ATEC

MKT CAP:$2B

Alphatec Holdings, Inc.

Market Cap

$2B

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$11.10-$9.66 (-46.53%)

Apr 17, 2026

Company Details

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 des...

CEO

Patrick S. Miles

IPO Date

Jun 12, 2006

Website

www.atecspine.com

Key Metrics TTM

Revenue

$764M

+25.0% YoY

Net Income

-$143M

EPS (Diluted)

-$0.96

Free Cash Flow

$3M

Revenue / Share

$5.09

Gross Margin

67.1%

Operating Margin

-10.3%

Net Margin

-18.8%

FCF Margin

0.4%

P/S

2.1x

P/E

—

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 24, 2026

$764M+25.0%EPS -$0.96

Q4 2025

Feb 24, 2026

$213M+20.4%EPS -$0.15

Q3 2025

Oct 30, 2025

$197M+30.4%EPS -$0.19

Q2 2025

Jul 31, 2025

$186M+27.5%EPS -$0.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$63M	$40M	-$35M
Q4 21	$74M	$45M	-$38M
Q3 22	$90M	$60M	-$35M
Q4 22	$106M	$69M	-$35M
Q1 23	$109M	$70M	-$37M
Q2 23	$117M	$65M	-$50M
Q3 23	$118M	$80M	-$38M
Q4 23	$138M	$95M	-$45M
Q1 24	$138M	$97M	-$43M
Q2 24	$146M	$103M	-$35M
Q3 24	$151M	$103M	-$34M
Q4 24	$177M	$122M	-$24M
Q1 25	$169M	$116M	-$44M
Q2 25	$186M	$129M	-$13M
Q3 25	$197M	$137M	-$16M
Q4 25	$213M	$130M	-$5M

Valuation

Quarter	P/S	P/E
Q3 21	6.4x	—
Q4 21	4.9x	—
Q3 22	3.3x	—
Q4 22	3.9x	—
Q1 23	5.0x	—
Q2 23	5.1x	—
Q3 23	3.7x	—
Q4 23	4.4x	—
Q1 24	3.8x	—
Q2 24	2.6x	—
Q3 24	1.4x	—
Q4 24	2.1x	—
Q1 25	2.3x	—
Q2 25	2.4x	—
Q3 25	3.0x	—
Q4 25	4.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$23M	-$36M
Q4 21	-$15M	-$34M
Q3 22	-$15M	-$30M
Q4 22	-$8M	-$23M
Q1 23	-$18M	-$35M
Q2 23	-$18M	-$38M
Q3 23	-$17M	-$39M
Q4 23	-$25M	-$53M
Q1 24	-$38M	-$72M
Q2 24	-$11M	-$47M
Q3 24	-$5M	-$25M
Q4 24	$11M	$7M
Q1 25	-$5M	-$15M
Q2 25	$16M	$3M
Q3 25	$14M	$5M
Q4 25	$21M	$10M

Capital Expenditures

Quarter	CapEx
Q3 21	$13M
Q4 21	$20M
Q3 22	$16M
Q4 22	$15M
Q1 23	$17M
Q2 23	$21M
Q3 23	$21M
Q4 23	$28M
Q1 24	$34M
Q2 24	$36M
Q3 24	$20M
Q4 24	$4M
Q1 25	$10M
Q2 25	$12M
Q3 25	$9M
Q4 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+52.8%	+81.4%
Q4 21	+68.3%	+83.8%
Q3 22	+103.6%	+97.6%
Q4 22	+70.2%	+43.8%
Q1 23	+73.5%	+49.1%
Q2 23	+58.1%	+48.8%
Q3 23	+31.6%	+25.5%
Q4 23	+30.2%	+29.7%
Q1 24	+26.9%	+24.5%
Q2 24	+24.5%	+8.5%
Q3 24	+27.4%	+17.8%
Q4 24	+28.1%	+9.7%
Q1 25	+22.2%	+17.4%
Q2 25	+27.5%	+9.8%
Q3 25	+30.4%	+15.2%
Q4 25	+20.4%	+8.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$11M	17.1%
Q4 21	$10M	13.1%
Q3 22	$11M	12.3%
Q4 22	$10M	9.5%
Q1 23	$16M	15.1%
Q2 23	$24M	20.7%
Q3 23	$20M	17.0%
Q4 23	$21M	14.9%
Q1 24	$17M	12.5%
Q2 24	$17M	11.7%
Q3 24	$17M	11.6%
Q4 24	$22M	12.2%
Q1 25	$22M	13.2%
Q2 25	$16M	8.4%
Q3 25	$16M	8.3%
Q4 25	$19M	9.1%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	$9M	$61M
Q4 21	$9M	$67M
Q3 22	$12M	$76M
Q4 22	$12M	$82M
Q1 23	$13M	$91M
Q2 23	$15M	$87M
Q3 23	$20M	$91M
Q4 23	$22M	$104M
Q1 24	$18M	$114M
Q2 24	$19M	$113M
Q3 24	$20M	$109M
Q4 24	$23M	$115M
Q1 25	$17M	$127M
Q2 25	$18M	$119M
Q3 25	$19M	$124M
Q4 25	$23M	$113M

