ATEC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $10.03

Market Cap (MRQ) $1.55B

P/E (TTM) -13.9

EPS (TTM) $-0.72

Revenue (TTM) $815M

ROE (TTM) -1879.9%

Debt/Equity (MRQ) -53.1

52W Range $7–$23

ATEC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

range

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Stock splits 1

Ex-date	Split	Type
Aug. 25, 2016	1-for-12	Reverse

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$764M

2016-12-31 → 2025-12-31

EPS$-0.96

2016-12-31 → 2025-12-31

Free Cash Flow$3M

2017-12-31 → 2025-12-31

Net margin-13.5%

2017-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	ATEC	5Y avg	Peer Median	Verdict
P/E (TTM)	-13.95Y avg ≈-11.2	≈-11.2	·	·
P/S (TTM)	1.95Y avg ≈3.8	≈3.8	2.8	Undervalued
P/B (MRQ)	-128.45Y avg ≈33.3	≈33.3	·	·
EV / EBITDA	-426.45Y avg ≈-172.4	≈-172.4	·	·
Price / FCF (TTM)	671.75Y avg ≈219.3	≈219.3	·	·
Price / Cash Flow (TTM)	27.45Y avg ≈-3.9	≈-3.9	22.7	Overvalued
EV / Revenue	2.65Y avg ≈4.5	≈4.5	·	·
EV / FCF	712.15Y avg ≈251.4	≈251.4	·	·
Price / Tangible Book (MRQ)	-15.4	·	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	ATEC	5Y avg	Peer Median	Verdict
Gross Margin (TTM)	70.8%5Y avg ≈66.9%	≈66.9%	71.8%	Top tier
Operating Margin (TTM)	-6.0%5Y avg ≈-32.7%	≈-32.7%	2.2%	Weak
EBITDA Margin (TTM)	3.4%5Y avg ≈-21.2%	≈-21.2%	2.2%	Weak
Pretax Margin (TTM)	-13.5%5Y avg ≈-37.3%	≈-37.3%	1.6%	Weak
Net Profit Margin (TTM)	-13.5%5Y avg ≈-37.3%	≈-37.3%	0.62%	Weak
ROA (TTM)	-13.9%5Y avg ≈-25.9%	≈-25.9%	-3.6%	Weak
ROE (TTM)	-1879.9%5Y avg ≈114.7%	≈114.7%	-6.4%	Weak
ROIC	-12.8%5Y avg ≈-28.1%	≈-28.1%	0.08%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	ATEC	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	-53.15Y avg ≈2.1	≈2.1	0.2	Low debt
Current Ratio (MRQ)	1.95Y avg ≈2.6	≈2.6	3.8	Low liquidity
Quick Ratio	1.25Y avg ≈1.6	≈1.6	1.9	Low liquidity
Long-Term Debt / Equity (MRQ)	-42.35Y avg ≈0.2	≈0.2	0.2	Low debt
Interest Coverage	-1.85Y avg ≈-12.5	≈-12.5	2.7	Low liquidity

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	ATEC	5Y avg	Peer Median	Verdict
Revenue YoY	24.9%5Y avg ≈40.3%	≈40.3%	·	·
Revenue CAGR 3Y	29.6%5Y avg ≈38.3%	≈38.3%	·	·
Revenue CAGR 5Y	39.5%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	ATEC	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-0.965Y avg ≈$-1.32	≈$-1.32	·	·
Revenue / Share	$5.095Y avg ≈$4.19	≈$4.19	·	·
Cash Flow / Share	$0.305Y avg ≈$-0.35	≈$-0.35	·	·
Cash / Share	$1.075Y avg ≈$1.26	≈$1.26	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	ATEC	5Y avg	Peer Median	Verdict
Asset Turnover	1.05Y avg ≈0.7	≈0.7	0.6	Top tier
Inventory Turnover	1.35Y avg ≈1.3	≈1.3	1.6	Weak
Receivables Turnover	8.55Y avg ≈7.6	≈7.6	6.9	Top tier
Revenue / Employee	≈$837.0K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 5.0%

Next Report Oct 26, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Jul 27, 2026	$0.07	$0.07	-0.43%
March 31, 2026		$0.00	$-0.02	100.0%
Dec. 31, 2025		$-0.14	$-0.13	-7.0%
Sept. 30, 2025		$-0.19	$-0.14	-33.2%
June 30, 2025		$-0.16	$-0.19	16.7%
March 31, 2025		$-0.35	$-0.24	-46.0%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 18

