Source: Form 10-K Annual Report For the fiscal year ended December 31, 2025
Table of Contents
- 1. Quick Facts / Company Snapshot
- 2. Company Overview
- 3. Business Segments
- 4. History and Evolution
- 5. Products and Services
- 6. Brand Portfolio
- 7. Geographical Presence
- 8. Board of Directors and Leadership Team
- 9. Future Strategy
- 10. Key Strengths
- 11. Key Challenges and Risks
- 12. Conclusion and Strategic Outlook
- 13. Official Site
- 14. Income Statement / Profit and loss
- 15. Balance sheet
- 16. Cash flow
- 17. Subsidiaries & Joint Ventures
- 18. Other Investments & Holdings
- 19. Physical properties
- 20. Investments and capital expenditure
- 21. Shareholding pattern / Ownership
- 22. Frequently Asked Questions
Quick Facts / Company Snapshot
| Metric / Feature | Details |
|---|---|
| Company Name | Alphatec Holdings, Inc. |
| Ticker Symbol | NASDAQ: ATEC |
| Corporate Headquarters | 1950 Camino Vida Roble, Carlsbad, California 92008, USA |
| Incorporation Year | 2005 (Delaware) |
| Chairman & Chief Executive Officer | Pat Miles |
| Executive Vice President & Chief Financial Officer | J. Todd Koning |
| Global Headcount | 913 employees (as of December 31, 2025) |
| Core Operating Subsidiaries | Alphatec Spine, Inc., SafeOp Surgical, Inc., EOS imaging S.A.S. |
| Official Corporate Website | www.atecspine.com |
Company Overview
Alphatec Holdings, Inc. (NASDAQ: ATEC) is a Carlsbad, California-based medical technology company focused exclusively on the design, development, and advancement of technology for the surgical treatment of spinal disorders. By maintaining a 100% focus on spine care, the company aims to clinical distinction and revolutionize spine surgery through integrated procedural solutions.
The company develops surgical approaches built from the ground up that seamlessly combine access systems, implants, fixation devices, biologics, and real-time intraoperative neural monitoring. These procedural solutions integrate directly with the expanding InformatiX™ (“IX”) platform, designed to inform patient care across pre-operative planning, intra-operative execution, and post-operative assessment. Operating primarily through its wholly-owned subsidiaries—Alphatec Spine, Inc., SafeOp Surgical, Inc., and EOS imaging S.A.S.—the company serves spine surgeons, healthcare systems, and surgical facilities across the United States and select international markets.
Business Segments
The company operates in a single reportable business segment dedicated to medical technology for spine surgery. Its operating capabilities and commercial offerings are categorized into two primary solution lines:
- Surgical Products: Encompasses approach-specific access retractors, specialized spinal implants (porous titanium, PEEK, and 3D-printed titanium), comprehensive fixation solutions, expandable interbody devices, structural allografts, demineralized bone matrices, amniotic tissue barriers, and integrated intraoperative neural monitoring hardware.
- Informatics and Imaging Solutions: Includes the EOS® full-body 3D low-dose imaging systems, the web and mobile-based EOS Insight™ alignment assessment software, automated bone density tools (AutoDensity), and navigation-enabled robotic assistance technologies (Valence™).
History and Evolution
Alphatec Holdings, Inc. was incorporated in Delaware in March 2005. The company underwent a comprehensive corporate transformation beginning in 2018, which led to a complete restructuring of its leadership, operational methodology, and clinical development priorities.
- 2018 Transformation: Replaced the executive team and board leadership, establishing the “ATEC Organic Innovation Machine™” to bring internal research, product design, rapid prototyping, and cadaveric testing under one roof in Carlsbad, California.
- 2019–2021 Infrastructure & Acquisitions: Expanded operational capacity by opening a specialized distribution hub in Memphis, Tennessee. Acquired SafeOp Surgical, Inc. (2019) to embed automated neural health monitoring directly into surgical approaches, and launched the Prone TransPsoas (PTP™) approach in 2020. Acquired EOS imaging S.A.S. (2021) to incorporate full-body calibrated 3D imaging into pre- and post-operative planning.
- 2022–2024 Portfolio Expansion: Released the Lateral TransPsoas (LTP™) and Midline ALIF procedures to complete its single-position lateral franchise. Acquired Valence™ navigation-enabled robotics assets (2023) and commercially launched the EOS Insight™ software platform (2024).
