atec-8k_20220110.htm

Date: January 10, 2022

ALPHATEC HOLDINGS, INC.

/s/ J. Todd Koning

J. Todd Koning

Executive Vice President and Chief Financial Officer

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): January 10, 2022

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 January 10, 2022, Alphatec Holdings, Inc. (the “Company”) issued a press release announcing selected preliminary unaudited financial information for the year ended December 31, 2021 (the “Press Release”). The Company has not finalized its financial statement closing process for the year ended December 31, 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.

The following exhibits are filed as part of this report:

Exhibit No.		Description
99.1		Press Release, dated January 10, 2022
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.

Exhibit 99.1

ATEC Announces Preliminary 2021 Revenue Results and 2022 Guidance

Full-year 2021 U.S. organic revenue growth of 50% to 51% driven primarily by accelerated PTP™ adoption

Fourth quarter 2021 U.S. organic revenue growth of 41% to 42%

Full-year 2022 total revenue expected to grow approximately 26% to $305 million

CARLSBAD, Calif., January 10, 2022 – Alphatec Holdings, Inc. (Nasdaq: ATEC), a provider of innovative solutions dedicated to revolutionizing the approach to spine surgery, announced today preliminary revenue results for the fourth quarter and full year ended December 31, 2021, and provided estimates for its full-year 2022 revenue guidance.

Preliminary, Unaudited Q4 and Full-Year 2021 Revenue Ranges


	Fourth Quarter Ended December 31, 2021⁽¹⁾	Full Year Ended December 31, 2021⁽¹⁾
U.S. Organic Revenue	$60.8M - $61.3M	$211.8M - $212.3M
EOS-Related Revenue	$12.5M - $12.8M	$29.7M - $30.0M
Revenue from Products & Services	$73.2M - $74.0M	$241.5M - $242.3M
International Supply Agreement	--	$0.9M
Total Revenue	$73.2M - $74.0M	$242.5 - $243.3M

⁽¹⁾May not foot due to rounding

Preliminary, unaudited fourth quarter 2021 U.S. organic revenue grew 41% to 42% compared to the prior year period and 18% to 19% sequentially. The greatest contributor to growth in the fourth quarter was robust uptake of the PTP (Prone-TransPsoas) Approach, which, coupled with strong interest in the recently launched ALIF Standalone Interbody System, drove better-than-anticipated anterior column adoption. The integration of EOS imaging is proceeding as planned and EOS-related revenue exceeded expectations.

“Our dedication to creating clinical distinction drove significant growth in 2021,” said Pat Miles, Chairman and Chief Executive Officer. “PTP continues to gain momentum and expand the market for less invasive surgery. Additionally, the real-time, objective information that ATEC alone brings into the O.R. through SafeOp (automated SSEP and EMG) is improving surgical predictability and patient outcomes. The industry’s leading surgeons and sales professionals are increasingly recognizing ATEC as spine’s new innovator. As I look to the years ahead, I couldn’t be more excited about our ability to earn surgeons’ confidence. We’ve assembled the highest concentration of know-how in the industry and built an engine capable of fueling significant revenue growth well into the future.”

The preliminary information presented in this press release is based on the Company’s current expectations and may be adjusted as a result of, among other things, completion of customary annual audit procedures. The Company expects to announce its fourth quarter and full-year 2021 financial and operating results on Tuesday, March 1^st, 2022, after the market close.

Financial Outlook for the Full-Year 2022

The Company anticipates full-year 2022 total revenue of $305 million, reflecting growth of approximately 26% compared to the full year 2021. This includes organic revenue growth of between 22% and 23% and approximately $45 million of revenue related to EOS imaging. Further detail will be provided when the Company reports fourth quarter and full-year 2021 financial results.

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 therein. Forward-looking statements include references to the Company’s ability to create clinical distinction, compel surgeon adoption and earn market share; the Company’s planned commercial launches, product introductions and product integration; and the Company’s expectations with respect to future revenue and growth. The 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 Company’s 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 and year ended December 31, 2021 due to the completion of financial closing procedures; and the impact of COVID-19 on our business and the economy. The words “believe,” “will,” “should,” “expect,” “intend,” “estimate,” “look forward” and “anticipate,” and 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]