# Alphatec Holdings, Inc. (ATEC)

> Source: Nexqual · https://nexqual.com/ATEC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Alphatec Holdings, Inc. (ATEC), nexqual.com/ATEC" · informational, not investment advice.

**Price:** USD 11.36 (+4.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.86 · day 10.9–11.6 · 52w 6.82–23.29 · market cap $1.75B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $815M, net income -$110M (-13.5% margin), free cash flow $2.3M (SEC filings).
- 1 of 80 tracked superinvestors hold ATEC (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $127K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $2.0M; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.79 on a 1–5 scale) (14 analysts), mean target USD 15.79 (range 12–24).
- Total return with dividends: 1Y -28.5% vs S&P 500 +14.9%; 5Y -6.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.09, revenue estimate $225M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $243M | $351M | $482M | $612M | $764M | $815M |
| Gross profit | $158M | $233M | $310M | $424M | $532M | — |
| Operating income | -$128M | -$147M | -$173M | -$136M | -$82.1M | -$49.2M |
| Net income | -$143M | -$151M | -$187M | -$162M | -$143M | -$110M |
| EPS (diluted) | -$1.49 | -$1.46 | -$1.54 | -$1.13 | -$0.96 | — |
| Free cash flow | -$142M | -$125M | -$159M | -$128M | $2.8M | $2.3M |
| Gross margin | 64.9% | 66.4% | 64.3% | 69.4% | 69.6% | — |
| Operating margin | -52.7% | -41.9% | -36.0% | -22.3% | -10.7% | -6.0% |
| Net margin | -58.8% | -43.1% | -38.7% | -26.5% | -18.8% | -13.5% |
| Revenue growth | +67.9% | +44.3% | +37.4% | +26.8% | +25.0% | — |
| Cash + short-term investments | $187M | $84.7M | $221M | $139M | $161M | — |
| Total debt | $327M | $364M | $513M | $576M | $566M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.1x · EV/EBITDA 115.8x · EV/Sales 2.7x · P/FCF 760.5x · FCF yield 0.13% · Earnings yield -6.27% · Net debt $457M · EV $2.21B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ATEC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.01% | $8.6M | Added +43.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Marshall Tyson Eliot | GENERAL COUNSEL & CORP. SEC. | 8,168 | $79K | 1.3% | Yes (adopted March 14, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-11 | McGinnis Karen K | Director | 6,050 | $48K | 6% | Yes (adopted November 21, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $2.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-10 | Miles Patrick | CEO | 115,000 | $1.0M | 8.81 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-07…2026-05-11 | Valentine Keith | Director | 135,000 | $996K | 7.38 | Too little history (no open-market trades in 2023 or 2025) |

## Analysts
Consensus Buy (mean 1.79 on a 1–5 scale), 14 analysts; mean target USD 15.79 (low 12, high 24).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-05 | UBS | Target raised | Buy | $15 → $16 |
| 2026-08-05 | TD Cowen | Target raised | Buy | $11 → $13 |
| 2026-08-05 | BMO Capital | Target raised | Outperform | $11 → $12 |
| 2026-07-28 | UBS | Initiated | Buy | $15 |
| 2026-07-23 | Stephens & Co. | Initiated | Overweight | $15 |
| 2026-07-09 | BMO Capital | Initiated | Outperform | $11 |
| 2026-07-08 | Stifel | Target lowered | Buy | $16 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -28.5% | -6.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -28.6% | -1.4% |
| Volatility (annualized) | 72.8% | 65.0% |
| Max drawdown | -69.2% (Jan 2026→May 2026) | -72.1% (Jul 2023→Oct 2024) |

## Peers (Medical Devices)
BFLY (Butterfly Network, Inc.) USD 6.81 -4.08% · ESTA (Establishment Labs Holdings Inc) USD 63.52 +1.99% · ALMR (Alamar Biosciences, Inc.) USD 29.72 -5.50% · INSP (Inspire Medical Systems, Inc.) USD 72.66 +2.24% · AXGN (AxoGen, Inc.) USD 36.68 +0.55% · UFPT (UFP Technologies, Inc.) USD 297.33 +2.49%

## More
Full page: https://nexqual.com/ATEC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $201.2M | 94.2% | +14.9% |
| Non Us | $12.3M | 5.8% | +17.4% |
| Total revenue | $213.5M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Financial Outlook for the Full Year 2026 The Company is reaffirming its full-year revenue outlook and increasing adjusted EBITDA guidance following a second quarter characterized by strong case volume growth, continued surgeon adoption, expanding profitability, and positive free cash flow generation."
- "For fiscal year 2026, the Company continues to expect total revenue of approximately $882 million, including approximately $805 million of surgical revenue and approximately $77 million of EOS revenue."
- "This outlook represents approximately 15% total revenue growth and approximately 17% surgical revenue growth for the year."
- "The Company now expects adjusted EBITDA of approximately $140 million, an increase from its prior expectation of approximately $134 million, reflecting continued progress in operating leverage and margin expansion."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.09 | $0.09 | +0.9% | $225.1M | 9 |
| Next quarter (ends 2026-12-31) | $0.15 | $0.15 | +2.9% | $251.5M | 9 |
| Current fiscal year (ends 2026-12-31) | $0.33 | $0.32 | +2.9% | $882.1M | 10 |
| Next fiscal year (ends 2027-12-31) | $0.60 | $0.58 | +3.7% | $1.02B | 10 |