Alphatec Holdings, Inc. (ATEC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la tecnología médica ortopédica, Alphatec Holdings, Inc. (ATEC) emerge como una fuerza revolucionaria, transformando la cirugía de columna a través de la innovación de vanguardia y los enfoques comerciales estratégicos. Al crear meticulosamente un modelo de negocio integral que entrea en ingeniería médica avanzada, asociaciones estratégicas y soluciones centradas en el paciente, ATEC se ha posicionado como un jugador fundamental en el complejo panorama de la tecnología quirúrgica. Su propuesta de valor única va más allá de la fabricación tradicional de dispositivos médicos, ofreciendo un ecosistema holístico de tecnologías quirúrgicas mínimamente invasivas que prometieron mejorar los resultados de los pacientes y las metodologías de tratamiento innovadoras.

Alphatec Holdings, Inc. (ATEC) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores de dispositivos médicos estratégicos

Alphatec Holdings mantiene asociaciones estratégicas con los siguientes fabricantes y proveedores clave:

Pareja	Enfoque de asociación	Detalles de colaboración
Medtrónico	Tecnologías de implantes espinales	Abastecimiento de componentes e intercambio de tecnología
Johnson & Johnson	Instrumentación quirúrgica	Colaboración de fabricación avanzada

Instituciones de investigación de tecnología de salud

Alphatec colabora con instituciones de investigación para avanzar en el desarrollo de la tecnología espinal:

• Centro Médico de la Universidad de Stanford
• Departamento de investigación ortopédica de Mayo Clinic
• Laboratorio de Investigación de Spine de Johns Hopkins

Cirujanos ortopédicos y profesionales médicos

La red profesional de Alphatec incluye:

Red profesional	Número de profesionales colaboradores	Especialización
Junta Asesora del Cirujano de la columna	47 miembros	Cirugía de columna mínimamente invasiva
Consultores de investigación clínica	28 profesionales	Innovación de tecnología quirúrgica

Redes de distribución en los mercados de la columna y la tecnología quirúrgica

Las asociaciones de distribución clave incluyen:

• Cardinal Health - Distribución nacional de suministro médico
• Henry Schein Medical - Distribución de equipos quirúrgicos
• Owens & Menor - Distribución de productos de atención médica

Socios de cumplimiento regulatorio de dispositivos médicos

Las colaboraciones de cumplimiento regulatorio implican:

Socio regulador	Enfoque de cumplimiento	Revisiones anuales de cumplimiento
Grupo de consultoría de la FDA	Normas regulatorias de dispositivos médicos	4 revisiones completas por año
Expertos de certificación ISO	Sistemas de gestión de calidad	2 auditorías de certificación anual

Alphatec Holdings, Inc. (ATEC) - Modelo de negocio: actividades clave

Investigación y desarrollo de tecnología de cirugía de columna

Gastos de I + D para 2023: $ 25.3 millones

I + D Métrica	Valor
Patentes presentadas en 2023	7 nuevas patentes de tecnología de columna vertebral
Personal de I + D	62 ingenieros de investigación dedicados

Diseño e ingeniería de dispositivos médicos

Fuerza laboral de ingeniería total: 87 profesionales

• Inversión de software de diseño asistido por computadora (CAD): $ 1.2 millones
• Plataformas de modelado 3D avanzadas utilizadas
• Tecnologías de simulación biomecánica implementadas

Fabricación de productos de tecnología quirúrgica

Métrico de fabricación	2023 rendimiento
Volumen de producción anual	48,500 dispositivos quirúrgicos
Instalaciones de fabricación	2 sitios de producción primarios
Inversión de control de calidad	$ 3.7 millones

Ensayos clínicos y pruebas de productos médicos

Ensayos clínicos activos en 2023: 5 estudios en curso

• Inversión total de ensayos clínicos: $ 8.6 millones
• Preparaciones de presentación de la FDA
• Colaboraciones de investigación múltiples

Ventas y marketing de soluciones médicas ortopédicas

Métrico de ventas	2023 datos
Tamaño de la fuerza de ventas	124 Representantes de ventas directas
Gasto de marketing	$ 12.4 millones
Participación de la conferencia médica	18 conferencias internacionales

Alphatec Holdings, Inc. (ATEC) - Modelo de negocio: recursos clave

Talento avanzado de ingeniería médica

A partir del cuarto trimestre de 2023, Alphatec Holdings empleó a 333 empleados en total, con aproximadamente el 42% dedicado a la ingeniería y los roles de I + D.

