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Q3 2025 FINANCIAL RESULTS
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FORWARD -LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that actual results will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Forward-looking statements include, but are not limited to: references to the Company’s revenue, balance sheet, growth, adjusted EBITDA, profitability, free cash flow, financial outlook and commitments; planned product launches, timelines, introductions, regulatory submissions or clearances; expansion of international markets; increases in U.S. market share and procedural volume, the ability to drive surgeon adoption, gain hospital access and create clinical distinction; the development and monetization of informatics platforms; the ability to transform the sales channel; and the Company’s ability to finance its operations and sufficiency of its cash runway. Important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to: the uncertainty of success in developing and commercializing new products or products currently in the pipeline; the uncertainties in the Company’s ability to execute upon its strategic operating and long-range plan; the uncertainties regarding the ability to successfully license or acquire new products, and the commercial success of such products; failure to achieve acceptance of the Company’s products by the surgeon community; failure to obtain FDA or other regulatory clearance or approval or unexpected or prolonged delays in the process; continuation of favorable third-party reimbursement; unanticipated expenses or liabilities or other adverse events affecting cash flow or the Company’s ability to achieve profitability; uncertainty of additional funding; product liability exposure; an unsuccessful outcome in any litigation; patent infringement claims; claims related to the Company’s intellectual property; competitive pressures and market dynamics; and the Company’s ability to meet its financial obligations and achieve expected financial outcomes. A further list and description of these and other factors, risks and uncertainties can be found in the Company's most recent annual report, and any subsequent quarterly and current reports, filed with the U.S. Securities and Exchange Commission. ATEC disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. 2
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ATEC IS UNIQUELY POSITIONED 3
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Positive FCF | Reference non-GAAP reconciliation in appendix Total revenue growth 13% of revenue; improving 840 bps YoY Q3 2025 FINANCIAL HIGHLIGHTS 4
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PROFITABLE GROWTH 5 Total revenue growth Surgical revenue growth Adjusted EBITDA Net new surgeon users Free Cash Flow Revenue growth in established territories Cash and Access to Cash Trailing 12-Month Free Cash Flow Trailing 12-Month Adjusted EBITDA | Reference non-GAAP reconciliation in appendix
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Total Revenue YoY $ Growth Q3 2025 NON -GAAP P&L HIGHLIGHTS Surgical Revenue $177M 31% EOS Revenue $20M 29% TOTAL REVENUE $197M 30% Non-GAAP Net Income • 28% surgical volume growth & 2% average revenue per case growth • SG&A improvements driven by infrastructure leverage & lower variable costs • Overall operating expenses grew 12% YoY • Second consecutive quarter of non-GAAP net income profitability Gross Margin % 70% +80 bps Total Operating Expense 65% (1,070) bps OPERATING MARGIN % 5% 1,150 bps NON-GAAP NET INCOME $4M | May not foot due to rounding | Reference non-GAAP reconciliation in appendix6
