Short answer
Alphatec Holdings, Inc. (ATEC) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $764M (+25.0% year over year) and net income of −$143M.
- Top risk flagged: Litigation settlement and ongoing matters increased litigation-related expenses 143% to $23.8M in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $764M
- +25.0% YoY
- Net income
- −$143M
- +11.6% YoY
- Operating margin
- -10.7%
- +11.5 pp YoY
- Gross margin
- 69.6%
- +0.2 pp YoY
- EPS (diluted)
- −$0.96
- +15.0% YoY
- ROE
- -1153.7%
- −2297.9 pp YoY
- Operating cash flow
- $45M
- +201.3% YoY
Source: XBRL data from the Alphatec Holdings, Inc. (ATEC) FY2025 10-K on SEC EDGAR. USD.
Alphatec Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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