Revenue reached $221.2M in 2026Q3 with gross margin of 71.5%, yet a net loss of $5.5M and SBC of $14.0M indicate that operating breakeven has not yet translated into durable bottom-line earnings.
Alphatec Holdings, Inc. (ATEC) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 839.72M | 764.15M | 611.56M | 482.26M | 350.87M | 243.21M | 144.86M | 113.43M | 91.69M | 101.74M | 120.25M | 185.28M | 206.98M | 204.72M | 196.28M | 197.71M | 171.61M | 132.16M | 101.31M | 80.03M | 74M | 42.33M | 17.82M |
| Revenue Growth % | 15.34% | 24.95% | 26.81% | 37.45% | 44.26% | 67.89% | 27.71% | 23.7% | -9.87% | -15.39% | -35.1% | -10.48% | 1.1% | 4.3% | -0.72% | 15.21% | 29.85% | 30.44% | 26.59% | 8.14% | 74.85% | 137.5% | - |
| Cost of Goods Sold | 279.65M | 232.27M | 187.3M | 172.06M | 117.81M | 85.45M | 42.36M | 35.83M | 28.46M | 39.41M | 44.11M | 63.74M | 61.83M | 78.67M | 70.76M | 80.78M | 58.79M | 48.02M | 36.6M | 29.82M | 25.7M | 17.72M | 5.46M |
| COGS % of Revenue | - | 30.4% | 30.63% | 35.68% | 33.58% | 35.13% | 29.24% | 31.59% | 31.03% | 38.73% | 36.69% | 34.4% | 29.87% | 38.43% | 36.05% | 40.86% | 34.26% | 36.33% | 36.13% | 37.27% | 34.73% | 41.87% | 30.64% |
| Gross Profit | 560.07M | 531.89M | 424.26M | 310.2M | 233.06M | 157.76M | 102.5M | 77.59M | 63.24M | 62.33M | 76.13M | 121.54M | 145.15M | 126.06M | 125.52M | 116.93M | 112.82M | 84.14M | 64.71M | 50.21M | 48.3M | 24.6M | 12.36M |
| Gross Margin % | 66.7% | 69.6% | 69.37% | 64.32% | 66.42% | 64.87% | 70.76% | 68.41% | 68.97% | 61.27% | 63.31% | 65.6% | 70.13% | 61.57% | 63.95% | 59.14% | 65.74% | 63.67% | 63.87% | 62.73% | 65.27% | 58.13% | 69.36% |
| Gross Profit Growth % | - | 25.37% | 36.77% | 33.1% | 47.73% | 53.91% | 32.1% | 22.7% | 1.45% | -18.13% | -37.36% | -16.27% | 15.14% | 0.43% | 7.34% | 3.65% | 34.08% | 30.03% | 28.88% | 3.94% | 96.33% | 99.04% | - |
| Operating Expenses | 586.16M | 614.02M | 560.43M | 483.6M | 380.03M | 285.82M | 161.36M | 124.87M | 83.23M | 69.99M | 87.48M | 127.62M | 142.6M | 143.84M | 134.27M | 130.6M | 122.22M | 87.31M | 89.76M | 60.55M | 70.42M | 39.65M | 12.18M |
| OpEx % of Revenue | - | 80.35% | 91.64% | 100.28% | 108.31% | 117.52% | 111.39% | 110.09% | 90.77% | 68.79% | 72.75% | 68.88% | 68.89% | 70.26% | 68.41% | 66.05% | 71.22% | 66.07% | 88.6% | 75.66% | 95.15% | 93.67% | 68.36% |
| Selling, General & Admin | 517.03M | 498.53M | 450.2M | 374.08M | 300.01M | 229.27M | 129.16M | 101.71M | 72.51M | 64.38M | 77.3M | 105.72M | 120.56M | 124.91M | 115.12M | 111.56M | 101.29M | 73.83M | 65.8M | 54.19M | 66.83M | 35.58M | 11.01M |
| SG&A % of Revenue | - | 65.24% | 73.61% | 77.57% | 85.51% | 94.27% | 89.16% | 89.67% | 79.08% | 63.28% | 64.28% | 57.06% | 58.25% | 61.01% | 58.65% | 56.42% | 59.02% | 55.86% | 64.95% | 67.71% | 90.3% | 84.06% | 61.76% |
| Research & Development | 76.47M | 76.27M | 80.72M | 70.11M | 44.03M | 32.02M | 18.75M | 13.85M | 9.98M | 4.92M | 9.25M | 18.04M | 17.33M | 14.19M | 15.23M | 16.89M | 19.4M | 13.49M | 12.96M | 6.36M | 3.59M | 4.07M | 1.18M |
