CEO of Alphatec Holdings, Inc. (NASDAQ: ATEC) Comments on Second Quarter Financial Results
Source: http://Blog.QualityStocks.net/?p=11599Posted on Thursday, August 7th, 2008 | In Market Commentary, OTCBB Markets, Small & Micro Cap, Stocks to Watch
Alphatec Holdings, Inc. (NASDAQ: ATEC), a medical device company involved in the design, development, manufacture and marketing of products for the surgical treatment of spine disorders, recently announced its second quarter financial results. Shares of Alphatec Holdings were weaker earlier this week after the company reported a net loss for the second quarter of 2008 of $3.6 million or $0.08 per share, compared with a net loss $703,000 or $0.02 per share during the same time period one year earlier. Consolidated revenues for the second quarter of 2008 reached $23.9 million, a 26.7 percent year-over-year increase from the $18.8 million reported for the second quarter of 2007.
Alphatec’s president and chief executive officer, Dirk Kuyper, reiterated the company’s guidance for revenues for the full year 2008 of $95 million, which is below current consensus estimates. Alphatec Holdings plans to continue to grow its core business, specifically in the European market, where the company is pursuing additional distribution partners. Looking ahead to 2009, the company plans to leverage its sales momentum to improve margins, asset utilization and overall efficiencies in order to drive improvements in earnings.
In other news, the company announced the first successful patient surgery with the OsseoFixâ„¢ Spinal Fracture Reduction System in Germany by world-renowned spine surgeon Rudolf Bertagnoli, M.D. Additionally, Alphatec submitted 510(k) its application for OsseoFix, a treatment for vertebral compression fractures, to the U.S. Food and Drug Administration.
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