Alphatec third quarter revenue of $221 million missed expectations amid biologics shortfall

Alphatec Holdings reported third quarter 2026 revenue of $221 million, a 13% year-over-year increase that fell short of the $225 million consensus estimate. Despite the revenue miss, the company demonstrated operational progress by generating $6 million in free cash flow and achieving a 20% increase in surgical case volumes.

Key Highlights

• Total revenue grew 13% to $221 million, missing estimates primarily due to lower-than-anticipated biologics attachment rates.
• Surgical hardware revenue rose 17% year-over-year, while surgical revenue overall increased 14% to $202 million.
• Operational KPIs remained robust with case volumes increasing 20% and the net new surgeon user base expanding by 25%.
• Non-GAAP adjusted EBITDA reached $38 million, representing a 17.3% margin and reflecting a 400 basis point expansion year-over-year.
• Management updated full-year 2026 guidance to project total revenue of $862 million and adjusted EBITDA of $137 million.