Alphatec Spine reported a slight increase in consolidated net revenue and United States net revenue during the third quarter financial report.
Here are 10 things to know about the company's financial report:
1. Consolidated net revenue was up 2 percent over the same period last year, reaching $51 million.
2. United States revenues were up 3 percent to $34.8 million in the quarter; international revenues were down 2 percent to $16.2 million.
3. Less-invasive product solutions sales increased 35 percent internationally and around 9 percent overall for the third quarter, driven primarily by the Illico MIS platform.
4. Biologics revenue grew 18 percent in the United States when compared with the same period last year, reflecting the company's broad product suite.
5. Consolidated gross margin improved from 48.3 percent to 71.2 percent during the quarter due to significant one-time changes incurred last year as well as the continued focus on managing costs and driving efficiencies across the supply chain.
6. Total operating expenses were down 8 percent. Increased research and development spending was primarily associated with product design and development activities.
7. In the third quarter the company launched the Arsenal spinal fixation system.
8. The GAAP net loss for the quarter was $3 million, compared to $14.5 million last year.
9. Unrestricted case and cash equivalents were $20.2 million, compared to $19 million reported as of June 30, 2014. The company also reported $2 million in restricted cash which must be used for future patients in obligations associated with the Orthotec settlement.
10. The company expects full year consolidated net revenues at the lower end of the previous range; now the expectation is $208 million to $212 million.
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