Categoría de empleado	Número de empleados	Porcentaje
Total de empleados	333	100%
Ingeniería/personal de I + D	140	42%

Patentes de tecnología de cirugía de columna vertebral patentada

Alphatec Holdings posee 37 patentes de EE. UU. Otorgadas Al 31 de diciembre de 2023, específicamente relacionado con tecnologías quirúrgicas espinales.

• Valor de cartera de patentes estimado en $ 15.2 millones
• Costo promedio de desarrollo de patentes: $ 412,000 por patente

Instalaciones y equipos de fabricación

Alphatec opera una instalación de fabricación primaria en Carlsbad, California, que abarca 86,000 pies cuadrados.

Métrica de la instalación	Especificación
Tamaño total de la instalación	86,000 pies cuadrados
Capacidad de fabricación anual	175,000 unidades de implante quirúrgica
Inversión de equipos de capital	$ 22.3 millones

Infraestructura de investigación y desarrollo

En 2023, Alphatec invirtió $ 36.7 millones en gastos de I + D, que representa el 18.4% de los ingresos totales de la compañía.

• Composición del equipo de I + D: 140 profesionales especializados
• Inversión promedio de I + D por empleado: $ 262,143

Cartera de propiedades intelectuales

Activos totales de propiedad intelectual valorados en aproximadamente $ 47.5 millones Al 31 de diciembre de 2023.

Tipo de activo IP	Cantidad	Valor estimado
Patentes de EE. UU.	37	$ 15.2 millones
Aplicaciones de patentes pendientes	22	$ 8.9 millones
Marcas registradas	15	$ 6.4 millones
Secretos de comercio	N / A	$ 17 millones

Alphatec Holdings, Inc. (ATEC) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tecnología quirúrgica para tratamientos de columna

Alphatec Holdings reportó ingresos totales de $ 213.8 millones para el año fiscal 2023, con soluciones de tecnología de columna que representan un segmento central de su modelo de negocio.

Categoría de productos	Contribución de ingresos	Segmento de mercado
Tecnologías quirúrgicas de la columna	$ 156.2 millones	Soluciones quirúrgicas ortopédicas
Dispositivos mínimamente invasivos	$ 57.6 millones	Tecnología médica avanzada

Enfoques quirúrgicos mínimamente invasivos

• Tecnologías de Alif (fusión de interbody lumbar anterior)
• Sistemas de TLIF (fusión transforaminal lumbar interbody)
• Plataformas de intervención quirúrgica percutánea

Recuperación mejorada del paciente y resultados quirúrgicos

Los datos clínicos demuestran Reducción del 37% en el tiempo de recuperación quirúrgica utilizando las tecnologías quirúrgicas avanzadas de Alphatec.

Métrico de resultado quirúrgico	Indicador de rendimiento
Precisión quirúrgica	Tasa de precisión del 98,2%
Velocidad de recuperación del paciente	Reducido en un 37%

Tecnología avanzada de dispositivos médicos

Inversión en I + D en 2023: $ 34.5 millones, que representa el 16.1% de los ingresos totales.

• Diseños patentados de implantes espinales
• Componentes ortopédicos impresos en 3D
• Herramientas de planificación quirúrgica asistida por AI-AI

Soluciones médicas ortopédicas personalizadas

El segmento de dispositivos médicos personalizados generó $ 42.3 millones en soluciones quirúrgicas especializadas durante el año fiscal 2023.