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$764M	$612M	$482M	$351M	$243M	$145M	$113M	$92M	$102M	$120M	$134M	$155M
Cost of Revenue	$232M	$187M	$172M	$118M	$85M	$42M	$36M	$28M	$34M	$44M	$46M	$45M
Gross Profit	$532M	$424M	$310M	$233M	$158M	$103M	$78M	$63M	$68M	$76M	$88M	$110M
R&D Expense	·	·	·	·	·	·	·	·	·	·	$18M	$17M
SG&A Expense	$499M	$450M	$374M	$300M	$229M	$129M	$102M	$73M	$70M	$26M	$28M	$34M
Operating Expenses	$614M	$560M	$484M	$380M	$286M	$161M	$125M	$86M	$77M	$92M	$264M	$108M
Operating Income	$-82M	$-136M	$-173M	$-147M	$-128M	$-59M	$-47M	$-22M	$-9M	$-15M	$-176M	$1M
Interest Expense	$46M	$25M	$17M	$6M	$7M	$12M	$10M	·	·	$5M	$4M	$3M
Interest Income	·	·	·	·	·	·	·	·	·	$3.0K	$11.0K	$10.0K
Other Non-op	$2M	$-1M	$3M	$471.0K	$-2M	·	$-10M	$-7M	$4M	$-28.0K	$7M	$2M
Pretax Income	$-143M	$-162M	$-187M	$-152M	$-144M	$-79M	$-57M	$-30M	$-5M	$-31M	$-172M	$309.0K
Income Tax	$-45.0K	$50.0K	$-277.0K	$-716.0K	$-1M	$145.0K	$-239.0K	$-1M	$-34.0K	$-5M	$-1M	$407.0K
Net Income	$-143M	$-162M	$-187M	$-151M	$-143M	$-79M	$-57M	$-29M	$-2M	$-30M	$-179M	$-13M
EPS (Basic)	$-0.96	$-1.13	$-1.54	$-1.46	$-1.49	$-1.18	·	$-1.20	$-0.18	$-3.49	$-21.53	$-1.59
EPS (Diluted)	$-0.96	$-1.13	$-1.54	$-1.46	$-1.49	$-1.18	·	$-1.20	$-1.08	$-3.49	$-21.53	$-1.90
Shares (Basic)	150,064,000	142,946,000	121,242,000	103,373,000	96,197,000	67,020,000	·	35,315,000	12,788,000	8,582,000	8,298,000	8,112,000
Shares (Diluted)	150,064,000	142,946,000	121,242,000	103,373,000	96,197,000	67,020,000	·	35,315,000	13,282,000	8,582,000	8,298,000	8,145,000
EBITDA	$-5M	$-58M	$-117M	$-106M	$-101M	$-48M	$-40M	$-16M	$-2M	·	·	$20M

