Alphatec Holdings Shares Rise 37% on Narrower 3Q Loss, Higher FY24 Revenue Guidance

Dow Jones11-01

By Zaeem Shoaib

Alphatec Holdings shares jumped after the company's loss for the third quarter narrowed and it raised its revenue outlook for the year.

Shares were up 37.6% to $7.74 on Thursday. The stock is down more than 49% year to date.

For the fiscal year 2024, the Carlsbad, Calif., company said it now expects total revenue to grow 25% to $605 million compared to the previous expectation of $602 million. Analysts polled by FactSet expect revenue of $604.3 million for the year.

Revenue expectations for the year include surgical revenue of $540 million and EOS revenue of $65 million, the company said Wednesday after the market closed.

The medical device company now expects non-GAAP adjusted EBITDA of about $27 million compared to the prior outlook of $25.5 million.

For the third quarter, the company reported a net loss of $39.6 million, or 28 cents per share, versus a loss of $42.7 million, or 35 cents per share, a year ago.

Revenue for the quarter totaled $150.7 million, compared with $118.3 million in the year-ago quarter. Analysts polled by FactSet expected revenue of $147.2 million.

Write to Zaeem Shoaib at zaeem.shoaib@wsj.com

(END) Dow Jones Newswires

October 31, 2024 13:56 ET (17:56 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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