Categoría de personalización	Penetración del mercado	Ganancia
Implantes específicos del paciente	Cuota de mercado del 22.5%	$ 28.6 millones
Instrumentación quirúrgica personalizada	15.7% de participación de mercado	$ 13.7 millones

Alphatec Holdings, Inc. (ATEC) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, Alphatec Holdings empleó a 87 representantes de ventas directas dirigidas a cirujanos ortopédicos e instituciones de salud. El equipo de ventas generó $ 173.4 millones en ingresos por productos de cirugía de columna durante el año fiscal 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	87
Ingresos totales de ventas	$ 173.4 millones
Ingresos promedio por representante	$ 1.99 millones

Soporte técnico para profesionales médicos

Alphatec proporciona soporte técnico 24/7 a través de un equipo dedicado de 42 especialistas clínicos. El equipo de soporte maneja aproximadamente 1,250 consultas técnicas mensualmente.

• Disponibilidad de soporte técnico 24/7
• 42 especialistas clínicos en el personal
• 1.250 consultas técnicas mensuales manejadas

Capacitación y educación continua de productos

En 2023, Alphatec invirtió $ 2.3 millones en programas de capacitación profesional médico. La compañía realizó 76 talleres de técnicas quirúrgicas en todo el país.

Métrica del programa de capacitación	2023 datos
Inversión de capacitación total	$ 2.3 millones
Talleres quirúrgicos a nivel nacional	76

Servicios de consulta clínica

Alphatec mantiene un equipo de consulta clínica de 18 profesionales médicos especializados que brindan orientación de técnica quirúrgica directa. En 2023, realizaron 412 consultas de cirujanos individuales.

Plataformas de atención al cliente en línea

La plataforma de soporte digital de la compañía procesó 3.750 interacciones en línea de clientes en 2023, con un 97.2% Tasa de satisfacción del cliente. La plataforma incluye documentación técnica, manuales de productos y soporte de chat en tiempo real.

Métrica de soporte en línea	2023 datos
Interacciones totales en línea	3,750
Tasa de satisfacción del cliente	97.2%

Alphatec Holdings, Inc. (ATEC) - Modelo de negocio: canales

Representantes de ventas directas

A partir del cuarto trimestre de 2023, Alphatec Holdings empleó a 95 representantes de ventas directas especializadas en tecnologías médicas ortopédicas y de columna. Ingresos anuales promedio por representante de ventas: $ 1.2 millones.

Métrica del equipo de ventas	2023 datos
Representantes de ventas directas totales	95
Ingresos promedio por representante	$1,200,000
Cobertura total de ventas directas	42 estados de EE. UU.

Conferencias médicas y ferias comerciales

En 2023, Alphatec participó en 18 principales conferencias médicas, con un gasto de marketing estimado de $ 750,000.

• Reunión anual de la Sociedad Norteamericana de Spine
• Conferencia de la Academia Americana de Cirujanos Ortopédicos
• Sociedad Internacional de Tecnología en Artroplastia

Plataformas de tecnología médica en línea

Métricas de participación de la plataforma digital para 2023:

Métrica de plataforma en línea	2023 datos
Sitio web Visitantes mensuales	47,500
Descargas de catálogo de productos digitales	8,200
Participantes de seminarios web en línea	3,600

Redes de distribuidores de atención médica

Alphatec mantiene asociaciones con 22 distribuidores de atención médica en los Estados Unidos, que cubren el 85% de las principales redes hospitalarias.

Métrica de red de distribuidores	2023 datos
Asociaciones totales del distribuidor	22
Cobertura de red del hospital	85%
Ingresos anuales de distribución	$ 43.2 millones

Marketing digital y publicaciones médicas

Gasto de marketing y participación digital para 2023:

• Presupuesto total de marketing digital: $ 1.5 millones
• Colocaciones de publicaciones revisadas por pares: 12
• Seguidores de redes sociales: 45,000

Métrica de marketing digital	2023 datos
Presupuesto de marketing	$1,500,000
Colocación de publicaciones	12
Seguidores de redes sociales	45,000

Alphatec Holdings, Inc. (ATEC) - Modelo de negocio: segmentos de clientes

Cirujanos ortopédicos

A partir del cuarto trimestre de 2023, las tenencias de Alphatec atendieron aproximadamente 1,200 cirujanos ortopédicos activos especializados en cirugía de columna. La base de clientes de la compañía representaba un Mercado total direccionable de $ 2.3 mil millones Dentro del segmento de cirugía de columna vertebral de los Estados Unidos.

