Alphatec Holdings, Inc. · NASDAQ:ATEC
Alphatec — Q1 2026 Earnings Presentation
24 slides from Alphatec's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS PAT MILES, CHAIRMAN & CEO | KONING TODD , EVP & CFO | MAY 5, 2026
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: Industry-Leading Profitable Growth: Q1 2026 Highlights
INDUSTRY- $192M Total Revenue LEADING PROFITABLE 17% 21% 23% GROWTH Surgical Revenue Growth Case Volume Growth Net New Surgeon Growth Q1 2026 HIGHLIGHTS $14M $21M ($11M) EOS Revenue Adjusted EBITDA Free Cash Use 3 | Reference non-GAAP reconciliation in appendix
Slide 4: Q1 Revenue Performance
Q1 REVENUE PERFORMANCE GROWTH DRIVEN BY SURGICAL VOLUME Q1 2026 YOY$ YOY% $26M Surgical Revenue YoY $ Growth Surgical Revenue $178M $26M 17% EOS Revenue $14M ($3M) (18%) • 21% surgical volume growth TOTAL REVENUE $192M $23M 14% • Revenue per case down 3% year over year • U.S. surgical revenue per ca
Slide 5: Q1 2026 Non-GAAP P&L Highlights
Q1 2026 NON-GAAP P&L HIGHLIGHTS DISCIPLINED EXECUTION DRIVING PROFITABILITY AEBITDA $M AEBITDA % $35 35% Q1 2026 YOY $30 30% $25 25% TOTAL REVENUE $192M 14% $20 20% Gross Margin % 71.6% +120 bps $15 15% R&D % 7.1% (50) bps $10 10% $5 5% SG&A % 61.6% (420) bps $0 0% Total Operating Expense % 68.7% (4
Slide 6: Q1 Balance Sheet
Q1 BALANCE SHEET IMPROVING CASH FLOW AND SOLID BALANCE SHEET BALANCE SHEET Q1 2026 CASH FLOW Q1 2026 Cash $140M Operating Cash Flow2 $22M Available Borrowing1 $60M Inventory and PP&E ($33M) CASH + AVAILABLE CASH $200M FREE CASH FLOW / (USE)3 ($11M) FCF at the favorable end of the ($10M) to ($15M) ra
Slide 7: Proforma Balance Sheet
PROFORMA BALANCE SHEET SAVING $35 MILLION IN INTEREST EXPENSE OVER THE LIFE OF THE LOAN OLD LOANS CAPACITY MATURITY RATE NEW TERM LOAN & REVOLVING CREDIT FACILITY Braidwell Term $200M Jan ’28 SOFR + 575 ✓ Anchored by JP Morgan and TD Cowen Midcap ABL $75M Sept ’27 SOFR + 350 ✓ Consolidates two legac
Slide 8: 2026 Revenue Outlook
2026 REVENUE OUTLOOK ADOPTION OF OUR UNIQUE PROCEDURAL APPROACH FUELS DURABLE GROWTH REVENUE $882M Total Revenue Surgical Revenue FY’26E $805M YOY 17% $118M YoY Topline Growth EOS Revenue $77M 0% TOTAL REVENUE $882M 15% 8
Slide 9: 2026 Financial Outlook
2026 FINANCIAL OUTLOOK GROWTH LEADERSHIP POWERFUL LEVERAGE FREE CASH FLOW $882M Total revenue; $134M Adjusted EBITDA; $20M Investing in growth and 15% growth 15% margin generating cash COMMITTED TO CONTINUING INDUSTRY -LEADING PROFITABLE GROWTH OVATION & INN 9
Slide 10: Our Strategy Remains Steadfast
OUR STRATEGY REMAINS STEADFAST NO CHANGE TO THE FUNDAMENTALS OF OUR -TERM LONGGROWTH ALGORITHM 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 train
Slide 11: Procedural Innovation Continues
PROCEDURAL INNOVATION CONTINUES NEW PRODUCTS DRIVING CONVOYED SALES, REINFORCING GROWTH TYDURABILI PCF ACDF MECH A.R.M. GRAFT SAFEOP ® MEPS DELIVERY POSTERIOR FIXATION SPS CERVICAL ORGANIC SEGMENTAL PLATING SYSTEM INNOVATION PLIF MACHINE VALENCE ® NAVIGATION LTP PTP TLIF IDENTITI II ALIF CALIBRATE E
