Alphatec (ATEC)
Market Price (8/9/2026): $9.29 | Market Cap: $1.5 BilSector: Health Care | Industry: Life Sciences Tools & Services
Alphatec (ATEC)
Market Price (8/9/2026): $9.29Market Cap: $1.5 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 returns3Y Excs Rtn is -118% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -39 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x 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 returns3Y Excs Rtn is -118% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -39 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x |
| 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
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Updated on 8/5/2026
Alphatec (ATEC) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Operational Performance and Raised Profitability Guidance.
Alphatec (ATEC) reported robust financial results for its second fiscal quarter ended June 30, 2026. The company's total revenue reached $214 million, exceeding Wall Street's forecast of $211.24 million and representing a 15% year-over-year increase. Surgical revenue specifically grew 17% to $196 million. Furthermore, adjusted EBITDA surged 53% year-over-year to $36 million, expanding the adjusted EBITDA margin to 16.8%. Following this performance, Alphatec raised its full-year 2026 adjusted EBITDA guidance to approximately $140 million from its prior expectation of $134 million, while reaffirming its full-year revenue outlook of $882 million. The company also generated positive free cash flow during the quarter.
2. Market Concerns Over Growth Sustainability and Revenue Per Case Pressures.
Despite the positive top-line growth, investor concerns emerged regarding the sustainability of growth and pressures on revenue per surgical case. In fiscal Q2 2026, Alphatec experienced a 2.7% year-over-year decline in revenue per case. This was primarily attributed to a higher mix of lower average-priced cervical and international procedures, coupled with weaker biologics attachment rates. Additionally, EOS imaging revenue growth remained flat year-over-year in Q2 2026, with full-year EOS revenue guidance maintained at approximately $77 million, indicating a lack of growth from this segment. These factors contributed to a muted market reaction, with shares falling 5.31% in after-hours trading after the earnings announcement.
Show more
Alphatec (ATEC) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Operational Performance and Raised Profitability Guidance.
Alphatec (ATEC) reported robust financial results for its second fiscal quarter ended June 30, 2026. The company's total revenue reached $214 million, exceeding Wall Street's forecast of $211.24 million and representing a 15% year-over-year increase. Surgical revenue specifically grew 17% to $196 million. Furthermore, adjusted EBITDA surged 53% year-over-year to $36 million, expanding the adjusted EBITDA margin to 16.8%. Following this performance, Alphatec raised its full-year 2026 adjusted EBITDA guidance to approximately $140 million from its prior expectation of $134 million, while reaffirming its full-year revenue outlook of $882 million. The company also generated positive free cash flow during the quarter.
2. Market Concerns Over Growth Sustainability and Revenue Per Case Pressures.
Despite the positive top-line growth, investor concerns emerged regarding the sustainability of growth and pressures on revenue per surgical case. In fiscal Q2 2026, Alphatec experienced a 2.7% year-over-year decline in revenue per case. This was primarily attributed to a higher mix of lower average-priced cervical and international procedures, coupled with weaker biologics attachment rates. Additionally, EOS imaging revenue growth remained flat year-over-year in Q2 2026, with full-year EOS revenue guidance maintained at approximately $77 million, indicating a lack of growth from this segment. These factors contributed to a muted market reaction, with shares falling 5.31% in after-hours trading after the earnings announcement.
Show more
Updated on 8/5/2026
Alphatec (ATEC) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Operational Performance and Raised Profitability Guidance.
Alphatec (ATEC) reported robust financial results for its second fiscal quarter ended June 30, 2026. The company's total revenue reached $214 million, exceeding Wall Street's forecast of $211.24 million and representing a 15% year-over-year increase. Surgical revenue specifically grew 17% to $196 million. Furthermore, adjusted EBITDA surged 53% year-over-year to $36 million, expanding the adjusted EBITDA margin to 16.8%. Following this performance, Alphatec raised its full-year 2026 adjusted EBITDA guidance to approximately $140 million from its prior expectation of $134 million, while reaffirming its full-year revenue outlook of $882 million. The company also generated positive free cash flow during the quarter.