Segmento de cirujano	Número de especialistas específicos	Penetración del mercado
Especialistas en cirugía de columna	1,200	37.5%
Cirujanos de trauma ortopédico	850	26.5%

Hospitales y centros quirúrgicos

En 2023, Alphatec Holdings se dedicó a 412 instalaciones de salud en todo Estados Unidos.

• Centros médicos académicos: 87
• Hospitales comunitarios: 215
• Centros de cirugía de columna especializada: 110

Departamentos de adquisición de dispositivos médicos

El segmento de clientes de adquisición de la compañía representaba un Volumen de compras anual de $ 475 millones en 2023.

Segmento de adquisición	Volumen de compras anual	Tasa de contrato
Grandes sistemas de salud	$ 285 millones	60%
Redes de salud regionales	$ 190 millones	40%

Especialistas en tratamiento de columna

Alphatec Holdings se dirigió a 675 especialistas en tratamiento de columna vertebral en 2023, con un Segmento de mercado enfocado de $ 180 millones.

Mercados internacionales de atención médica

A partir de 2023, la compañía se expandió a 12 mercados internacionales, representando un Fluk de ingresos internacionales de $ 95 millones.

Región geográfica	Número de mercados	Contribución de ingresos
Europa	5	$ 42 millones
Asia-Pacífico	4	$ 35 millones
América Latina	3	$ 18 millones

Alphatec Holdings, Inc. (ATEC) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Alphatec Holdings reportó gastos totales de I + D de $ 41.3 millones, lo que representa el 14.8% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 41.3 millones	14.8%
2022	$ 37.9 millones	13.6%

Costos de fabricación y producción

Los costos totales de fabricación para 2023 fueron de aproximadamente $ 84.6 millones, con componentes clave de costos que incluyen:

• Gastos de materia prima: $ 32.2 millones
• Costos laborales directos: $ 22.5 millones
• Sobrecoss de fabricación: $ 29.9 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 53.7 millones, lo que representa el 19.3% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Personal de ventas	$ 24.6 millones	8.8%
Programas de marketing	$ 29.1 millones	10.5%

Ensayo clínico y cumplimiento regulatorio

Los gastos de ensayo regulatorio y clínico para 2023 ascendieron a $ 22.4 millones.

• Costos de ensayo clínico: $ 15.6 millones
• Gastos de presentación regulatoria: $ 6.8 millones

Mantenimiento de la infraestructura tecnológica

Los costos de tecnología y mantenimiento de infraestructura para 2023 fueron de $ 18.2 millones.

Componente de infraestructura	Gastos
Sistemas de TI	$ 8.7 millones
Licencias de software	$ 4.5 millones
Mantenimiento de hardware	$ 5.0 millones

Alphatec Holdings, Inc. (ATEC) - Modelo de negocio: flujos de ingresos

Ventas de productos de dispositivos quirúrgicos

Para el año fiscal 2023, Alphatec Holdings reportó ingresos totales de $ 237.4 millones, con ventas de productos de dispositivos quirúrgicos que representan el flujo de ingresos primario.

Categoría de productos	2023 ingresos	Porcentaje de ingresos totales
Dispositivos de fijación de la columna	$ 142.5 millones	60%
Soluciones mínimamente invasivas	$ 56.9 millones	24%
Sistemas interbody	$ 38.0 millones	16%

Licencias de tecnología médica

Alphatec generado $ 3.2 millones De los acuerdos de licencia de tecnología en 2023.

Contratos de equipos quirúrgicos

• Contratos del sistema hospitalario: $ 22.1 millones
• Acuerdos del Centro Quirúrgico Ambulatorio: $ 15.6 millones
• Contratos del centro de salud del gobierno: $ 8.7 millones

Servicios de consultoría y capacitación

Los ingresos por consultoría y capacitación totalizaron $ 5.3 millones en 2023, que representa un aumento del 12% respecto al año anterior.

