Initiate at OP: No Spine? Think Again

研报英文原文证据摘录

Initiate at OP: No Spine? Think Again

July 8, 2026 | 16:03 ET~

Alphatec Holdings Inc

ATEC-NSDQ Rating Price: Jul-7 Target Total Rtn Medical Supplies & Devices

Outperform $9.38 $11.00 17%

Vik Chopra Analyst

vik.chopra@bmo.com (917) 581-0141

Legal Entity: BMO Capital Markets Corp.

2YR Price Volume Chart

Bottom Line: 15

We initiate ATEC with an Outperform rating and $11 target price. We believe the 1Q 30

slowdown, driven by EOS lumpiness and procedure mix, not a deterioration in surgeon 20

demand, has created a compelling entry point into one of SMID-cap MedTech's most 5 10

differentiated growth stories. With surgeon adoption running at 20%+, a free cash- 0 Jan Jul Jan Jul 0

flow inflection accelerating toward $65M by 2027, Valence robotics just launching, LHS: Price ($) / RHS: Volume (mm) Source: FactSet

and deformity still in its infancy, we believe the market is materially undervaluing the Company Data in $

durability and breadth of ATEC's long-term earnings power at the current valuation. Dividend $0.00 Shares O/S (mm) 153.8

Yield 0.0% Market Cap (mm) $1,443

Key Points

EV (mm) $1,905 AD Vol. (mm) 2.78

ATEC’s free cash flow inflection is both real and accelerating. After delivering its BMO Estimates in $

first full year of positive FCF in 2025, ATEC is guiding to at least $20M in 2026 and ~$65M

(FY-Dec.) 2025A 2026E 2027E

in 2027. This trajectory is supported by infrastructure already scaled for $1B+ in revenue

EPS $0.05 $0.30 $0.59and a disciplined operating model where incremental surgical revenue increasingly

converts to cash. Recent debt refinancing further enhances the outlook by lowering Revenue $764 $882 $1,030

interest expense. EBITDA $93 $134 $185

The 1Q 2026 launch of Valence Robotics meaningfully expands ATEC’s addressable Consensus Estimates

market.