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Adjusted EBITDA $26M +$19M % OF SALES 13% +840 bps Adj. EBITDA leverage being driven by the areas we outlined and expected: • Durable top-line growth • Variable rate improvement • Infrastructure leverage Trailing 12 months Adj. EBITDA of $81M Q3 2025 NON -GAAP AEBITDA 7 | Reference non-GAAP reconciliation in appendix (10%) (5%) 0% 5% 10% 15% 20% 25% 30% ($10) ($5) $0 $5 $10 $15 $20 $25 $30 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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BALANCE SHEET Cash Flow Inflection Evident: • Trailing 12-month free cash flow of +$4M • 2nd consecutive quarter of positive free cash flow • Positive free cash flow in 3 of the past 4 quarters Cash $156M Available Borrowing1 $60M CASH + AVAILABLE CASH $216M FREE CASH FLOW2 $5M | 1The Company had $60M of undrawn credit available on its Midcap revolving line of credit at period end | 2Free cash flow defined as cash generated by operating activities less PP&E8
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STRONG OUTLOOK FOR 2025 Total revenue Adjusted EBITDA Free cash flow 9
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2025 AEBITDA OUTLOOK | Reference historical non-GAAP reconciliation in appendix Adjusted EBITDA 41% drop through of YoY $ revenue growth to $ AEBITDA (10%) (5%) 0% 5% 10% 15% 20% 25% ($40) ($20) $0 $20 $40 $60 $80 $100 2022 2023 2024 2025 10
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OUR STRATEGY IS STEADFAST. OUR EXECUTION IS RELENTLESS. COMPEL SURGEON ADOPTION CREATE CLINICAL DISTINCTION 2 1 EXPAND, ELEVATE & ENABLE SALES FORCE3 11 Architect unparalleled procedural solutions that improve patient outcomes Earn loyalty through differentiated training, technology, and clinical value Build a high-performing, aligned sales force designed to scale and win
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5 years 10 years 1 to 3 years 2 to 5 years 2000 TODAY SURGICAL TREATMENT DECISION FACTORS THE SPINE MARKET NEEDS ATEC 12 | 1References on file
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LATERAL: PROVEN PROCEDURAL SUCCESS FURTHER CATALYSTS AHEAD 13 Proceduralization and expanding indications of PTP and LTP address more complex pathologies Technology and informatics ecosystem enables variable mitigation to improve outcomes Procedural approach in a data-driven environment—data will inform the procedure
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CERVICAL: ELEVATING SOPHISTICATION 14 opening doors for access and adoption to enhance safety and patient outcomes across cervical empowering surgeons with real-time data for informed decision-making
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ACCELERATING DEFORMITY INFLUENCE THROUGH EOS INTEGRATION 15
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ADVANCING PEDIATRIC DEFORMITY 16