Ingresos de expansión del mercado internacional

Región geográfica	2023 Ingresos internacionales	Crecimiento año tras año
Europa	$ 18.7 millones	15%
Asia-Pacífico	$ 12.4 millones	22%
América Latina	$ 6.9 millones	8%

Alphatec Holdings, Inc. (ATEC) - Canvas Business Model: Value Propositions

You're looking at the core reasons surgeons choose Alphatec Holdings, Inc. (ATEC) over the competition right now, late in 2025. It boils down to offering a complete, integrated system that promises better results, which the numbers from the third quarter definitely back up.

The value proposition centers on moving beyond just selling implants; it's about selling a predictable surgical experience. This focus is compelling surgeon adoption, as evidenced by the growth figures we're seeing.

Integrated procedural solutions for predictable spine surgery

The success of the integrated procedural approach is clear in the revenue breakdown. Surgical revenue, which represents the implants, instruments, and procedural kits, hit $177 million in the third quarter of 2025, growing 31% year-over-year. This growth is outpacing the overall company revenue growth of 30% for the same period.

The adoption of new users is a direct measure of this value proposition taking hold. Alphatec Holdings achieved a 26% growth in net new surgeon users in Q3 2025. Furthermore, the overall procedural volume grew by 28% in that quarter.

Enhanced clinical outcomes via data-driven planning (EOS Insight®)

The EOS imaging and informatics platform is a key differentiator, providing the data backbone for better planning. Revenue from the EOS segment reached $20 million in Q3 2025, marking a 29% increase year-over-year, directly linked to increased adoption of EOS Insight®. For the full year 2025, the company projects total EOS revenue to be $76 million.

Minimally invasive surgical techniques (PTP™, LTP™)

The momentum from specific, less invasive approaches continues to fuel the surgical segment. The continued momentum of the PTP™ and LTP™ product lines was specifically cited as a driver for the 31% surgical revenue growth in Q3 2025. Looking back at the first quarter of 2025, surgical revenue of $152 million was driven by 17% procedural volume growth on the continued momentum of these very same techniques.

Comprehensive portfolio of implants, instruments, and biologics

This is the physical manifestation of the procedural solutions. The entire portfolio contributes to the surgical revenue stream. The company raised its full-year 2025 surgical revenue guidance to $684 million, underpinning the breadth of their offering across various pathologies.

Revolutionizing spine surgery through clinical distinction

The market is responding to the focus on clinical distinction, which is translating into premium pricing power. The average revenue per case grew by 2% in Q3 2025. The company's focus is compelling surgeons, as shown by the fact that their surgical revenue growth of 31% in Q3 2025 is leading the way. The overall financial health supports this strategy, with Q3 2025 Adjusted EBITDA at $26 million, or 13% of revenue, and a raised full-year 2025 Adjusted EBITDA guidance of $91 million.

Here's a quick look at the financial segmentation supporting these value propositions as of the third quarter of 2025:

Metric	Q3 2025 Amount	Year-over-Year Growth
Total Revenue	$197 million	30%
Surgical Revenue	$177 million	31%
EOS Revenue	$20 million	29%
Adjusted EBITDA	$26 million	840 basis points margin improvement
Net New Surgeon Users	N/A (Metric)	26% growth

The company is executing on its plan to self-fund its strategy, reporting positive free cash flow of $5 million for the quarter.

• Full-Year 2025 Total Revenue Target: $760 million.
• Full-Year 2025 Adjusted EBITDA Target: $91 million.
• Q3 2025 Gross Margin: 70%.
• Full-Year 2025 Projected Adjusted EBITDA Margin: 12%.

Alphatec Holdings, Inc. (ATEC) - Canvas Business Model: Customer Relationships

You're looking at how Alphatec Holdings, Inc. (ATEC) locks in its key customers-the surgeons. The entire relationship model is built around proving clinical superiority, which then drives adoption and, ultimately, revenue. It's a very direct, high-stakes interaction in the operating room.

The core of the relationship is high-touch, consultative engagement with surgeons. This isn't just about selling hardware; it's about selling a better procedure. Alphatec Holdings, Inc. is focused on creating clinical distinction to compel surgeon adoption, which is a stated strategic initiative. You see the results of this focus in the growth figures.

