SYNC and ATEC Earnings updates

Alphatec Holdings (ATEC) earnings update

ATEC announced Q2 2015 (June 30, 2015) earnings after the close last night. Revenues were $46.6 million ($50.2 million in constant currency) compared to $53.2 million last year. EBITDA was down 50% from $7.7 to $3.8 million. Our valuation came in at $2.54 compared to the previous $2.61. ATEC closed at $1.36 on 8/4/2015. ATEC is trading at 54% of our valuation. We are cutting ATEC to a HOLD until they can reverse the negative trends in revenue, gross margin and EBITDA..

Synacor (SYNC) earnings update

SYNC announced Q2 2015 (June 30, 2015) earnings after the close last night. Revenues were $24.7 million up slightly from $24.2 million the prior year. They had a Non-GAAP loss of about $.3 million compared to a loss of $1 million last year. SYNC’s valuation fell from last quarter to $5.29, but was a tad higher than last years $5.21. Shares closed at $1.59 on 8/4/2015. SYNC is trading at 30% of our valuation. SYNC is still a BUY.

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