Slide 12: Lateral Confidence Creation Earns Surgeon Trust
LATERAL CONFIDENCE CREATION LATERAL DISTINCTION AND UNIQUE APPROACH TO EARNS SURGEON TRUST… PROCEDURAL SOLUTIONS POSITIONERS SURGEON USERS 1,800 1,600 1,400 LATERAL 1,200 BIOLOGICS INFORMATIX 1,000 800 600 400 200 0 PATIENT - SPECIFIC RODS 2018 2019 2020 2021 2022 2023 2024 2025 ACCESS NAVIGATION SU
Slide 13: EOS: From Access to Advantage
EOS: FROM ACCESS TO ADVANTAGE CONVERTING ACCESS INTO HARDWARE-THROUGH PULL & LONG -TERM DATA AD VANTAGE 2. CLINIC INTEGRATION 30% AVERAGE REVENUE GROWTH Embedded beyond the O.R. into ACROSS ESTABLISHED ATEC USERS pre- and post-op clinical workflow, becoming standard AFTER EOS INSIGHT ® ADOPTION prac
Slide 14: EOS Insight Gaining Momentum
EOS INSIGHT® GAINING MOMENTUM SEEING TRACTION OF CLINICAL ADOPTION, BOLSTERED BY RELENTLESS ATFORMPL ADVANCEMENT ODHA 3D PARAMETER Proprietary quantitative measure of spinal alignment in 3D, derived from advanced EOS® imaging PATIENT-SPECIFIC PELVIS Enables personalized alignment targets based on tr
Slide 15: Strong Early Clinical Experience with Valence
STRONG EARLY CLINICAL EXPERIENCE WITH VALENCE® SURGEON FEEDBACK SIGNALS WINS ACROSS PROCEDURAL INTEGRATION & WORKFLOW EFFICIENCY 15
Slide 16: Advancing Presence and Influence in Japan
ADVANCING PRESENCE AND INFLUENCE IN JAPAN EARLY EXPERIENCE POSITIVE, WITH PTP SERVING AS KEY GROWTH LEVER FOR EXPANSION 16
Slide 17: ATEC Is Uniquely Positioned
ATEC IS 100% SPINE FOCUS UNIQUELY COMPELLING SURGEON ADOPTION THROUGH CLINICAL DISTINCT POSITIONED LEADING & ADVANCING LATERAL ® VALENCE EARNING SHARE, DRIVING ADOPTION WITH DEFORMITY LEADERSHIP & EOS ®INSIG PROCEDURAL GROWTH ENGINE, POISED FOR -LIKE A PTP RUN INFRASTRUCTURE BUILT FOR LONG R FOUNDAT
Slide 18: The Preferred Destination in Spine
THE PREFERRED DESTINATION IN SPINE.
Slide 19: Appendix
APPENDIX 19
Slide 20: Supplemental Financial Information
SUPPLEMENTAL FINANCIAL INFORMATION
Slide 21: Supplemental Financial Information
SUPPLEMENTAL FINANCIAL INFORMATION
Slide 22: Supplemental Financial Information
SUPPLEMENTAL FINANCIAL INFORMATION
Slide 23: Non-GAAP P&L Trend - Consolidated
SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP P&L TREND - CONSOLIDATED ($000's) Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Q425 2025 Q126 Revenue from products and services $ 138,477 $ 145,573 $ 150,719 $ 176,793 $ 611,562 $ 169,180 $ 185,544 $ 196,503 $ 212,928 $ 764,155 $ 192,108 Non-GAAP cost of sales
Slide 24: Supplemental Financial Information: Revenue Supplement
SUPPLEMENTAL FINANCIAL INFORMATION REVENUE SUPPLEMENT Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Q425 2025 Q126 Revenues: Products and services - Surgical 122,617 130,028 135,343 156,468 544,456 152,084 168,217 176,676 189,769 686,746 178,124 Products and services - EOS 15,860 15,545 15,376 20,325 67,1