Alphatec: Straightening Its Back

Alphatec reports 15% revenue growth and improved operating leverage, with realistic break-even levels approaching despite ongoing net losses and dilution. Alphatec maintains $882 million in sales guidance and raises adjusted EBITDA guidance to $140 million, signaling confidence in margin improvements and operational progress. Leverage concerns are easing as free cash flow turns positive, dilution slows, and interest expenses decline, aided by strong EOS imaging technology growth. Trading at just over 2x sales, Alphatec offers speculative appeal given robust growth, margin gains, and a significant discount to peer multiples.