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Alphatec (ATEC) investor relations material
Alphatec Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue grew 30% year-over-year to $197 million, with strong performance in both surgical and EOS segments and robust profitability momentum.
Adjusted EBITDA reached $26 million (13% margin), up 840 basis points year-over-year, and free cash flow was $5 million.
Net new surgeon users increased by 26%, supporting future growth.
Second consecutive quarter of non-GAAP net income profitability, with $4 million non-GAAP net income.
Net loss for Q3 2025 was $28.6 million, an improvement from $39.6 million loss in Q3 2024.
Financial highlights
Surgical revenue grew 31% year-over-year to $177 million; EOS revenue increased 29% to $20 million.
Gross margin (GAAP and non-GAAP) at 70% for Q3 2025, up 80 basis points year-over-year.
Adjusted EBITDA for Q3 2025 was $26 million, up from $7 million in Q3 2024.
Cash and cash equivalents at quarter end were $156 million, with $60 million available on a credit line.
Trailing 12-month adjusted EBITDA was $81 million; trailing 12-month free cash flow was $4 million.
Outlook and guidance
Full-year 2025 revenue guidance raised to $760 million, with surgical revenue expected at $684 million and EOS revenue at $76 million.
Non-GAAP adjusted EBITDA guidance increased to $91 million (12% margin) for the full year.
Case volume growth expected in the low 20% range year-over-year; case ASP to grow in low single digits.
Q4 free cash flow expected between $6 million and $8 million.
On track to meet/exceed 2027 targets: $1 billion revenue, 18% adjusted EBITDA, $65 million free cash flow.
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