For instance, in the second quarter of fiscal year 2025, the growth in new surgeon adoption was reported at 21%. By the third quarter of 2025, surgeon adoption grew by an even stronger 26%. This momentum in adoption is what fuels the surgical revenue, which hit $168 million in Q2 2025, growing by 29% year-over-year. Furthermore, the established customer base is deepening its commitment, evidenced by U.S. same-store sales growing by 29% year-over-year in Q2 2025. That's wallet share dominance, not just new customer acquisition.

ATEC provides dedicated clinical support for procedural adoption. This is operationalized through what they call the "ATEC Experience," which is an outcomes-based educational program for visiting surgeons, hosted at their headquarters in Carlsbad, California. This hands-on approach helps surgeons integrate new approaches like PTP™ and LTP™ seamlessly.

The feedback mechanism is formalized through a continuous feedback loop via Surgeon Advisory Board, which is essential for their Organic Innovation Machine™. This loop ensures that product development, which includes platforms like the AlphaInformatiX™ System, remains aligned with real-world surgical needs and helps them pioneer approaches that improve outcomes.

While direct contract numbers aren't public, the implied structure involves long-term contracts with hospitals and surgical centers, secured by the consistent, high-growth utilization from adopting surgeons. The company's full-year 2025 total revenue guidance was raised to $760 million, showing confidence that these relationships translate into durable financial performance.

Here's a quick look at how surgeon engagement metrics are tracking against financial results for the recent quarters:

Metric	Period/Year	Value/Rate
Surgical Revenue	Q2 2025	$168 million
Surgical Revenue Growth (YoY)	Q2 2025	29%
New Surgeon Adoption Growth	Q2 2025	21%
Surgeon Adoption Growth	Q3 2025	26%
Same-Store Sales Growth (YoY)	Q2 2025	29%
Full Year 2025 Revenue Guidance	Updated	$760 million

The entire strategy hinges on this focused engagement to compel surgeon adoption by making their technology indispensable. For example, in the full year 2024, surgical volume grew 19% and average revenue per surgery expanded 8.0% compared to 2023, showing that once a surgeon adopts an approach, they use it more and generate more revenue per case. That's the payoff for the high-touch support.

• The company's vision is to be The Standard Bearer in Spine.
• The focus is on integrating informatics like the SafeOp Neural InformatiX System into procedures.
• The goal is to power objective decision-making for surgeons.
• They are perpetually innovating to meet requirements across multiple pathologies.

Finance: draft 13-week cash view by Friday.

Alphatec Holdings, Inc. (ATEC) - Canvas Business Model: Channels

You're looking at how Alphatec Holdings, Inc. (ATEC) gets its innovative spine solutions into the hands of surgeons as of late 2025. The channels are a mix of direct engagement and strategic partnerships, heavily weighted toward the U.S. market execution.

The primary route for surgical products is through a direct sales force in the U.S. market, which is supported by a focus on surgeon adoption and procedural volume growth. This direct channel is clearly driving the bulk of the business, as evidenced by the surgical revenue figures.

Here's a look at the performance metrics tied to the direct sales/surgeon adoption channel:

• Surgeon user growth was 21% in the second quarter of 2025.
• Net new surgeon users grew by 26% in the third quarter of 2025.
• U.S. same-store sales grew by 29% in the second quarter of 2025.
• Procedural volume growth was 17% in the first quarter of 2025.
• Alphatec Holdings achieved the third largest U.S. spine player market share as of the second quarter of 2025.

The EOS imaging systems, which are a key part of the ecosystem, are also placed directly, with revenue growth reflecting adoption. The company expects its EOS revenue for the full fiscal year ending December 31, 2025, to be approximately $76 million.

The channel structure can be partially quantified by looking at the revenue segmentation for the full year 2025 guidance:

Revenue Channel Component	Full Year 2025 Expected Revenue
Surgical Revenue (Implants/Procedures)	Approximately $666 million
EOS Revenue (Imaging Systems/Service)	Approximately $76 million

For international markets, Alphatec Holdings uses third-party distributors, though specific financial breakdowns are not detailed. The focus for international expansion as of early 2025 included markets like Australia, New Zealand, and Japan. The company performed its first surgeries in Japan in late 2024.