| R&D % of Revenue | - | 9.98% | 13.2% | 14.54% | 12.55% | 13.16% | 12.94% | 12.21% | 10.89% | 4.84% | 7.69% | 9.74% | 8.37% | 6.93% | 7.76% | 8.54% | 11.3% | 10.21% | 12.8% | 7.95% | 4.85% | 9.61% | 6.6% |
| Other Operating Expenses | 1000K | 39.22M | 29.51M | 39.4M | 35.99M | 24.53M | 13.46M | 9.31M | 738K | 0 | -715K | 6.98M | -33K | -1.66M | -794K | 2.15M | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -26.08M | -82.13M | -136.17M | -173.4M | -146.97M | -128.06M | -58.86M | -47.28M | -22.44M | -9M | -15.38M | -172.44M | 1.84M | -73.43M | -9.84M | -24.52M | -11.79M | -9.56M | -27.81M | -19.69M | -22.11M | -15.04M | 177.81K |
| Operating Margin % | -3.11% | -10.75% | -22.27% | -35.95% | -41.89% | -52.65% | -40.63% | -41.68% | -24.47% | -8.85% | -12.79% | -93.07% | 0.89% | -35.87% | -5.01% | -12.4% | -6.87% | -7.23% | -27.45% | -24.6% | -29.88% | -35.54% | 1% |
| Operating Income Growth % | - | 39.69% | 21.47% | -17.98% | -14.77% | -117.55% | -24.51% | -110.68% | -149.25% | 41.45% | 91.08% | -9451.36% | 102.51% | -646.5% | 59.88% | -107.96% | -23.35% | 65.63% | -41.25% | 10.98% | -47% | -8560.46% | - |
| EBITDA | 56.45M | 435K | -52.85M | -113.71M | -103.05M | -97.88M | -47.23M | -38.77M | -15.65M | -1.52M | -3.01M | -168.59M | 6.55M | -68.69M | -5.91M | -22.36M | -10.25M | 2.4M | -19.07M | -9.06M | -13.1M | -11.5M | 811.66K |
| EBITDA Margin % | 6.72% | 0.06% | -8.64% | -23.58% | -29.37% | -40.25% | -32.6% | -34.18% | -17.07% | -1.5% | -2.51% | -90.99% | 3.17% | -33.55% | -3.01% | -11.31% | -5.98% | 1.82% | -18.83% | -11.33% | -17.7% | -27.18% | 4.55% |
| EBITDA Growth % | 513.9% | 100.82% | 53.52% | -10.35% | -5.28% | -107.24% | -21.83% | -147.7% | -928.32% | 49.49% | 98.21% | -2672.26% | 109.54% | -1062.68% | 73.58% | -118.1% | -527.43% | 112.58% | -110.42% | 30.8% | -13.87% | -1517.24% | - |
| D&A (Non-Cash Add-back) | 82.53M | 82.56M | 83.32M | 59.68M | 43.93M | 30.17M | 11.63M | 8.51M | 6.79M | 7.48M | 12.36M | 3.85M | 4.71M | 4.74M | 3.93M | 2.15M | 1.53M | 11.96M | 8.73M | 10.62M | 9.02M | 3.54M | 633.85K |
| EBIT | -50.21M | -122.26M | -137.19M | -170.27M | -146.5M | -137.05M | -66.47M | -47.28M | -23.03M | 3.04M | -25.57M | -168.4M | 3.33M | -75.09M | -10.51M | -23.66M | -10.54M | -9.92M | -26.95M | -18.74M | -22.11M | -15.04M | 917.09K |
| Net Interest Income | -38.48M | -21.14M | -24.88M | -16.64M | -5.5M | -7.11M | -12.37M | -9.87M | -7.14M | -7.62M | -5.37M | -3.99M | -3.01M | -3.95M | -5.99M | -2.88M | -5.87M | -3.4M | -1.5M | -75K | -1.43M | -1.93M | -311.51K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.87M | 0 | 0 | 0 | 11K | 10K | 6K | 118K | 148K | 81K | 67K | 374K | 793K | 701K | 0 | 0 |
| Interest Expense | 38.48M | 21.14M | 24.88M | 16.64M | 5.5M | 7.11M | 12.37M | 0 | 7.14M | 7.62M | 5.37M | 4M | 3.02M | 3.96M | 6.11M | 3.03M | 4.7M | 3.49M | 1.88M | 868K | 2.13M | 1.93M | 311.51K |
| Other Income/Expense | -62.61M | -61.27M | -25.9M | -13.52M | -5.03M | -16.11M | -19.99M | -9.87M | -7.73M | 4.43M | -15.56M | 3.46M | -13.28M | -5.62M | -1.16M | -4.51M | -2.05M | -9.87M | -1.01M | 74K | -3.43M | -2.05M | 427.77K |
