CARLSBAD, Calif., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a provider of spinal fusion technologies, announced today financial results for the third quarter ended September 30, 2016. Today the Company also announced that Donald Williams, the Chairman of the Company’s Audit Committee, has been named Lead Independent Director, effective immediately.
- Third quarter total net revenues of $26.7 million; revenue from the Company’s U.S. commercial business of $25.2 million.
- Cash totaled $25.6 million at the end of the third quarter.
Highlights of the Third quarter 2016 and Recent Activities
- Closed sale of international business to Globus Medical on September 1, 2016 for $80 million in cash and $30 million, 5-year term loan.
- New capital structure established – reduced overall Company debt to $40.9 million at September 30, 2016.
- CEO search actively underway with a nationally recognized executive search firm.
Products and Portfolio
- Actively developing and commercializing products in the minimally invasive (MIS) and complex spine markets – two of the fastest growth segments for spine.
- Arsenal™ Deformity – limited launch underway, including the addition of the Adolescent Idiopathic Scoliosis (AIS) module in Q4 2016.
- Battalion™ Lateral Spacer System and Squadron™ Lateral Retractor – received FDA 510(k) market clearance; preparing for limited market release in Q1 2017.
- XYcor® Expandable Spinal Spacer System – received FDA 510(k) market clearance; introduced to surgeons at NASS; limited market release anticipated in Q4 2016.