2. Market Concerns Over Growth Sustainability and Revenue Per Case Pressures.
Despite the positive top-line growth, investor concerns emerged regarding the sustainability of growth and pressures on revenue per surgical case. In fiscal Q2 2026, Alphatec experienced a 2.7% year-over-year decline in revenue per case. This was primarily attributed to a higher mix of lower average-priced cervical and international procedures, coupled with weaker biologics attachment rates. Additionally, EOS imaging revenue growth remained flat year-over-year in Q2 2026, with full-year EOS revenue guidance maintained at approximately $77 million, indicating a lack of growth from this segment. These factors contributed to a muted market reaction, with shares falling 5.31% in after-hours trading after the earnings announcement.
3. Strategic Debt Refinancing Enhanced Financial Stability.
Alphatec took steps to strengthen its capital structure during the period. In May 2026, the company entered into new credit facilities with JP Morgan, which extended the maturity of its debt obligations to fiscal year 2031. This refinancing effort is projected to result in annual interest expense savings exceeding $6 million. Furthermore, the company successfully repaid the remaining $63.3 million of its 0.75% Convertible Senior Notes due 2026 in cash at maturity in July 2026. This financial maneuvering likely provided a stabilizing effect on the stock by improving its long-term financial health.
Show less
Alphatec (ATEC) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Operational Performance and Raised Profitability Guidance.
Alphatec (ATEC) reported robust financial results for its second fiscal quarter ended June 30, 2026. The company's total revenue reached $214 million, exceeding Wall Street's forecast of $211.24 million and representing a 15% year-over-year increase. Surgical revenue specifically grew 17% to $196 million. Furthermore, adjusted EBITDA surged 53% year-over-year to $36 million, expanding the adjusted EBITDA margin to 16.8%. Following this performance, Alphatec raised its full-year 2026 adjusted EBITDA guidance to approximately $140 million from its prior expectation of $134 million, while reaffirming its full-year revenue outlook of $882 million. The company also generated positive free cash flow during the quarter.
2. Market Concerns Over Growth Sustainability and Revenue Per Case Pressures.
Despite the positive top-line growth, investor concerns emerged regarding the sustainability of growth and pressures on revenue per surgical case. In fiscal Q2 2026, Alphatec experienced a 2.7% year-over-year decline in revenue per case. This was primarily attributed to a higher mix of lower average-priced cervical and international procedures, coupled with weaker biologics attachment rates. Additionally, EOS imaging revenue growth remained flat year-over-year in Q2 2026, with full-year EOS revenue guidance maintained at approximately $77 million, indicating a lack of growth from this segment. These factors contributed to a muted market reaction, with shares falling 5.31% in after-hours trading after the earnings announcement.
3. Strategic Debt Refinancing Enhanced Financial Stability.
Alphatec took steps to strengthen its capital structure during the period. In May 2026, the company entered into new credit facilities with JP Morgan, which extended the maturity of its debt obligations to fiscal year 2031. This refinancing effort is projected to result in annual interest expense savings exceeding $6 million. Furthermore, the company successfully repaid the remaining $63.3 million of its 0.75% Convertible Senior Notes due 2026 in cash at maturity in July 2026. This financial maneuvering likely provided a stabilizing effect on the stock by improving its long-term financial health.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -4.6% change in ATEC stock from 4/30/2026 to 8/8/2026 was primarily driven by a -8.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.76 | 9.31 | -4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 764 | 815 | 6.7% |
| P/S Multiple | 1.9 | 1.8 | -8.0% |
| Shares Outstanding (Mil) | 152 | 157 | -2.8% |
| Cumulative Contribution | -4.6% |
Market Drivers
4/30/2026 to 8/8/2026| Return | Correlation | |
|---|---|---|
| ATEC | -4.6% | |
| Market (SPY) | 7.6% | -11.8% |
| Sector (XLV) | 13.5% | 26.9% |
Fundamental Drivers
The -37.2% change in ATEC stock from 1/31/2026 to 8/8/2026 was primarily driven by a -42.0% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.83 | 9.31 | -37.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 728 | 815 | 12.0% |
| P/S Multiple | 3.1 | 1.8 | -42.0% |
| Shares Outstanding (Mil) | 151 | 157 | -3.3% |
| Cumulative Contribution | -37.2% |
