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Alphatec Holdings Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 8, 2012 04:35PM

Alphatec Holdings Inc. (ATEC) filed Quarterly Report for the period ended 2012-06-30. Alphatec Holdings, Inc. has a market cap of $152.4 million; its shares were traded at around $1.53 with and P/S ratio of 0.8.



Highlight of Business Operations:

U.S. revenues were $32.9 million for the three months ended June 30, 2012 compared to $34.5 million for the three months ended June 30, 2011, representing a decrease of $1.6 million, or 4.8%. The decrease was due to a decrease in the sales of instruments and implants ($2.4 million) and a decrease in the sales of Scient’x products ($0.6 million), offset by an increase in sales of Biologics ($1.4 million).

Cost of revenues. Cost of revenues was $17.7 million for the three months ended June 30, 2012 compared to $20.6 million for the three months ended June 30, 2011, representing a decrease of $2.9 million, or 14.2%. The decrease was primarily related to lower product costs due to a decrease in sales volume and variation in product mix ($0.4 million), favorable manufacturing and absorption variances ($1.7 million), a reduction to inventory adjustments ($1.1 million), a reduction in instrument depreciation expense ($0.4 million), a reduction in royalty and milestone expenses due to the cancellation of agreements ($0.5 million) and a decrease in inventory step-up expense related to the Scient’x acquisition ($0.3 million), offset by an increase in the reserve for excess and obsolete inventory ($0.5 million) and 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).

U.S. revenues were $65.5 million for the six months ended June 30, 2012 compared to $68.4 million for the six months ended June 30, 2011, representing a decrease of $3.0 million, or 4.3%. The decrease was due to decrease in the sales of instruments and implants ($4.1 million) and a decrease in the sales of Scient’x products ($1.5 million), offset by an increase in sales of Biologics ($2.6 million).

International revenues were $31.2 million for the six months ended June 30, 2012 compared to $32.2 million for the six months ended June 30, 2011, representing a decrease of $0.9 million, or 2.9%. The decrease was the result of a decrease in Scient’x sales ($3.8 million), offset by increased sales of Alphatec products ($2.9 million). The decrease in revenues is inclusive of $0.9 million in unfavorable exchange rate effect.

Cost of revenues. Cost of revenues was $33.9 million for the six months ended June 30, 2012 compared to $37.9 million for the six months ended June 30, 2011, representing a decrease of $4.0 million, or 10.6%. The decrease was primarily related to lower product costs due to a decrease in sales volume and variation in product mix ($1.3 million), favorable manufacturing and absorption variances ($2.4 million), a reduction to inventory adjustments ($0.8 million), a reduction in instrument depreciation expense ($0.7 million), a reduction in royalty and milestone expenses due to the cancellation of agreements ($0.5 million), and a decrease in inventory step-up expense related to the Scient’x acquisition ($0.8 million), offset by an increase in the reserve for excess and obsolete inventory ($0.4 million) and 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 ($2.1 million).

Read the The complete Report



Stocks Discussed: ATEC,
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