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| 1References on file17 Purpose-built for spine and compatible with leading 3D imaging systems All-in-one system fits seamlessly in the O.R., with an in-field camera that empowers surgeon control and resolves traditional line-of-sight issues Streamlined setup and workflow integration reduce overall single-level case time by 33% in cadaveric labs1 VALENCE: SIMPLE. INTEGRATED. ACCESSIBLE.
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ECOSYSTEM BUILT FOR LONG RUN DATA-DRIVEN ECOSYSTEM, INFORMING EVERY PROCEDURE INSIGHT PORTAL AI/ML MODELS PRE-OP Standardized Global Imaging 3D Surgical Planning & Simulation Automated Diagnostic Assessments AI ALIGNMENT 3D SURGICAL PLANNING BONE QUALITY 510(k) CURRENTLY UNDER FDA REVIEW EOS IMAGING POST-OP INTRA-OP Patient Specific Implants Navigated/Robot Assisted HW Placement Real-time Neurophysiology Monitoring Intra-Op Alignment Reconciliation CUSTOM RODS NAVIGATION & ROBOTICS MOBILE CLOUD CONNECTION PLAN RECONCILIATION AUTOMATED NERVE MONITORING Consistent Post-Op Imaging & Alignment Patient Trends & Outcomes Practice Analytics & Clinical Research EOS IMAGING AI ALIGNMENT PATIENT ANALYTICS 18
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($50) $0 $50 $100 $150 $200 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 FOUNDATION FOR SCALABLE GROWTH 19 FOUNDATIONAL INVESTMENTS 2018 - 2020 INFRASTRUCTURE BUILD 2021 - 2023 • Spine expertise and know-how • Portfolio overhauled to create clinical distinction • Informatic foundation: SafeOp® • Strategic distribution transition • Furthered informatic ecosystem foundation via EOS® and Valence acquisitions • State-of-the-art HQ deliberately designed to maximize sales & surgeon training • Expanded distribution footprint— Memphis • Scalable internal systems • International investments PROFITABLE SALES GROWTH 2 0 2 4 O n w a r d • Lever infrastructure investments • Integrate data and informatic platform into surgical experience • Expand and elevate procedural approaches • Algorithm-based growth model • Focal growth of key international markets E S T . A D J U S T E D E B I T D A $ 1 | 1Trajectory to 2027 based on LRP commitments | See reconciliation in appendix
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ATEC IS UNIQUELY POSITIONED 20
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APPENDIX 22
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| Access this file at https://investors.alphatecspine.com/quarterly-results/default.aspx SUPPLEMENTAL FINANCIAL INFORMATION 23 HISTORICAL GAAP P&L TREND - CONSOLIDATED ($000's) Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Revenue from products and services 109,110$ 116,920$ 118,262$ 137,970$ 482,262$ 138,477$ 145,573$ 150,719$ 176,793$ 611,562$ 169,180$ 185,544$ 196,503$ Cost of sales 38,685 52,379 38,215 42,780 172,059 41,126 42,979 47,990 55,205 187,300 53,184 56,443 59,203 Gross profit 70,425 64,541 80,047 95,190 310,203 97,351 102,594 102,729 121,588 424,262 115,996 129,101 137,300 Operating expenses: Research and development 13,260 14,571 20,000 22,284 70,115 18,012 19,105 20,357 23,244 80,718 17,032 18,276 18,679 Sales, general and administrative 91,262 87,287 91,411 104,120 374,080 113,727 112,731 109,200 114,541 450,199 127,017 118,507 124,303 Litigation-related expenses 3,192 6,908 2,715 9,472 22,287 4,428 2,090 2,093 1,188 9,799 12,214 1,593 6,520 Amortization of acquired intangibles 2,883 3,705 3,873 3,823 14,284 3,854 3,836 