Alphatec Holdings

ATEC · NASDAQ

$10.86+$0.45 (+4.32%)TodayMarket closed · Oct 20, 7:53 PM ET

Prev close $10.41

ATEC analyst rating

BuyConsensus of 15 analysts over the last 12 months. 93% rate it a buy.

Strong buy0
Buy14
Hold1
Underperform0
Sell0

12-month price target · 17 analysts

Average $16.61 (+53.0% upside)

Low: $12.12
Now: $10.86
High: $25.20

Upgrades and downgrades

The latest rating actions, newest first

ATEC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Aug 5, 2026	Maintains	Buy	$15.00 → $16.00	43%
TD Cowen	Aug 5, 2026	Maintains	Buy	$11.00 → $13.00	61%
BMO Capital	Aug 5, 2026	Maintains	Outperform	$11.00 → $12.00	45%
UBS	Jul 28, 2026	Initiates	Buy	$15.00	43%
Stephens & Co.	Jul 23, 2026	Initiates	Overweight	$15.00	51%
BMO Capital	Jul 9, 2026	Initiates	Outperform	$11.00	45%
Stifel	Jul 8, 2026	Maintains	Buy	$16.00 → $13.00	40%
Barclays	May 7, 2026	Maintains	Overweight	$27.00 → $24.00	57%
Wells Fargo	May 7, 2026	Maintains	Overweight	$28.00 → $14.00	54%
HC Wainwright & Co.	May 7, 2026	Maintains	Buy	$24.00	42%

The case for and against

Updated Oct 14, 2026

Bull case

Alphatec Holdings is favored because its core spine surgery business is still compounding rapidly, with 1Q26 surgery revenue of $178M up 17% year over year, case volume up 21%, and net new surgeon users up 23%. Even with EOS softness and slightly weaker total sales of $192.1M, the company delivered a gross margin of 71.0% and adjusted EBITDA of $20.7M, showing strong operating leverage and disciplined expense control. The outlook is further supported by expanding product innovation and commercialization, including Valence, OsteoAdapt, stronger traction in Japan, and management’s expectation that EOS and enabling technology can drive a higher mix of complex cases and better profitability ahead.

Bear case

Alphatec Holdings is viewed negatively because 1Q26 results missed expectations, with revenue of $192M below the $197M consensus and a wider-than-expected net loss of $0.22 per share versus $0.02. The weakness was concentrated in EOS imaging, where sales fell 18% year over year to $14M due to poor sales execution and missed hardware sales, forcing management to reduce 2026 revenue guidance to $882M from $890M. Although adjusted EBITDA guidance of $134M and FCF of $20M were reiterated, the outlook remains pressured by spine market pricing and volume pressure, competition, regulatory risk, and reimbursement sensitivity.

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