Alphatec Holdings (ATEC)
NASDAQ:ATEC
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Alphatec Holdings
(NASDAQ:ATEC)
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Rating:51Neutral
Price Target:
$11.00
▼(-5.66% Downside)
Action:ReiteratedDate:02/25/26
The score is held back primarily by weak financial performance (ongoing losses and prior balance-sheet stress) and bearish technicals (below key moving averages with negative MACD). Offsetting these, the latest earnings call featured upbeat guidance for growth, margin expansion, and positive free cash flow, providing a meaningful support to the overall score despite valuation being constrained by negative earnings.
Positive Factors
Sustained Revenue & Surgeon Adoption
Multi‑year procedure and revenue momentum with ~20% surgeon user base growth indicates durable demand and expanding clinical adoption. Broadening surgeon adoption lowers per‑case sales volatility, increases repeatable implant usage, and supports predictable top‑line growth over the next several quarters.
Negative Factors
Persistent Operating Losses
Despite top‑line growth, the company has sustained operating and net losses historically, limiting returns on capital and leaving profitability improvements vulnerable to slower growth. Ongoing losses constrain retained earnings and increase reliance on cash/liquidity to fund operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue & Surgeon Adoption
Multi‑year procedure and revenue momentum with ~20% surgeon user base growth indicates durable demand and expanding clinical adoption. Broadening surgeon adoption lowers per‑case sales volatility, increases repeatable implant usage, and supports predictable top‑line growth over the next several quarters.
Read all positive factors
Alphatec Holdings (ATEC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.76B
Dividend YieldN/A
Average Volume (3M)2.52M
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth27.11%
EPS Growth17.66%
CountryUS
Employees867
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.06
Shares Outstanding151,356,610
10 Day Avg. Volume2,040,949
30 Day Avg. Volume2,522,597
Financial Highlights & Ratios
PEG Ratio1.46
Price to Book (P/B)87.63
Price to Sales (P/S)4.13
P/FCF Ratio1.14K
Enterprise Value/Market Cap1.26
Enterprise Value/Revenue2.91
Enterprise Value/Gross Profit4.34
Enterprise Value/Ebitda-50.58
Forecast
1Y Price Target
$24.20Price Target Upside107.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)0.27
Revenue Forecast (FY)$891.44M
Alphatec Holdings Business Overview & Revenue Model
Company Description
Alphatec Holdings, Inc., a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders. The company offers SafeOp Neural InformatiX System, an Alpha InformatiX product platform designed t...
How the Company Makes Money
Alphatec primarily makes money by selling spine-surgery products to healthcare providers, generating revenue from the commercial sale of spinal implants (e.g., fixation systems and interbody devices) and the specialized instruments and procedural ...
Alphatec Holdings Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call portrayed a company with strong top‑line momentum, expanding profitability, improving gross margins, meaningful surgeon adoption, and a rich product and pipeline roadmap. Key positives include double‑digit revenue growth (20% Q4, 25% FY), substantial adjusted EBITDA expansion (61% Q4, +$63M FY), a solid cash position, and upgraded 2026 EBITDA guidance. Near‑term headwinds are limited and mostly operational or structural: modest full‑year free cash flow in 2025, international mix lowering per‑case revenue, a shift in seasonality that may complicate quarter‑to‑quarter cadence, and some investor pushback reflected in after‑hours trading. Overall, the highlights materially outweigh the lowlights.Positive Updates
Strong Top-Line Growth (Q4 and Full Year)
Q4 2025 revenue of $213,000,000, up 20% year‑over‑year and up $16,000,000 sequentially; full‑year 2025 revenue of $764,000,000, up 25% year‑over‑year (a $153,000,000 increase).
Negative Updates
Full‑Year Free Cash Flow Remains Modest
Full‑year 2025 free cash flow was only $3,000,000 despite positive operating cash flow and investments; while Q4 was positive ($8,000,000), FY FCF remains relatively small as the business continues to reinvest in instruments and inventory.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth (Q4 and Full Year)
Q4 2025 revenue of $213,000,000, up 20% year‑over‑year and up $16,000,000 sequentially; full‑year 2025 revenue of $764,000,000, up 25% year‑over‑year (a $153,000,000 increase).
