer

Alphatec Holdings, Inc.

[email protected]