Alphatec (Nasdaq: ATEC) today posted second-quarter results today that beat the revenue consensus on Wall Street but missed on earnings estimates.
The Carlsbad, Calif.-based spine surgery device company reported losses of -$38.2 million, or -39¢ per share, on sales of $62.2 million for the three months ended June 30, with sales growth of 110.09% compared with Q2 2020.
Earnings per share were -39¢, 20¢ behind The Street, where analysts were looking for sales of $44.8 million.
“We are accelerating revenue through sound execution of our growth priorities,” CEO Pat Miles said in a news release. “But this is just the first inning; we intend to become the dominant force in the industry by significantly improving the clinical experience in spine. We channeled decades of spine experience as the pioneers of lateral surgery to create the PTP technique in order to improve the optionality and predictability of the lateral approach. PTP adoption is accelerating and utilization is increasing among both new and existing surgeon customers.”
Alphatex said it expects total revenue for the 2021 fiscal year to be approximately $238 million, representing 64% growth compared to the year prior.
Shares in ATEC were up more than 4% to $$14.88 apiece by afternoon trading today. MassDevice‘s MedTech 100 Index, which includes the world’s largest medical device companies, saw little change.