3,848 4,720 16,258 3,653 3,803 3,731 Transaction-related expenses - 1,900 278 (65) 2,113 (117) - - 327 210 - - - Restructuring expenses 175 29 129 386 719 788 139 934 1,386 3,247 371 7 - Gain on Settlement - - - - - Total operating expenses 110,772 114,400 118,406 140,020 483,598 140,692 137,901 136,432 145,406 560,431 160,287 142,186 153,233 Operating Loss (40,347) (49,859) (38,359) (44,830) (173,395) (43,341) (35,307) (33,703) (23,818) (136,169) (44,291) (13,085) (15,933) Other expense, net: Cash interest expense, net (3,014) (3,038) (3,581) (3,367) (13,000) (4,283) (4,754) (5,417) (5,967) (20,421) (5,356) (5,289) (5,312) Noncash interest expense, net (860) (854) (878) (1,049) (3,641) (1,058) (1,061) (1,155) (1,184) (4,458) (2,485) (7,020) (7,566) Loss on debt extinguishment - - - - - - - - - - (17,576) - - Gain on derivative liability - - - - - - - - - - 17,400 (16,780) - Other (expense) income, net 706 2,324 47 44 3,121 118 156 623 (1,922) (1,025) 337 993 307 Total other expense, net (3,168) (1,568) (4,412) (4,372) (13,520) (5,223) (5,659) (5,949) (9,073) (25,904) (7,680) (28,096) (12,571) Net loss before taxes (43,515) (51,427) (42,771) (49,202) (186,915) (48,564) (40,966) (39,652) (32,891) (162,073) (51,971) (41,181) (28,504) Income tax provision (benefit) 14 (50) (117) (124) (277) (69) (286) (36) 441 50 (64) (37) 74 Net loss, GAAP (43,529)$ (51,377)$ (42,654)$ (49,078)$ (186,638)$ (48,495)$ (40,680)$ (39,616)$ (33,332)$ (162,123)$ (51,907)$ (41,144)$ (28,578)$ Net loss per share, GAAP (0.40)$ (0.43)$ (0.35)$ (0.37)$ (1.54)$ (0.34)$ (0.29)$ (0.28)$ (0.23)$ (1.13)$ (0.35)$ (0.27)$ (0.19)$ Weighted average shares outstanding, basic and diluted 109,751 118,719 122,468 133,750 121,242 140,980 142,687 143,492 144,583 142,946 146,732 149,907 151,401
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| Access this file at https://investors.alphatecspine.com/quarterly-results/default.aspx SUPPLEMENTAL FINANCIAL INFORMATION 24 NON-GAAP RECONCILIATION - CONSOLIDATED ($000's) NON-GAAP GROSS PROFIT & GROSS MARGIN Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Gross Profit, GAAP 70,425$ 64,541$ 80,047$ 95,190$ 310,203$ 97,351$ 102,594$ 102,729$ 121,588$ 424,262$ 115,996$ 129,101$ 137,300$ + Amortization of acquired intangible assets 220 220 221 278 939 307 307 308 (814) 108 50 64 65 + Stock-based compensation 6,006 16,226 2,369 481 25,082 483 554 1,439 2,485 4,961 3,043 553 414 + Purchase accounting adjustments on acquisitions 195 - - 198 393 - 197 - - 197 - - - Non-GAAP Gross Profit 76,846$ 80,987$ 82,637$ 96,147$ 336,617$ 98,141$ 103,652$ 104,476$ 123,259$ 429,528$ 119,089$ 129,718$ 137,779$ Gross Margin, GAAP 64.5% 55.2% 67.7% 69.0% 64.3% 70.3% 70.5% 68.2% 68.8% 69.4% 68.6% 69.6% 69.9% + Amortization of acquired intangible assets 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% -0.5% 0.0% 0.0% 0.0% 0.0% + Stock-based compensation 5.5% 13.9% 2.0% 0.3% 5.2% 0.3% 0.4% 1.0% 1.4% 0.8% 1.8% 0.3% 0.2% + Purchase accounting adjustments on acquisitions 0.2% 0.0% 0.0% 0.1% 0.1% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Non-GAAP Gross Margin 70.4% 69.3% 69.9% 69.7% 69.8% 70.9% 71.2% 69.3% 69.7% 70.2% 70.4% 69.9% 70.1% NON-GAAP OPERATING EXPENSES Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Research & Development, GAAP 13,260$ 14,571$ 20,000$ 22,284$ 70,115$ 18,012$ 19,105$ 20,357$ 