Alphatec (ATEC)
Market Price (4/15/2026): $11.515 | Market Cap: $1.8 BilSector: Health Care | Industry: Life Sciences Tools & Services
Alphatec (ATEC)
Market Price (4/15/2026): $11.515Market Cap: $1.8 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -97% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -58 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.6% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% Key risksATEC key risks include [1] critical financial instability from high debt levels and ongoing cash burn, Show more. |
| Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -97% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -58 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.6% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% |
| Key risksATEC key risks include [1] critical financial instability from high debt levels and ongoing cash burn, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Alphatec (ATEC) stock has lost about 45% since 12/31/2025 because of the following key factors:
1. Slowing Revenue Growth Momentum and Near-Term Outlook Concerns.
While Alphatec reported a 20% year-over-year revenue growth in Q4 2025, this represented a deceleration from the 30% growth observed in Q3 2025. Furthermore, analyst firms like Stifel expressed concerns regarding a weaker revenue outlook specifically for the first quarter of 2026, leading to a lowered price target from $24 to $20. This slowing sequential growth and immediate-term revenue uncertainty likely contributed to investor apprehension.
2. Significant Insider Selling Activity.
Alphatec experienced substantial insider selling during the period, with approximately 826,972 shares sold by key executives, including the CEO and EVP, totaling around $11.3 million within the 90 days leading up to March 19, 2026. This significant divestment by company leadership can be interpreted by the market as a lack of confidence in the stock's near-term prospects.
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1. Slowing Revenue Growth Momentum and Near-Term Outlook Concerns.
While Alphatec reported a 20% year-over-year revenue growth in Q4 2025, this represented a deceleration from the 30% growth observed in Q3 2025. Furthermore, analyst firms like Stifel expressed concerns regarding a weaker revenue outlook specifically for the first quarter of 2026, leading to a lowered price target from $24 to $20. This slowing sequential growth and immediate-term revenue uncertainty likely contributed to investor apprehension.
2. Significant Insider Selling Activity.
Alphatec experienced substantial insider selling during the period, with approximately 826,972 shares sold by key executives, including the CEO and EVP, totaling around $11.3 million within the 90 days leading up to March 19, 2026. This significant divestment by company leadership can be interpreted by the market as a lack of confidence in the stock's near-term prospects.
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Stock Movement Drivers
Fundamental Drivers
The -45.2% change in ATEC stock from 12/31/2025 to 4/14/2026 was primarily driven by a -47.6% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.04 | 11.52 | -45.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 728 | 764 | 5.0% |
| P/S Multiple | 4.4 | 2.3 | -47.6% |
| Shares Outstanding (Mil) | 151 | 152 | -0.5% |
| Cumulative Contribution | -45.2% |
Market Drivers
12/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| ATEC | -45.2% | |
| Market (SPY) | -5.4% | 22.3% |
| Sector (XLV) | -3.9% | 18.7% |
Fundamental Drivers
The -20.8% change in ATEC stock from 9/30/2025 to 4/14/2026 was primarily driven by a -28.2% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.54 | 11.52 | -20.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 682 | 764 | 12.0% |
| P/S Multiple | 3.2 | 2.3 | -28.2% |
| Shares Outstanding (Mil) | 150 | 152 | -1.5% |
| Cumulative Contribution | -20.8% |
Market Drivers
9/30/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| ATEC | -20.8% | |
| Market (SPY) | -2.9% | 30.2% |
| Sector (XLV) | 7.4% | 22.5% |
Fundamental Drivers
The 13.6% change in ATEC stock from 3/31/2025 to 4/14/2026 was primarily driven by a 25.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.14 | 11.52 | 13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 612 | 764 | 25.0% |
