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Alphatec Holdings (ATEC) Stock Surges After Strong US Revenue Growth

Sam Boughedda
Sam Boughedda trader
Updated 8 Oct 2020

Practice Stock Trading
Alphatec Holdings

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.

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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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Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.