Market Drivers
1/31/2026 to 8/8/2026| Return | Correlation | |
|---|---|---|
| ATEC | -37.2% | |
| Market (SPY) | 12.1% | 10.4% |
| Sector (XLV) | 7.5% | 29.1% |
Fundamental Drivers
The -12.0% change in ATEC stock from 7/31/2025 to 8/8/2026 was primarily driven by a -23.1% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.58 | 9.31 | -12.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 682 | 815 | 19.5% |
| P/S Multiple | 2.3 | 1.8 | -23.1% |
| Shares Outstanding (Mil) | 150 | 157 | -4.3% |
| Cumulative Contribution | -12.0% |
Market Drivers
7/31/2025 to 8/8/2026| Return | Correlation | |
|---|---|---|
| ATEC | -12.0% | |
| Market (SPY) | 23.4% | 9.5% |
| Sector (XLV) | 28.7% | 23.5% |
Fundamental Drivers
The -47.3% change in ATEC stock from 7/31/2023 to 8/8/2026 was primarily driven by a -64.1% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.67 | 9.31 | -47.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 389 | 815 | 109.5% |
| P/S Multiple | 5.0 | 1.8 | -64.1% |
| Shares Outstanding (Mil) | 110 | 157 | -29.9% |
| Cumulative Contribution | -47.3% |
Market Drivers
7/31/2023 to 8/8/2026| Return | Correlation | |
|---|---|---|
| ATEC | -47.3% | |
| Market (SPY) | 74.9% | 20.0% |
| Sector (XLV) | 29.3% | 21.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ATEC Return | -21% | 8% | 22% | -39% | 129% | -56% | -37% |
| Peers Return | -1% | -11% | -8% | 20% | 12% | -5% | 5% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| ATEC Win Rate | 42% | 67% | 58% | 42% | 58% | 25% | |
| Peers Win Rate | 52% | 52% | 50% | 53% | 50% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ATEC Max Drawdown | -44% | -51% | -53% | -70% | -26% | -69% | |
| Peers Max Drawdown | -24% | -34% | -32% | -14% | -26% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 8/7/2026 (YTD)
How Low Can It Go
| Event | ATEC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.6% | -18.8% |
| % Gain to Breakeven | 17.2% | 23.1% |
| Time to Breakeven | 41 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -44.0% | -7.8% |
| % Gain to Breakeven | 78.6% | 8.5% |
| Time to Breakeven | 153 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.4% | -9.5% |
| % Gain to Breakeven | 93.8% | 10.5% |
| Time to Breakeven | 732 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.2% | -24.5% |
| % Gain to Breakeven | 85.8% | 32.4% |
| Time to Breakeven | 191 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -66.8% | -33.7% |
| % Gain to Breakeven | 200.9% | 50.9% |
| Time to Breakeven | 186 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -40.1% | -19.2% |
| % Gain to Breakeven | 66.8% | 23.8% |
| Time to Breakeven | 101 days | 105 days |
In The Past
Alphatec's stock fell -14.6% during the 2025 US Tariff Shock. Such a loss loss requires a 17.2% gain to breakeven.
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| Event | ATEC | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -44.0% | -7.8% |
| % Gain to Breakeven | 78.6% | 8.5% |
| Time to Breakeven | 153 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.4% | -9.5% |
| % Gain to Breakeven | 93.8% | 10.5% |
| Time to Breakeven | 732 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.2% | -24.5% |
| % Gain to Breakeven | 85.8% | 32.4% |
| Time to Breakeven | 191 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -66.8% | -33.7% |
| % Gain to Breakeven | 200.9% | 50.9% |
| Time to Breakeven | 186 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -40.1% | -19.2% |
| % Gain to Breakeven | 66.8% | 23.8% |
| Time to Breakeven | 101 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -79.8% | -3.7% |
| % Gain to Breakeven | 396.1% | 3.9% |
| Time to Breakeven | 1210 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -71.3% | -12.2% |
| % Gain to Breakeven | 248.3% | 13.9% |
| Time to Breakeven | 205 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -87.8% | -6.8% |
| % Gain to Breakeven | 718.9% | 7.3% |
| Time to Breakeven | 1925 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -29.6% | -0.2% |
| % Gain to Breakeven | 42.1% | 0.2% |
| Time to Breakeven | 196 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -77.7% | -53.4% |
| % Gain to Breakeven | 348.2% | 114.4% |
| Time to Breakeven | 184 days | 1085 days |
In The Past
Alphatec's stock fell -14.6% during the 2025 US Tariff Shock. Such a loss loss requires a 17.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Alphatec (ATEC)
Alphatec (ATEC) is a medical technology company focused on enhancing the surgical treatment of spinal disorders. The company's core mission involves designing, developing, and advancing innovative technologies to improve surgical outcomes, increase procedural safety, and facilitate better patient recovery for various spinal conditions.