- 2025 Advancement: Introduced pediatric 3D modeling for adolescent idiopathic scoliosis (AIS) and AutoDensity bone density assessment tools into the EOS Insight ecosystem.
Products and Services
The company designs integrated procedural workflows structured to address the core objectives of spine surgery: neural decompression, segmental stabilization, and sagittal alignment restoration.
- InformatiX™ (IX) Platform: Comprises EOS® low-dose imaging systems; EOS Insight™ surgical planning software; SafeOp® Neural InformatiX System providing automated EMG, SSEP, and MEP monitoring; and Valence™ robotic navigation.
- Procedural Approaches & Positioners: Flagship single-position approaches including Prone TransPsoas (PTP™), Lateral TransPsoas (LTP™), and Midline ALIF, supported by the dedicated PTP Patient Positioning System™.
- Access Systems: Sigma™ procedure-specific split-blade retractors engineered for direct, illuminated visualization across lateral, anterior, and posterior operative corridors.
- Implants & Fixation: IdentiTi™ porous titanium implants with NanoTec™ surface enhancements; InVictus™ spinal fixation system featuring adaptable screw configurations for complex deformity and degenerative cases.
- Biologics: 3D ProFuse™ Osteoconductive Bioscaffold; AlphaGRAFT® Demineralized Bone Matrix (DBM) and Cellular Bone Matrix (CBM); BioCORE™ Moldable Bioactive Graft; and Amnioshield® Amniotic Tissue Barrier.
Brand Portfolio
The company maintains a proprietary intellectual property and trademark portfolio focused on procedural spine solutions, including:
- Informatics & Imaging: InformatiX™, EOS®, EOS Edge®, EOS Insight®, SafeOp®, Valence™.
- Surgical Approaches & Access: PTP™, LTP™, Sigma™.
- Implants & Fixation: IdentiTi™, InVictus™, NanoTec™.
- Biologic Solutions: 3D ProFuse™, AlphaGRAFT®, BioCORE™, Amnioshield®.
Geographical Presence
The company manages administrative, R&D, and commercial operations across several strategic locations:
- Carlsbad, California, USA: Global corporate headquarters, holding a 121,541-square-foot facility housing corporate operations, rapid prototyping, a mechanical testing lab, and a 7-station cadaveric surgeon training facility.
- Memphis, Tennessee, USA: Dedicated 75,643-square-foot logistical and distribution hub facilitating inventory deployment.
- Paris, France: European regional office facilities measuring 23,946 square feet dedicated to EOS imaging technology development and service management.
- International Markets: Direct commercial footprint and selective market expansion in Australia, New Zealand, and Japan.
Board of Directors and Leadership Team
The company is guided by an executive team and board of directors with background in orthopedic and spine medical technology:
- Pat Miles: Chairman and Chief Executive Officer
- J. Todd Koning: Executive Vice President and Chief Financial Officer
- Mortimer Berkowitz III: Lead Director
- Quentin Blackford: Director
- David Demski: Director
- Karen K. McGinnis: Director
- David R. Pelizzon: Director
- Keith Valentine: Director
- Ward W. Woods: Director
This inflection is not just a milestone; it is validation of the model we have been building for the better part of this decade.
Pat Miles, Chairman & CEO
Future Strategy
The company executes a strategy centered on three core growth initiatives:
- 1. Create Clinical Distinction: Continuously innovate complete procedural solutions combining hardware, access, biologics, and software informatics rather than isolated implant components.
- 2. Compel Surgeon Adoption: Expand clinical engagement through the “ATEC Experience,” a peer-to-peer training program hosted at the Carlsbad cadaveric laboratory designed to train visiting surgeons on approach-specific techniques.
- 3. Elevate Distribution: Strengthen and expand the strategic sales force of exclusive independent sales agents and direct employee sales representatives, while selectively scaling international presence in attractive healthcare markets.
Key Strengths
- 100% Spine Focus: Organizational resources, engineering, and commercial efforts are entirely concentrated on spinal pathology.
- Integrated Procedural Workflow: Connects pre-operative diagnostic imaging (EOS), intra-operative neural monitoring (SafeOp), guidance (Valence), access, and fixation into a continuous ecosystem.
