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Alphatec Holdings Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 8, 2012 04:36PM

Alphatec Holdings Inc. (ATEC) filed Quarterly Report for the period ended 2012-03-31. Alphatec Hldgs has a market cap of $207 million; its shares were traded at around $2.15 with and P/S ratio of 1.1.



Highlight of Business Operations:

Revenues. Revenues were $48.5 million for the three months ended March 31, 2012 compared to $49.7 million for the three months ended March 31, 2011, representing a decrease of $1.3 million, or 2.5%. The decrease was comprised of $1.3 million of sales in the U.S. region.

U.S. revenues were $32.6 million for the three months ended March 31, 2012 compared to $33.9 million for the three months ended March 31, 2011, representing a decrease of $1.3 million, or 3.8%. The decrease was due to decrease in the sales of instruments and implants ($1.7 million) and a decrease in the sales of Scient’x products ($0.8 million), partially offset by an increase in Biologics ($1.2 million).

Cost of revenues. Cost of revenues was $16.3 million for the three months ended March 31, 2012 compared to $17.4 million for the three months ended March 31, 2011, representing a decrease of $1.1 million, or 6.4%. The decrease was primarily related to lower product costs due to a decrease in sales and variation in product mix ($1.4 million) and a decrease in inventory step-up expense related to the Scient’x acquisition ($0.4 million), offset by the amortization expenses associated with the settlement agreement we entered into in December 2011 with Biomet related to royalties on the sales of our polyaxial screws ($1.0 million).

Gross profit. Gross profit was $31.8 million for the three months ended March 31, 2012 compared to $32.0 million for the three months ended March 31, 2011, representing a decrease of $0.1 million, or 0.4%. The decrease is the result of a decrease in sales year over year, offset by an improvement in cost of sales.

Gross margin for the U.S. region was 70.2% for the three months ended March 31, 2012 compared to 72.1% for the three months ended March 31, 2011. The decrease of 1.9% was primarily the result of added amortization expense of $1.0 million associated with the settlement agreement we entered into in December 2011 with Biomet related to royalties on the sales of our polyaxial screws.

Read the The complete Report



Stocks Discussed: ATEC,
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