Alphatec (ATEC) Barclays 28th Annual Global Healthcare Conference summary

Market position and growth strategy

• Achieved strong growth, profitability, and cash flow improvements in 2025, building confidence in continued success and market share gains.

• Focused on clinical distinction and procedural solutions to help surgeons improve outcomes, driving adoption and share.

• Industry disruption among mid-major players has created opportunities for further share gains.

• Growth is driven by converting new surgeons and increasing utilization, with a long tail of surgeon adoption and mid-double-digit volume growth from existing users.

• Company is growing at multiples of the market rate, supported by ongoing share-taking and expansion.

Metrics, adoption, and sales force dynamics

• New surgeon adoption has averaged around 20% over the last eight quarters, with 23% in Q4, fueling future volume growth.

• Case ASP growth is healthy in key procedures (6% year-over-year in lateral and cervical), but overall ASP is tempered by mix and international business.

• Growth in sales reps aligns with territory expansion and surgeon adoption, with rep sourcing reflecting overall market share.

• Industry changes, such as acquisitions and spinouts, lower friction for rep movement and talent acquisition.

• Early investments in reps and inventory yield higher returns as adoption and utilization increase.

Enabling technology and robotics

• Enabling technologies, including the Valence robot, are designed for procedural integration, addressing adoption hurdles in complex minimally invasive spine surgeries.

• Valence robot is priced for both academic and community settings, offering flexibility and workflow integration.

• Platform supports navigation and robotic assistance for multiple procedures, aiming to add value and efficiency.

• Approach contrasts with larger, high-cost robots that require significant institutional commitment.