Alphatec Holdings, Inc. · NASDAQ:ATEC
Alphatec — Q3 2025 Earnings Presentation
27 slides from Alphatec's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Financial Results
oOndeCc INFORMED BY €ON Q3 2025 FINANCIAL RESULTS PAT MILES, CHAIRMAN’ & CEO | TODD KONING, EVR & CFO | OCTOBER3052026
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: ATEC Is Uniquely Positioned
ATEC IS UNIQUELY POSITIONED 3
Slide 4: Q3 2025 Financial Highlights
Q3 2025 FINANCIAL HIGHLIGHTS Total revenue growth 13% of revenue; Positive FCF improving 840 bps YoY 4 | Reference non-GAAP reconciliation in appendix
Slide 5: Profitable Growth
PROFITABLE GROWTH Total revenue Surgical revenue Revenue growth in growth growth established territories Net new surgeon Adjusted Free Cash Flow users EBITDA Cash and Access to Cash Trailing 12-Month Trailing 12-Month Adjusted EBITDA Free Cash Flow 5 | Reference non-GAAP reconciliation in appendix
Slide 6: Q3 2025 Non-GAAP P&L Highlights
Q3 2025 NON-GAAP P&L HIGHLIGHTS Surgical Revenue $177M 31% Total Revenue Non-GAAP EOS Revenue $20M 29% YoY $ Growth Net Income TOTAL REVENUE $197M 30% • 28% surgical volume growth & 2% average revenue per case growth Gross Margin % 70% +80 bps • SG&A improvements driven by infrastructure Total Opera
Slide 7: Q3 2025 Non-GAAP AEBITDA
Q3 2025 NON-GAAP AEBITDA $30 30% $25 25% Adjusted EBITDA $26M +$19M $20 20% % OF SALES 13% +840 bps $15 15% Adj. EBITDA leverage being driven by the areas we $10 10% outlined and expected: $5 5% • Durable top-line growth • Variable rate improvement $0 0% Infrastructure leverage Q3 22 Q4 22 Q1 23 Q2
Slide 8: Balance Sheet
BALANCE SHEET Cash $156M Cash Flow Inflection Evident: Available Borrowing1 $60M • Trailing 12-month free cash flow of +$4M CASH + AVAILABLE CASH $216M • 2nd consecutive quarter of positive free cash flow • Positive free cash flow in 3 of the past 4 quarters FREE CASH FLOW2 $5M 8 | 1The Company had
Slide 9: Strong Outlook for 2025
STRONG OUTLOOK FOR 2025 Total revenue Adjusted EBITDA Free cash flow 9
Slide 10: 2025 AEBITDA Outlook
2025 AEBITDA OUTLOOK $100 25% $80 20% $60 15% Adjusted EBITDA $40 10% $20 5% $0 0% 41% drop through of YoY $ revenue ($20) (5%) growth to $ AEBITDA ($40) (10%) 2022 2023 2024 2025 10 | Reference historical non-GAAP reconciliation in appendix
Slide 11: Our Strategy Is Steadfast. Our Execution Is Relentless.
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: The Spine Market Needs ATEC
THE SPINE MARKET NEEDS ATEC 5 years 10 years 1 to 3 years 2 to 5 years SURGICAL TREATMENT DECISION FACTORS 2000 TODAY 12 | 1References on file
Slide 13: Lateral: Proven Procedural Success, Further Catalysts Ahead
LATERAL: PROVEN PROCEDURAL SUCCESS FURTHER CATALYSTS AHEAD Proceduralization and expanding indications of PTP and LTP address more complex pathologies Technology and informatics ecosystem enables variable mitigation to improve outcomes Procedural approach in a data-driven environment—data will infor
Slide 14: Cervical: Elevating Sophistication
CERVICAL: ELEVATING SOPHISTICATION opening doors for access and adoption to enhance safety and patient outcomes across cervical empowering surgeons with real-time data for informed decision-making 14
Slide 15: Accelerating Deformity Influence Through EOS Integration
ACCELERATING DEFORMITY INFLUENCE THROUGH EOS INTEGRATION 15
Slide 16: Advancing Pediatric Deformity
ADVANCING PEDIATRIC DEFORMITY 16
Slide 17: Valence: Simple. Integrated. Accessible.
VALENCE: SIMPLE. INTEGRATED. ACCESSIBLE. Purpose-built for spine and compatible with leading 3D imaging systems All-in-one system fits seamlessly in the O.R., with an in-field camera that empowers surgeon control and resolves traditional line-of-sight issues Streamlined setup and workflow integratio
Slide 18: Ecosystem Built for Long Run
ECOSYSTEM BUILT FOR LONG RUN 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 Planning & OP ROBOT
Slide 19: Foundation for Scalable Growth
FOUNDATION FOR SCALABLE GROWTH FOUNDATIONAL INVESTMENTS INFRASTRUCTURE BUILD PROFITABLE SALES GROWTH 2018-2020 2021-2023 2024 Onward • Spine expertise and know-how • Furthered informatic ecosystem • Lever infrastructure investments • Portfolio overhauled to create foundation via EOS® and Valence • I
Slide 20: ATEC Is Uniquely Positioned
ATEC IS UNIQUELY POSITIONED 20
Slide 21: The Preferred Destination in Spine
21 ondec INFORMED BY EQN #4) THE PREFERRED Ni DESTINATION IN SPINE. ~ uf
Slide 22: Appendix
APPENDIX 22
Slide 23: Supplemental Financial Information: Historical GAAP P&L Trend
SUPPLEMENTAL FINANCIAL INFORMATION HISTORICAL GAAP P&L TREND - CONSOLIDATED ($000's) Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Revenue from products and services $ 109,110 $ 116,920 $ 118,262 $ 137,970 $ 482,262 $ 138,477 $ 145,573 $ 150,719 $ 176,793 $ 611,562 $ 169,180 $ 185
Slide 24: Supplemental Financial Information: Non-GAAP Reconciliation
SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP RECONCILIATION - CONSOLIDATED ($000's) NON-GAAP GROSS PROFIT & GROSS MARGIN Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Gross Profit, GAAP $ 70,425 $ 64,541 $ 80,047 $ 95,190 $ 310,203 $ 97,351 $ 102,594 $ 102,729 $ 121,588 $ 424,262 $
Slide 25: Supplemental Financial Information: Adjusted EBITDA Reconciliation
SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP RECONCILIATION - CONSOLIDATED ($000's) ADJUSTED EBITDA Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Net loss, GAAP $ (43,529) $ (51,377) $ (42,654) $ (49,078) $ (186,638) $ (48,495) $ (40,680) $ (39,616) $ (33,332) $ (162,123) $ (51,907
Slide 26: Supplemental Financial Information: Non-GAAP P&L Trend
SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP P&L TREND - CONSOLIDATED ($000's) Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Revenue from products and services $ 109,110 $ 116,920 $ 118,262 $ 137,970 $ 482,262 $ 138,477 $ 145,573 $ 150,719 $ 176,793 $ 611,562 $ 169,180 $ 185,544 $
Slide 27: Supplemental Financial Information: Revenue Supplement
SUPPLEMENTAL FINANCIAL INFORMATION REVENUE SUPPLEMENT Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Revenues: Products and services - Surgical 94,040 102,306 103,823 122,594 422,763 122,617 130,028 135,343 156,468 544,456 152,084 168,217 176,676 Products and services - EOS 15,070