Spine device company Alphatec expects to see fourth-quarter U.S. revenue rise between 38 percent and 39 percent year over year, according to a preliminary unaudited report released Jan. 12.
Six details:
1. Full-year 2020 U.S. revenue is expected to see year-over-year growth of about 30 percent.
2. New product sales represented about 75 percent of estimated U.S. revenue for the fourth quarter.
3. Growth was driven by the "rapid adoption" of Alphatec's recently launched technologies and "strong pull-through from the SafeOp Neural InformatiX System," the company said in a news release.
4. Alphatec Chairman and CEO Pat Miles said he was encouraged by the strong financial performance in 2020. "While we expect pandemic-related volume variability to persist into 2021, we will continue to drive adoption of novel procedures like [prone transpoas] while we work to close the EOS [imaging] transaction," he said. "[Alphatec's] best is yet to come."
5. In December, the company entered into a renewed agreement to acquire EOS imaging in a $116.9 million all-cash transaction. The acquisition will strengthen Alphatec's position in the spinal imaging sector.
6. Alphatec will report final fourth quarter and full-year 2020 financial results March 4.