Alphatec Holdings, Inc. reported significant financial developments in its 10-Q filing for the third quarter of 2024. The company achieved total revenue of $150.7 million for Q3 2024, marking a 27% increase from $118.3 million in Q3 2023. For the nine months ended September 30, 2024, revenue reached $434.8 million, up 26% from $344.3 million in the same period last year. This growth is attributed to increased product volume, an expanded product portfolio, and greater technology adoption.
Gross profit for Q3 2024 was $102.7 million, compared to $80.0 million in Q3 2023, while gross profit for the nine-month period rose to $302.7 million from $215.0 million. However, total operating expenses also increased, with Q3 2024 expenses at $136.4 million, up from $118.4 million in Q3 2023. For the nine months, operating expenses rose to $415.0 million from $343.6 million. The operating loss for Q3 2024 was $33.7 million, an improvement from a loss of $38.4 million in Q3 2023. The net loss for Q3 2024 was $39.6 million, down from $42.7 million in the prior year, with a basic net loss per share of $(0.28) compared to $(0.35) in Q3 2023.
The company’s current assets decreased to $362.4 million as of September 30, 2024, from $451.1 million at the end of 2023. Cash and cash equivalents also fell significantly to $81.0 million from $221.0 million. Total assets decreased to $745.9 million from $805.2 million, while total stockholders’ equity shifted to a deficit of $(1.4) million from $78.1 million at the end of 2023.
Strategically, Alphatec made a notable acquisition in April 2023, purchasing assets from Integrity Implants Inc. and Fusion Robotics, LLC for $55.0 million, enhancing its capabilities in navigation-enabled robotics. The company also reported increased research and development expenses, reflecting investments in new product development, which rose by 20% for the nine months ended September 30, 2024.
In terms of financing, Alphatec drew an additional $50.0 million on its Braidwell Term Loan, contributing to a total outstanding debt of $150.0 million under this facility. The company remains compliant with all financial covenants related to its debt obligations. Overall, Alphatec's performance reflects a combination of revenue growth and increased operational costs, alongside strategic investments aimed at expanding its market presence.
About Alphatec Holdings, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.