Alphatec Holdings, Inc. (ATEC) saw its loss narrow to $5.52 million, or $0.61 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.62 million, or $0.78 a share.
Revenue during the quarter dropped 18.21 percent to $27.98 million from $34.21 million in the previous year period. Gross margin for the quarter contracted 1161 basis points over the previous year period to 59.97 percent. Operating margin for the quarter stood at negative 12.15 percent as compared to a negative 10.06 percent for the previous year period.
Operating loss for the quarter was $3.40 million, compared with an operating loss of $3.44 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.51 million compared with $0.07 million in the prior year period. At the same time, adjusted EBITDA margin improved 161 basis points in the quarter to 1.82 percent from 0.21 percent in the last year period.
"We are very pleased with our progress in evolving the Alphatec organization over the past few months," said Terry Rich, chief executive officer of Alphatec. "Our strategy for the Company centers on combining our broad product portfolio with new leadership, dedicated distribution partners, and a high-performance culture in order to significantly re-position the Alphatec brand to customers, investors, employees, and business partners. In the short time that our new team has been together, we have taken many important steps to provide a solid base to return Alphatec to a growth organization."
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