The company provides a comprehensive suite of products for spine surgeons. This includes a wide array of spinal fixation systems like Invictus and Arsenal, anterior and cervical plating systems such as Aspida and Trestle Luxe, and interbody implants like IdentiTi Porous Ti for fusion procedures. Alphatec also offers advanced solutions like the SafeOp Neural InformatiX System to reduce intraoperative nerve injury risk and Sigma access systems for improved visualization. Complementing these hardware solutions, the company supplies biologics, including various bone scaffolds and matrices vital for spinal fusion and healing, alongside EOS imaging products.
Alphatec primarily serves the United States market, with its main customers being spine surgeons, hospitals, and other healthcare facilities performing spinal surgeries. The company distributes its broad portfolio of products through a network that includes both independent distributors and its own direct sales representatives.
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Medtronic for spine technologies.
Zimmer Biomet for spinal implants.
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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.
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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.
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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 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 84.75 |
| Mkt Cap | 61.4 |
| Rev LTM | 14,491 |
| Op Inc LTM | 3,144 |
| FCF LTM | 2,724 |
| FCF 3Y Avg | 2,161 |
| CFO LTM | 3,218 |
| CFO 3Y Avg | 2,591 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | 11.1% |
| Rev Chg Q | 8.0% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 40.2% |
| Op Inc Chg 3Y Avg | 20.6% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 16.2% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 19.9% |
| FCF/Rev LTM | 16.6% |
| FCF/Rev 3Y Avg | 15.8% |
Price Behavior
Price Behavior
| Market Price | $9.31 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 06/12/2006 | |
| Distance from 52W High | -59.0% | |
| 50 Days | 200 Days | |
| DMA Price | $8.80 | $13.45 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 5.8% | -30.8% |
| 3M | 1YR | |
| Volatility | 58.5% | 65.6% |
| Downside Capture | -57.00 | 104.39 |
| Upside Capture | 46.63 | 25.73 |
| Correlation (SPY) | 3.3% | 15.7% |
ATEC Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.34 | 0.12 | -1.18 | 0.39 | 0.45 | 0.87 |
| Up Beta | -0.91 | -0.19 | -2.92 | 0.08 | 1.01 | 0.95 |
| Down Beta | -1.35 | 0.04 | 0.96 | 1.08 | 0.12 | 0.39 |
| Up Capture | 202% | 94% | -113% | -21% | 16% | 62% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 16 | 28 | 38 | 65 | 133 | 378 |
| Down Capture | 49% | -46% | -216% | 79% | 55% | 106% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 6 | 13 | 23 | 59 | 115 | 364 |
[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 | -38.9% | 65.4% | -0.46 | - |
| Sector ETF (XLV) | 28.7% | 15.5% | 1.42 | 24.0% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 15.9% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | -5.5% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -9.0% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 17.8% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 3.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATEC | |
|---|---|---|---|---|
