Alphatec Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Alphatec Holdings, Inc. has filed its 2023 annual report (10-K), detailing its financial performance and significant corporate events.</b>

AI Summary

Alphatec Holdings, Inc. (ATEC) filed a Annual Report (10-K) with the SEC on February 27, 2024. Alphatec Holdings, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key dates mentioned include the Market Offering on August 11, 2023, and a subsequent event related to a Revolving Credit Facility in January 2024. The company's business address is 5818 El Camino Real, Carlsbad, CA 92008. The filing references various financial instruments and plans, including common stock warrants, equity incentive plans, and credit agreements.

Why It Matters

For investors and stakeholders tracking Alphatec Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Alphatec's financial health, operational activities, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The report includes details on various financial instruments, credit facilities, and equity plans, offering insights into the company's capital structure and potential dilution or financing activities.

Risk Assessment

Risk Level: medium — Alphatec Holdings, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. However, the specific financial details and forward-looking statements within the full report (not provided here) would determine the precise risk level.

Analyst Insight

Investors should review the full 10-K filing to understand Alphatec's financial performance, debt structure, and any disclosed risks or strategic changes for 2023.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal year end date)
• 20240227 — Filed As Of Date (Date the filing was submitted)
• 112 — Public Document Count (Number of documents included in the filing)
• 000-52024 — SEC File Number (SEC file number for the company)

Key Players & Entities

• Alphatec Holdings, Inc. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• 5818 EL CAMINO REAL (address) — Business address street 1
• CARLSBAD (address) — Business address city
• CA (address) — Business address state
• 92008 (address) — Business address zip
• 760-431-9286 (phone) — Business phone

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially filed with the SEC.
• 2024-01-01: Revolving Credit Facility Event — Indicates a subsequent event related to the company's credit facility.
• 2023-08-11: Market Offering — A significant corporate finance event during the fiscal year.

Key Financial Figures

• $0.0001 — ch Registered Common Stock, par value $0.0001 per share ATEC The NASDAQ Global Se
• $482.3 million — rd bearer in spine. Total revenue was $482.3 million for the year ended December 31, 2023, r
• $131.4 m — r 31, 2023, representing an increase of $131.4 million, or 37% compared to $350.9 millio
• $350.9 million — e of $131.4 million, or 37% compared to $350.9 million for the year ended December 31, 2022. W
• $10.50 — hares of our common stock at a price of $10.50 per share. In connection with the Publi
• $145.8 m — ring and Green-Shoe, were approximately $145.8 million, including the underwriting disco
• $55.0 million — paid the Sellers cash consideration of $55.0 million for the purchase of Valence. Underwri
• $14.00 — hares of our common stock at a price of $14.00 per share. The net proceeds from the Of
• $57.5 m — ds from the Offering were approximately $57.5 million, including the underwriting disco
• $150.0 million — On January 6, 2023, we entered into a $150.0 million term loan credit facility with Braidwel
• $100.0 million — an provided for an initial term loan of $100.0 million which was funded on the closing date. O
• $50.0 million — tember 28, 2023, we drew the additional $50.0 million (the "delayed draw term loan(s)" or the

Filing Documents

• atec-20231231.htm (10-K) — 3735KB
• atec-ex10_39.htm (EX-10.39) — 12KB
• atec-ex19.htm (EX-19) — 88KB
• atec-ex21.htm (EX-21) — 6KB
• atec-ex23.htm (EX-23) — 3KB
• atec-ex31_1.htm (EX-31.1) — 13KB
• atec-ex31_2.htm (EX-31.2) — 15KB
• atec-ex32.htm (EX-32) — 14KB
• atec-ex97.htm (EX-97) — 21KB
• img2823162_0.jpg (GRAPHIC) — 130KB
• 0000950170-24-021302.txt (&nbsp;) — 16779KB
• atec-20231231.xsd (EX-101.SCH) — 2335KB
• atec-20231231_htm.xml (XML) — 3149KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 34 Item 1C. Cybersecurity 34 Item 2.