| P/S Multiple | 2.4 | 2.3 | -4.3% |
| Shares Outstanding (Mil) | 145 | 152 | -5.0% |
| Cumulative Contribution | 13.6% |
Market Drivers
3/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| ATEC | 13.6% | |
| Market (SPY) | 16.3% | 23.3% |
| Sector (XLV) | 3.3% | 24.8% |
Fundamental Drivers
The -26.2% change in ATEC stock from 3/31/2023 to 4/14/2026 was primarily driven by a -51.2% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.60 | 11.52 | -26.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 351 | 764 | 117.8% |
| P/S Multiple | 4.7 | 2.3 | -51.2% |
| Shares Outstanding (Mil) | 106 | 152 | -30.5% |
| Cumulative Contribution | -26.2% |
Market Drivers
3/31/2023 to 4/14/2026| Return | Correlation | |
|---|---|---|
| ATEC | -26.2% | |
| Market (SPY) | 63.3% | 22.6% |
| Sector (XLV) | 20.4% | 19.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ATEC Return | -21% | 8% | 22% | -39% | 129% | -48% | -25% |
| Peers Return | -1% | -11% | -8% | 20% | 12% | -2% | 8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| ATEC Win Rate | 42% | 67% | 58% | 42% | 58% | 25% | |
| Peers Win Rate | 52% | 52% | 50% | 53% | 50% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ATEC Max Drawdown | -27% | -44% | -28% | -67% | -1% | -49% | |
| Peers Max Drawdown | -13% | -28% | -24% | -6% | -17% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDT, JNJ, GMED, SYK, OFIX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)
How Low Can It Go
| Event | ATEC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -66.1% | -25.4% |
| % Gain to Breakeven | 195.3% | 34.1% |
| Time to Breakeven | 387 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -69.7% | -33.9% |
| % Gain to Breakeven | 230.5% | 51.3% |
| Time to Breakeven | 199 days | 148 days |
| 2018 Correction | ||
| % Loss | -74.0% | -19.8% |
| % Gain to Breakeven | 284.9% | 24.7% |
| Time to Breakeven | 97 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -82.3% | -56.8% |
| % Gain to Breakeven | 464.9% | 131.3% |
| Time to Breakeven | 364 days | 1,480 days |
Compare to MDT, JNJ, GMED, SYK, OFIX
In The Past
Alphatec's stock fell -66.1% during the 2022 Inflation Shock from a high on 3/22/2021. A -66.1% loss requires a 195.3% gain to breakeven.
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About Alphatec (ATEC)
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 designed to reduce the risk of intraoperative nerve injury; Sigma transforaminal lumbar interbody fusion pedicle-based access system that provides direct visualization of anatomical landmarks; Sigma PTP Access and Patient Positioning System; squadron lateral retractor designed to maximize patient outcomes; Invictus Spinal Fixation System, a thoracolumbar fixation system to treat a range of pathologies; and Invictus MIS SingleStep System that provides minimally invasive pedicle screw placement. It also provides Invictus Modular Fixation Systems designed to increase adaptability with the power of screw modularity; OsseoScrew system to restore the integrity of the spinal column; Arsenal spinal fixation system, a comprehensive thoracolumbar fixation platform to fix a range of degenerative to deformity pathologies and surgical procedures; Aspida Anterior Lumbar Plating System, a fixation system for anterior lumbar interbody fusion; AMP Anti-Migration Plate; OCT Spinal Fixation System; trestle luxe anterior cervical plate system; and Insignia Anterior Cervical Plate System. In addition, the company offers IdentiTi Porous Ti, Transcend Lateral, and Battalion Posterior Interbody Implants; and biologics consisting of Cervical Structural Allograft Spacers, 3D ProFuse Demineralized Bone Scaffold, Neocore Osteoconductive Matrix, Alphagraft Demineralized and Cellular Bone Matrix, and Amnioshield Amniotic Tissue Barrier, as well as EOS imaging products. It sells its products through a network of independent distributors and direct sales representatives in the United States. The company was founded in 1990 and is headquartered in Carlsbad, California.
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- SafeOp Neural InformatiX System: A platform designed to reduce the risk of intraoperative nerve injury during spinal surgery.
