Alphatec (NSDQ:ATEC) shares rose today on second-quarter results that were mixed compared to the consensus forecast.
The Carlsbad, California–based spine surgery device company posted losses of $37.3 million, or 36¢ per share, on sales of $84.2 million for the three months ended June 30, 2022, for a nearly $1 million bottom-line gain despite remaining in the red on sales growth of almost 36%.
Alphatec’s losses per share of 36¢ came in 7¢ behind expectations on Wall Street, where analysts were looking for sales of $78.1 million.
“By focusing on the entire surgical procedure and investing to obviate clinical variability, we are bringing increased predictability and reproducibility to spine surgery and fueling sector-leading growth,” Alphatec Chair and CEO Pat Miles said in a news release. “That growth has enabled us to begin to lever sales channel investments while expanding our geographic footprint. At our Investor Day in May, we shared a long-term financial outlook that included a 23% revenue CAGR toward $555 million in 2025 and positive adjusted EBITDA in 2023. We are executing against those commitments, and I am confident that years of sustainable growth and scale lie ahead.”
Alphatec projects full-year 2022 sales reaching $325 million, representing 34% growth year-over-year.
Shares of ATEC were up more than 3% at $8.47 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.