Alphatec第三季度收入2.21亿美元增13%：手术病例量增20%、新增外科医生用户增25%，全年指引约8.62亿美元
加利福尼亚州脊柱外科医疗器械公司 Alphatec Holdings（Nasdaq: ATEC）10月29日公布2026年第三季度（截至9月30日）业绩：总收入2.21亿美元，同比增长13%；其中手术收入2.02亿美元，同比增长14%、增加2,500万美元，手术硬件为手术增长贡献2,600万美元、同比增长17%。本季手术病例量增长约20%，净新增外科医生用户增长25%。
盈利指标方面，公司 GAAP 毛利率为71.5%、非GAAP毛利率71.9%；GAAP净亏损500万美元，非GAAP净利1,500万美元；非GAAP调整后 EBITDA 为3,800万美元、占收入17.3%，同比扩大400个基点。公司本季产生自由现金流600万美元，十二个月滚动自由现金流保持为正，季末现金余额8,000万美元。公司同时宣布 Tommy Carls 加入高级管理团队，担任数据智能与战略执行副总裁。
董事长兼首席执行官 Pat Miles 表示，三季度收入未达公司预期，主要原因是生物制剂配套率偏低，公司正着手解决这一短板、提高生物制剂表现是明确优先事项；与此同时，程序化解决方案需求依然强劲，硬件收入增长17%、病例量增长约20%、新外科医生采用增长25%，印证了公司以手术程序为核心的战略与生态系统的临床价值。
全年展望方面，公司现预计2026财年总收入约8.62亿美元，其中手术收入约7.89亿美元、EOS收入约7,300万美元，对应全年总收入增长约13%、手术收入增长约15%；调整后 EBITDA 预计约1.37亿美元，全年自由现金流预计约1,000万美元。Alphatec 通过旗下 Alphatec Spine、EOS imaging 与 SafeOp Surgical 等子公司，专注于以创新方案革新脊柱外科手术方式。
Alphatec Third Quarter Revenue Rises 13% to $221 Million as Case Volumes Grow 20% and New Surgeon Users Rise 25%
Alphatec Holdings, Inc. (Nasdaq: ATEC), the California-based spine surgery medical device company, on October 29 announced financial results for the third quarter ended September 30, 2026: total revenue was $221 million, up 13% year over year. Surgical revenue was $202 million, up 14%, an increase of $25 million year over year, with surgical hardware contributing $26 million to surgical growth and increasing 17%. Case volumes grew approximately 20% in the quarter and net new surgeon users increased 25%.
On profitability, GAAP gross margin was 71.5% and non-GAAP gross margin 71.9%. GAAP net loss was $5 million, non-GAAP net income was $15 million, and non-GAAP adjusted EBITDA was $38 million, or 17.3% of revenue, expanding 400 basis points year over year. The company generated $6 million of free cash flow in the quarter, with continued positive trailing twelve-month free cash flow, and ended the quarter with a cash balance of $80 million. Tommy Carls also joined the senior leadership team as executive vice president of data intelligence and strategy.
'Third-quarter revenue fell short of our expectations, primarily due to lower biologics attachment,' said Pat Miles, chairman and chief executive officer. 'We own and are addressing that shortfall, and going forward, improving biologics performance is a clear priority for us. At the same time, we continued to see very strong demand for our procedural solutions, with hardware revenue growing 17%, case volumes growing approximately 20%, and new surgeon adoption increasing 25%. These results reinforce our confidence in our procedure-focused strategy and the clinical value of our ecosystem.'
For fiscal year 2026, Alphatec now expects total revenue of approximately $862 million, including approximately $789 million of surgical revenue and approximately $73 million of EOS revenue, representing approximately 13% total revenue growth and approximately 15% surgical revenue growth for the year. The company expects adjusted EBITDA of approximately $137 million and approximately $10 million of free cash flow for fiscal 2026. Through its subsidiaries Alphatec Spine, EOS imaging and SafeOp Surgical, ATEC is a medical device company dedicated to revolutionizing the approach to spine surgery.
来源：GSM·美国（原文链接）
图片来源：图：脊柱外科手术场景（资料图）。美国海军照片，公共领域，经Wikimedia Commons。 / A spine surgery in progress (file photo). U.S. Navy photo, public domain, via Wikimedia Commons.