- Sigma Access Systems: Pedicle-based access and patient positioning systems providing direct visualization of anatomical landmarks for lumbar interbody fusion.
- Squadron Lateral Retractor: A surgical retractor designed to maximize patient outcomes during lateral spinal approaches.
- Invictus Spinal Fixation Systems: Thoracolumbar fixation systems, including minimally invasive (MIS) and modular options, for a range of spinal pathologies.
- OsseoScrew System: A specialized screw system developed to restore the integrity of the spinal column.
- Arsenal Spinal Fixation System: A comprehensive thoracolumbar fixation platform addressing various degenerative to deformity spinal pathologies.
- Aspida Anterior Lumbar Plating System: A fixation system for anterior lumbar interbody fusion procedures.
- AMP Anti-Migration Plate: A plate designed to prevent implant migration.
- OCT Spinal Fixation System: A system for posterior occipital-cervical-thoracic spinal fixation.
- Trestle Luxe Anterior Cervical Plate System: A fixation system for anterior cervical interbody fusion.
- Insignia Anterior Cervical Plate System: Another type of fixation system for anterior cervical fusion.
- Interbody Implants: Various types of implants such as IdentiTi Porous Ti, Transcend Lateral, and Battalion Posterior Interbody Implants used in spinal fusion.
- Biologics: Products like Cervical Structural Allograft Spacers, 3D ProFuse Demineralized Bone Scaffold, and Amnioshield Amniotic Tissue Barrier used to support spinal fusion and healing.
- EOS Imaging Products: Imaging solutions for spinal assessment and planning.
AI Analysis | Feedback
Alphatec (ATEC) is a medical technology company that designs, develops, and advances technologies for the surgical treatment of spinal disorders. The company sells its products primarily to other companies and institutions within the healthcare sector.
Based on the provided company description, no specific names of customer companies are identified. However, the description states that Alphatec sells its products through a network of independent distributors and direct sales representatives. Therefore, its major customers can be categorized as:
- Independent Distributors: These are companies that purchase Alphatec's products for resale to various healthcare providers.
- Hospitals and Surgical Centers: These healthcare facilities are the ultimate end-users of Alphatec's spinal disorder technologies, acquiring them for use by surgeons during medical procedures. Sales to these institutions can occur either through the aforementioned independent distributors or directly via Alphatec's direct sales representatives.
As no specific names or public symbols for these customer companies are provided in the background information, they cannot be listed individually.
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- EOS imaging
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Patrick S. Miles, Chairman and Chief Executive Officer
Patrick S. Miles has served as Chairman and Chief Executive Officer of Alphatec Holdings and Alphatec Spine since October 2017. He has over 20 years of experience in the orthopaedic industry, having previously served as Vice Chairman of NuVasive from September 2016 to September 2017 and as NuVasive's President and Chief Operating Officer from February 2015 to September 2016. Under his leadership, Alphatec sold its international operations to Globus Medical for $80 million in 2017, allowing the company to sharpen its focus exclusively on the U.S. spine market.
J. Todd Koning, Executive Vice President & Chief Financial Officer
Todd Koning has served as Executive Vice President and Chief Financial Officer since April 2021, bringing over 20 years of focused medical device finance, accounting, and international experience. Before joining Alphatec, he was Senior Vice President of Finance and Chief Accounting Officer at Masimo Corporation for three years. Prior to that, he served as Vice President of Finance at NuVasive, Inc.
Scott Lish, Chief Operating Officer
Scott Lish has served as Chief Operating Officer since January 2024. He began his career at Alphatec in October 2017 as Vice President, Research and Development, and was promoted to Senior Vice President, Research and Development in October 2020. Before Alphatec, Mr. Lish worked as a Manufacturing Engineer for Zimmer Dental.
Craig E. Hunsaker, Executive Vice President, People & Culture
Craig Hunsaker has served as Executive Vice President, People & Culture since September 2016, overseeing all aspects of employee recruitment, development, engagement, and corporate culture. He also served as the company's General Counsel & Corporate Secretary from March 2017 to July 2023 and has 16 years of experience practicing law.
