$ATEC

Alphatec Holdings, Inc.

CIK:0001350653|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Revenue	$ 213,513	$ 185,544	$ 405,621	$ 354,724
Cost of sales	59,415	56,443	115,047	109,627
Gross profit	154,098	129,101	290,574	245,097
Operating expenses:
Research and development	18,174	18,276	35,734	35,308
Sales, general and administrative	134,001	118,507	271,058	245,524
Litigation-related expenses	(86)	1,593	439	13,807
Amortization of acquired intangible assets	3,917	3,803	7,832	7,456
Restructuring expenses	0	7	0	378
Total operating expenses	156,006	142,186	315,063	302,473
Operating loss	(1,908)	(13,085)	(24,489)	(57,376)
Other expense, net:
Interest expense, net	(10,964)	(12,309)	(22,685)	(20,150)
Loss on debt extinguishment	(11,883)	0	(11,883)	(17,576)
(Loss) gain on derivative liability	0	(16,780)	0	620
Other (expense) income , net	(870)	993	(424)	1,330
Total other expense, net	(23,717)	(28,096)	(34,992)	(35,776)
Net loss before taxes	(25,625)	(41,181)	(59,481)	(93,152)
Income tax provision (benefit)	156	(37)	206	(101)
Net loss	$ (25,781)	$ (41,144)	$ (59,687)	$ (93,051)
Net loss per share, basic	$ (0.16)	$ (0.27)	$ (0.38)	$ (0.63)
Net loss per share, diluted	$ (0.16)	$ (0.27)	$ (0.38)	$ (0.63)
Weighted average shares outstanding, basic	156,575	149,907	155,328	148,337
Weighted average shares outstanding, diluted	156,575	149,907	155,328	148,337
Products and Services
Revenue:
Revenue	$ 213,513	$ 185,544	$ 405,621	$ 354,724

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (59,687)	$ (93,051)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	38,932	39,235
Stock-based compensation	41,806	37,942
Amortization of debt discount and debt issuance costs	15,003	8,923
Amortization of right-of-use assets	2,646	2,465
Write-down for excess and obsolete inventories	8,095	7,944
Loss on disposal of assets	1,272	1,700
Loss on debt extinguishment	11,883	17,576
Gain on derivative liability	0	(620)
Other	2,129	4,148
Changes in operating assets and liabilities:
Accounts receivable	(15,156)	(16,249)
Inventories	(34,047)	(915)
Prepaid expenses and other current assets	(800)	423
Other assets	260	152
Accounts payable	18,328	(1,650)
Accrued expenses	(6,611)	4,677
Lease liabilities	(2,557)	(2,416)
Contract liabilities	710	784
Other long-term liabilities	(403)	(559)
Net cash provided by operating activities	21,803	10,509
Investing activities:
Purchase of property and equipment	(32,021)	(20,258)
Note receivable	(5,000)	0
Purchase of intangible assets	(4,387)	(3,527)
Other	(1,201)	0
Net cash used in investing activities	(42,609)	(23,785)
Financing activities:
Repayment of term loan	(200,000)	0
Proceeds from issuance of term loan	172,385	0
Repayment of revolving credit facility	(18,214)	(56,892)
Payment of debt extinguishment costs	(12,070)	0
Payments related to tax withholdings for share-based compensation	(6,085)	(645)
Proceeds from revolving credit facility	42,747	7,792
Payment of debt issuance costs	(1,868)	(706)
Proceeds from issuance of convertible notes, net	0	392,850
Repurchase of convertible notes	0	(268,231)
Purchase of capped calls	0	(42,485)
Other	1,803	(558)
Net cash (used in) provided by financing activities	(21,302)	31,125
Effect of exchange rate changes on cash	(36)	374
Net change in cash and cash equivalents	(42,144)	18,223
Cash and cash equivalents at beginning of period	160,806	138,840
Cash and cash equivalents at end of period	118,662	157,063
Supplemental disclosure of cash flow information:
Cash paid for interest	6,688	11,717
Cash paid for income taxes	425	348
Supplemental disclosure of noncash activities:
Purchases of property and equipment in accounts payable and accrued expenses	10,800	695
Purchase of intangible assets in accrued expenses and other long-term liabilities	3,750	1,681
Financed insurance	1,020	1,347
Recognition of lease liabilities	962	66
Recognition of derivative liability	$ 0	$ 124,062

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 118,662	$ 160,806
Accounts receivable, net of allowances of $11,180 and $12,685, respectively	110,126	97,304
Inventories	194,888	169,444
Prepaid expenses and other current assets	25,339	23,322
Total current assets	449,015	450,876
Property and equipment, net	139,237	135,324
Right-of-use assets	29,186	31,225
Goodwill	74,167	75,208
Intangible assets, net	88,296	93,454
Other assets	11,125	5,121
Total assets	791,026	791,208
Current liabilities:
Accounts payable	62,105	40,893
Accrued expenses and other current liabilities	93,145	97,019
Contract liabilities	11,104	10,439
Short-term debt	65,012	64,526
Current portion of operating lease liabilities	6,600	6,298
Total current liabilities	237,966	219,175
Long-term debt	510,742	501,412
Operating lease liabilities, less current portion	21,670	23,856
Other long-term liabilities	9,114	10,736
Commitments and contingencies (Note 8)
Redeemable preferred stock, $0.0001 par value; 20,000 shares authorized at June 30, 2026 and December 31, 2025; 3,319 shares issued and outstanding at June 30, 2026 and December 31, 2025	23,603	23,603
Stockholders' (deficit) equity:
Common stock, $0.0001 par value; 400,000 authorized; 154,491 shares issued and outstanding at June 30, 2026; and 150,257 shares issued and outstanding at December 31, 2025	16	15
Treasury stock, 1,808 shares, at cost at June 30, 2026 and December 31, 2025	(25,097)	(25,097)
Additional paid-in capital	1,503,816	1,466,377
Accumulated other comprehensive loss	(6,674)	(4,426)
Accumulated deficit	(1,484,130)	(1,424,443)
Total stockholders' (deficit) equity	(12,069)	12,426
Total liabilities and stockholders' (deficit) equity	$ 791,026	$ 791,208