Alphatec Holdings, Inc. — Form 8-K
Filed October 29, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 48/100
What the filing says
Alphatec reported Q3 2026 revenue of $221 million (+13% YoY), with surgical revenue at $202 million (+14%), case volumes up 20%, and new surgeon users up 25%. However, CEO Pat Miles acknowledged lower-than-expected biologics attachment as the primary miss. Full-year 2026 guidance: ~$862M total revenue (+13%) and ~$137M adjusted EBITDA. Non-GAAP adjusted EBITDA margin expanded 400 bps to 17.3%; cash balance $80M (down from $161M at year-end 2025). GAAP net loss Q3 was $(5)M; Non-GAAP net income $15M. Company expects $10M free cash flow for FY2026.
Why this rating
Modest beat on procedural revenue (case volumes +20%) offsets biologics shortfall; 13% growth guidance is respectable but not transformational. Margin expansion (400 bps) and profitability path positive, but cash burn ($81M YTD) relative to $1.3B market cap (~6%) and acknowledged execution risk on biologics are material concerns. Routine quarterly guidance update.
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