Read all positive updates
Company Guidance
Management guided 2026 revenue of approximately $890 million (up ~17%), split into roughly $805 million of surgical revenue—driven by mid‑teens procedural volume growth and low single‑digit revenue‑per‑surgery gains—and about $85 million of EOS revenue; they raised full‑year adjusted EBITDA to $134 million (15% margin), expect gross margins to approach ~71% by year‑end, and project operating expense growth of ~11% versus 17% revenue growth to drive ~400 basis points of operating margin expansion versus 2025; cash guidance includes roughly $110 million of operating cash before incremental asset investment, at least $20 million of free cash flow, and an expected ~$0.75 of instrument/inventory investment per dollar of growth (the Q4 exit adjusted EBITDA margin was 16% and supports this outlook).Alphatec Holdings Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 764.15M | 611.56M | 482.26M | 350.87M | 243.21M |
| Gross Profit | 531.89M | 424.26M | 310.20M | 233.06M | 157.76M |
| EBITDA | -39.70M | -53.87M | -110.59M | -102.58M | -106.88M |
| Net Income | -143.36M | -162.12M | -186.64M | -151.29M | -143.03M |
Balance Sheet | |||||
| Total Assets | 791.21M | 775.71M | 805.21M | 520.97M | 572.05M |
| Cash, Cash Equivalents and Short-Term Investments | 160.81M | 138.84M | 220.97M | 84.70M | 187.25M |
| Total Debt | 619.95M | 609.94M | 541.68M | 395.86M | 355.43M |
| Total Liabilities | 755.18M | 766.28M | 703.49M | 555.63M | 492.63M |
| Stockholders Equity | 36.03M | 9.43M | 101.72M | -34.67M | 79.42M |
Cash Flow | |||||
| Free Cash Flow | 2.78M | -137.79M | -165.46M | -133.41M | -141.86M |
| Operating Cash Flow | 45.23M | -44.65M | -78.48M | -75.13M | -73.32M |
| Investing Cash Flow | -53.41M | -93.14M | -141.97M | -58.28M | -157.76M |
| Financing Cash Flow | 30.02M | 56.21M | 356.92M | 31.23M | 311.97M |
Alphatec Holdings Technical Analysis
Negative
11.66
Price Trends
12.92
Negative
16.46
Negative
15.43
Negative
Market Momentum
-0.63
Negative
44.51
Neutral
46.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATEC, the sentiment is Negative. The current price of 11.66 is below the 20-day moving average (MA) of 11.81, below the 50-day MA of 12.92, and below the 200-day MA of 15.43, indicating a bearish trend. The MACD of -0.63 indicates Negative momentum. The RSI at 44.51 is Neutral, neither overbought nor oversold. The STOCH value of 46.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ATEC.
Alphatec Holdings Risk Analysis
Alphatec Holdings disclosed 39 risk factors in its most recent earnings report. Alphatec Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Alphatec Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.55B | 25.04 | 17.36% | ― | 29.47% | 23.24% | |
68 Neutral | $3.54B | -13.83 | -21.49% | ― | 8.97% | -1024.86% | |
61 Neutral | $1.66B | -3.28 | -4.63% | ― | -0.23% | ― | |
59 Neutral | $1.73B | 211.68 | 2.44% | ― | 9.81% | -1067.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.76B | -22.02 | -1760.45% | ― | 27.11% | 17.66% | |
47 Neutral | $1.82B | -42.28 | -201.79% | ― | 24.76% | -10.41% |
* Healthcare Sector Average
ATEC
Alphatec Holdings
11.66
2.13
22.35%
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Alphatec Holdings Corporate Events
Executive/Board Changes
Alphatec Holdings Announces Board Director Retirement and Changes
Neutral
Mar 3, 2026
On February 25, 2026, Alphatec Holdings, Inc. announced that director Ward W. Woods would retire from its Board of Directors, effective February 27, 2026, citing personal reasons and confirming there was no disagreement with the company’s op...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.