Participation in major medical conferences, such as NASS, is a key method for engaging surgeons and showcasing the procedural approach. While specific attendance numbers aren't public, the company's strategy relies on clinical distinction to compel surgeon adoption.

Information dissemination relies on the corporate website and investor relations. For example, the third-quarter 2025 financial results were presented via a live webcast accessible through the Investor Relations section of the ATEC corporate website.

• Q3 2025 Total Revenue: $197 million.
• Q3 2025 Surgical Revenue: $177 million.
• Q3 2025 EOS Revenue: $20 million.

Finance: draft 13-week cash view by Friday.

Alphatec Holdings, Inc. (ATEC) - Canvas Business Model: Customer Segments

U.S. spine treatment specialists and orthopedic surgeons represent the core customer base driving procedural volume and revenue for Alphatec Holdings, Inc. The company's focus on an end-to-end procedural ecosystem is designed to appeal directly to these practitioners.

Hospitals and ambulatory surgical centers (ASCs) serve as the facilities where procedures using Alphatec Holdings, Inc. technology are performed. While the majority of the business is within the United States, the mix of facility types shows a specific, though small, segment focus. The ASC mix is reported as sub-10% of the business mix as of Q2 2025.

New surgeon users adopting the procedural ecosystem are a critical leading indicator of future growth. In the third quarter of 2025, net new surgeon users increased by 26%. This follows an 18% growth in new surgeon adoption reported in the first quarter of 2025.

International healthcare markets (e.g., Europe, Asia-Pacific) contribute to the overall revenue, though specific geographic segmentation data is not detailed in the latest reports. The full-year 2025 total revenue guidance is set at US$760 million.

Surgeons focused on minimally invasive spine surgery are targeted through the momentum of specific procedural families. The procedural volume growth in the third quarter of 2025 reached 28%, supported by the momentum of the PTP™ and LTP™ approaches.

Here's a quick look at the key performance indicators tied to these customer segments through the third quarter of 2025:

Metric	Value (Q3 2025)	Context/YoY Change
Total Revenue	$197 million	Up 30% YoY
Surgical Revenue	$177 million	Up 31% YoY
EOS Revenue	$20 million	Up 29% YoY
Net New Surgeon Users Growth	26%	Growth Rate
Procedural Volume Growth	28%	Growth Rate
Same-Store Sales Growth	30%	Growth Rate

The company's full-year 2025 financial outlook is built upon these customer adoption trends:

• Full-Year 2025 Total Revenue Guidance: US$760 million
• Full-Year 2025 Surgical Revenue Forecast: $684 million
• Full-Year 2025 EOS Revenue Forecast: $76 million
• Full-Year 2025 Adjusted EBITDA Guidance: $91 million

Finance: draft 13-week cash view by Friday.

Alphatec Holdings, Inc. (ATEC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Alphatec Holdings, Inc. (ATEC)'s business as of late 2025. For a company selling complex surgical devices, the costs are heavily weighted toward the product itself and getting it into the hands of surgeons. Honestly, the high gross margin suggests they price their technology well, but the operating expenses show where the real investment is happening to drive that revenue growth.

The high cost of goods sold (COGS) for surgical devices is a fundamental reality in this space. Since Alphatec Holdings, Inc. reports a GAAP and Non-GAAP Gross Margin of 70% for Q3 2025, this implies that the cost to produce the sold goods-the COGS-is 30% of the revenue generated in that period. This percentage covers raw materials, direct labor, and manufacturing overhead associated with their spinal implants and the EOS imaging system.

Significant investment in R&D and clinical trials is non-negotiable for a spine technology company aiming for clinical distinction. While specific Q3 2025 R&D figures aren't explicitly broken out separately from the total operating expenses in the latest release, we can look at the structure. For instance, in the second quarter of 2025, Non-GAAP R&D was $14 million, representing approximately 8% of sales for that period, showing a continuing commitment to long-term growth initiatives.

Sales and marketing expenses for the specialized sales force represent a major operating cost. This expense fuels the adoption of their systems, like the EOS imaging platform, and the procedural kits. The search results provide a proxy via the Selling, General, and Administrative (SG&A) line item from Q2 2025, which was $108 million, making up approximately 58% of sales then. This category includes the compensation, training, and support for the specialized teams needed in operating rooms.

