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Alphatec Holdings
(NASDAQ:ATEC)
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Rating:62Neutral
Price Target:
$11.00
▲(17.90% Upside)
Action:Reiterated
Date:09/12/26
Overall score reflects improving operating and cash-flow trajectory and a supportive near-term technical setup, reinforced by an upbeat earnings call with raised profitability guidance. The score is held back mainly by balance-sheet leverage/negative equity and the weak profitability profile implied by the negative P/E, with added caution from the recent TTM revenue decline noted in the financial statements.
Positive Factors
Revenue and surgeon adoption growth
Double-digit revenue growth alongside rising procedure volume and surgeon additions indicates expanding utilization of Alphatec’s systems. A broader surgeon base can improve account density, support recurring procedure demand, and strengthen the company’s ability to compound growth over the next several quarters.
Negative Factors
High leverage and negative equity
High debt paired with negative equity leaves the capital structure less resilient to operating setbacks and limits balance-sheet flexibility. It can constrain future financing choices, increase dependence on sustained cash generation, and make investment priorities more difficult if business conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and surgeon adoption growth
Double-digit revenue growth alongside rising procedure volume and surgeon additions indicates expanding utilization of Alphatec’s systems. A broader surgeon base can improve account density, support recurring procedure demand, and strengthen the company’s ability to compound growth over the next several quarters.
Read all positive factors
Alphatec Holdings (ATEC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.55B
Dividend YieldN/A
Average Volume (3M)2.08M
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue Growth19.47%
EPS Growth36.87%
CountryUS
Employees913
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.72
Shares Outstanding154,451,080
10 Day Avg. Volume1,870,018
30 Day Avg. Volume2,082,498
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 Cap1.20
Enterprise Value/Revenue2.29
Enterprise Value/Gross Profit3.46
Enterprise Value/Ebitda138.48
Forecast
1Y Price Target
$15.18Price Target Upside62.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)0.33
Revenue Forecast (FY)$882.07M
Alphatec Holdings Business Overview & Revenue Model
Company Description
Alphatec Holdings, Inc. is a medical technology firm dedicated to engineering and advancing solutions for the surgical management of spinal conditions. Its product array includes the Alpha InformatiX platform, notably the SafeOp Neural InformatiX ...
How the Company Makes Money
Alphatec primarily makes money by selling spine-surgery products used in surgical procedures. The core revenue stream is product revenue generated from the sale of spinal implants (e.g., fixation systems, interbody devices and related implants), t...
Alphatec Holdings Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call highlights a strong quarter: double-digit revenue growth, robust surgeon adoption and case volume gains, meaningful gross margin expansion, sharply higher adjusted EBITDA and improved liquidity, plus raised profitability guidance. Headwinds are largely mix-related (international and cervical), a continued shortfall in biologics attachment rates that pressured revenue per case, early-stage EOS Insight penetration and front-loaded investments in inventory and sets that compress near-term free cash flow. Management presented concrete paths to mitigate these issues (product launches, sales discipline, EOS/Insight adoption, and balance-sheet improvements) and expressed confidence in the back half and into 2027.Positive Updates
Strong Revenue Growth
Total revenue of $214M in Q2, up 15% year-over-year; surgical revenue $196M, up 17% YoY (+$28M vs prior year).
Negative Updates
Revenue per Case Pressure
Overall revenue per case declined ~2.7% YoY in Q2 (driven by case mix and international growth); company now expects average revenue per case to decline low single digits for the full year.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $214M in Q2, up 15% year-over-year; surgical revenue $196M, up 17% YoY (+$28M vs prior year).
Read all positive updates
Company Guidance
ATEC maintained full‑year revenue guidance of approximately $882 million (≈15% growth), including surgical revenue of about $805 million (≈17% growth) and EOS revenue of roughly $77 million, and raised adjusted EBITDA guidance to ~ $140 million (≈16% margin, up from a prior outlook of $134M). Management expects high‑teens surgical case volume growth in H2 (implying H2 surgical revenue growth of ≈18% vs. 17% in H1), average revenue per case to decline in the low single digits for the full year, at least $20 million of free cash flow for 2026 (Q3 FCF guided at $4–6M), and continued margin progression. The guidance is supported by Q2 results of $214M revenue (+15% YoY) with surgical $196M (+17%), EOS $17M, adjusted EBITDA $36M (17% margin), gross margin 72.5% (up 260 bps), ~$119M cash and $85M available borrowing capacity (~$204M total liquidity), and a new credit package extending maturities to 2031 and reducing annual interest expense by >$6M.Alphatec Holdings Financial Statement Overview
Summary
Income Statement
30
Negative
Balance Sheet
22
Negative
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 815.05M | 764.15M | 611.56M | 482.26M | 350.87M | 243.21M |
| Gross Profit | 539.13M | 531.89M | 424.26M | 310.20M | 233.06M | 157.76M |
| EBITDA | 13.46M | -39.70M | -53.87M | -110.59M | -102.58M | -106.88M |
| Net Income | -109.99M | -143.36M | -162.12M | -186.64M | -151.29M | -143.03M |
Balance Sheet | ||||||
| Total Assets | 791.03M | 791.21M | 775.71M | 805.21M | 520.97M | 572.05M |
| Cash, Cash Equivalents and Short-Term Investments | 118.66M | 160.81M | 138.84M | 220.97M | 84.70M | 187.25M |
| Total Debt | 604.02M | 619.95M | 609.94M | 541.68M | 395.86M | 355.43M |
| Total Liabilities | 803.10M | 755.18M | 766.28M | 703.49M | 555.63M | 492.63M |
| Stockholders Equity | -12.07M | 36.03M | 9.43M | 101.72M | -34.67M | 79.42M |
Cash Flow | ||||||
| Free Cash Flow | 4.16M | 2.78M | -137.79M | -165.46M | -133.41M | -141.86M |
| Operating Cash Flow | 56.52M | 45.23M | -44.65M | -78.48M | -75.13M | -73.32M |
| Investing Cash Flow | -72.23M | -53.41M | -93.14M | -141.97M | -58.28M | -157.76M |
| Financing Cash Flow | -22.41M | 30.02M | 56.21M | 356.92M | 31.23M | 311.97M |
Alphatec Holdings Technical Analysis
Neutral
9.33
Price Trends
9.68
Positive
9.05
Positive
11.53
Negative
Market Momentum
0.15
Positive
51.80
Neutral
44.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATEC, the sentiment is Neutral. The current price of 9.33 is below the 20-day moving average (MA) of 10.04, below the 50-day MA of 9.68, and below the 200-day MA of 11.53, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 51.80 is Neutral, neither overbought nor oversold. The STOCH value of 44.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $10.15B | 19.04 | 11.59% | ― | 19.74% | 51.10% | |
77 Outperform | $110.49B | 21.12 | 10.60% | 3.31% | 9.77% | 12.28% | |
71 Outperform | $16.84B | 21.38 | 6.36% | 1.09% | 8.62% | 0.09% | |
70 Outperform | $105.65B | 28.31 | 16.36% | 1.28% | 8.48% | 27.36% | |
62 Neutral | $1.55B | -13.93 | -818.99% | ― | 19.47% | 36.87% | |
55 Neutral | $370.26M | -5.92 | -14.05% | ― | 2.99% | 51.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ATEC
Alphatec Holdings
10.03
-3.57
-26.25%
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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.