Properties

Properties 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6. Reserved 37 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 48 Item 9A.

Controls and Procedures

Controls and Procedures 48 Item 9B. Other Information 49 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 50 PART III Item 10. Directors, Executive Officers and Corporate Governance 51 Item 11.

Executive Compensation

Executive Compensation 51 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 51 Item 14. Principal Accounting Fees and Services 51 PART IV Item 15. Exhibits, Financial Statement Schedules 52 In this Annual Report on Form 10-K, the terms "we," "us," "our," "ATEC," "Alphatec Holdings" and "Alphatec" mean Alphatec Holdings, Inc., our subsidiaries and their subsidiaries. "Alphatec Spine" refers to our wholly-owned operating subsidiary Alphatec Spine, Inc. "SafeOp" refers to our wholly owned operating subsidiary SafeOp Surgical, Inc. "EOS" refers to our wholly owned operating subsidiary EOS imaging S.A.S. Table of Contents PAR T I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K and, in particular, the description of our "Business" set forth in Item 1, the "Risk Factors" set forth in this Item 1A and our "Management's Discussion and Analysis of Financial Condition and Results of Operations" set forth in Item 7 contain or incorporate a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding: our estimates regarding anticipated operating losses, future revenue, expenses, capital requirements, uses and sources of cash and liquidity, including our anticipated revenue growth and cost savings; our ability to achieve profitability, and the potential need to raise additional funding; our ability to ensure that we have effective disclosure controls and procedures; our ability to meet, and potential liability from not meeting, any outstanding commitments and contractual obligations; our ability to maintain compliance with the quality requirements of the United States ("U.S.") Food and Drug Administration ("FDA") and similar foreign regulatory requirements; our ability to market, improve, grow, commercialize and achieve market acceptance of any of our products or any product candidates that we are developing or may develop in the future; our ability to continue to enhance our product offerings, and to commercialize and achieve market acceptance of any of our products or product candidates; the effect of any existing or future federal, state or international regulations on our ability to effectively conduct our business; our business strategy and our underlying assumptions about market data, demographic trends, reimbursement trends and pricing trends; our ability to maintain an adequate global sales network for our products, including to attract and retain independent sales a

B usiness

Item 1. B usiness We are a medical technology company, headquartered in Carlsbad, California, focused on the design, development, and advancement of technology for better surgical treatment of spine disorders. By applying our unique, 100% spine focus and deep, collective industry know-how, we aim to revolutionize the approach to spine surgery through clinical distinction. The sophisticated approaches that we create from the ground up integrate with our expanding Alpha InformatiX ("AIX") product platform to objectively inform surgery and achieve the goals of spine surgery more predictably and more reproducibly. We have a comprehensive product portfolio designed to address the spine's various pathologies, and are perpetually innovating to accomplish our ultimate vision, which is to be the standard bearer in spine. Total revenue was $482.3 million for the year ended December 31, 2023, representing an increase of $131.4 million, or 37% compared to $350.9 million for the year ended December 31, 2022. We believe our future success will continue to be fueled by increasing adoption of the new and existing integrated technologies that distinguish our approach-specific procedures. We feel that ATEC is well-positioned to continue to capitalize on spine market dynamics. Background The year 2018 marked the beginning of a business transformation that replaced 100% of our executive team, 92% of our Board of Directors, and 96% of the remaining team with experienced professionals, infusing industry-leading spine know-how throughout our organization. Efforts that year founded the ATEC Organic Innovation Machine , in-house product design, development and testing capabilities that harnessed the team's collective spine expertise to create clinical distinction. From 2019 through 2021, we focused on building a foundation capable of supporting the organization as we scale. We invested in new headquarters to substantially increase surgeon and sales training capacity and opened a d

View Full Filing

View this 10-K filing on SEC EDGAR