23,244$ 80,718$ 17,032$ 18,276$ 18,679$ - Stock-based compensation in R&D 1,317 1,480 6,790 9,154 18,741 4,315 5,614 7,207 9,894 27,030 3,644 4,159 3,307 Non-GAAP R&D 11,943 13,091 13,210 13,130 51,374 13,697 13,491 13,150 13,350 53,688 13,388 14,117 15,372 Sales General & Administrative, GAAP 91,262 87,287 91,411 104,120 374,080 113,727 112,731 109,200 114,541 450,199 127,017 118,507 124,303 - Stock-based compensation in SG&A 9,139 6,488 10,914 10,880 37,421 12,524 10,792 8,816 9,154 41,286 15,631 10,912 12,658 - Other non-recurring expenses 1,349 - - - 1,349 - 1,608 - - 1,608 - - - Non-GAAP SG&A 80,774 80,799 80,497 93,240 335,310 101,203 100,331 100,384 105,387 407,305 111,386 107,595 111,645 Other Operating Expense, GAAP 6,250 12,542 6,995 13,616 39,403 8,953 6,065 6,875 7,621 29,514 16,688 5,403 10,251 - Litigation-related expenses 3,192 6,908 2,715 9,472 22,287 4,428 2,090 2,093 1,188 9,799 12,214 1,593 6,520 - Amortization of acquired intangibles assets 2,883 3,705 3,873 3,823 14,284 3,854 3,836 3,848 4,720 16,258 3,653 3,803 3,731 - Transaction-related expenses - 1,900 278 (65) 2,113 (117) - - 327 210 - - - - Restructuring expenses 175 29 129 386 719 788 139 934 1,386 3,247 371 7 - Non-GAAP Other Operating Expense - - - - - - - - - - - - - Total Non-GAAP Operating Expenses 92,717$ 93,890$ 93,707$ 106,370$ 386,684$ 114,900$ 113,822$ 113,534$ 118,737$ 460,993$ 124,774$ 121,712$ 127,017$ Non-GAAP Operating Expenses as a % of Revenue Research & development 10.9% 11.2% 11.2% 9.5% 10.7% 9.9% 9.3% 8.7% 7.6% 8.8% 7.9% 7.6% 7.8% Sales, general & administrative 74.0% 69.1% 68.1% 67.6% 69.5% 73.1% 68.9% 66.6% 59.6% 66.6% 65.8% 58.0% 56.8% Total Non-GAAP Operating Expenses as a % of Revenue 84.9% 80.3% 79.2% 77.1% 80.2% 83.0% 78.2% 75.3% 67.2% 75.4% 73.8% 65.6% 64.6%
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| Access this file at https://investors.alphatecspine.com/quarterly-results/default.aspx SUPPLEMENTAL FINANCIAL INFORMATION 25 NON-GAAP RECONCILIATION - CONSOLIDATED ($000's) ADJUSTED EBITDA Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Net loss, GAAP (43,529)$ (51,377)$ (42,654)$ (49,078)$ (186,638)$ (48,495)$ (40,680)$ (39,616)$ (33,332)$ (162,123)$ (51,907)$ (41,144)$ (28,578)$ Cash interest expense, net 3,014 3,038 3,581 3,367 13,000 4,283 4,754 5,417 5,967 20,421 5,356 5,289 5,312 Noncash interest expense, net 860 854 878 1,049 3,641 1,058 1,061 1,155 1,184 4,458 2,485 7,020 7,566 Loss on debt extinguishment - - - - - - - - - - 17,576 - - Gain on derivative liability - - - - - - - - - - (17,400) 16,780 - Other (expense) income, net (706) (2,324) (47) (44) (3,121) (118) (156) (623) 1,922 1,025 (337) (993) (307) Income tax provision (benefit) 14 (50) (117) (124) (277) (69) (286) (36) 441 50 (64) (37) 74 Depreciation expense 8,589 9,758 10,651 11,918 40,916 13,724 15,735 16,491 16,102 62,052 15,754 15,012 14,889 Amortization expense 3,103 3,925 4,094 4,101 15,223 4,161 4,143 4,156 3,906 16,366 4,153 4,316 4,267 Total EBITDA (28,655) (36,176) (23,614) (28,811) (117,256) (25,456) (15,429) (13,056) (3,810) (57,751) (24,384) 6,243 3,223 + Stock-based compensation 16,462 24,194 20,073 20,515 81,244 17,322 16,960 17,462 21,533 73,277 22,318 15,624 16,379 + Purchase accounting adjustments on acquisitions 195 - - 198 393 - 197 - - 197 - - - + Litigation-related expenses 3,192 6,908 