Q2 2026 Alphatec Holdings Inc Earnings Call Transcript

Aug 4, 2026 / 08:30 PM GMT

Release Date Price: $10.35 (+1.97%)

Transcript 10-Q8-K

Key Points

Positve

Alphatec Holdings Inc (ATEC) delivered strong financial results in Q2 2026, with total revenue of $214 million (up 15% YoY) and surgical revenue of $196 million (up 17% YoY), demonstrating robust top-line growth.
The company saw significant operational leverage, with adjusted EBITDA of $36 million (up 53% YoY) and a 420 basis point expansion in adjusted EBITDA margin to 17%, showcasing improved profitability.
Surgeon adoption and procedural volume growth remained robust, with a 24% increase in net new surgeons and a 20% increase in case volume, indicating strong momentum and durability in the surgical business.
Gross margin improved substantially by 260 basis points year-over-year to 72.5%, driven by better inventory efficiency, cost reductions, and favorable product mix.
The company generated positive free cash flow of approximately $1 million in Q2, exceeding expectations, and delivered positive trailing 12-month free cash flow for the fourth consecutive quarter, with Q3 guidance of $4-6 million.
EOS Insight is proving its strategic value, with established accounts showing a 32% increase in implant revenue within six months of go-live, reinforcing the platform's ability to drive surgeon engagement and procedural adoption.
Management raised its full-year adjusted EBITDA guidance to approximately $140 million (16% margin), up from the prior outlook of $134 million, reflecting confidence in continued margin progression and profitability.

Negative

Overall revenue per case declined approximately 2.7% year-over-year, driven by case mix and strong international growth, with the remaining pressure primarily attributable to a biologics attachment rate that stabilized but remained below prior year levels.
The company revised its full-year revenue per case outlook to decline in the low single-digits, down from a prior expectation of being flattish, due to a slower-than-expected improvement in biologics attachment and a more significant mix headwind from cervical and international growth.
EOS revenue was essentially flat year-over-year at $17 million, and while installations rebounded in Q2, the company acknowledged that installation dynamics can be bumpy quarter to quarter, creating some unpredictability in this segment.
The company expects surgical case volume growth to decelerate to high-teens in the second half of 2026, down from 20% in the first half, reflecting a more conservative outlook despite strong current momentum.
Free cash flow generation in Q2 was modest at approximately $1 million, and the company had to invest heavily ($33 million) in inventory and instrument sets to support growth, which could pressure near-term cash flow despite the positive full-year outlook.
Biologics attachment remains a headwind, and management expressed disappointment in this area, noting that it is a key area of focused execution but has not yet shown the desired improvement, potentially limiting revenue per case growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ATEC.OQ - Alphatec Holdings, Inc.
Q2 2026 Alphatec Holdings Inc Earnings Call
Aug 04, 2026 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon everyone, and welcome to the webcast of ATEC's second quarter financial results.

We would like to remind everyone that participants on the call will make 4l 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 view of

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