REVOLUTIONIZING SPINE SURGERY
PAT MI LES , C HAI RMAN & C EO | JANUARY 15, 2025
SUSTAINABLE REVENUE GROWTH
Adoption of procedural strategy has a long runway
LARGE, GROWING MARKET
$8B+1 clinically unsettled market needs ATEC
LATERAL LEADERSHIP
XLIF-originators advancing spine's fastest-growing approach
INFORMATIC MOAT
Integrating outcome-improving data pre-, intra- and post-op
INCREASINGLY PROFITABLE
Perpetuating growth fueled 2024 profitability inflection - cash flow inflection 2025E
1. Management estimate
O U R M I S S I O N
REVOLUTIONIZE SPINE SURGERY
T H E S P I N E I N D U S T R Y N E E D S A T E C
O U R S T R A T E G I C O B J E C T I V E S
1 | CREATE CLINICAL | 2 | COMPEL SURGEON | 3 | EXPAND & ELEVATE |
DISTINCTION | ADOPTION | SALES FORCE | |||
Distinguishing ATEC | Attracting new | Strengthening sales | |||
through procedures | surgeon users by | team and enhancing | |||
& informatics | improving surgery | operations |
SURGEON ADOPTION HAS
FUELED MARKET-LEADING GROWTH
$800
$700
$600
REV ENUE ( $ M)
>40%
$500 | CAGR |
$400
$300
$200
$100
$0 | 2022 | 2023 | 2024E^ | 2025E^ |
2021 |
5
2024 WAS NO EXCEPTION
GROWTH FUELED BY CLINICAL DISTINCTION IS UNMISTAKABLY DURABLE
$800
$700
$600
$500
$400
$300
$200
$100
$0
REV ENUE ( $ M) | ~8% | 27% |
Market share* |
FY'24Etotalrevenuegrowth
~3%
Market share*
2021 | 2022 | 2023 | 2024E^ | 2025E^ |
6 | *Management estimate | ^ Results are preliminary & unaudited
IN 2025, WE INTEND TO GROW AT MULTIPLES OF THE MARKET, AGAIN
REV ENUE ( $ M)
$800
$700
$600
$500
$400
$300
$200
$100
$0 | 2022 | 2023 | 2024E^ | 2025E^ |
2021 |
20%
Revenuegrowth
7 | ^ Results are preliminary & unaudited | 2025E guidance communicated in an 8K on file with the SEC on 1.13.25
GROWTH & INFRASTRUCTURE INVESTMENT HAVE DRIVEN PROFIT IMPROVEMENT
$20 | AEBI T D A $ M | AEBI T D A % | 20% | 2,800 | ||
$10 | 10% | bps of margin expansion | ||||
$0 | 0% | 2024 | ||||||||||||||||||||||||||||||||||
Q1'22 | Q2'22 | Q3'22 | Q4'22 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 E* | |||||||||||||||||||||||||
-$10 | -10% | Inflection to profitability | ||||||||||||||||||||||||||||||||||
-$20 | -20% | |
8 | Reference non-GAAP reconciliation in appendix. | *Assumes FY'24E AEBITDA of $27M (& implied Q4'24E AEBITDA of $17M), in line with guidance shared with release of Q3'24 financial results
SALES ASSET OPERATING GROWTH EFFICIENCY LEVERAGE
D R I V I N G I M P R O V E D R O I T H R O U G H O U T T H E O R G A N I Z A T I O N
Sales force | Sales force | Surgical set |
maturity | penetration/ density | efficiency |
Data/ surgical | Infrastructure | Data |
planning | utilization | insights |
9
MORE PROFIT IMPROVEMENT EXPECTED IN 2025
AEBI T D A $ M | AEBI T D A % |
$75
$50
$25
$0
-$25
-$50
2021
2022
2023
2024E^ 2025E^
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
10 | *Assumes 2024E AEBITDA of $27M, in line with guidance shared with release of Q3'24 financial results | ^ Reference non-GAAP reconciliation in appendix
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