Alphatec Holdings Inc

Latest Results (15.04.2026):

Alphatec Holdings, Inc. reported results for the quarter and year ended December 31, 2025 (Q4 2025). Total revenue for Q4 was $213 million and full-year 2025 revenue was $764 million (up ~25% year‑over‑year). The company showed marked margin and cash‑flow improvement with positive non‑GAAP net income and expanded adjusted EBITDA, while GAAP results remained a net loss for the quarter and full year. Management provided 2026 guidance of approximately $890 million in revenue and increased adjusted‑EBITDA guidance to about $134 million.

Revenue & Growth

Q4 2025 total revenue was $213M; full‑year 2025 revenue totaled $764M, a ~25% increase vs. 2024. Surgical revenue in Q4 was $190M, up 21% year‑over‑year.

Profitability & Margins

GAAP gross margin was ~70% (Q4 and FY). Non‑GAAP gross margin was ~70–71%. Adjusted EBITDA was $33.1M in Q4 (15.6% margin), $93.2M for full year (12.2% margin) — Q4 margin expanded ~390 basis points YoY. GAAP net loss was about $21.7M in Q4 and ~$143.4M for the full year; non‑GAAP net income was ~$9.4M in Q4 and ~$8.1M for the year.

Cash Flow & Balance Sheet

Ended 2025 with cash and cash equivalents of $160.8M. The company generated $8M of free cash flow in Q4 and $3M for the full year 2025. Short‑term debt increased (current short‑term debt ~$64.5M) and total liabilities remain elevated, but stockholders’ equity was positive at $12.4M at year‑end.

Operational & Commercial Momentum

Net new surgeon users rose 23% in Q4 and 20% for the full year, supporting durable case volume growth and the surgical revenue gains cited by management.

Product & Strategic Highlights

ATEC announced clearance and release of the Valence® intraoperative platform and highlighted continued proliferation of EOS Insight® as part of its procedural ecosystem driving adoption.

2026 Financial Outlook

For fiscal 2026 the company expects total revenue to approximate $890M (surgical ~$805M; EOS ~$85M), raised adjusted EBITDA guidance to ~ $134M (≈15% of revenue), and expects at least $20M of free cash flow for the year.