Alphatec Holdings, Inc. · NASDAQ:ATEC
Alphatec — Q1 2025 Earnings Presentation
20 slides from Alphatec's earnings presentation, May 1, 2025
Slide 1: Q1 2025 Financial Results
oOndeCc INFORMED BY €ON Q1 2025 FINANCIAL RESULTS PAT MILES, CHAIRMAN’ & CEO | TODD KONING, EVR & CFO | MAY 1, 2025
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and un
Slide 3: Q1 2025 Financial Highlights
Q1 2025 FINANCIAL HIGHLIGHTS Surgical revenue growth; Adjusted EBITDA2, On track to deliver positive ~4X market growth1 up 840 bps YoY FCF for the full year 3 | 1. Management estimate. | 2. Reference non-GAAP reconciliation in appendix.
Slide 4: Profitable Growth
PROFITABLE GROWTH Total revenue Surgical revenue Revenue growth in growth growth established territories Surgeon user Adjusted YoY improvement in growth EBITDA FCF Record order The preferred Convertible debt growth destination in Spine 4 | Reference non-GAAP reconciliation in Appendix
Slide 5: Q1'25 Non-GAAP P&L Highlights
Q1’25 NON-GAAP P&L HIGHLIGHTS Surgical Revenue $152M 24% Surgical volume Avg revenue / EOS Revenue $17M 8% growth case growth TOTAL REVENUE $169M 22% Gross margin % 70% (50) bps • R&D reflects continuing innovation R&D % 8% (230) bps • SG&A leveraging as expected, driven by SG&A % 66% (730) bps infr
Slide 6: Q1'25 Non-GAAP AEBITDA
Q1’25 NON-GAAP AEBITDA $25 25% $20 20% Adjusted EBITDA $11M +$14M $15 15% % OF SALES 6% +840 bps $10 10% Adj. EBITDA leverage being driven by the areas we $5 5% outlined and expected: $0 0% • Durable top line growth Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 • Vari
Slide 7: Balance Sheet
BALANCE SHEET Cash $153M Less: Fees & Capped Call $55M Available Borrowing1 $60M Less: Retired 80% of 2026 Notes $268M CASH + AVAILABLE CASH $213M REMAINING PROCEEDS IN CASH $82M FREE CASH FLOW / (USE)2 ($15M) Successfully refinanced 2026 convertible debt maturity to 2030 Reduced Q1 free cash use by
Slide 8: Robust Outlook for 2025
ROBUST OUTLOOK FOR 2025 Total revenue Adjusted EBITDA Free cash flow 8 | Reference non-GAAP reconciliation in appendix.
Slide 9: 2025 Revenue Outlook
2025 REVENUE OUTLOOK Surgical volume growth Total revenue Surgical Revenue $658M 21% EOS Revenue $76M 13% TOTAL REVENUE $734M 20% Avg revenue / case growth 9
Slide 10: 2025 AEBITDA Outlook
2025 AEBITDA OUTLOOK $80 20% $60 15% $40 10% Adjusted EBITDA $20 5% $0 0% 39% drop through of YoY $ ($20) (5%) revenue growth to $ AEBITDA ($40) (10%) 2022 2023 2024 2025 10 | Reference non-GAAP reconciliation in appendix.
Slide 11: Our Strategy Is Steadfast
OUR STRATEGY IS STEADFAST. OUR EXECUTION IS RELENTLESS. 1 2 3 CREATE CLINICAL COMPEL SURGEON EXPAND, ELEVATE & DISTINCTION ADOPTION ENABLE SALES FORCE Architect unparalleled Earn loyalty through Build a high-performing, procedural solutions differentiated training, aligned sales force designed that
Slide 12: Growing Validation of EOS & Informatics Thesis
GROWING VALIDATION OF EOS & INFORMATICS THESIS INTRA-OP Navigated/Robot Real-time Assisted HW Neurophysiology Intra-Op Patient Specific Placement Monitoring Alignment Implants Reconciliation PLAN RECONCILIATION 3D Surgical CUSTOM RODS AUTOMATED NERVE MONITORING Consistent P NAVIGATION & Post-Op OS P
Slide 13: From Thesis to Patient Outcomes
FROM THESIS TO PATIENT OUTCOMES P RE - OP PLAN 6 WKS 1 2 WKS L2-L3 LIF L2-L5 8° 6x22x45mm, 10° cSVA 26mm cSVA 15mm T4-T12 38° cSVA 14mm C2-C7 -26° C7-CSL 8mm C2-C7 -24° C2-C7 -18° L3-L4 LIF T1 Slope 38° T1 Slope 38° T1 Slope 36° 6x22x45mm, 10° T4-T12 33° T4-T12 37° T4-T12 35° L4-L5 LIF PI 55° 6x22x4
Slide 14: Architecting Procedures for Expanding Surgical Complexity
ARCHITECTING PROCEDURES FOR EXPANDING SURGICAL COMPLEXITY 14
Slide 15: Compelling Adoption. Winning Access.
COMPELLING ADOPTION. WINNING ACCESS. FROM TO 15
Slide 16: The Preferred Destination
16 OneC INFORMED BY €OS THE PREFERRED DESTINATION
Slide 17: Appendix
APPENDIX 17
Slide 18: Supplemental Financial Information
SUPPLEMENTAL FINANCIAL INFORMATION 18 Access this file at https://investors.alphatecspine.com/quarterly-results/default.aspx
Slide 19: Supplemental Financial Information
19 SUPPLEMENTAL FINANCIAL INFORMATION Access this file at https://investors.alphatecspine.com/quarterly-results/default.aspx
Slide 20: Supplemental Financial Information
20 SUPPLEMENTAL FINANCIAL INFORMATION Access this file at https://investors.alphatecspine.com/quarterly-results/default.aspx