Alphatec Holdings, Inc. (ATEC) FY2025 10-K Annual Report
Alphatec Holdings, Inc. (ATEC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Alphatec Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Design, manufacture, and sale of spinal surgery medical devices, with polyaxial pedicle screw systems accounting for ~38% of net sales in 2025
- • No new products or segments introduced; emphasis on risks related to existing polyaxial pedicle screw systems and licensing compliance
- • Strategic focus on managing global regulatory compliance, supply chain risks including tariffs, and AI technology use to mitigate operational and legal risks
- • Liquidity: $160.8 million cash and equivalents at year-end 2025; reliance on subsidiaries’ dividends for holding company cash needs emphasized
- • Noteworthy risk disclosures on potential natural disasters impacting nearly all operations in wildfire and earthquake zones, and heightened legal/regulatory scrutiny including healthcare laws and intellectual property litigation
Management Discussion & Analysis
- • Forward-looking risks include operating losses, future revenue, expenses, liquidity, and need for additional funding
- • Key regulatory challenges: compliance with FDA and international quality requirements
- • Business risks: market acceptance, product commercialization, sales network maintenance, and talent retention
- • Economic and geopolitical factors, plus public health crises, may materially affect future results
- • No specific revenue, profitability, cash flow, or capital allocation figures provided in this section
Risk Factors
- • Litigation settlement and ongoing matters increased litigation-related expenses 143% to $23.8M in 2025
- • Exposure to foreign currency exchange risk as international business outside U.S. grows
- • Inventory purchase commitment with third-party supplier of $5.0M remaining through December 2025
- • Market share challenged by surgeons’ adoption and expansion of competing spine surgery technologies
- • $405M principal 0.75% senior convertible notes due 2030 with complex conversion features and capped call hedges
Alphatec Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$764M
▲ +25.0% YoY
Net Income
-$143M
▲ +11.6% YoY
Gross Margin
69.6%
▲ +23bp YoY
Operating Margin
-10.7%
▲ +1152bp YoY
Net Margin
-18.8%
▲ +775bp YoY
ROE
-1153.7%
▼ -229790bp YoY
Total Assets
$791M
▲ +2.0% YoY
EPS (Diluted)
$-0.96
▲ +15.0% YoY
Operating Cash Flow
$45M
▲ +201.3% YoY
Source: XBRL data from Alphatec Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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