2,715 9,472 22,287 4,428 2,090 2,093 1,188 9,799 12,214 1,593 6,520 + Transaction-related expenses - 1,900 278 (65) 2,113 (117) - - 327 210 - - - + Restructuring expenses 175 29 129 386 719 788 139 934 1,386 3,247 371 7 - + Other non-recurring expenses 1,349 - - - 1,349 - 1,608 - - 1,608 - - - Total Adjusted EBITDA (7,282)$ (3,145)$ (419)$ 1,695$ (9,151)$ (3,035)$ 5,565$ 7,433$ 20,624$ 30,587$ 10,519$ 23,467$ 26,122$ Adjusted EBITDA as a % of Revenue -6.7% -2.7% -0.4% 1.2% -1.9% -2.2% 3.8% 4.9% 11.7% 5.0% 6.2% 12.6% 13.3% NON-GAAP EARNINGS (LOSS) PER SHARE Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Net Loss, GAAP (43,529)$ (51,377)$ (42,654)$ (49,078)$ (186,638)$ (48,495)$ (40,680)$ (39,616)$ (33,332)$ (162,123)$ (51,907)$ (41,144)$ (28,578)$ + Stock-based compensation 16,462 24,194 20,073 20,515 81,244 17,322 16,960 17,462 21,533 73,277 22,318 15,624 16,379 + Amortization of acquired intangible assets 3,103 3,925 4,094 4,101 15,223 4,161 4,143 4,156 3,906 16,366 3,703 3,867 3,796 + Restructuring expenses 175 29 129 386 719 788 139 934 1,386 3,247 371 7 - + Transaction-related expenses - 1,900 278 (65) 2,113 (117) - - 327 210 - - - + Litigation-related expenses 3,192 6,908 2,715 9,472 22,287 4,428 2,090 2,093 1,188 9,799 12,214 1,593 6,520 + Loss on Debt extinguishment - - - - - - - - - - 17,576 - - + Gain on derivative liability - - - - - - - - - - (17,400) 16,780 - + Noncash interest expense, net 860 854 878 1,049 3,641 1,058 1,061 1,155 1,184 4,458 2,485 7,020 7,566 + Foreign exchange impact (209) 265 7 16 79 (119) (44) (624) 1,592 805 (311) (308) (29) + Long-term income tax rate adjustment 5,168 3,522 3,912 3,693 16,295 5,448 4,606 3,800 21 13,875 2,928 (848) (1,563) Non-GAAP net income (loss) (14,778)$ (9,780)$ (10,568)$ (9,911)$ (45,037)$ (15,526)$ (11,725)$ (10,640)$ (2,195)$ (40,086)$ (8,023)$ 2,591$ 4,091$ Non-GAAP net income (loss) per share (0.13)$ (0.08)$ (0.09)$ (0.07)$ (0.37)$ (0.11)$ (0.08)$ (0.07)$ (0.02)$ (0.28)$ (0.05)$ 0.02$ 0.03$ Weighted avg shares outstanding, basic and diluted 109,751 118,719 122,468 133,750 121,242 140,980 142,687 143,492 144,583 142,946 146,732 149,907 151,401
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| Access this file at https://investors.alphatecspine.com/quarterly-results/default.aspx SUPPLEMENTAL FINANCIAL INFORMATION 26 NON-GAAP P&L TREND - CONSOLIDATED ($000's) Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Revenue from products and services 109,110$ 116,920$ 118,262$ 137,970$ 482,262$ 138,477$ 145,573$ 150,719$ 176,793$ 611,562$ 169,180$ 185,544$ 196,503$ Non-GAAP cost of sales 32,264 35,933 35,625 41,823 145,645 40,336 41,921 46,243 53,534 182,034 50,091 55,826 58,724 Non-GAAP gross profit 76,846$ 80,987$ 82,637$ 96,147$ 336,617$ 98,141$ 103,652$ 104,476$ 123,259$ 429,528$ 119,089$ 129,718$ 137,779$ Non-GAAP Gross Margin 70.4% 69.3% 69.9% 69.7% 69.8% 70.9% 71.2% 69.3% 69.7% 70.2% 70.4% 69.9% 70.1% Non-GAAP 0perating expenses: Non-GAAP research & development 11,943 13,091 13,210 13,130 51,374 13,697 13,491 13,150 13,350 53,688 13,388 14,117 15,372 Non-GAAP sales, general & administrative 80,774 80,799 80,497 93,240 335,310 101,203 100,331 100,384 105,387 407,305 111,386 107,595 111,645 Total non-GAAP operating expenses 92,717$ 93,890$ 93,707$ 106,370$ 386,684$ 114,900$ 113,822$ 113,534$ 118,737$ 460,993$ 124,774$ 