| Pretax Income | -88.69M | -143.4M | -162.07M | -186.91M | -152.01M | -144.16M | -78.85M | -57.14M | -30.17M | -4.57M | -30.93M | -178M | -11.79M | -79.05M | -16.62M | -26.69M | -16.49M | -13.05M | -28.82M | -19.61M | -25.55M | -17.09M | 605.58K |
| Pretax Margin % | -10.56% | -18.77% | -26.5% | -38.76% | -43.32% | -59.27% | -54.43% | -50.38% | -32.9% | -4.5% | -25.73% | -96.07% | -5.7% | -38.61% | -8.47% | -13.5% | -9.61% | -9.87% | -28.45% | -24.51% | -34.52% | -40.38% | 3.4% |
| Income Tax | -1.81M | -45K | 50K | -277K | -716K | -1.13M | 145K | -239K | -1.36M | -34K | -4.49M | 681K | 1.09M | 3.18M | -1.16M | -4.51M | -2.05M | 243K | 468K | 590K | 270K | -3.04M | 96.13K |
| Effective Tax Rate % | 2.04% | 0.03% | -0.03% | 0.15% | 0.47% | 0.78% | -0.18% | 0.42% | 4.51% | 0.74% | 14.51% | -0.38% | -9.22% | -4.02% | 6.97% | 16.89% | 12.46% | -1.86% | -1.62% | -3.01% | -1.06% | 17.77% | 15.87% |
| Net Income | -86.89M | -143.36M | -162.12M | -186.64M | -151.29M | -143.03M | -78.99M | -57M | -28.98M | -2.29M | -30.32M | -178.68M | -12.88M | -82.23M | -15.46M | -22.18M | -14.36M | -13.29M | -29.29M | -20.2M | -25.82M | -14.05M | 509.45K |
| Net Margin % | -10.35% | -18.76% | -26.51% | -38.7% | -43.12% | -58.81% | -54.53% | -50.25% | -31.6% | -2.25% | -25.21% | -96.44% | -6.22% | -40.16% | -7.88% | -11.22% | -8.36% | -10.06% | -28.91% | -25.24% | -34.88% | -33.2% | 2.86% |
| Net Income Growth % | 43.93% | 11.57% | 13.14% | -23.36% | -5.78% | -81.07% | -38.58% | -96.73% | -1163.08% | 92.43% | 83.03% | -1287.02% | 84.33% | -431.9% | 30.31% | -54.52% | -8.02% | 54.63% | -44.98% | 21.75% | -83.69% | -2858.67% | - |
| Net Income (Continuing) | -86.89M | -143.36M | -162.12M | -186.64M | -151.29M | -143.03M | -78.99M | -56.9M | -28.81M | -4.54M | -26.3M | -171.25M | -98K | -82.23M | -15.46M | -22.18M | -14.43M | -13.29M | -29.29M | -20.2M | -25.82M | -14.05M | 509.45K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.72M | 1.91M | 0 |
| EPS (Diluted) | -0.55 | -0.96 | -1.13 | -1.54 | -1.47 | -1.50 | -1.18 | -1.09 | -0.82 | -0.17 | -3.53 | -21.53 | -1.58 | -10.25 | -2.06 | -3.00 | -2.19 | -3.24 | -7.59 | -6.50 | -11.37 | -9.27 | 0.60 |
| EPS Growth % | 46.15% | 15.04% | 26.62% | -4.76% | 2% | -27.12% | -8.26% | -32.93% | -382.35% | 95.18% | 83.6% | -1262.66% | 84.59% | -397.57% | 31.33% | -36.99% | 32.41% | 57.31% | -16.77% | 42.83% | -22.65% | -1645% | - |
| EPS (Basic) | - | -0.96 | -1.13 | -1.54 | -1.47 | -1.50 | -1.18 | -1.09 | -0.82 | -0.18 | -3.53 | -21.53 | -1.59 | -10.25 | -2.06 | -3.00 | -2.19 | -3.24 | -7.59 | -6.50 | -11.37 | -9.27 | 0.72 |
| Diluted Shares Outstanding | 157.38M | 150.06M | 142.95M | 121.24M | 103.37M | 96.2M | 67.02M | 52.23M | 35.31M | 13.28M | 8.58M | 8.3M | 8.14M | 8.02M | 7.52M | 7.4M | 6.55M | 4.11M | 3.86M | 3.11M | 2.27M | 1.18M | 801.69K |
| Basic Shares Outstanding | 157.38M | 150.06M | 142.95M | 121.24M | 103.37M | 96.2M | 67.02M | 52.23M | 35.31M | 12.79M | 8.58M | 8.3M | 8.11M | 8.02M | 7.52M | 7.4M | 6.55M | 4.11M | 3.86M | 3.11M | 2.27M | 1.16M | 764.9K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ATEC stock.