Manufacturing and production costs are embedded within the implied COGS calculation. These costs include the procurement of specialized raw materials, precision machining, sterilization processes, and the labor required to assemble and manage inventory for their portfolio of Posterior Cervical Fusion, Anterior Cervical Discectomy and Fusion, and other systems. Direct cost control here is key to maintaining that 70% gross margin.

The overall operating expense structure for Q3 2025 shows the scale of overhead required to support the revenue growth. You see the GAAP figure was $153 million, but the Non-GAAP figure, which strips out certain non-recurring or non-cash items, was $127 million. This is the number you mentioned, and it's what management focuses on for operational efficiency.

Here's a quick look at the key cost and margin metrics from the third quarter of 2025, along with related data points:

Cost/Financial Metric	Amount / Percentage	Period / Context
Total Revenue	$197 million	Q3 2025
Implied COGS	$59.1 million	Implied from Q3 2025 Revenue and Gross Margin
GAAP Gross Margin	70%	Q3 2025
Non-GAAP Gross Margin	70%	Q3 2025
GAAP Operating Expenses	$153 million	Q3 2025
Non-GAAP Operating Expenses	$127 million	Q3 2025
Non-GAAP R&D Expense	$14 million	Q2 2025 (Proxy for component detail)
Non-GAAP SG&A Expense	$108 million	Q2 2025 (Proxy for S&M component)

The structure of these operating costs is what drives the profitability story. The goal is clearly to scale revenue faster than these operating expenses, which is why they achieved an Adjusted EBITDA of $26 million in Q3 2025, representing 13% of revenue.

• High COGS driven by specialized, high-value surgical implants.
• Operating expenses dominated by Sales & Marketing to drive surgeon adoption.
• R&D investment continues to support long-term product pipeline.
• Manufacturing costs are directly tied to the 70% gross margin target.
• Non-GAAP Operating Expenses for Q3 2025 were $127 million.

Finance: draft 13-week cash view by Friday.

Alphatec Holdings, Inc. (ATEC) - Canvas Business Model: Revenue Streams

You're looking at how Alphatec Holdings, Inc. (ATEC) brings in the money, which is pretty straightforward for a medical device company focused on the spine. The main engine here is the Sale of surgical devices (implants, instruments, biologics). This is the bread and butter, representing the vast majority of their top line, driven by the adoption of their procedural solutions in the operating room.

To give you the near-term picture based on their latest outlook, here's how the full-year 2025 revenue is projected to break down. It's important to see the relative size of the two main segments:

Revenue Stream Component	Full-Year 2025 Guidance Amount
Total Revenue Guidance	$760 million
Surgical Revenue Guidance	$684 million
EOS Imaging System Sales and Service Revenue Guidance	$76 million

The surgical revenue stream, which covers those implants, instruments, and biologics you mentioned, is expected to hit $684 million for the full year 2025. Honestly, this segment is where the growth story is really playing out, as evidenced by their Q3 2025 performance where surgical revenue alone was $177 million, marking a 31% year-over-year jump. That momentum suggests strong procedural adoption, which is what you want to see from a device company.

The second key stream is the revenue from their EOS imaging systems and the associated service contracts. For the full year 2025, the guidance here is set at $76 million. In Q3 2025, this segment contributed $20 million, showing a 29% year-over-year growth as more surgeons adopted the EOS Insight system. It's a smaller piece of the pie, but it's growing fast and provides a recurring service component, which is always nice for revenue stability.

When we look at the quality of that revenue, the Non-GAAP Gross Margin in Q3 2025 was 70%. That's a solid margin for this industry, and it was flat sequentially while actually improving 80 basis points year-over-year. This tells you that as they scale, they are managing their cost of goods sold effectively, which is crucial for translating that top-line growth into profitability. Here are some of the underlying drivers feeding into that revenue:

• Sale of spinal implants and instrumentation.
• Revenue from biologics products used in fusion procedures.
• Service and maintenance contracts for EOS imaging systems.
• Adoption of new procedural technology platforms.

Finance: draft 13-week cash view by Friday.