Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for macroeconomic analysis.
Medical device company Alphatec Holdings (NASDAQ: ATEC) reported its preliminary third-quarter 2020 financial results showing revenue in the US grew from 41%-43% compared to the previous year.
The company stated that the growth was down to the continuing rapid adoption of recently released ATEC technologies. The business said its new product sales represented over 70% of the estimated US revenue.
“We continue to deliver against the priorities that we committed to early this year: creating clinical distinction, revitalizing the sales force, and compelling surgeon adoption,” commented Pat Miles, ATEC’s chief executive officer.
ATEC’s total revenue was stated at between $40.7 million to $41.1 million while its unaudited non-GAAP adjusted EBITDA is predicted to ve between $1.7 million to $2.2 million.
The news saw ATEC’s stock price surge in after-hours trading. Its share price is currently trading at $8.57, up 26.96% premarket.
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