| ATEC | -8.7% | 63.4% | 0.12 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 27.8% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 31.4% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 1.3% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 4.8% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 28.8% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 15.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATEC | |
|---|---|---|---|---|
| ATEC | 7.4% | 68.7% | 0.40 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 25.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 31.0% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 4.5% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 10.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 29.5% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 12.3% |
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Returns Analyses
Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -7.5% | ||
| 5/5/2026 | -31.7% | -24.3% | -22.6% |
| 2/24/2026 | 0.8% | -6.5% | -17.5% |
| 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% |
| 2/26/2025 | 9.6% | 3.4% | -9.1% |
| 10/30/2024 | 39.7% | 57.8% | 86.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 18 | 16 | 14 |
| # Negative | 11 | 12 | 14 |
| Median Positive | 7.5% | 7.8% | 16.0% |
| Median Negative | -7.5% | -9.7% | -10.1% |
| Max Positive | 39.7% | 57.8% | 86.5% |
| Max Negative | -34.3% | -39.6% | -32.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -7.5% | ||
| 5/5/2026 | -31.7% | -24.3% | -22.6% |
| 2/24/2026 | 0.8% | -6.5% | -17.5% |
| 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% |
| 2/26/2025 | 9.6% | 3.4% | -9.1% |
| 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% |
| 2/27/2024 | -8.9% | -14.1% | -10.0% |
| 1/8/2024 | 9.1% | 8.7% | 20.8% |
| 11/6/2023 | 5.2% | -3.6% | 21.4% |
| 8/3/2023 | -5.6% | -11.4% | -3.7% |
| 5/4/2023 | 3.4% | 2.7% | 5.0% |
| 2/28/2023 | 1.9% | 7.6% | 4.3% |
| 1/9/2023 | -5.1% | 4.4% | 5.2% |
| 11/3/2022 | 1.0% | 6.7% | 6.6% |
| 8/4/2022 | -0.4% | 8.5% | -11.0% |
| 5/5/2022 | -12.8% | -29.4% | -32.3% |
| 3/1/2022 | 2.6% | 1.8% | 3.5% |
| 1/10/2022 | 12.8% | 8.1% | -6.5% |
| 11/4/2021 | 2.0% | -8.0% | -10.1% |
| 8/3/2021 | 6.7% | -3.7% | 4.1% |
| 5/6/2021 | -1.1% | -3.1% | -7.3% |
| 3/5/2021 | -4.3% | 6.7% | -3.6% |
| 1/12/2021 | 4.5% | 9.2% | 21.9% |
| 11/5/2020 | 8.3% | 5.7% | 26.8% |
| 8/6/2020 | 10.6% | -1.3% | -6.5% |
| SUMMARY STATS | |||
| # Positive | 18 | 16 | 14 |
| # Negative | 11 | 12 | 14 |
| Median Positive | 7.5% | 7.8% | 16.0% |
| Median Negative | -7.5% | -9.7% | -10.1% |
| Max Positive | 39.7% | 57.8% | 86.5% |
| Max Negative | -34.3% | -39.6% | -32.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 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 |
| 12/31/2021 | 03/02/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/17/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | 882.00 Mil | ||||||
| 2026 Surgical Revenue | 805.00 Mil | ||||||
| 2026 EOS Revenue | 77.00 Mil | ||||||
| 2026 Total Revenue Growth | 15.0% | ||||||
| 2026 Surgical Revenue Growth | 17.0% | ||||||
| 2026 Adjusted EBITDA | 140.00 Mil | ||||||
| 2026 Free Cash Flow | 20.00 Mil | ||||||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Annual Interest Expense Reduction | 6.00 Mil | ||||||
| 2031 Total Interest Expense Savings | 35.00 Mil | ||||||
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 | Raised | Actual: 91.00 Mil for 2025 | ||||
| 2026 Free Cash Flow | 20.00 Mil | ||||||
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
Updated 8/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Marshall, Tyson Eliot | GENERAL COUNSEL & CORP. SEC. | Direct | Sell | 8072026 | 9.65 | 8,168 | 78,821 | 6,083,341 | Form |
