Added to YB: 2026-03-12
Pitch date: 2026-01-09
ATEC [bearish]
Alphatec Holdings, Inc.
+41.78%
current return
Author Info
No bio for this author
Company Info
Alphatec Holdings, Inc., a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally.
Market Cap
$1.9B
Pitch Price
$21.47
Price Target
14.20 (+12%)
Dividend
N/A
EV/EBITDA
88.66
P/E
-13.47
EV/Sales
3.15
Sector
Health Care Equipment and Supplies
Category
value
Alphatec Holdings, Inc. - $ATEC (short)
ATEC (short): Spinal medtech co's growth to decel in FY'26 as competitor products reach parity & salespeople churn. TAM ~42% smaller than bulls believe (~$6bn vs $8-10bn) as lumbar fusion inappropriate for stenosis/HNP cases. MDT/GMED at product parity, Mazor robot superior to Valence. Sales growth driven by unsustainable 45%/55% commissions (vs peers' 25%/35%), now rightsizing. Churn accelerates 2H'26 as FY'23 contracts re-negotiate. Target $14.2 on 3x FY'26 sales of $846m (~5% below consensus), 33% downside.
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