Shares in Alphatec (NSDQ:ATEC) are rising today despite the medical device maker posting first quarter earnings that missed loss-per-share consensus on Wall Street.
The Carlsbad, Calif.-based company posted losses of approximately $13 million, or 29¢ per share, on sales of approximately $24.6 million for the three months ended March 31, seeing losses grow 576.8% while sales grew 15.2% when compared with the same period during the previous year.
Losses per share were behind the 21¢ consensus on Wall Street.
“Financial results in the first quarter have begun to more fully reflect the grit and tenacity of the new ATEC. On the success of last year’s alpha launches, first quarter U.S. revenue growth accelerated to 20% year-over-year, our second consecutive quarter of double-digit growth. As we continue to commercially launch the twelve new products slated for 2019 and leverage the high-caliber sales leadership team and professional distribution network we are building, we expect surgeon adoption to accelerate. While we still have a great deal of work to do and are early in the transformation, we are incredibly excited to unleash the full effect of the ATEC organic innovation machine,” chair & CEO Pat Miles said in a press release.
Shares in Alphatec are up 2.1% so far today, at $3.87 as of 10:45 a.m. EDT.
In April, Alphatec said that it closed an expanded $30 million secured credit facility with Squadron Medical Finance Solutions.