| 2 | McGinnis, Karen K | Direct | Sell | 6122026 | 8.01 | 6,050 | 48,460 | 758,315 | Form | |
| 3 | Valentine, Keith | Direct | Buy | 5112026 | 7.00 | 35,000 | 245,000 | 1,625,897 | Form | |
| 4 | Valentine, Keith | Direct | Buy | 5112026 | 7.54 | 43,847 | 330,606 | 1,487,423 | Form | |
| 5 | Valentine, Keith | Direct | Buy | 5112026 | 7.49 | 56,153 | 420,586 | 1,149,146 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Marshall, Tyson Eliot | GENERAL COUNSEL & CORP. SEC. | Direct | Sell | 8072026 | 9.65 | 8,168 | 78,821 | 6,083,341 | Form |
| 2 | McGinnis, Karen K | Direct | Sell | 6122026 | 8.01 | 6,050 | 48,460 | 758,315 | Form | |
| 3 | Valentine, Keith | Direct | Buy | 5112026 | 7.00 | 35,000 | 245,000 | 1,625,897 | Form | |
| 4 | Valentine, Keith | Direct | Buy | 5112026 | 7.54 | 43,847 | 330,606 | 1,487,423 | Form | |
| 5 | Valentine, Keith | Direct | Buy | 5112026 | 7.49 | 56,153 | 420,586 | 1,149,146 | Form | |
| 6 | Koning, John Todd | CHIEF FINANCIAL OFFICER | Direct | Sell | 3172026 | 12.36 | 79,789 | 986,192 | 7,424,912 | Form |
| 7 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 3172026 | 12.30 | 260,535 | 3,204,580 | 10,033,159 | Form |
| 8 | Sponsel, David | EVP, SALES | Direct | Sell | 3122026 | 12.52 | 163,452 | 2,046,419 | 6,321,749 | Form |
| 9 | Marshall, Tyson Eliot | GENERAL COUNSEL & CORP. SEC. | Direct | Sell | 3082026 | 12.49 | 88,835 | 1,109,549 | 6,987,643 | Form |
| 10 | Sponsel, David | EVP, SALES | Direct | Sell | 2062026 | 13.79 | 60,425 | 833,261 | 4,819,605 | Form |
| 11 | Hunsaker, Craig E | EVP, PEOPLE & CULTURE | Direct | Sell | 2042026 | 14.71 | 37,358 | 549,536 | 17,255,198 | Form |
| 12 | Miles, Patrick | CEO | Direct | Sell | 1052026 | 21.01 | 100,000 | 2,101,000 | 107,894,712 | Form |
| 13 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 12182025 | 19.64 | 19,900 | 390,836 | 12,597,724 | Form |
| 14 | Pelizzon, David R | Squadron Capital LLC | Sell | 12182025 | 19.66 | 250,000 | 4,915,000 | 204,366,585 | Form | |
| 15 | Demski, David M | Direct | Sell | 12122025 | 21.20 | 30,000 | 636,000 | 8,472,008 | Form | |
| 16 | Hunsaker, Craig E | EVP, PEOPLE & CULTURE | Direct | Sell | 12122025 | 20.84 | 32,584 | 679,051 | 26,186,669 | Form |
| 17 | Sponsel, David | EVP, SALES | Direct | Sell | 12122025 | 20.79 | 21,106 | 438,794 | 9,142,756 | Form |
| 18 | Pelizzon, David R | Squadron Capital LLC | Sell | 12102025 | 21.03 | 28,834 | 606,379 | 223,865,296 | Form | |
| 19 | Squadron, Capital Holdings Llc | See footnote | Sell | 12102025 | 21.03 | 28,834 | 606,379 | 223,865,296 | Form | |
| 20 | Pritzker, Jennifer N | See footnote | Sell | 12102025 | 21.03 | 28,834 | 606,379 | 223,865,296 | Form | |
| 21 | Pelizzon, David R | Squadron Capital LLC | Sell | 12102025 | 21.20 | 221,166 | 4,688,719 | 226,286,235 | Form | |
| 22 | Squadron, Capital Holdings Llc | See footnote | Sell | 12102025 | 21.20 | 221,166 | 4,688,719 | 226,286,235 | Form | |
| 23 | Pritzker, Jennifer N | See footnote | Sell | 12102025 | 21.20 | 221,166 | 4,688,719 | 226,286,235 | Form | |
| 24 | Squadron, Capital Llc | Direct | Sell | 12092025 | 21.03 | 28,834 | 606,379 | 223,865,296 | Form | |
| 25 | Squadron, Capital Llc | Direct | Sell | 12092025 | 21.20 | 221,166 | 4,688,719 | 226,286,235 | Form | |
| 26 | Sponsel, David | EVP, SALES | Direct | Sell | 12092025 | 21.45 | 988 | 21,193 | 9,885,726 | Form |
| 27 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 12092025 | 21.47 | 10,875 | 233,486 | 14,198,798 | Form |
| 28 | Marshall, Tyson Eliot | GENERAL COUNSEL & CORP. SEC. | Direct | Sell | 12092025 | 21.47 | 22,889 | 491,526 | 7,418,137 | Form |