For fiscal year 2025, Alphatec Holdings, Inc. (ATEC) reported total revenue of $764.2M. This represents a 4187.9% increase compared to $17.8M in 2004.
Alphatec Holdings, Inc. (ATEC) reported a net loss of $143.4M for the fiscal year ending 2025.
Alphatec Holdings, Inc. (ATEC) reported an operating income of $-82.1M, resulting in an operating profit margin of -10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Alphatec Holdings, Inc. (ATEC) generated $531.9M in gross profit for the year, representing a gross profit margin of 69.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and leverage
Metrics are mathematically derived from official filings.
Top-Line Growth Decelerating From Peak
Based on the reported quarterly income statement, ATEC's revenue grew about 12.6% year over year in the most recent quarter, down from 30.4% in 2025Q3, suggesting growth is normalizing as the case-volume base scales and incremental share gains become harder to win.
Revenue rose from $145.6M in 2024Q2 to $221.2M in 2026Q3, a strong multi-year expansion, but the sequential pattern shows growth decelerating from the high twenties toward the low-to-mid teens. This pattern may indicate that the PTP and Invictus platforms are maturing within existing hospital accounts, so investors should monitor whether surgeon conversion and EOS placements can sustain growth in the high teens as the revenue base grows.
Gross Margin Recovery Masks Operating Drag
Reported gross margin recovered from 61.1% in 2026Q1 to 71.5% in 2026Q3, returning to levels seen in 2024, which suggests pricing and mix are supporting unit economics even as the company remains loss-making below the gross line.
The gross margin trough in late 2025 and early 2026 appears tied to either mix shift or inventory-related effects, though the reported figures do not isolate the cause. The recovery to roughly 71% indicates that the implant and biologics franchise retains pricing power, yet the operating margin of only 1.5% in the latest quarter shows that SG&A, at roughly 60% of revenue, absorbs nearly all of the gross profit.
SG&A Absorbs Nearly All Gross Profit
Based on ATEC's reported figures, SG&A of $132.5M in 2026Q3 consumed about 84% of gross profit of $158.2M, indicating that operating leverage is only beginning to emerge after years of heavy commercial investment.
Operating income moved from a loss of $44.3M in 2025Q1 to a small profit of $3.2M in 2026Q3, which suggests gross profit growth is outpacing SG&A growth at the margin. However, SG&A has remained in a narrow $109M to $137M band across the period while revenue grew substantially, which implies the leverage is real but still thin. Investors should watch whether SG&A growth stays below revenue growth for several more quarters before treating this as durable.
Net Loss Persists Despite Operating Breakeven
As reported in the quarterly statements, ATEC posted a net loss of $5.5M in 2026Q3 despite positive operating income of $3.2M, and stock-based compensation of $14.0M suggests non-operating charges and SBC weigh on reported earnings quality.
The gap between operating income and net income points to interest expense and other non-operating items, consistent with a leveraged balance sheet with a reported debt-to-equity ratio of 17.21. Stock-based compensation has run between $14M and $24M per quarter, a significant non-cash burden that flatters cash profitability relative to GAAP results. The EPS trajectory, from -$0.35 to -$0.03, is improving but remains negative, so reported earnings should not yet be viewed as a clean signal of sustainable profitability.
Growth Durability and Leverage Risks
The strongest bear case rests on the reported -630.7% ROE and debt-to-equity of 17.21, which suggests the company's growth must continue to outrun financing costs and dilution, a difficult condition if revenue growth keeps slowing from 30% toward the mid-teens.
Short-sellers would likely argue that the recent gross margin recovery and operating breakeven are fragile, given that a single quarter's improvement followed a year of deep losses. If case volume growth slows further or hospital capital budgets tighten, the high fixed SG&A base could push operating margins back into negative territory quickly. The lack of disclosed EPS against consensus for the latest period also warrants caution before assuming the profitability inflection is established.