Alphatec Holdings, Inc. (ATEC): debt financing — ATEC reports preliminary 2022 revenue ~$350M (+44%), guides 2023 revenue $438M, closes $150M term loan

Alphatec Holdings, Inc.

2022-FY EPS reported -$1.47 revenue$350,867,000

Full-year 2022 total revenue $350.1M-$351.1M, up ~44% YoY; Q4 revenue $105.2M-$106.2M.
2023 guidance: total revenue $438M (+25%), surgical $383M, EOS $55M; adjusted EBITDA break-even.
Closed $150M term loan from Braidwell ($100M funded, $50M delayed draw), 5-yr, SOFR+5.75%, interest-only.
Cash balance at Q4 end ~$85M; total liquidity ~$275M including existing revolver.
Surgical revenue Q4 grew 48-50% driven by PTP approach; surgical volume growth at least 25%.

item 1.01 item 2.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Alphatec Holdings, Inc. incurred term loan of an initial term loan facility in the amount of $100.0 million and a delayed draw term loan facility in an aggregate prin with Braidwell Transaction Holdings LLC – Series 1 at SOFR Interest Rate plus 5.75% per annum maturing January 6, 2028.

Instrument: term loan
Principal: an initial term loan facility in the amount of $100.0 million and a delayed draw term loan facility in an aggregate prin
Counterparty: Braidwell Transaction Holdings LLC – Series 1
Rate: SOFR Interest Rate plus 5.75% per annum
Maturity: January 6, 2028
Event: incurrence

Exact text from the filing

The Term Loan Agreement provides for (i) an initial term loan facility in the amount of $100.0 million, which was funded in its entirety on the Closing Date and (ii) a delayed draw term loan facility (the “DDTL”) in an aggregate principal amount not to exceed $50.0 million, which, subject to certain conditions set forth in the Term Loan Agreement, may be drawn until the date that is 18 months after the Closing Date.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Alphatec Holdings, Inc. reported full-year 2023 results: revenue $438 million. Guidance initiated.

Period: full-year 2023
Revenue: $438 million
Guidance: initiated
Result: guidance update

Exact text from the filing

The Company anticipates full-year 2023 total revenue of $438 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Alphatec Holdings, Inc. reported the year ended December 31, 2022 results: revenue $350.1M to $351.1M.

Period: the year ended December 31, 2022
Revenue: $350.1M to $351.1M
Result: preliminary results

Exact text from the filing

Total Revenue $105.2M to $106.2M $350.1M to $351.1M

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Alphatec Holdings, Inc. entered into Credit, Security and Guaranty Agreement with Braidwell Transaction Holdings LLC – Series 1 valued at $100.0 million (effective 2023-01-06).

Action: entry
Agreement: credit facility
Counterparty: Braidwell Transaction Holdings LLC – Series 1
Value: $100.0 million
Effective: 2023-01-06

Exact text from the filing

On January 6, 2023 (the “Closing Date”), Alphatec Holdings, Inc. (the “Company”) as borrower, and its wholly owned subsidiaries, Alphatec Spine, Inc. (“Spine”) and SafeOp Surgical, Inc. (“SafeOp,” and together with the Company and Spine, the “Credit Parties”), as guarantors, entered into that certain Credit, Security and Guaranty Agreement (the “Term Loan Agreement”), by and among the Credit Parties, the other guarantors from time to time party thereto, Braidwell Transaction Holdings LLC – Series 1 (“Braidwell”), as a lender, the other lenders from time to time party thereto (together with Braidwell, the “Term Lenders”), and Wilmington Trust, National Association, as administrative agent and collateral agent (in such capacities, the “Term Agent”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Alphatec Holdings, Inc. amended Omnibus Joinder and Amendment No. 1 to Credit, Security and Guaranty Agreement with MidCap Funding IV Trust (effective 2023-01-06).

Action: amendment
Agreement: credit facility
Counterparty: MidCap Funding IV Trust
Effective: 2023-01-06

Exact text from the filing

on January 6, 2023, the Company entered into that certain Omnibus Joinder and Amendment No. 1 to Credit, Security and Guaranty Agreement (the “ABL Amendment”), by and among the Company, Spine, SafeOp, the ABL Agent and the lenders party thereto.

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Alphatec Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-000471

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