Alphatec Holdings, Inc., a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally. The company manufactures and sells implants, instruments, imaging equipment, and spare parts. It offers Alpha InformatiX product platform, including EOS imaging system that provides full-body imaging; SafeOp Neural InformatiX System that automates electromyographic, somatosensory evoked potential, and motor evoked potential monitoring; and Valence, an intra-operative system that integrates navigation and robotics into spine procedures, as well as Sigma Prone TransPsoas (PTP) Access and PTP Patient Positioning Systems. It also provides split-blade retractors; Sigma-ALIF Access System, a procedure-specific access system; spinal implants and fixation systems comprising NanoTec and Invictus, as well as various standalone implants for height restoration and stabilization. In addition, the company provides biologics comprising 3D ProFuse Osteoconductive Bioscaffold; AlphaGRAFT Demineralized Bone Matrix (DBM) comprising demineralized human tissue; BioCORE Moldable Bioactive Graft, a synthetic mineral-collagen composite matrix that can be molded to fit the bone defect; AlphaGRAFT DBM Fibers comprising demineralized fibers; AlphaGRAFT Cellular Bone Matrix (CBM), a growth factor-enriched cellular bone matrix; AlphaGRAFT CBM that is delivered in granular, fiber, or structural form; and Amnioshield Amniotic Tissue Barrier, an allograft for spinal surgical barrier applications. The company sells its products through a network of independent sales agents and direct sales representatives. The company was founded in 1990 and is headquartered in Carlsbad, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $764M | $-15M | $-143M | $-4M | -1153.7% | 25.0% | - |
| 2024 | $612M | $-54M | $-162M | $-138M | 1144.2% | 26.8% | - |
| 2023 | $482M | $-111M | $-187M | $-165M | -238.9% | 37.4% | - |
| 2022 | $351M | $-103M | $-151M | $-133M | 436.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 350.87 | 482.26 | 611.56 | 764.15 |
| Cost Of Revenue | 117.81 | 172.06 | 187.30 | 232.27 |
| Gross Profit | 233.06 | 310.20 | 424.26 | 531.89 |
| Operating Expense | 354.16 | 458.48 | 547.17 | 589.85 |
| Operating Income | -121.10 | -148.28 | -122.91 | -57.97 |
| EBITDA | -102.58 | -110.59 | -53.87 | -14.92 |
| EBIT | -146.50 | -170.27 | -137.19 | -97.48 |
| Pretax Income | -152.01 | -186.91 | -162.07 | -143.40 |
| Tax Provision | -0.72 | -0.28 | 0.05 | -0.04 |
| Net Income | -151.29 | -186.64 | -162.12 | -143.36 |
| Net Income Common Stockholders | -151.29 | -186.64 | -162.12 | -143.36 |
| Total Expenses | 471.97 | 630.54 | 734.48 | 822.12 |
| Interest Expense | 5.50 | 16.64 | 24.88 | 45.92 |
| Research And Development | 44.03 | 70.11 | 80.72 | 76.27 |
| Selling General And Administration | 300.01 | 374.08 | 450.20 | 498.53 |
| Normalized EBITDA | -76.70 | -85.47 | -40.62 | 26.20 |
| Normalized Income | -125.54 | -161.56 | -151.65 | -102.25 |
| Basic EPS | -1.47 | -1.54 | -1.13 | -0.96 |
| Diluted EPS | -1.47 | -1.54 | -1.13 | -0.96 |
| Tax Effect Of Unusual Items | -0.12 | -0.04 | -2.78 | -0.01 |
| Tax Rate For Calcs | 0 | 0 | 0.21 | 0 |
| Total Unusual Items | -25.87 | -25.12 | -13.26 | -41.12 |
| Total Unusual Items Excluding Goodwill | -25.87 | -25.12 | -13.26 | -41.12 |
| Net Income From Continuing Operation Net Minority Interest | -151.29 | -186.64 | -162.12 | -143.36 |
| Reconciled Depreciation | 43.93 | 59.68 | 83.32 | 82.56 |
| Reconciled Cost Of Revenue | 84 | 126.66 | 120.24 | 164.76 |
| Net Interest Income | -5.50 | -16.64 | -24.88 | -45.92 |
| Net Income From Continuing And Discontinued Operation | -151.29 | -186.64 | -162.12 | -143.36 |
| Total Operating Income As Reported | -146.97 | -173.40 | -136.17 | -82.13 |
| Diluted Average Shares | 103.37 | 121.24 | 142.95 | 150.06 |
| Basic Average Shares | 103.37 | 121.24 | 142.95 | 150.06 |
| Diluted NI Availto Com Stockholders | -151.29 | -186.64 | -162.12 | -143.36 |
| Net Income Including Noncontrolling Interests | -151.29 | -186.64 | -162.12 | -143.36 |
| Net Income Continuous Operations | -151.29 | -186.64 | -162.12 | -143.36 |
| Other Income Expense | -25.40 | -22 | -14.28 | -39.52 |
| Other Non Operating Income Expenses | 0.47 | 3.12 | -1.02 | 1.60 |
| Special Income Charges | -25.87 | -25.12 | -13.26 | -41.74 |
| Other Special Charges | 23.94 | 22.29 | 9.80 | 41.36 |
| Restructuring And Mergern Acquisition | 1.93 | 2.83 | 3.46 | 0.38 |
| Gain On Sale Of Security | 0 | 0 | 0 | 0.62 |
| Net Non Operating Interest Income Expense | -5.50 | -16.64 | -24.88 | -45.92 |
| Interest Expense Non Operating | 5.50 | 16.64 | 24.88 | 45.92 |
| Depreciation Amortization Depletion Income Statement | 10.12 | 14.28 | 16.26 | 15.06 |
| Depreciation And Amortization In Income Statement | 10.12 | 14.28 | 16.26 | 15.06 |
| Amortization | 10.12 | 14.28 | 16.26 | 15.06 |
| Amortization Of Intangibles Income Statement | 10.12 | 14.28 | 16.26 | 15.06 |
| Operating Revenue | 350.87 | 482.26 | 611.56 | 764.15 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Alphatec Holdings, Inc.this co. | ATEC | $1.4B | - | 112.05 | -1153.7% | 95.59 |
| Aveanna Healthcare Holdings Inc. | AVAH | $1.4B | 6.24 | 7.08 | 115.3% | 9.48 |
| Maze Therapeutics, Inc. | MAZE | $1.4B | - | 3.57 | -36.9% | -6.82 |
| Bicara Therapeutics Inc. | BCAX | $1.4B | - | 2.89 | -34.4% | -6.30 |
| ArriVent BioPharma, Inc. | AVBP | $1.4B |
| - |
| 4.15 |
| -54.1% |
| - |
| AtriCure, Inc. | ATRC | $1.4B | - | 2.77 | 0.0% | 114.65 |
| Biohaven Ltd. | BHVN | $1.4B | - | 23.47 | -1418.8% | -1.93 |
| NovoCure Limited | NVCR | $1.4B | - | 3.94 | -40.0% | -8.57 |
| Ardent Health, Inc. | ARDT | $1.4B | 10.03 | 1.07 | 8.1% | 7.02 |
| Peer Median | - | 8.13 | 3.75 | -35.7% | -1.93 | |