Alphatec Holdings (ATEC) Announces Preliminary 2020 Revenue Results

Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC), a medical device company dedicated to revolutionizing the approach to spine surgery, announced today preliminary revenue results for the fourth quarter and full year ended December 31, 2020.

Preliminary, Unaudited 2020 Revenue

Preliminary, unaudited fourth quarter 2020 U.S. revenue grew 38% to 39% year-over-year and 7% to 8% sequentially despite the impact of the recent surge of COVID-19 cases, which pressured surgery volume growth in several key geographies. Growth was driven primarily by the continuing rapid adoption of recently released ATEC technologies and strong pull-through from the SafeOp Neural InformatiX System. New product sales represented approximately 75% of estimated U.S. revenue for the quarter. Preliminary, unaudited full-year 2020 U.S. revenue reflects growth of 30% to 31% compared to 2019.

"Our 2020 performance gives me great confidence in our ability to continue to earn market share," said Pat Miles, Chairman and Chief Executive Officer. "While we expect pandemic-related volume variability to persist into 2021, we will continue to drive adoption of novel procedures like PTP while we work to close the EOS transaction. The clinical prowess of the team we have assembled and the unparalleled output of the organic innovation machine tell me that ATEC's best is yet to come."

The preliminary results announced today are unaudited and are therefore subject to change. The Company expects to announce its fourth quarter and full-year 2020 financial and operating results on March 4, 2021.

2021 Revenue Guidance

The Company expects total revenue for the fiscal year ended December 31, 2021, to approximate $178 million, which includes U.S. revenue of approximately $176 million. Revenue guidance reflects expected U.S. revenue growth of approximately 25% compared to 2020, driven by continued launches of novel procedures and products and growing traction of the procedures and products released in 2020. Total revenue guidance contemplates the anticipated wind-down of the Company’s international supply agreement by August 2021. The Company expects to update guidance to reflect the positive impact of EOS imaging when that transaction closes, which is anticipated in Q2 2021.

The Company remains subject to the potential and uncertain impact of the ongoing COVID-19 pandemic. If hospitals continue to experience a surge in COVID-19 cases and defer elective procedures to preserve capacity, the Company’s ability to achieve these financial objectives may be adversely affected

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