Alphatec (ATEC) Releases Better Than Expected Preliminary Q3 Results
At 9:00 a.m. ET this morning Alphatec (ATEC) released preliminary Q3 results with revenue of $117.7 to $118.5 million (+31% to 32%). That’s better than the consensus estimate of $111.8 million (+24.4%). Management also updated full-year revenue guidance, calling for around $472 million (+35%), an increase of $10 million over previous guidance. Crunching a few numbers, the $10 million boost to full-year guidance implies $6 to $7 million from Q3 and $3 to $4 million from Q4, which analysts previously saw coming in at around $125 million (+17.8%). The Q3 beat isn’t huge, about 5% to 6%, but it’s also not bad at all – roughly in-line with the Q2 beat back in June. Looking for this news to contribute to stability in ATEC shares. Management will host a tech-focused meeting on October 18 (Wednesday) during the NASS Annual Meeting. HOLD