Balance Sheet 29

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$161M	$139M	$221M	$85M	$187M	$108M	$47M	$29M	$22M	$20M	$6M	$20M
Receivables	$97M	$83M	$73M	$60M	$42M	$24M	$16M	$15M	$15M	$19M	$27M	$40M
Inventory	$169M	$175M	$137M	$102M	$92M	$46M	$35M	$29M	$27M	$30M	$33M	$42M
Prepaid Expense	$23M	$20M	$21M	$9M	$10M	$5M	$10M	$2M	$2M	$4M	$3M	$5M
Current Assets	$451M	$417M	$451M	$256M	$331M	$184M	$108M	$76M	$66M	$73M	$101M	$113M
PP&E (Net)	$135M	$156M	$150M	$102M	$87M	$37M	$20M	$13M	$13M	$15M	$16M	$26M
PP&E (Gross)	$369M	$340M	$277M	$196M	$160M	$93M	$72M	$67M	$67M	$69M	$78M	$90M
Accum. Depreciation	$233M	$184M	$127M	$94M	$73M	$57M	$52M	$54M	$54M	$54M	$62M	$64M
Goodwill	$75M	$71M	$73M	$47M	$40M	$14M	$14M	$14M	·	$0	$0	$171M
Intangibles	$93M	$94M	$102M	$83M	$85M	$25M	$26M	$26M	$5M	$6M	$9M	$30M
Other Non-current Assets	$5M	$3M	$2M	$5M	$3M	$541.0K	$493.0K	$347.0K	$208.0K	$516.0K	$502.0K	$4M
Total Assets	$791M	$776M	$805M	$521M	$572M	$261M	$170M	$129M	$85M	$94M	$146M	$345M
Accounts Payable	$41M	$53M	$49M	$35M	$26M	$18M	$8M	$4M	$4M	$9M	$14M	$10M
Accrued Liabilities	·	·	·	·	·	$35M	$26M	$22M	$22M	$28M	$21M	$35M
Short-term Debt	$65M	$2M	$2M	$15M	$342.0K	$4M	·	·	·	·	·	·
Current Liabilities	$219M	$153M	$158M	$139M	$101M	$58M	$36M	$31M	$30M	$40M	$125M	$64M
Capital Leases	$24M	$27M	$24M	$27M	$24M	$41.0K	$925.0K	$92.0K	$129.0K	$66.0K	·	·
Deferred Tax	·	·	·	·	·	·	·	·	·	·	$0	$2M
Other Non-current Liabilities	$11M	$11M	$11M	$17M	$17M	$11M	$12M	$15M	$20M	$29M	$32M	$32M
Long-term Debt	$566M	$576M	$513M	$364M	$327M	$42M	$61M	$49M	$43M	$49M	$85M	$83M
Total Debt	$630M	$578M	$515M	$379M	$327M	$42M	$54M	$46M	$41M	·	·	$83M
Common Stock	$15.0K	$14.0K	$14.0K	$11.0K	$10.0K	$8.0K	$6.0K	$4.0K	$2.0K	$1.0K	$1.0K	$10.0K
Paid-in Capital	$1.47B	$1.31B	$1.23B	$934M	$893M	$771M	$607M	$524M	$437M	$420M	$417M	$414M
Retained Earnings	$-1.42B	$-1.28B	$-1.12B	$-932M	$-781M	$-638M	$-559M	$-502M	$-459M	$-457M	$-427M	$-249M
Treasury Stock	$25M	$25M	$25M	$25M	$25M	$97.0K	$97.0K	$97.0K	$97.0K	$97.0K	$97.0K	$97.0K
AOCI	$-4M	$-14M	$-8M	$-11M	$-6M	$1M	$1M	$1M	$1M	$970.0K	$-21M	$-11M
Stockholders' Equity	$12M	$-14M	$78M	$-35M	$81M	$130M	$44M	$18M	$-27M	$-42M	$-37M	$149M
Liabilities + Equity	$791M	$776M	$805M	$521M	$572M	$261M	$170M	$129M	$85M	$94M	$146M	$345M
Shares Outstanding	150,257,000	144,129,000	139,245,000	106,640,000	99,537,000	82,104,000	61,400,000	43,368,000	19,857,000	9,049,000	8,513,000	99,856,000

Cash Flow 16

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$77M	$78M	$56M	$41M	$27M	$11M	$8M	$7M	$7M	$12M	$19M	$18M
Stock-based Comp	$74M	$73M	$81M	$41M	$36M	$18M	$11M	$5M	$4M	$2M	$3M	$5M
Deferred Tax	$-588.0K	$-586.0K	$-830.0K	$-113.0K	$-1M	$10.0K	$-446.0K	$-1M	$-36.0K	$-5M	$-2M	$262.0K
Amort. of Intangibles	$15M	$16M	$14M	$10M	$5M	$688.0K	$698.0K	$738.0K	$688.0K	$934.0K	$1M	$1M
Restructuring	$378.0K	$3M	$719.0K	$2M	$2M	·	$60.0K	$1M	$2M	$2M	$597.0K	$706.0K
Other Non-cash	$38M	$-34M	$-28M	$-5M	$8M	$4M	$6M	$-7M	$-18M	·	·	$-31M
Operating Cash Flow	$45M	$-45M	$-78M	$-75M	$-73M	$-46M	$-33M	$-26M	$-9M	$-10M	$10M	$-20M
CapEx	$42M	$83M	$81M	$49M	$69M	$23M	$13M	$7M	$8M	$9M	$12M	$11M
Investing Cash Flow	$-53M	$-93M	$-142M	$-58M	$-158M	$-24M	$-13M	$-22M	$-6M	$62M	$-12M	$-11M
Stock Issued	$0	$0	$213M	·	$132M	$108M	$2M	$52M	·	$114.0K	$375.0K	$26.0K
Stock Repurchased	·	·	·	·	$25M	·	·	·	·	·	·	·
Net Stock Activity	$0	·	$213M	·	$-25M	$3M	$2M	·	·	·	·	·
Financing Cash Flow	$30M	$56M	$357M	$31M	$312M	$131M	$64M	$54M	$18M	$-43M	$-7M	$31M
Net Change in Cash	$22M	$-82M	$136M	$-103M	$79M	$61M	$18M	$7M	$3M	$9M	$-9M	$-2M
Free Cash Flow	$3M	$-128M	$-159M	$-125M	$-142M	$-70M	$-46M	$-32M	$-16M	·	·	$-32M
Levered FCF	$-43M	$-153M	$-176M	$-130M	$-149M	$-82M	·	·	·	·	·	$-46M