Joseph Walland, Senior Vice President, Imaging Solutions
Joseph Walland has served as Senior Vice President, Imaging Solutions since January 2022, having previously held the position of Vice President, Sales Channel Development since December 2020. Prior to joining Alphatec, Mr. Walland held the position of U.S. Chief Executive Officer at Medicrea, a spinal technology company, where he led the sale of that company to Medtronic in November 2020. For thirteen years before Medicrea, he held various sales and marketing leadership positions at Stryker Spine from 2004 to 2017.
AI Analysis | Feedback
The key risks to Alphatec's business include:- Path to Sustainable Profitability and High Debt Load: Despite robust revenue growth, Alphatec continues to report significant GAAP (Generally Accepted Accounting Principles) net losses, indicating that its core business is not yet consistently covering all expenses and financing costs. The company carries a substantial debt load and has a high debt-to-equity ratio, reflecting its aggressive growth strategy. This reliance on borrowing, coupled with negative tangible book value for shareholders and the need for additional capital raises, presents a critical financial risk.
- Intense Competition and Market Pressure: Alphatec operates in a highly competitive medical device market segment, facing numerous larger, well-established companies with greater resources, broader product portfolios, and more entrenched relationships. This competitive environment can lead to pricing pressures, a potential loss of market share, and necessitates continuous innovation and product differentiation to maintain its position. The competition also extends to attracting and retaining skilled independent sales agents, on whom Alphatec relies for product distribution.
- Regulatory and Supply Chain Risks: As a medical technology company, Alphatec is subject to extensive regulatory requirements from the FDA and international bodies. Non-compliance with these regulations can result in severe penalties, product recalls, market withdrawals, and significant damage to the company's reputation and financial stability. Additionally, the company faces supply chain risks due to its reliance on a limited number of third-party suppliers for key raw materials, including a single source for critical components like PEEK. Disruptions in the supply chain, potentially caused by global economic and political conditions or public health crises, could materially impact manufacturing and operational continuity.
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Alphatec (ATEC) operates within several significant addressable markets related to the surgical treatment of spinal disorders. The company's main products and services fall primarily into spinal fixation systems, interbody implants, and biologics. Here are the estimated market sizes for Alphatec's key product areas:- Spinal Implants and Surgical Devices Market: The global spinal implants and surgical devices market was valued at USD 12.21 billion in 2024 and is projected to reach USD 16.57 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 4.3% from 2026 to 2032. North America dominates this market. The U.S. spinal implant and vertebral compression fracture (VCF) market was valued at $6.4 billion in 2023 and is expected to increase to $7.1 billion with a CAGR of 1.5%.
- Spinal Fixation Systems Market: The global spinal fixation systems market size was estimated at USD 13.75 billion in 2024 and is projected to reach USD 26.50 billion by 2032, growing at a CAGR of 8.1% from 2025 to 2032. North America is expected to be the fastest-growing region, capturing a market share of 38.5%, with the United States dominating the global market with a 25.2% share. The metal spinal fixation systems market, a component of this, was valued at USD 21.4 billion in 2024 and is projected to surpass $40 billion by 2033 with a CAGR of 5.9% through 2033.
- Interbody Spine Implants Market (Interbody Fusion Cages): The global interbody spine implants market size was valued at USD 1.99 billion in 2024 and is projected to reach USD 2.54 billion by 2033, with a CAGR of 2.51% during the forecast period (2025-2033). Another estimate places the market at USD 2.56 billion in 2024, projected to grow to USD 3.24 billion by 2030 at a CAGR of 3.10%. North America is the most significant global shareholder in this market, and held the dominant share in 2023. The global implant lumbar interbody fusion cage market size was estimated at USD 2514.5 million in 2024, with North America holding over 40% of the global revenue (USD 1005.80 million). The U.S. market for implant lumbar interbody fusion cages was valued at USD 793.58 million in 2024.
