Alphatec (ATEC) 44th Annual J.P. Morgan Healthcare Conference summary

Track record and growth strategy

• Achieved consistent execution and strong growth, becoming the third largest U.S. market share holder in spine with a focus on proceduralization and clinical distinction.

• Demonstrated sector-leading revenue growth and expanding market share, driven by a deep portfolio of growth catalysts and innovative technologies.

• Committed to reaching $1 billion in revenue and $180 million Adjusted EBITDA by 2027, with 2025 results showing $764 million revenue and $91 million Adjusted EBITDA.

• Projected 2026 revenue of $890 million, 17% growth, $130 million Adjusted EBITDA, and $20 million free cash flow.

• Growth driven by surgeon adoption, aggressive business expansion, and a high-performing sales force.

Innovation and informatics

• Significant investments in informatics, including SafeOp, EOS, and Valence, to enhance surgical decision-making and procedural workflow.

• EOS provides automated alignment and bone mineral density measures, supporting objective surgical planning and longitudinal data collection.

• Valence, a navigation and robotic tool, is launching this year to democratize the lateral approach and maximize surgeon utility.

• Integrated procedural ecosystem includes navigation, robotics, informatics, and real-time neurophysiology monitoring.

• Informatics and procedural integration are seen as key long-term value drivers, with a focus on data-driven decision-making.

Market dynamics and competition

• Disruption from large medtech spin-offs is viewed as a tailwind, providing opportunities to attract talent and reinforce a spine-focused strategy.

• Competitive advantage lies in deep investment in neurophysiology, navigation, and procedural integration, creating barriers to entry.

• Lateral approach and procedural sophistication differentiate offerings from fast followers.

• U.S. spine market remains underpenetrated, with less than 10% share and significant upside in lateral and deformity segments.

• Robotics are not seen as a necessity for growth, but Valence will enhance the portfolio and address broader market needs.