Profitability 8

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	69.6%	69.4%	64.3%	66.4%	64.9%	70.8%	68.4%	69.0%	61.3%	·	·	69.3%
Operating Margin	-10.8%	-22.3%	-35.9%	-41.9%	-52.6%	-40.6%	-41.7%	-24.5%	-8.8%	·	·	0.89%
Net Margin	-18.8%	-26.5%	-38.7%	-43.4%	-59.3%	-54.5%	-50.2%	-31.6%	-2.2%	·	·	-6.2%
Pretax Margin	-18.8%	-26.5%	-38.8%	-43.3%	-59.3%	-54.4%	-50.4%	-32.9%	-4.5%	·	·	-5.7%
EBITDA Margin	-0.61%	-9.4%	-24.3%	-30.2%	-41.6%	-33.1%	-35.0%	-17.1%	-1.5%	·	·	9.8%
ROA	-18.3%	-20.5%	-28.1%	-28.0%	-34.6%	-36.6%	-38.1%	-27.1%	-2.6%	·	·	-3.6%
ROE	-792.1%	2087.7%	-1099.3%	528.2%	-151.0%	-114.5%	-112.6%	-138.7%	6.7%	·	·	-8.0%
ROIC	-12.8%	-24.2%	-29.2%	-42.9%	-31.5%	-34.3%	-48.2%	-33.9%	-62.0%	·	·	0.87%

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	2.1	2.7	2.9	1.8	3.3	3.2	3.0	2.5	2.2	·	·	1.8
Quick Ratio	1.2	1.4	1.9	1.0	2.3	2.3	1.7	1.4	1.3	·	·	0.9
Debt / Equity	50.7	-40.8	6.6	-10.3	4.1	0.3	1.2	2.6	-1.5	·	·	0.6
LT Debt / Equity	40.4	-40.5	6.5	-9.5	4.1	0.3	1.2	2.4	-1.4	·	·	0.5
Interest Coverage	-1.8	-5.5	-10.4	-26.7	-18.0	-4.8	·	·	·	·	·	0.1

Efficiency 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	1.0	0.8	0.7	0.6	0.6	0.7	0.8	0.9	1.1	·	·	0.6
Inventory Turnover	1.3	1.2	1.4	1.2	1.2	1.0	1.1	1.0	1.4	·	·	1.5
Receivables Turnover	8.5	7.9	7.3	6.9	7.4	7.3	7.3	6.1	6.1	·	·	5.1

Per Share 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$0.08	$-0.10	$0.56	$-0.34	$0.80	$1.58	$0.71	$0.41	$-1.34	·	·	$1.53
Revenue / Share	$5.09	$4.28	$3.98	$3.39	·	·	·	$2.60	$7.66	·	·	$2.12
Cash Flow / Share	$0.30	$-0.31	$-0.65	$-0.73	·	·	·	$-0.73	$-0.66	·	·	$-0.21
Cash / Share	$1.07	$0.96	$1.59	$0.79	$1.88	$1.31	$0.77	$0.67	$1.13	·	·	$0.20
EPS (TTM)	$-0.96	$-1.13	$-1.54	$-1.46	$-1.49	$-1.18	$-1.80	$-1.20	$-1.08	$-3.49	$-21.53	$-1.90

Growth Rates 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	24.9%	26.8%	37.5%	44.3%	67.9%	·	·	·	·	·	·	·
Revenue CAGR 3Y	29.6%	36.0%	49.3%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	39.5%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$764M	$612M	$482M	$351M	$243M	$145M	$113M	$92M	$102M	$120M	$134M	$155M
Net Income TTM	$-143M	$-162M	$-187M	$-151M	$-143M	$-79M	$-57M	$-29M	$-2M	$-30M	$-179M	$-13M
Market Cap	$3.16B	$1.32B	$2.10B	$1.32B	$1.14B	$1.19B	$436M	$99M	$53M	·	·	$1.65B
Enterprise Value	$3.63B	$1.76B	$2.40B	$1.61B	$1.28B	$1.13B	$443M	$116M	$71M	·	·	$1.71B
P/E	-21.9	-8.1	-9.8	-8.5	-7.7	-12.3	-3.9	-1.9	-2.5	-0.9	-0.2	-8.9
P/S	4.1	2.2	4.4	3.8	4.7	8.2	3.8	1.1	0.5	·	·	10.7
P/B	254.4	-93.4	26.9	-35.9	14.3	9.2	10.0	5.7	-2.0	·	·	11.1
P / Tangible Book	·	·	·	·	·	13.1	·	·	·	·	·	·
P / Cash Flow	69.9	-29.6	-26.8	-17.5	-15.5	-25.7	-13.2	-3.9	-6.1	·	·	-81.5
P / FCF	1138.8	-10.3	-13.2	-10.6	-8.0	-17.1	-9.4	-3.1	-3.2	·	·	-52.3
EV / EBITDA	-783.2	-30.5	-20.4	-15.2	-12.6	-23.5	-11.2	-7.4	-46.9	·	·	84.7
EV / FCF	1308.0	-13.8	-15.1	-12.9	-9.0	-16.2	-9.6	-3.6	-4.4	·	·	-54.3
EV / Revenue	4.8	2.9	5.0	4.6	5.3	7.8	3.9	1.3	0.7	·	·	11.1
Earnings Yield	-4.6%	-12.3%	-10.2%	-11.8%	-13.0%	-8.1%	-25.4%	-52.4%	-40.6%	-108.7%	-598.1%	-11.2%