- In-House R&D Capabilities: The “ATEC Organic Innovation Machine™” enables rapid design iteration, internal prototyping, and clinical validation.
- Surgeon Education Infrastructure: On-site cadaveric lab facilities support peer-to-peer surgeon conversion and procedural mastery.
Key Challenges and Risks
- Competitive Market Environment: Competes against large, highly resourced medical technology manufacturers, including Medtronic Sofamor Danek, DePuy Spine (Johnson & Johnson), Globus Medical, and Zimmer Biomet.
- Supplier Dependency: Relies on third-party contract manufacturers for hardware supply, including a single-source supplier (Invibio) for implantable PEEK material, as well as third-party donors for human tissue biologics.
- Regulatory & Compliance Requirements: Subject to stringent FDA 510(k) clearances, Premarket Approvals (PMA), Quality System Regulations (QSR), and international regulatory body compliance.
- Healthcare Reimbursement Pressures: Revenue depends on third-party payor coverage and reimbursement rates established by Medicare, Medicaid, and commercial insurers for spinal fusion procedures.
- Intellectual Property & Litigation: Risk of patent dispute assertions, ongoing defense expenses, and potential product liability exposure inherent to surgical implants.
Conclusion and Strategic Outlook
Alphatec Holdings, Inc. continues to execute its strategy of driving procedural distinction within the spine industry. By integrating full-body imaging, automated software informatics, intraoperative neuromonitoring, and single-position procedural access, the company aims to improve surgical predictability and reproducible patient outcomes across complex deformity and degenerative spine care.
Official Site
Official Corporate Website: www.atecspine.com
Income Statement / Profit and loss
| Metric (in $ thousands) | FY 2025 | FY 2024 | YoY Growth (%) |
|---|---|---|---|
| Revenue from products and services | $764,155 | $611,562 | +24.95% |
| Cost of sales | $232,267 | $187,300 | +24.01% |
| Gross profit | $531,888 | $424,262 | +25.37% |
| Research and development expenses | $76,268 | $80,718 | -5.51% |
| Sales, general and administrative expenses | $498,526 | $450,199 | +10.73% |
| Litigation-related expenses | $23,784 | $9,799 | +142.72% |
| Amortization of acquired intangible assets | $15,060 | $16,258 | -7.37% |
| Transaction-related expenses | $0 | $210 | -100.00% |
| Restructuring expenses | $378 | $3,247 | -88.36% |
| Total operating expenses | $614,016 | $560,431 | +9.56% |
| Operating loss | $(82,128) | $(136,169) | -39.69% |
| Interest expense, net | $(45,922) | $(24,879) | +84.58% |
| Loss on debt extinguishment | $(17,576) | $0 | N/A |
| Gain on derivative liability | $620 | $0 | N/A |
| Other income (expense), net | $1,603 | $(1,025) | +56.39% |
| Net loss before taxes | $(143,403) | $(162,073) | -11.52% |
| Income tax (benefit) provision | $(45) | $50 | -10.00% |
| Net loss | $(143,358) | $(162,123) | -11.57% |
Balance sheet
| Metric (in $ thousands) | FY 2025 | FY 2024 | YoY Growth (%) |
|---|---|---|---|
| Cash and cash equivalents | $160,806 | $138,840 | +15.82% |
| Accounts receivable, net | $97,304 | $82,987 | +17.25% |
| Inventories | $169,444 | $175,264 | -3.32% |
| Prepaid expenses and other current assets | $23,322 | $20,308 | +14.84% |
| Total current assets | $450,876 | $417,399 | +8.02% |
| Property and equipment, net | $135,324 | $156,394 | -13.47% |
| Right-of-use assets | $31,225 | $34,701 | -10.02% |
| Goodwill | $75,208 | $70,976 | +5.96% |
| Intangible assets, net | $93,454 | $93,518 | -0.07% |
| Other assets | $5,121 | $2,722 | +88.13% |
| Total assets | $791,208 | $775,710 | +2.00% |
| Accounts payable | $40,893 | $52,984 | -22.82% |
| Accrued expenses and other current liabilities | $97,019 | $81,466 | +19.09% |
| Contract liabilities (current) | $10,439 | $10,467 | -0.27% |
