Alphatec Holdings Reports 15% Revenue Growth in Q2 2026, Net Loss Improves

Alphatec Holdings, Inc. reported a revenue increase of 15% for the second quarter of 2026, reaching $213.5 million compared to $185.5 million in the same period of 2025. For the first half of 2026, total revenue was $405.6 million, up 14% from $354.7 million in the prior year. The growth was attributed to increased product volume driven by a larger surgeon user base and the ongoing expansion of the company’s product portfolio. Despite the revenue growth, Alphatec recorded a net loss of $25.8 million for the second quarter, an improvement from a net loss of $41.1 million in the same quarter of 2025.

The company’s operating expenses rose to $156.0 million for the second quarter, a 10% increase from $142.2 million in the prior year. This increase was primarily due to higher sales, general, and administrative expenses, which grew by 13% to $134.0 million, reflecting increased compensation-related costs and variable selling expenses. Research and development expenses remained stable, while litigation-related expenses saw a significant decrease, dropping from $1.6 million in Q2 2025 to a minor expense in Q2 2026.

In terms of strategic developments, Alphatec entered into a senior secured credit agreement with JP Morgan Chase Bank in May 2026, securing a $175 million term loan and a $125 million revolving credit facility. The proceeds from this agreement were used to repay previous obligations under the Braidwell term loan and MidCap revolving credit facility. As of June 30, 2026, the company had $175 million outstanding under the term loan and $40 million under the revolving credit facility, both maturing on May 1, 2031.

Operationally, Alphatec's cash and cash equivalents decreased to $118.7 million from $160.8 million at the end of 2025. The company reported net cash provided by operating activities of $21.8 million for the first half of 2026, compared to $10.5 million in the same period of 2025. However, cash used in investing activities increased significantly to $42.6 million, primarily due to purchases of surgical instruments and a $5 million note receivable. The company’s total liabilities increased to $748.1 million as of June 30, 2026, from $720.6 million at the end of 2025.

Looking ahead, Alphatec remains focused on expanding its market share and product offerings in the spinal surgery sector. The company aims to leverage its recent credit facilities to support growth initiatives and enhance its operational capabilities. Management expressed optimism about achieving profitability in the future, contingent on continued revenue growth and effective cost management strategies.