Alphatec Holdings, Inc. (ATEC)

Alphatec Holdings, Inc. (ATEC) is a high-growth medical technology company focused on providing innovative solutions for spinal surgery. Led by CEO Pat Miles, Alphatec’s mission is to "Revolutionize the approach to spine surgery" through its "Lateral Transpsoas (LTP)" and "Prone Transpsoas (PTP)" procedures. The company holds a strategic industry position as the third-largest spine player in the U.S., growing at roughly six times the market rate. By late 2025, ATEC stock has become a "Profitability Inflection" story, achieving its second-best adjusted EBITDA quarter ever in Q2 2025. Its vision is to reach $1 billion in revenue by 2027 by displacing legacy competitors with its integrated "Surgical Architecture."

The business operations of Alphatec are divided into Surgical Revenue and the EOS imaging segment. The core growth driver in 2025 has been "Surgeon Adoption," with the company reporting an 18% increase in active surgeons and a 29% jump in surgical revenue. In late 2025, ATEC raised its full-year revenue guidance to $742 million and reached a record adjusted EBITDA margin of 13%. The 2026 strategic roadmap focuses on "The REMI® Robotics Integration," aiming to combine its EOS imaging data with robotic-assisted navigation to improve clinical outcomes and reduce procedure time. By utilizing its "Procedural Moat"—owning the complete ecosystem from imaging to implants—Alphatec locks surgeons into its high-margin "Same-Store" growth cycle. This "Full-System Integration" is a primary driver for the ATEC stock price. The company’s move into "Positive Free Cash Flow" in late 2025 has removed the dilution risk for ATEC stock holders.