Alphatec Third Quarter Revenue Rises 13% to $221 Million as Case Volumes Grow 20% and New Surgeon Users Rise 25%
Alphatec Holdings, Inc. (Nasdaq: ATEC), the California-based spine surgery medical device company, on October 29 announced financial results for the third quarter ended September 30, 2026: total revenue was $221 million, up 13% year over year. Surgical revenue was $202 million, up 14%, an increase of $25 million year over year, with surgical hardware contributing $26 million to surgical growth and increasing 17%. Case volumes grew approximately 20% in the quarter and net new surgeon users increased 25%.
On profitability, GAAP gross margin was 71.5% and non-GAAP gross margin 71.9%. GAAP net loss was $5 million, non-GAAP net income was $15 million, and non-GAAP adjusted EBITDA was $38 million, or 17.3% of revenue, expanding 400 basis points year over year. The company generated $6 million of free cash flow in the quarter, with continued positive trailing twelve-month free cash flow, and ended the quarter with a cash balance of $80 million. Tommy Carls also joined the senior leadership team as executive vice president of data intelligence and strategy.
'Third-quarter revenue fell short of our expectations, primarily due to lower biologics attachment,' said Pat Miles, chairman and chief executive officer. 'We own and are addressing that shortfall, and going forward, improving biologics performance is a clear priority for us. At the same time, we continued to see very strong demand for our procedural solutions, with hardware revenue growing 17%, case volumes growing approximately 20%, and new surgeon adoption increasing 25%. These results reinforce our confidence in our procedure-focused strategy and the clinical value of our ecosystem.'
For fiscal year 2026, Alphatec now expects total revenue of approximately $862 million, including approximately $789 million of surgical revenue and approximately $73 million of EOS revenue, representing approximately 13% total revenue growth and approximately 15% surgical revenue growth for the year. The company expects adjusted EBITDA of approximately $137 million and approximately $10 million of free cash flow for fiscal 2026. Through its subsidiaries Alphatec Spine, EOS imaging and SafeOp Surgical, ATEC is a medical device company dedicated to revolutionizing the approach to spine surgery.
Source: GSM · USA (original Chinese edition)
Photo: 图：脊柱外科手术场景（资料图）。美国海军照片，公共领域，经Wikimedia Commons。 / A spine surgery in progress (file photo). U.S. Navy photo, public domain, via Wikimedia Commons.