| Short-term debt | $64,526 | $1,656 | +3796.50% |
| Current portion of operating lease liabilities | $6,298 | $6,453 | -2.40% |
| Total current liabilities | $219,175 | $153,026 | +43.23% |
| Long-term debt | $501,412 | $574,522 | -12.73% |
| Operating lease liabilities, less current portion | $23,856 | $27,305 | -12.63% |
| Other long-term liabilities | $10,736 | $11,423 | -6.01% |
| Total liabilities | $755,179 | $766,254 | -1.45% |
| Redeemable preferred stock | $23,603 | $23,603 | 0.00% |
| Common stock | $15 | $14 | +7.14% |
| Treasury stock | $(25,097) | $(25,097) | 0.00% |
| Additional paid-in capital | $1,466,377 | $1,305,677 | +12.31% |
| Accumulated other comprehensive loss | $(4,426) | $(13,678) | -67.64% |
| Accumulated deficit | $(1,424,443) | $(1,281,085) | +11.19% |
| Total stockholders’ equity (deficit) | $12,426 | $(14,169) | -12.30% |
| Total liabilities and stockholders’ equity (deficit) | $791,208 | $775,710 | +2.00% |
Cash flow
| Metric (in $ thousands) | FY 2025 | FY 2024 | YoY Growth (%) |
|---|---|---|---|
| Net cash provided by (used in) operating activities | $45,231 | $(44,651) | +1.30% |
| Net cash used in investing activities | $(53,411) | $(93,136) | -42.65% |
| Net cash provided by financing activities | $30,018 | $56,208 | -46.59% |
| Effect of exchange rate changes on cash | $128 | $(551) | -76.77% |
| Net change in cash and cash equivalents | $21,966 | $(82,130) | -73.25% |
| Cash and cash equivalents at beginning of year | $138,840 | $220,970 | -37.17% |
| Cash and cash equivalents at end of year | $160,806 | $138,840 | +15.82% |
Subsidiaries & Joint Ventures
- Alphatec Spine, Inc. (Wholly owned operating subsidiary)
- SafeOp Surgical, Inc. (Wholly owned operating subsidiary)
- EOS imaging S.A.S. (Wholly owned operating subsidiary)
Other Investments & Holdings
- Equity Investment: $3,000,000 cash paid for equity investment during FY 2025.
Physical properties
- Carlsbad, California: Leased corporate headquarters (121,541 square feet).
- Memphis, Tennessee: Leased distribution facility (75,643 square feet).
- Paris, France: Leased office facilities (23,946 square feet).
Investments and capital expenditure
- Purchases of property and equipment (Capex): $42,455 thousand (FY 2025) | $83,223 thousand (FY 2024) | $80,508 thousand (FY 2023)
- Purchase of intangible assets: $7,186 thousand (FY 2025) | $9,913 thousand (FY 2024) | $6,467 thousand (FY 2023)
- Research and development expenditure: $76,268 thousand (FY 2025) | $80,718 thousand (FY 2024) | $70,115 thousand (FY 2023)
Shareholding pattern / Ownership
| Category | Shares Held | % Stake | Previous % Stake |
|---|---|---|---|
| Executive Officers, Directors, and >5% Stockholders (as a Group) | 30,271,324 | 20% | Not Disclosed |
| Public Float & Other Shareholders | 121,085,296 | 80% | Not Disclosed |
| Total Outstanding Shares (as of February 17, 2026) | 151,356,620 | 100% | 100% |
Frequently Asked Questions
What is Alphatec Holdings’ primary business focus?
Alphatec Holdings, Inc. is a medical technology company focused exclusively on designing, developing, and advancing integrated solutions for the surgical treatment of spinal disorders.
What core platforms make up the InformatiX™ (IX) platform?
The InformatiX platform combines EOS® 3D imaging systems, EOS Insight™ planning software, SafeOp® automated intraoperative neural monitoring, and Valence™ robotic navigation technology.
What are Alphatec’s flagship surgical approaches?
The company’s key single-position procedural approaches include Prone TransPsoas (PTP™), Lateral TransPsoas (LTP™), and Midline ALIF.
Where are Alphatec’s primary operational facilities located?
Corporate headquarters and R&D facilities are in Carlsbad, California; national product logistics are managed out of Memphis, Tennessee; and international imaging operations are situated in Paris, France.