$ATEC
Alphatec Holdings, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020037783 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $29.63M $27.32M
YoY Change 8.46% 23.94%
Cost Of Revenue $8.787M $8.433M
YoY Change 4.2% 29.98%
Gross Profit $20.84M $18.89M
YoY Change 10.36% 21.42%
Gross Profit Margin 70.34% 69.13%
Selling, General & Admin $26.47M $24.57M
YoY Change 7.73% 40.08%
% of Gross Profit 126.99% 130.09%
Research & Development $4.237M $3.360M
YoY Change 26.1% 67.25%
% of Gross Profit 20.33% 17.79%
Depreciation & Amortization $2.200M $1.500M
YoY Change 46.67% 0.0%
% of Gross Profit 10.56% 7.94%
Operating Expenses $30.71M $29.30M
YoY Change 4.8% 32.59%
Operating Profit -$9.863M -$10.41M
YoY Change -5.29% 59.11%
Interest Expense $3.032M -$1.920M
YoY Change -257.92% 12.35%
% of Operating Profit
Other Income/Expense, Net -$4.587M -$1.921M
YoY Change 138.78% 7.68%
Pretax Income -$15.75M -$12.34M
YoY Change 27.64% 48.1%
Income Tax $60.00K $71.00K
% Of Pretax Income
Net Earnings -$15.81M -$12.44M
YoY Change 27.09% 75.75%
Net Earnings / Revenue -53.34% -45.52%
Basic Earnings Per Share
Diluted Earnings Per Share -$248.2K -$265.4K
COMMON SHARES
Basic Shares Outstanding 46.86M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.20M $18.60M
YoY Change 67.74% -58.57%
Cash & Equivalents $31.16M $18.57M
Short-Term Investments
Other Short-Term Assets $3.000M $11.10M
YoY Change -72.97% 428.57%
Inventory $41.47M $32.61M
Prepaid Expenses
Receivables $19.79M $13.64M
Other Receivables $600.0K $0.00
Total Short-Term Assets $96.00M $75.95M
YoY Change 26.41% -12.22%
LONG-TERM ASSETS
Property, Plant & Equipment $24.67M $15.09M
YoY Change 63.49% 25.12%
Goodwill $13.90M
YoY Change -2.48%
Intangibles $24.72M $26.05M
YoY Change -5.1% -1.24%
Long-Term Investments
YoY Change
Other Assets $500.0K $222.0K
YoY Change 125.23% -1.33%
Total Long-Term Assets $65.10M $57.49M
YoY Change 13.24% 8.52%
TOTAL ASSETS
Total Short-Term Assets $96.00M $75.95M
Total Long-Term Assets $65.10M $57.49M
Total Assets $161.1M $133.4M
YoY Change 20.74% -4.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.00M $8.178M
YoY Change 95.65% 143.83%
Accrued Expenses $24.64M $20.83M
YoY Change 18.27% -15.35%
Deferred Revenue
YoY Change
Short-Term Debt $400.0K $0.00
YoY Change
Long-Term Debt Due $0.00 $286.0K
YoY Change -100.0% -95.72%
Total Short-Term Liabilities $42.80M $31.01M
YoY Change 38.04% -11.48%
LONG-TERM LIABILITIES
Long-Term Debt $66.10M $49.37M
YoY Change 33.89% 46.64%
Other Long-Term Liabilities $9.651M $13.83M
YoY Change -30.2% -18.57%
Total Long-Term Liabilities $9.651M $63.20M
YoY Change -84.73% 24.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.80M $31.01M
Total Long-Term Liabilities $9.651M $63.20M
Total Liabilities $118.7M $94.20M
YoY Change 26.01% 9.96%
SHAREHOLDERS EQUITY
Retained Earnings -$527.3M
YoY Change 12.57%
Common Stock $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $97.00K
YoY Change 0.0%
Treasury Stock Shares $2.000K
Shareholders Equity $18.82M $14.16M
YoY Change
Total Liabilities & Shareholders Equity $161.1M $133.4M
YoY Change 20.74% -4.35%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$15.81M -$12.44M
YoY Change 27.09% 75.75%
Depreciation, Depletion And Amortization $2.200M $1.500M
YoY Change 46.67% 0.0%
Cash From Operating Activities -$13.10M -$6.700M
YoY Change 95.52% 96.48%
INVESTING ACTIVITIES
Capital Expenditures -$4.350M -$2.650M
YoY Change 64.15% 33.84%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.350M -$2.650M
YoY Change 64.15% 15.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.14M 11.48M
YoY Change 84.15% 287.84%
NET CHANGE
Cash From Operating Activities -13.10M -6.700M
Cash From Investing Activities -4.350M -2.650M
Cash From Financing Activities 21.14M 11.48M
Net Change In Cash 3.690M 2.130M
YoY Change 73.24% -177.45%
FREE CASH FLOW
Cash From Operating Activities -$13.10M -$6.700M
Capital Expenditures -$4.350M -$2.650M
Free Cash Flow -$8.750M -$4.050M
YoY Change 116.05% 183.22%

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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
51966000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24671000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19722000
CY2020Q2 us-gaap Depreciation
Depreciation
2200000
us-gaap Depreciation
Depreciation
4200000
CY2019Q2 us-gaap Depreciation
Depreciation
1500000
us-gaap Depreciation
Depreciation
3100000
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
54593000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
54593000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
29869000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
28988000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
978000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1888000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1888000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1888000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1785000
CY2020Q2 atec Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
16297000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24724000
CY2020Q2 atec Accrued Sales Incentives And Milestones Current
AccruedSalesIncentivesAndMilestonesCurrent
5383000
CY2019Q4 atec Accrued Sales Incentives And Milestones Current
AccruedSalesIncentivesAndMilestonesCurrent
5299000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5671000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7949000
CY2020Q2 us-gaap Litigation Reserve Current
LitigationReserveCurrent
4400000
CY2019Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
4400000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1865000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3945000
CY2020Q2 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
2408000
CY2019Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1981000
CY2020Q2 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
602000
CY2019Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
