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ATEC

Alphatec Holdings, Inc.

ATEC

Alphatec Holdings, Inc. • NASDAQ
$22.55 ▼ -0.20% (-0.04)
Market Cap $3.34 B
52w High $22.66
52w Low $8.70
Dividend Yield 0%
P/E -21.68
Volume 769.38K
Outstanding Shares 148.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $196.503M ▲ $153.233M ▲ $-28.578M ▲ -14.543% ▲ $-0.19 ▲ $4.752M ▲
Q2-2025 $185.544M ▲ $142.186M ▼ $-41.144M ▲ -22.175% ▲ $-0.27 ▲ $-8.35M ▲
Q1-2025 $169.18M ▼ $160.287M ▲ $-51.907M ▼ -30.682% ▼ $-0.35 ▼ $-44.291M ▼
Q4-2024 $176.793M ▲ $145.406M ▲ $-33.332M ▲ -18.854% ▲ $-0.23 ▲ $-4.329M ▲
Q3-2024 $150.719M $136.432M $-39.616M -26.285% $-0.28 $-11.158M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $155.741M ▼ $787.248M ▼ $775.742M ▲ $11.506M ▼
Q2-2025 $157.063M ▲ $790.293M ▲ $742.919M ▼ $47.374M ▲
Q1-2025 $153.244M ▲ $785.473M ▲ $847.809M ▲ $-62.336M ▼
Q4-2024 $138.84M ▲ $775.71M ▲ $766.276M ▲ $9.434M ▼
Q3-2024 $80.976M $745.895M $723.654M $22.241M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-28.578M ▲ $14.04M ▼ $-13.891M ▼ $-1.313M ▼ $-1.322M ▼ $4.807M ▲
Q2-2025 $-41.144M ▲ $15.548M ▲ $-12.173M ▼ $366K ▼ $3.819M ▼ $3.375M ▲
Q1-2025 $-51.907M ▼ $-5.039M ▼ $-11.612M ▼ $30.759M ▼ $14.404M ▼ $-14.973M ▼
Q4-2024 $-33.332M ▲ $10.523M ▲ $-3.746M ▲ $50.642M ▲ $57.864M ▲ $6.777M ▲
Q3-2024 $-39.616M $-5.342M $-19.878M $6.694M $-18.852M $-25.22M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Products And Services
Products And Services
 $180.00M ▲$170.00M ▼$190.00M ▲$200.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Alphatec has grown its revenue very rapidly over the past five years, showing strong demand for its spine surgery products and procedures. Gross profit has risen in step, which suggests its core product economics are attractive as it scales. However, the company continues to post sizable operating and net losses, reflecting heavy spending on sales, marketing, R&D, and infrastructure to fuel growth. The good news is that losses and underlying profitability metrics are starting to show signs of improvement, but the business is still clearly in an investment phase rather than a profit-generating phase.

Balance Sheet

Balance Sheet The balance sheet shows a company that has bulked up its asset base to support growth, including technology, inventory, and commercial capabilities. Cash on hand is meaningful but has moved around year to year, while debt has increased sharply from almost nothing to being a major part of the capital structure. Shareholders’ equity has been very thin and even dipped negative at one point, which signals accumulated losses and leaves only a small cushion against future setbacks. Overall, the balance sheet supports growth but carries noticeable leverage and limited room for error, making financial discipline and consistent execution important.

Cash Flow

Cash Flow Alphatec has been using more cash than it generates, both at the operating level and after capital spending, which is typical for a fast-growing, innovation-heavy medical device company but still a key risk. Operating cash outflows have been fairly steady, suggesting that the underlying business is not yet self-funding. Free cash flow remains clearly negative because the company is also investing in equipment, technology platforms, and infrastructure. This means Alphatec has depended on outside financing, primarily debt and past equity, to support its strategy and will likely need improved margins or slower investment to move toward cash break-even over time.

Competitive Edge

Competitive Edge Within spine surgery, Alphatec is positioning itself as a focused specialist rather than a generalist like some of its larger rivals. Its strength lies in offering a complete, integrated ecosystem for complex spine procedures—covering planning, navigation, implants, and real-time data—rather than just selling individual devices. This creates meaningful switching costs for surgeons and hospitals once they are trained and embedded in the platform, giving the company “stickiness” in its customer base. At the same time, Alphatec is still much smaller than major competitors and operates in a highly competitive, regulated market, so continued surgeon adoption and clinical proof will be critical to sustain its momentum.

Innovation and R&D

Innovation and R&D Innovation is the heart of Alphatec’s strategy. The company has developed a suite of differentiated offerings such as its prone lateral spine procedure, advanced nerve monitoring, low-dose imaging, and an AI-enabled planning and data platform, all designed to work together. It is also moving into robotics and navigation, aiming to tie imaging, planning, and robotic execution into a single, data-rich environment. This requires heavy and ongoing R&D spending, which weighs on current profits but deepens the technology moat and makes the ecosystem harder for competitors to replicate—provided Alphatec can deliver reliable performance and smooth integration in real-world use.

Summary

Alphatec is a high-growth, innovation-driven spine surgery company trading near-term profitability for market share, surgeon adoption, and technology leadership. Financially, it shows strong top-line growth and improving, but still clearly negative, earnings and cash flow, supported by a balance sheet that now leans more on debt and offers only a modest equity cushion. Strategically, the company’s integrated procedural approach, data platforms, and upcoming robotics create a compelling competitive story with meaningful switching costs for users. The core tension is between a promising, differentiated product and technology portfolio on one side, and ongoing losses, cash burn, and leverage on the other, making future results highly dependent on execution, continued adoption, and the ability to scale efficiently.

NEWS

November 7, 2025 · 9:05 AM UTC

ATEC Mourns Passing of Board Member Jeffrey P. Rydin

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October 30, 2025 · 4:05 PM UTC

ATEC Reports Third Quarter 2025 Financial Results And Raises Full-Year Guidance

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October 16, 2025 · 4:10 PM UTC

ATEC to Report Third Quarter 2025 Financial Results on October 30, 2025

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