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- **Revenue Growth Accelerates**: Q3 2025 revenue up 30% YoY to $197 million, with surgical revenue at $177 million (+31% YoY).
- **Profitability Expansion**: Adjusted EBITDA margin expanded 840 basis points YoY to 13%, with free cash flow turning positive for the first time.
- **Strategic Catalysts**: EOS integration, Valence system launch, and AI-driven alignment tools position for 2026 growth.
- **Surgeon Adoption Surge**: 26% net new surgeon users Q3, with 30% same-store sales growth in established markets.
- **2027 Targets On Track**: Projected $1 billion revenue and $65 million free cash flow by 2027, with 2026 free cash flow guidance of $20 million.
- **Deformity Market Expansion**: EOS biplanar imaging and AI tools driving early-stage deformity market penetration.


**【CEO Summary Section】**
- Highlighted 30% year-over-year revenue growth to $197 million, driven by surgical and EOS revenue streams.
- Emphasized durable growth through proceduralization in lateral, cervical, and deformity markets.
- Highlighted EOS integration, Valence system launch, and AI-driven alignment tools as key future catalysts.
- Noted 26% net new surgeon user growth and 30% same-store sales growth in established territories.
- Highlighted free cash flow of $5 million and trailing 12-month EBITDA of $81 million.

**【CFO Financial Commentary】**
- Reported Q3 2025 revenue of $197 million (+30% YoY), with surgical revenue at $177 million (+31% YoY) and EOS revenue at $20 million.
- Gross margin maintained at 70%, with R&D expenses up 27% YoY to $15 million.
- Operating expenses leveraged 980 basis points YoY, driving adjusted EBITDA of $26 million (13% of revenue).
- Raised full-year 2025 revenue guidance to $760 million (+$18 million) and EBITDA guidance to $91 million.
- Projected 2026 free cash flow in the $20 million range, with long-term 2027 targets of $1 billion revenue and $65 million free cash flow.

**【Q&A Key Highlights】**
- **Cash Flow & Growth Balance**: CFO noted 2026 free cash flow guidance of $20 million, with plans to update long-range plan in late 2026. CEO emphasized durable growth through surgeon adoption (30% same-store sales) and infrastructure investments.
- **Competitive Landscape**: CEO highlighted disruption from industry consolidation, with ATEC focused on proceduralization and EOS integration. CFO noted share gains across all competitors.
- **Valence Launch**: CEO described Valence as a democratizing tool for lateral surgery, with Q4 2025 launch and 2026 adoption acceleration. CFO noted cautious rollout to ensure success.
- **International Expansion**: CFO reaffirmed 2027 LRP targets of $30 million international surgical revenue, with EOS driving deformity market penetration.
- **Deformity Market**: CEO highlighted EOS biplanar imaging and AI-driven alignment as early-stage opportunities, with 2026 product pipeline additions.
- **Surgeon Adoption**: CFO noted 26% quarterly net new surgeon users and 840 basis points of EBITDA margin expansion YoY, driven by infrastructure leverage.


Alphatec Holdings, Inc. (ATEC) Q3 2025 Earnings Call Transcript

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ATEC

ATEC fundamentals

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