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 | -1153.8% | 25.0% | -11.6% |
| 2024 | $612M | $-54M | $-162M | $-138M | 1144.2% | 26.8% | -13.1% |
| 2023 | $482M | $-111M | $-187M | $-165M | -238.9% | 37.4% | 23.4% |
| 2022 | $351M | $-103M | $-151M | $-133M | 436.4% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 350.87 | 482.26 | 611.56 | 764.16 |
| Operating Revenue | - | 350.87 | 482.26 | 611.56 | 764.16 |
| 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 |
| Research And Development | - | 44.03 | 70.11 | 80.72 | 76.27 |
| Selling General And Administration | - | 300.01 | 374.08 | 450.20 | 498.53 |
| Total Expenses | - | 471.97 | 630.54 | 734.48 | 822.12 |
| Operating Income | - | -121.10 | -148.28 | -122.91 | -57.97 |
| Total Operating Income As Reported | - | -146.98 | -173.40 | -136.17 | -82.13 |
| EBITDA | - | -102.58 | -110.59 | -53.87 | -14.92 |
| Normalized EBITDA | - | -76.70 | -85.47 | -40.62 | 26.20 |
| EBIT | - | -146.50 | -170.27 | -137.19 | -97.48 |
| Interest Expense | - | 5.50 | 16.64 | 24.88 | 45.92 |
| Net Interest Income | - | -5.50 | -16.64 | -24.88 | -45.92 |
| Other Non Operating Income Expenses | - | 0.47 | 3.12 | -1.02 | 1.60 |
| Other Income Expense | - | -25.40 | -22 | -14.28 | -39.52 |
| Interest Expense Non Operating | - | 5.50 | 16.64 | 24.88 | 45.92 |
| Net Non Operating Interest Income Expense | - | -5.50 | -16.64 | -24.88 | -45.92 |
| Pretax Income | - | -152.01 | -186.92 | -162.07 | -143.40 |
| Tax Provision | - | -0.72 | -0.28 | 0.05 | -0.04 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.12 | -0.04 | -2.78 | -0.01 |
| Net Income Continuous Operations | - | -151.29 | -186.64 | -162.12 | -143.36 |
| Net Income From Continuing And Discontinued Operation | - | -151.29 | -186.64 | -162.12 | -143.36 |
| Net Income From Continuing Operation Net Minority Interest | - | -151.29 | -186.64 | -162.12 | -143.36 |
| Net Income | - | -151.29 | -186.64 | -162.12 | -143.36 |
| Net Income Common Stockholders | - | -151.29 | -186.64 | -162.12 | -143.36 |
| Net Income Including Noncontrolling Interests | - | -151.29 | -186.64 | -162.12 | -143.36 |
| Normalized Income | - | -125.54 | -161.56 | -151.65 | -102.25 |
| Diluted NI Availto Com Stockholders | - | -151.29 | -186.64 | -162.12 | -143.36 |
| Basic Average Shares | - | 103.37 | 121.24 | 142.95 | 150.06 |
| Diluted Average Shares | - | 103.37 | 121.24 | 142.95 | 150.06 |
| Reconciled Depreciation | - | 43.93 | 59.68 | 83.32 | 82.56 |
| Reconciled Cost Of Revenue | - | 84 | 126.66 | 120.24 | 164.76 |
| Total Unusual Items | - | -25.87 | -25.12 | -13.26 | -41.12 |
| Total Unusual Items Excluding Goodwill | - | -25.87 | -25.12 | -13.26 | -41.12 |
| 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 | - | - | - | - | 0.62 |
| 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 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Alphatec Holdings, Inc.this co. | ATEC | $1.2B | - | 98.07 | -1154.3% | - |
| Ardent Health, Inc. | ARDT | $1.2B | 9.08 | 0.96 | 10.5% | 5.71 |
| Inspire Medical Systems, Inc. | INSP | $1.2B | 8.36 | 1.56 | 18.6% | 14.32 |
| IRADIMED CORPORATION | IRMD | $1.2B | 53.21 | 12.64 | 23.8% | 41.92 |
| CareDx, Inc. | CDNA | $1.2B | -55.93 |
| - |
| - |
| - |
| - |
| - |
| - |
| 3.94 |
| -7.0% |
| -248.15 |
| Kestra Medical Technologies, Ltd. | KMTS | $1.2B | -10.49 | 5.81 | -55.4% | -10.21 |
| AMN Healthcare Services, Inc. | AMN | $1.2B | - | 1.85 | -14.9% | 19.35 |
| Schrödinger, Inc. | SDGR | $1.2B | -11.47 | 3.25 | -28.4% | -6.61 |
| Wave Life Sciences Ltd. | WVE | $1.2B | - | 2.26 | -39.4% | - |
| Peer Median | - | -1.06 | 2.76 | -11.0% | 5.71 | |