Alphatec (Nasdaq: ATEC) posted first-quarter results yesterday that missed the earnings consensus on Wall Street and matched on revenue estimates.
The Carlsbad, Calif.-based company yesterday evening reported losses of -$22.9 million, or -26¢ per share, on sales of $44.12 million for the three months ended March 31 — versus a loss of –$20.7 million, or –34¢ per share, for Q1 2020. Sales were up 46.51% for the spine surgery tech company.
Earnings per share were -26¢, 6¢ behind The Street, where analysts were looking for sales of $44.12 million.
“With revenue growth of 50% in the first quarter, ATEC’s market share expansion continues,” CEO Pat Miles said in a news release. “Our relentless focus on improving the clinical experience in spine is now propelling industry-leading growth. Market-shaping innovation, integrated with unprecedented intra-operative information, is compelling an increasing number of surgeons and exclusive distributors to partner with ATEC. That growth is being amplified as the introduction of distinct products and procedures throughout our portfolio increases revenue per surgery and inspires broader adoption.”
Alphatec expects total revenue for the 2021 fiscal year to be approximately $190 million to represent revenue growth of 33% compared with 2020.
Shares in ATEC were up slightly to $15.40 by midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was also up a bit.