Alphatec Holdings announced a definitive strategic partnership granting ATEC exclusive U.S. commercial rights to Theradaptive’s OsteoAdapt® osteoinductive bone graft for spinal fusion. Under the agreement, ATEC will make an upfront payment of $30 million, is eligible for up to $120 million in clinical and commercial milestones, and will pay a low-single-digit perpetual royalty on net sales. OsteoAdapt leverages Theradaptive’s proprietary AMP2™ protein technology, has received three FDA Breakthrough Device Designations, and is currently in Phase II clinical trials for spine and dental applications targeting a biologics segment exceeding $2 billion annually in the U.S. market.

ATEC reported preliminary, unaudited full-year 2025 revenue of $763.4 million to $764.4 million, representing approximately 25% growth year-over-year. Surgical revenue surged by 26% to $686.3 million–$687.0 million, driven by a 24% increase in procedure volume and a 2% rise in revenue per procedure, while EOS imaging revenue reached $77.1 million–$77.4 million. The company reaffirmed adjusted EBITDA guidance of $91 million and expects fourth-quarter free cash flow between $6 million and $8 million, with a year-end cash balance of roughly $161 million.

For full-year 2026, ATEC forecasts total revenue of approximately $890 million, including $805 million from surgical procedures and $85 million from imaging solutions, reflecting year-over-year growth of about 17%. Adjusted EBITDA is expected to rise to $130 million, supporting projected free cash flow of $20 million. Key drivers include the launch of OsteoAdapt in the U.S. market, continued scaling of the InformatiX™ data platform, and expanded adoption of ATEC’s instrumentation and navigation systems across its 200-strong U.S. salesforce.