- Spine Biologics Market: The global spine biologics market size was estimated at USD 3.25 billion in 2024 and is projected to grow at a CAGR of 4.9% from 2025 to 2030. Other estimates include USD 3.65 billion in 2025, growing to USD 6.50 billion by 2034 with a CAGR of 6.65%, and USD 4.42 billion in 2024, expanding to USD 7.34 billion by 2034 with a CAGR of 5.20%. North America dominated the global market with a revenue share of 48.2% in 2024. The U.S. spine biologics market captured the largest revenue share of 80% in 2024 within North America.
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Alphatec (ATEC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:1. Continued Surgeon Adoption and Increased Utilization of Procedural Solutions
Alphatec's strategy heavily relies on increasing the number of surgeons using their products and enhancing the utilization of their existing procedural solutions. The company has consistently reported strong surgeon adoption rates, with new surgeon users increasing by approximately 20% over recent quarters. This continued growth in surgeon engagement directly translates to higher surgical procedure volumes, which is a significant contributor to revenue growth. Alphatec emphasizes that surgeon utilization improves significantly over a 3 to 5-year period, suggesting sustained growth from existing surgeon relationships.2. Launch and Adoption of New Enabling Technologies and Products
The company is focused on the introduction and expanded adoption of innovative technologies and products that enhance spine surgery efficiency and accessibility. Key among these are the integrated procedural ecosystem, which includes the EOS Insight imaging system, SafeOp neuromonitoring, and the upcoming Valence navigation/robotics platform. Recent product advancements in 2025 also included new EOS Insight pediatric tools, cervical segment innovations, a full line of 3D-printed implants, and a corpectomy device. These new technologies are expected to differentiate Alphatec's offerings and drive increased market share.3. Expansion of Procedural Offerings, particularly in Lateral and Deformity Segments
Alphatec is strategically expanding its procedural solutions, with a strong focus on leading in lateral and advancing complex deformity procedures. The company has launched new approaches like the Lateral TransPsoas (LTP™) and Midline ALIF, along with products such as the Calibrate LTX™ lateral expandable implant and the Prone TransPsoas (PTP™) Corpectomy System. These expansions aim to provide comprehensive, integrated solutions for a broader range of spinal disorders, which in turn is expected to drive increased demand and revenue.4. Introduction of Next-Generation Biologics
A significant future revenue driver is the introduction of next-generation biologics. Alphatec has secured exclusive U.S. distribution rights for Theradaptive's OsteoAdapt®, a novel rhBMP-2 solution. This product is currently in Phase II clinical trials for spinal fusion and is anticipated to offer superior bone formation capabilities, higher osteoinductivity, and an improved safety profile compared to existing alternatives. The successful market introduction of OsteoAdapt has the potential to address the long-standing market concentration of rhBMP-2 and significantly contribute to Alphatec's revenue.AI Analysis | Feedback
Share Issuance
- Alphatec announced inducement awards granted to 16 new employees in 2025, totaling 67,643 restricted stock units (RSUs) that will vest over four years.
Outbound Investments
- In January 2026, Alphatec announced the acquisition of exclusive U.S. distribution rights for Theradaptive's OsteoAdapt®, a next-generation rhBMP-2 solution in Phase II clinical trials for spinal fusion. This acquisition is expected to enhance the company's procedural offerings and address market concentration challenges.
Capital Expenditures
- In Q3 2025, the company had a cash outflow of approximately $13.89 million in investing cash flow, reflecting strategic investment in surgical instrument sets and property, plant, and equipment (PP&E) to support revenue growth.
- Alphatec achieved positive free cash flow of $3 million for the full year 2025 and anticipates generating at least $20 million of free cash flow in 2026.
