Alphatec Holdings, Inc. (NASDAQ:ATEC) Q1 2023 Earnings Conference Call May 4, 2023 4:30 PM ET
Company Participants
Pat Miles - Chairman and CEO
Todd Koning - Chief Financial Officer
Conference Call Participants
Matt Blackman - Stifel
Brooks O'Neil - Lake Street Capital Markets
Eric Anderson - TD Cowen
Sean Lee - H.C. Wainwright
Operator
Good afternoon, everyone. And welcome to the webcast of ATEC’s First Quarter Financial Results.
We would like to remind everyone that participants on the call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC.
During this call, you may hear the company refer to non-GAAP, pro forma or adjusted measures. Reconciliations of non-GAAP measures to U.S. GAAP can be found in the supplemental financial tables included in today’s press release, which identify and quantify all excluded items and provide management’s view of why this information is useful to investors.
Leading today’s call will be ATEC’s Chairman and CEO, Pat Miles; and CFO, Todd Koning.
Now I will turn the call over to Pat Miles.
Pat Miles
Thanks very much, Audra. And welcome, everybody, to the Q1 2023 financial results for ATEC. I am going to be providing some forward-looking statements, so please read at your leisure. The momentum for the company is exceedingly strong and very pleased to report Q1 2023 revenue at $109 million, which is 54% growth, 40% surgical volume growth and adjusted EBITDA margin improvement 1,080 bps and so some recent highlights, extended momentum of PTPs was the strongest contributor to Q1 growth.
Fully launched LTP and we will go more into that, which is very exciting. Introduced Invictus direct Vitera rotation AIS system, which is -- I will go into that a little bit more as well, drove $15 million in EOS revenue and we acquired the navigational robotics platform to enhance precision of our procedural strategy and so a lot of good things going on and a lot of momentum.
And I think if you look back at the momentum, you could look back to really kind of our established commitments all the way back to 2018 and that is to create clinical distinction. If we are not doing something better, we are not going to be able to compel surgeon adoption. If we are not compelling adoption, then it would be very difficult to garner the type of distribution that we are looking for.