Stock News : Alphatec completes acquisition of Scient’x Groupe (NASDAQ:ATEC)

Alphatec shares are currently trading at $2.55 which is 42.31% lower than Thursday’s closing price of $4.42. The company shares have 52 week high of $7.62 and 52 week low of $3.32. The sustenance and resistance levels of ATEC are $4.14 and $4.73.

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On August 05, 2010, ATEC announced Q2 2010 earnings results. Consolidated revenue of $45.4 million reported during Q2 2010 represents a YoY growth of 55%. Adjusted EBITDA stood at $3.8 million in the quarter compared to $2.5 million in Q2 2009. Non-GAAP net loss was $0.3 million for Q2 2010 compared to non-GAAP net loss of $1.8 million for Q2 2009, reflecting a decline of $1.5 million. Gross margin stood at 63.5%, which was below Q2 2009 gross margin of 67.9% but the margin increased by 110 basis points on a sequential basis.

The company achieved record US surgical procedure volumes in the second quarter of 2010. The management is pleased with the long-term fundamentals and business prospects of the company. Alphatec’s current growth rate exceeded that of most of its competitors.

On March 29, 2010, Alphatec announced closing of acquisition of Scient’x Groupe. The company forecasts pro forma revenues for 2010 to be in a range of $220-$225 million and pro forma 2010 adjusted EBITDA to be in a range of $32-$35 million. In view of the acquisition, Alphatec amended and expanded its existing credit facility with Silicon Valley Bank and Oxford Finance Corporation. The amended credit facility expands the working capital line of credit (LOC) from $15-$25 million, based upon US accounts receivable and inventory balances.

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In connection with the company's strategy to focus on the sale of spinal implants in Japan, in April 2010, Alphatec Pacific entered into an agreement to sell one of its subsidiaries, IMC, to a third party. As a result of this sale, the company is reporting IMC's results as discontinued operations for the periods of 2010 and 2009.  

Alphatec is a medical technology company focused on the design, development, manufacturing and marketing of products for the surgical treatment of spine disorders. The company's product portfolio and pipeline includes several spinal disorder products and systems which are focused on solutions addressing the cervical, thoracolumbar, intervertebral, invasive, motion preservation, vertebral compression fracture and osteoporotic bone markets. Alphatec also sells products made of allograft that can be used by surgeons in place of metal and synthetic materials.

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