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Piper Sandler reiterates Overweight on Alphatec after solid Q4 beat, 2023 guide
The Fly

Piper Sandler reiterates Overweight on Alphatec after solid Q4 beat, 2023 guide

Piper Sandler analyst Matt O’Brien notes that Alphatec preannounced preliminary Q4 results, which easily exceeded the Street on the top-line, and provided its initial 2023 outlook, which calls for total sales of $438M. The company continues to see strong adoption of PTP, which fueled Surgical Revenue growth of 48%-50%. When comparing the performance with other pure-play spine names, it is clear to O’Brien that Alphatec is gaining broad-based market share, and he is "encouraged" to see the strong momentum continuing into 2023. The company also announced the closing of a five-year, $150M non-dilutive term loan which will strengthen the balance sheet. All in, the analyst thinks Alphatec can deliver some of the best growth in all of spine for years to come, and reiterates an Overweight rating on the shares with a price target of $17.

Published first on TheFly

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