121,712$ 127,017$ Non-GAAP R&D as % of revenue 10.9% 11.2% 11.2% 9.5% 10.7% 9.9% 9.3% 8.7% 7.6% 8.8% 7.9% 7.6% 7.8% Non-GAAP SG&A as % of revenue 74.0% 69.1% 68.1% 67.6% 69.5% 73.1% 68.9% 66.6% 59.6% 66.6% 65.8% 58.0% 56.8% Total Non-GAAP OPEX as % of revenue 84.9% 80.3% 79.2% 77.1% 80.2% 83.0% 78.2% 75.3% 67.2% 75.4% 73.8% 65.6% 64.6% Non-GAAP operating loss (15,871) (12,903) (11,070) (10,223) (50,067) (16,759) (10,170) (9,058) 4,522 (31,465) (5,685) 8,006 10,762 Op loss as % of revenue -14.5% -11.0% -9.4% -7.4% -10.4% -12.1% -7.0% -6.0% 2.6% -5.1% -3.4% 4.3% 5.5% Less: Other amortization expense - - - - - - - - - - 450 449 471 Less: Depreciation expense 8,589 9,758 10,651 11,918 40,916 13,724 15,735 16,491 16,102 62,052 15,754 15,012 14,889 Adjusted EBITDA (7,282)$ (3,145)$ (419)$ 1,695$ (9,151)$ (3,035)$ 5,565$ 7,433$ 20,624$ 30,587$ 10,519$ 23,467$ 26,122$ Adj EBITDA as % of revenue -6.7% -2.7% -0.4% 1.2% -1.9% -2.2% 3.8% 4.9% 11.7% 5.0% 6.2% 12.6% 13.3% Adj EBITDA drop through % 14.2% 22.9% 30.5% 22.8% 22.0% 14.5% 30.4% 24.2% 48.8% 30.7% 44.1% 44.8% 40.8%
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SUPPLEMENTAL FINANCIAL INFORMATION | Access this file at https://investors.alphatecspine.com/quarterly-results/default.aspx 27 REVENUE SUPPLEMENT Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Revenues: Products and services - Surgical 94,040 102,306 103,823 122,594 422,763 122,617 130,028 135,343 156,468 544,456 152,084 168,217 176,676 Products and services - EOS 15,070 14,614 14,439 15,376 59,499 15,860 15,545 15,376 20,325 67,106 17,096 17,327 19,827 Total revenue from products and services 109,110$ 116,920$ 118,262$ 137,970$ 482,262$ 138,477$ 145,573$ 150,719$ 176,793$ 611,562$ 169,180$ 185,544$ 196,503$ Constant currency adjustments: Products and services - Surgical 17 (6) 4 42 57 67 18 (13) (72) - 180 80 319 Products and services - EOS 363 15 (319) (266) (207) (88) 42 27 (146) (165) 405 (167) (458) Revenue from products and services 380 9 (315) (224) (150) (21) 60 14 (218) (165) 585 (87) (139) TOTAL ADJUSTMENTS 380 9 (315) (224) (150) (21) 60 14 (218) (165) 585 (87) (139) Revenues at constant currency: Products and services - Surgical 94,057 102,300 103,827 122,636 422,820 122,684 130,046 135,330 156,396 544,456 152,264 168,297 176,995 Products and services - EOS 15,433 14,629 14,120 15,110 59,292 15,772 15,586 15,403 20,179 66,940 17,501 17,160 19,369 Total Revenue at Constant Currency 109,490$ 116,929$ 117,947$ 137,746$ 482,112$ 138,456$ 145,632$ 150,733$ 176,575$ 611,396$ 169,765$ 185,457$ 196,364$ YOY GROWTH % Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Q424 2024 Q125 Q225 Q325 Products and services - Surgical 55.1% 41.4% 31.9% 34.2% 39.5% 30.4% 27.1% 30.4% 27.6% 28.8% 24.0% 29.4% 30.5% Products and services - EOS 46.8% 23.8% 29.9% 5.2% 24.4% 5.2% 6.4% 6.5% 32.2% 12.8% 7.8% 11.5% 28.9% Total revenue from products and services 53.8% 38.9% 31.6% 30.2% 37.4% 26.9% 24.5% 27.4% 28.1% 26.8% 22.2% 27.5% 30.4% YOY growth % at constant currency: Products and services - Surgical 55.1% 41.4% 31.9% 34.3% 39.5% 30.4% 27.1% 30.3% 27.5% 28.7% 24.1% 29.4% 30.8% Products and services - EOS 46.1% 17.7% 19.1% -3.4% 17.5% 2.2% 6.5% 9.1% 33.5% 12.8% 11.0% 10.1% 25.7% Total Revenue Growth % at Constant Currency 53.7% 37.9% 30.2% 28.8% 36.4% 26.5% 24.5% 27.8% 28.2% 26.8% 22.6% 27.3% 30.3%