155000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4308000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2687000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24637000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
26416000
CY2020Q2 us-gaap Litigation Reserve Noncurrent
LitigationReserveNoncurrent
9002000
CY2019Q4 us-gaap Litigation Reserve Noncurrent
LitigationReserveNoncurrent
10712000
CY2019Q4 atec Line Of Credit Exit Fee Noncurrent
LineOfCreditExitFeeNoncurrent
600000
CY2020Q2 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
373000
CY2019Q4 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
373000
CY2020Q2 atec Long Term Liabilities Other
LongTermLiabilitiesOther
276000
CY2019Q4 atec Long Term Liabilities Other
LongTermLiabilitiesOther
266000
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9651000
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11951000
CY2020Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
9600
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
370000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2104000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3166000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
14976000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
12000000
CY2020Q2 atec Long Term Debt Maturities Repayments Of Principal Year Five And After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalYearFiveAndAfterYearFive
50000000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
82616000
CY2020Q2 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
84000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
16228000
CY2020Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
66472000
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
399000
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
66073000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
744000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
918000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
40000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1702000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
107000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1595000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1404000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
191000
atec Lessee Operating Lease Remaining Term Of Contract
LesseeOperatingLeaseRemainingTermOfContract
P1Y2M12D
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
700000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
700000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
400000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
400000
us-gaap Operating Lease Payments
OperatingLeasePayments
700000
us-gaap Operating Lease Payments
OperatingLeasePayments
700000
CY2020Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2020Q2 us-gaap Litigation Reserve Current
LitigationReserveCurrent
4400000
CY2019Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
4400000
CY2020Q2 us-gaap Litigation Reserve Noncurrent
LitigationReserveNoncurrent
9002000
CY2019Q4 us-gaap Litigation Reserve Noncurrent
LitigationReserveNoncurrent
10712000
CY2020Q2 us-gaap Litigation Reserve
LitigationReserve
13402000
CY2019Q4 us-gaap Litigation Reserve
LitigationReserve
15112000
CY2020Q2 atec Litigation Settlement Obligation Future Interest Amount
LitigationSettlementObligationFutureInterestAmount
1631000
CY2019Q4 atec Litigation Settlement Obligation Future Interest Amount
LitigationSettlementObligationFutureInterestAmount
2121000
CY2020Q2 atec Litigation Settlement Obligation Gross
LitigationSettlementObligationGross
15033000
CY2019Q4 atec Litigation Settlement Obligation Gross
LitigationSettlementObligationGross
17233000
CY2020Q2 atec Related Party Receivable Included In Stockholders Equity
RelatedPartyReceivableIncludedInStockholdersEquity
5000000
CY2019Q4 atec Related Party Receivable Included In Stockholders Equity
RelatedPartyReceivableIncludedInStockholdersEquity
5000000
CY2020Q2 atec Litigation Settlement Obligation Net
LitigationSettlementObligationNet
10033000
CY2019Q4 atec Litigation Settlement Obligation Net
LitigationSettlementObligationNet
12233000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-15805000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-12436000
us-gaap Net Income Loss
NetIncomeLoss
-36527000
us-gaap Net Income Loss
NetIncomeLoss
-25404000
CY2020Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
63874000
CY2019Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
47143000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
63303000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
46233000
CY2020Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
161000
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2500000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2500000
CY2019Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
263000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
163000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
276000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
63713000
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46880000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
63140000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45957000
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.58
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.55
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37980000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30897000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4575000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2351000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8143000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3963000
CY2020Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
51180000
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
25400659
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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