| 29 | Miles, Patrick | CEO | Direct | Sell | 12032025 | 22.11 | 100,000 | 2,211,000 | 116,388,765 | Form |
| 30 | Pritzker, Jennifer N | See footnote | Sell | 11262025 | 20.62 | 250,000 | 5,155,000 | 224,655,828 | Form | |
| 31 | Squadron, Capital Holdings Llc | See footnote | Sell | 11262025 | 20.62 | 250,000 | 5,155,000 | 224,655,828 | Form | |
| 32 | Pelizzon, David R | Squadron Capital LLC | Sell | 11252025 | 20.62 | 250,000 | 5,155,000 | 224,655,828 | Form | |
| 33 | Squadron, Capital Llc | Direct | Sell | 11252025 | 20.62 | 250,000 | 5,155,000 | 224,655,828 | Form | |
| 34 | Marshall, Tyson Eliot | GENERAL COUNSEL & CORP. SEC. | Direct | Sell | 11212025 | 19.51 | 70,000 | 1,365,700 | 7,186,138 | Form |
| 35 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 11212025 | 19.80 | 25,000 | 495,000 | 13,309,699 | Form |
| 36 | Squadron, Capital Holdings Llc | See footnote | Sell | 11142025 | 20.80 | 250,000 | 5,200,000 | 231,816,936 | Form | |
| 37 | Pritzker, Jennifer N | See footnote | Sell | 11142025 | 20.80 | 250,000 | 5,200,000 | 231,816,936 | Form | |
| 38 | Pelizzon, David R | Squadron Capital LLC | Sell | 11142025 | 20.80 | 250,000 | 5,200,000 | 231,816,936 | Form | |
| 39 | Squadron, Capital Llc | Direct | Sell | 11142025 | 20.80 | 250,000 | 5,200,000 | 231,816,936 | Form | |
| 40 | Rydin, Jeffrey P | Direct | Sell | 11052025 | 19.32 | 200,000 | 3,864,000 | 7,446,720 | Form | |
| 41 | Miles, Patrick | CEO | Direct | Sell | 11052025 | 18.96 | 100,000 | 1,896,000 | 101,702,919 | Form |
| 42 | Hunsaker, Craig E | EVP, PEOPLE & CULTURE | Direct | Sell | 10312025 | 19.95 | 100,000 | 1,995,000 | 25,718,383 | Form |
| 43 | Sponsel, David | EVP, SALES | Direct | Sell | 10282025 | 16.18 | 70,000 | 1,132,600 | 7,472,911 | Form |
| 44 | Miles, Patrick | CEO | Direct | Sell | 10022025 | 13.96 | 100,000 | 1,396,000 | 76,278,529 | Form |
| 45 | Sponsel, David | EVP, SALES | Direct | Sell | 9192025 | 15.34 | 2,555 | 39,194 | 8,158,748 | Form |
| 46 | Sponsel, David | EVP, SALES | Direct | Sell | 9192025 | 15.09 | 137,445 | 2,074,045 | 8,064,337 | Form |
| 47 | Berkowitz, Mortimer Iii | Direct | Sell | 9112025 | 15.97 | 62,500 | 998,125 | 9,870,258 | Form | |
| 48 | Miles, Patrick | CEO | Direct | Sell | 9032025 | 15.73 | 300,000 | 4,719,000 | 87,522,947 | Form |
| 49 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 8212025 | 16.01 | 6,323 | 101,231 | 10,545,899 | Form |
| 50 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 8152025 | 16.00 | 9,302 | 148,832 | 10,640,480 | Form |
| 51 | Hunsaker, Craig E | EVP, PEOPLE & CULTURE | Direct | Sell | 8072025 | 15.33 | 10,876 | 166,729 | 21,295,547 | Form |
| 52 | Hunsaker, Craig E | EVP, PEOPLE & CULTURE | Direct | Sell | 8072025 | 15.00 | 50,000 | 750,000 | 21,000,270 | Form |
| 53 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 8052025 | 15.00 | 16,666 | 249,990 | 10,114,980 | Form |
| 54 | Marshall, Tyson Eliot | GENERAL COUNSEL & CORP. SEC. | Direct | Sell | 8052025 | 14.91 | 18,092 | 269,664 | 6,533,388 | Form |
| 55 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 8052025 | 14.00 | 17,857 | 249,998 | 9,673,972 | Form |
| 56 | Lish, Scott | CHIEF OPERATING OFFICER | Direct | Sell | 8052025 | 12.53 | 36,081 | 452,095 | 8,881,953 | Form |
| 57 | Marshall, Tyson Eliot | GENERAL COUNSEL & CORP. SEC. | Direct | Sell | 8052025 | 12.00 | 12,878 | 154,536 | 5,477,076 | Form |
Investor Activity (13F)
Updated Aug 9, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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