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Dec 31, 2025
Alphatec Q4 2025 Earnings Report
Alphatec Holdings, Inc. reported its fourth quarter and full-year 2025 financial results, achieving significant revenue growth and positive free cash flow.
Key Takeaways
Alphatec (ATEC) delivered a strong fourth quarter with total revenue growing 21% year-over-year to $213 million. The company achieved a major milestone by generating positive free cash flow of $8 million in Q4 and $3 million for the full year, while expanding its adjusted EBITDA margin to 16%.
Q4 total revenue reached $213 million, a 21% increase compared to the prior year period.
Achieved positive free cash flow of $8 million in the fourth quarter, marking a transition to self-sustaining growth.
Adjusted EBITDA for Q4 was $33 million, or 16% of revenue, representing a 390 basis point expansion year-over-year.
Full-year 2026 revenue guidance was set at approximately $890 million, representing 17% projected growth.
Revenue by Segment
Forward Guidance
For the full year 2026, ATEC expects continued revenue growth and margin expansion, supported by the release of the Valence intraoperative platform.
Positive Outlook
- Full-year 2026 total revenue expected to approximate $890 million.
- Surgical revenue projected to reach approximately $805 million in 2026.
- EOS revenue projected to reach approximately $85 million in 2026.
- Adjusted EBITDA guidance increased to $134 million, or 15% of revenue.
- Expects to generate at least $20 million of free cash flow for the full year 2026.
Challenges Ahead
- Forward-looking non-GAAP measures are not reconciled due to unpredictable items.
- Success is subject to the uncertainty of new product development and pipeline execution.
- Growth depends on the ability to compel surgeon adoption in a competitive market.
- Potential for unanticipated expenses or liabilities affecting cash flow.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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