Revenue Segments

Quarter	International Supply Agreement	Products And Services
Q3 21	$145.0K	$63M
Q4 21	$40.0K	$74M
Q3 22	—	$90M
Q4 22	—	$106M
Q1 23	—	$109M
Q2 23	—	$117M
Q3 23	—	$118M
Q4 23	—	$138M
Q1 24	—	$138M
Q2 24	—	$146M
Q3 24	—	$151M
Q4 24	—	$177M
Q1 25	—	$169M
Q2 25	—	$186M
Q3 25	—	$197M
Q4 25	—	$213M

Revenue by Geography

Quarter	Non Us	United States	Non-US
Q3 21	$7M	$56M	—
Q4 21	$9M	$65M	—
Q3 22	—	$85M	$5M
Q4 22	—	$97M	$9M
Q1 23	—	$100M	$9M
Q2 23	—	$108M	$9M
Q3 23	—	$110M	$8M
Q4 23	—	$128M	$10M
Q1 24	—	$130M	$9M
Q2 24	—	$136M	$9M
Q3 24	—	$142M	$9M
Q4 24	—	$163M	$14M
Q1 25	—	$159M	$10M
Q2 25	—	$175M	$11M
Q3 25	—	$184M	$12M
Q4 25	—	$198M	$15M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$152M	$0	$152M
Q2 22	$107M	$0	$107M
Q3 22	$106M	$0	$106M
Q4 22	$85M	$0	$85M
Q1 23	$117M	$0	$117M
Q2 23	$101M	$0	$101M
Q3 23	$123M	$0	$123M
Q4 23	$221M	$0	$221M
Q1 24	$144M	$0	$144M
Q2 24	$100M	$0	$100M
Q3 24	$81M	$0	$81M
Q4 24	$139M	$0	$139M
Q1 25	$153M	$0	$153M
Q2 25	$157M	$0	$157M
Q3 25	$156M	$0	$156M
Q4 25	$161M	$0	$161M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	100M	+1.0%	+53.8%
Q4 21	99M	-0.3%	+28.8%
Q3 22	105M	+5.5%	+20.2%
Q4 22	106M	+1.0%	+7.4%
Q1 23	110M	+3.7%	+10.2%
Q2 23	119M	+8.2%	+19.6%
Q3 23	122M	+3.2%	+16.9%
Q4 23	134M	+9.2%	+26.3%
Q1 24	141M	+5.4%	+28.5%
Q2 24	143M	+1.2%	+20.2%
Q3 24	143M	+0.6%	+17.2%
Q4 24	143M	-0.4%	+6.9%
Q1 25	147M	+2.6%	+4.1%
Q2 25	150M	+2.2%	+5.1%
Q3 25	151M	+1.0%	+5.5%
Q4 25	150M	-0.9%	+5.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$212.4K	296
Q4 21	$131.8K	561
Q3 22	$160.1K	561
Q4 22	$150.3K	705
Q1 23	$154.8K	705
Q2 23	$165.8K	705
Q3 23	$167.7K	705
Q4 23	$164.4K	839
Q1 24	$165.1K	839
Q2 24	$173.5K	839
Q3 24	$179.6K	839
Q4 24	$203.9K	867
Q1 25	$195.1K	867
Q2 25	$214.0K	867
Q3 25	$226.6K	867
Q4 25	$233.2K	913

Revenue / Employee