Alphatec Holdings, Inc. (NASDAQ:ATEC) Q4 2023 Earnings Conference Call February 27, 2024 4:30 PM ET
Company Participants
Pat Miles - Chairman and CEO
Todd Koning - CFO
Conference Call Participants
Vik Chopra - Wells Fargo
Brooks O'Neil - Lake Street Capital Markets
David Jackson - Needham & Company
Drew Ranieri - Morgan Stanley
Operator
Good afternoon everyone and welcome to the webcast of ATEC’s Fourth 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. Please go ahead.
Pat Miles
Thanks very much [Indiscernible]. Welcome to the Q4 2023 financial results call. Clearly, there will be some forward-looking statements. But I would characterize 2023 as a very good year. And a few of the highlights, much of which has been communicated, but revenue of $482 million, which was a 37% total revenue growth, 890 basis points of adjusted EBITDA expansion, 40% surgical revenue growth was a broad contribution, 31% surgical volume growth versus 25% in 2022, which suggest acceleration, greater than 500 surgeons trained, and a lot of work really in three key areas, which is beginning with lateral, we launched LTP with the ALIF Midline element.
We launched expandables in lateral. From an informatic perspective, EOS has really expanded from a developmental perspective and look forward to talking a little bit about that.
We also acquired a navigate-enabled robotic system from an informatic perspective. And from the capital raise, raised $150 million. So, I would say a very productive year.
To put it in context, we've gone from about 1% market share to probably a little north of 5%, depending upon how you calculate it. Again, I think that the interesting elements are the growth rate of 40% over that period from an annual growth rate perspective -- a compound annual growth rate perspective, 17% new surgeon CAGR, a 24% procedural volume CAGR. So, people are doing work with us. And then a revenue per case CAGR of 12% and I'll get into that as well because I think it's such a buy into our surgical thesis.