- Required investments in working capital and higher capital expenditures are expected to limit cash generation in 2026.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Alphatec Stock Pre-Market (-13%): FY26 Revenue Guidance Slightly Misses Consensus | 02/25/2026 | |
| Alphatec Stock (-22%): Growth Outlook Disappoints Street | 01/13/2026 | |
| Alphatec Stock Dips 22% In One Day, Should You Buy The Stock? | 01/13/2026 | |
| With Alphatec Stock Sliding, Have You Assessed The Risk? | 01/13/2026 | |
| Alphatec Earnings Notes | 12/28/2026 | |
| ATEC Stock in Focus: Does It Outshine the Peer Group? | 08/15/2025 | |
| Alphatec (ATEC) Operating Cash Flow Comparison | 08/08/2025 | |
| Alphatec (ATEC) Net Income Comparison | 08/08/2025 | |
| ARTICLES | ||
| Buy or Sell Alphatec Stock? | 01/13/2026 | |
| Can Alphatec Stock Recover If Markets Fall? | 01/13/2026 | |
| Small Cap Stocks Trading At 52-Week High | 11/08/2025 | |
| ATEC vs the Competition: Which Stock Comes Out on Top? | 08/15/2025 |
Trade Ideas
Select ideas related to ATEC.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
| 03312024 | ATEC | Alphatec | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -59.7% | -26.5% | -63.9% |
| 11302021 | ATEC | Alphatec | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -30.8% | -7.6% | -42.7% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 91.53 |
| Mkt Cap | 62.9 |
| Rev LTM | 14,027 |
| Op Inc LTM | 2,798 |
| FCF LTM | 2,431 |
| FCF 3Y Avg | 2,009 |
| CFO LTM | 2,899 |
| CFO 3Y Avg | 2,419 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.0% |
| Rev Chg 3Y Avg | 17.4% |
| Rev Chg Q | 10.2% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Mgn LTM | 18.5% |
| Op Mgn 3Y Avg | 15.9% |
| QoQ Delta Op Mgn LTM | 1.5% |
| CFO/Rev LTM | 20.3% |
| CFO/Rev 3Y Avg | 19.8% |
| FCF/Rev LTM | 16.1% |
| FCF/Rev 3Y Avg | 15.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 62.9 |
| P/S | 3.8 |
| P/EBIT | 17.6 |
| P/E | 22.6 |
| P/CFO | 20.3 |
| Total Yield | 3.8% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.5% |
| 3M Rtn | -5.2% |
| 6M Rtn | -6.7% |
| 12M Rtn | 10.6% |
| 3Y Rtn | 21.2% |
| 1M Excs Rtn | -2.6% |
| 3M Excs Rtn | -6.1% |
| 6M Excs Rtn | -11.8% |
| 12M Excs Rtn | -16.7% |
| 3Y Excs Rtn | -47.4% |
Price Behavior
Price Behavior
| Market Price | $11.52 | |
| Market Cap ($ Bil) | 1.8 | |
| First Trading Date | 06/12/2006 | |
| Distance from 52W High | -49.2% | |
| 50 Days | 200 Days | |
| DMA Price | $12.62 | $15.43 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -8.7% | -25.3% |
| 3M | 1YR | |
| Volatility | 48.5% | 57.8% |
| Downside Capture | 1.07 | 0.47 |
| Upside Capture | 54.43 | 84.48 |
| Correlation (SPY) | 30.7% | 18.6% |
ATEC Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.31 | 1.26 | 1.08 | 1.35 | 0.72 | 0.94 |
| Up Beta | 1.07 | 1.02 | 2.83 | 2.36 | 0.98 | 1.02 |
| Down Beta | 0.50 | 0.77 | 1.05 | 1.06 | 0.12 | 0.40 |
| Up Capture | 132% | 95% | -81% | 86% | 82% | 108% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 7 | 16 | 24 | 63 | 125 | 374 |
| Down Capture | 200% | 183% | 185% | 134% | 93% | 108% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 15 | 26 | 38 | 61 | 122 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATEC | |
|---|---|---|---|---|
| ATEC | 21.3% | 57.9% | 0.54 | - |
