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Alphatec Holdings, Inc.
$1.4B
Market Cap
P/E
PEG
-17.3%
ROCE
N/M
ROE
16.37
D/E
-10.8%
OPM
-58.5%
% from 52W High
29
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for ATEC including FX impact
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📈 Price History
Ratio Health
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About

Alphatec Holdings, Inc., a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding ATEC
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 2.49M $27.1M 0.03% Mar 2026
Jim Simons Renaissance Technologies LLC 1.06M $11.5M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED ATEC Q1 2026: Revenue $192M, surgical up 17%, surgeons up 23%
Revenue & Profitability
Total revenue was $192 million (up 14% YoY). Surgical revenue grew 17% to $178 million; EOS revenue declined to $14 million. Gross margin expanded 120 basis points to 71.6%. Adjusted EBITDA was $21 million (11% of revenue, up 97% YoY). Free cash used was $11 million, at the favorable end of expectations. The company entered a new term loan A and revolving credit facility, saving over $6 million annually in interest.
Outlook
Management expressed confidence in continued strong demand for spine surgery, citing robust surgeon adoption and case volume growth. They see ATEC growing at multiples of the market, supported by their procedural approach and data advantage. No specific macro headwinds were discussed beyond near-term execution issues in EOS installations.
Growth Drivers
Key growth levers include a 23% increase in surgeon users, 21% case volume growth, and expansion of procedural approaches (lateral, ALIF, cervical, TLIF). The EOS platform is driving pull-through: surgeons at EOSinsight accounts show a ~30% revenue lift post-adoption. International expansion, particularly in Japan, follows the same lateral-led model. The upcoming deformity season (Q2-Q3) and improved biologics attachment rate (Thera-adaptive) are expected to support growth.
Balance Sheet & CapEx
The company invested approximately $33 million in inventory and instruments in Q1 to support surgeon adoption and sales team growth. No explicit CapEx guidance was provided, but the new credit facility extends maturities to 2031 and reduces interest expense, enabling continued investment. Management emphasized leaning into what's working, including EOS sales and downstream marketing.
Margins
Gross margin improved to 71.6% (up 120 bps YoY) driven by asset efficiency and cost discipline. Non-GAAP SG&A improved 420 bps to 62% of revenue. Adjusted EBITDA margin was 11% (21% of revenue) with 45% drop-through on incremental revenue. Full-year 2026 guidance implies an EBITDA margin of approximately 15% (35% drop-through), demonstrating scaling profitability.
Key Risks
Key risks include execution risk in EOS installations due to construction and timing challenges, which contributed to a $3 million year-over-year revenue decline. Revenue per procedure declined due to mix (stronger cervical and OUS growth, lower biologics attachment). Weather impacts in late January temporarily affected the quarter. Management acknowledged near-term lumpiness but expressed confidence in the long-term strategic thesis.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Q2 saw 15% revenue growth to $214M, with surgical up 17% and strong surgeon/user adoption. Adjusted EBITDA rose 53% to $36M (17% margin), and guidance for full-year EBITDA was raised to $140M. EOS and new technologies are driving future growth, with robust international expansion.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 revenue grew 14% year-over-year to $192 million, with surgical revenue up 17% and strong procedural and surgeon adoption. EOS revenue lagged due to installation delays, but guidance for 2026 remains robust, with 15% revenue growth and 17% surgical growth expected.
Q4 2025 Q4 2025 2026-02-24
Q4 and full-year 2025 saw 20% and 25% revenue growth, respectively, with strong margin expansion and positive free cash flow. 2026 guidance was raised for both revenue and Adjusted EBITDA, driven by innovation, surgeon adoption, and operational leverage.
Q3 2025 Q3 2025 2025-10-30
Q3 revenue grew 30% year-over-year to $197 million, with adjusted EBITDA at $26 million and strong free cash flow. Full-year guidance was raised to $760 million, driven by robust adoption in surgical and EOS segments, and the company remains on track for its 2027 financial targets.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 delivered 27% revenue growth and record adjusted EBITDA, with strong same-store sales and surgeon adoption. Full-year guidance was raised for both revenue and EBITDA, and positive free cash flow is expected to continue.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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