Q4 2025 Alphatec Holdings Inc Earnings Call Transcript
Key Points
- Alphatec Holdings Inc (ATEC) reported a 20% revenue growth in Q4 2025, reaching $213 million, with a 21% increase in surgical revenue.
- The company achieved a 25% total revenue growth for the full year 2025, with $764 million in revenue, marking a $153 million year-over-year increase.
- ATEC's adjusted EBITDA for 2025 was $93 million, representing 12% of revenue, and the company generated $3 million in free cash flow, indicating significant financial improvement.
- The company has a strong cash position with $161 million in cash on hand and access to $60 million of available borrowing, totaling $221 million in available cash.
- ATEC is uniquely positioned in the spine market with a focus on procedural advancements, including the release of new technologies like the bone mineral density test and 3D-printed implants.
- The international business carries a lower average revenue per case, creating a 120 basis point mix headwind for U.S. growth.
- The seasonality of the deformity business impacted year-over-year growth in Q4, making it appear less pronounced compared to Q2 and Q3.
- Despite strong revenue growth, the average revenue per procedure remained flat, which could indicate pricing pressures or competitive challenges.
- The company continues to face uncertainties that could cause actual results to differ materially from expectations, as highlighted in their forward-looking statements.
- There was a technical difficulty during the earnings call, which may have disrupted the flow of information and clarity for participants.
Good afternoon everyone and welcome to the webcast of ATEC fourth quarter and full year 2025 financial results. We would like to remind everyone that participants on the call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially.
These uncertainties are detailed in documents filed regularly with the SEC. During this call, you may hear the company refer to non-GAAP or adjusted measures. Reconciliations of these measures to US GAAP can be found in the supplemental financial tables included in today's press release which identify and quantify all excluded items and provide management's view of why this information is useful to investors.
Leading today's call will be ATEC'S Chairman and CEO Pat Miles; and CFO, Todd Koning. Now, I will turn the call over to Pat Miles.
Thank you much, [Tiffany], and welcome, everybody, to the Q4 2025
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