| Sector ETF (XLV) | 11.9% | 16.0% | 0.52 | 22.1% |
| Equity (SPY) | 24.2% | 12.9% | 1.49 | 19.2% |
| Gold (GLD) | 53.4% | 27.6% | 1.55 | -2.0% |
| Commodities (DBC) | 26.8% | 16.2% | 1.47 | -11.2% |
| Real Estate (VNQ) | 18.7% | 13.8% | 1.00 | 21.2% |
| Bitcoin (BTCUSD) | -6.8% | 42.9% | -0.05 | 8.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATEC | |
|---|---|---|---|---|
| ATEC | -5.8% | 60.7% | 0.15 | - |
| Sector ETF (XLV) | 6.6% | 14.6% | 0.27 | 27.9% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 34.4% |
| Gold (GLD) | 22.5% | 17.8% | 1.03 | 3.1% |
| Commodities (DBC) | 11.7% | 18.8% | 0.51 | 7.0% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 30.7% |
| Bitcoin (BTCUSD) | 5.8% | 56.5% | 0.32 | 16.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATEC | |
|---|---|---|---|---|
| ATEC | 14.9% | 68.3% | 0.50 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 25.4% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 31.5% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 5.8% |
| Commodities (DBC) | 8.8% | 17.6% | 0.42 | 12.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 29.5% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 12.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/12/2026 | -22.3% | -21.7% | -38.6% |
| 10/30/2025 | 16.3% | 19.5% | 29.6% |
| 7/31/2025 | 30.2% | 40.8% | 50.3% |
| 5/1/2025 | 8.5% | 15.2% | 11.2% |
| 1/13/2025 | 9.1% | 16.0% | 9.8% |
| 10/30/2024 | 39.7% | 57.8% | 86.5% |
| 7/31/2024 | -34.3% | -39.6% | -32.2% |
| 5/7/2024 | -21.9% | -20.0% | -24.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 12 |
| # Negative | 6 | 7 | 9 |
| Median Positive | 9.1% | 8.6% | 16.0% |
| Median Negative | -13.8% | -11.4% | -11.0% |
| Max Positive | 39.7% | 57.8% | 86.5% |
| Max Negative | -34.3% | -39.6% | -38.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 890.00 Mil | 17.1% | Higher New | Actual: 760.00 Mil for 2025 | |||
| 2026 Surgical Revenue | 805.00 Mil | 17.7% | Higher New | Actual: 684.00 Mil for 2025 | |||
| 2026 EOS Revenue | 85.00 Mil | 11.8% | Higher New | Actual: 76.00 Mil for 2025 | |||
| 2026 Adjusted EBITDA | 134.00 Mil | 47.2% | Higher New | Actual: 91.00 Mil for 2025 | |||
| 2026 Free Cash Flow | 20.00 Mil | ||||||
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Total Revenue | 760.00 Mil | 2.4% | Raised | Guidance: 742.00 Mil for 2025 | |||
| 2025 Surgical Revenue | 684.00 Mil | 2.7% | Raised | Guidance: 666.00 Mil for 2025 | |||
| 2025 EOS Revenue | 76.00 Mil | 0 | Affirmed | Guidance: 76.00 Mil for 2025 | |||
| 2025 Non-GAAP Adjusted EBITDA | 91.00 Mil | 9.6% | Raised | Guidance: 83.00 Mil for 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Miles, Patrick | CEO | Direct | Sell | 1052026 | 21.01 | 100,000 | 2,101,000 | 107,894,712 | Form |
| 2 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 12182025 | 19.64 | 19,900 | 390,836 | 12,597,724 | Form |
| 3 | Pelizzon, David R | Squadron Capital LLC | Sell | 12182025 | 19.66 | 250,000 | 4,915,000 | 204,366,585 | Form | |
| 4 | Hunsaker, Craig E | EVP, PEOPLE & CULTURE | Direct | Sell | 12122025 | 20.84 | 32,584 | 679,051 | 26,186,669 | Form |
| 5 | Sponsel, David | EVP, SALES | Direct | Sell | 12122025 | 20.79 | 21,106 | 438,794 | 9,142,756 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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