Income Statement 16

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$214M	$192M	$213M	$197M	$186M	$169M	$177M	$151M	$146M	$138M	$138M	$118M	$117M	$109M	$106M	$90M
Cost of Revenue	$59M	$56M	$63M	$59M	$56M	$53M	$55M	$48M	$43M	$41M	$43M	$38M	$52M	$39M	$37M	$30M
Gross Profit	$154M	$136M	$149M	$137M	$129M	$116M	$122M	$103M	$103M	$97M	$95M	$80M	$65M	$70M	$69M	$60M
SG&A Expense	$134M	$137M	$129M	$124M	$119M	$127M	$115M	$109M	$113M	$114M	$104M	$91M	$87M	$91M	$82M	$76M
Operating Expenses	$156M	$159M	$158M	$153M	$142M	$160M	$145M	$136M	$138M	$141M	$140M	$118M	$114M	$111M	$104M	$94M
Operating Income	$-2M	$-23M	$-9M	$-16M	$-13M	$-44M	$-24M	$-34M	$-35M	$-43M	$-45M	$-38M	$-50M	$-40M	$-35M	$-35M
Interest Expense	$11M	$12M	$13M	$13M	$12M	$8M	$7M	$7M	$6M	$5M	$4M	$4M	$4M	$4M	$1M	$1M
Other Non-op	$-870.0K	$446.0K	$-34.0K	$307.0K	$993.0K	$337.0K	$-2M	$623.0K	$156.0K	$118.0K	$44.0K	$47.0K	$2M	$706.0K	$1M	$-615.0K
Pretax Income	$-26M	$-34M	$-22M	$-29M	$-41M	$-52M	$-33M	$-40M	$-41M	$-49M	$-49M	$-43M	$-51M	$-44M	$-35M	$-37M
Income Tax	$156.0K	$50.0K	$-18.0K	$74.0K	$-37.0K	$-64.0K	$441.0K	$-36.0K	$-286.0K	$-69.0K	$-124.0K	$-117.0K	$-50.0K	$14.0K	$-524.0K	$-77.0K
Net Income	$-26M	$-34M	$-22M	$-29M	$-41M	$-52M	$-33M	$-40M	$-41M	$-48M	$-49M	$-43M	$-51M	$-44M	$-35M	$-37M
EPS (Basic)	$-0.16	$-0.22	$-0.15	$-0.19	$-0.27	$-0.35	$-0.22	$-0.28	$-0.29	$-0.34	$-0.36	$-0.35	$-0.43	$-0.40	$-0.32	$-0.35
EPS (Diluted)	$-0.16	$-0.22	$-0.15	$-0.19	$-0.27	$-0.35	$-0.22	$-0.28	$-0.29	$-0.34	$-0.36	$-0.35	$-0.43	$-0.40	$-0.32	$-0.35
Shares (Basic)	156,575,000	154,051,000	·	151,401,000	149,907,000	146,732,000	·	143,492,000	142,687,000	140,980,000	·	122,468,000	118,719,000	109,751,000	·	104,804,000
Shares (Diluted)	156,575,000	154,051,000	·	151,401,000	149,907,000	146,732,000	·	143,492,000	142,687,000	140,980,000	·	122,468,000	118,719,000	109,751,000	·	104,804,000
EBITDA	$-2M	$-3M	·	$-16M	$-13M	$-24M	·	$-34M	$-35M	$-25M	·	$-38M	$-50M	$-29M	·	$-35M

Balance Sheet 27

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$119M	$140M	$161M	$156M	$157M	$153M	$139M	$81M	$100M	$144M	·	$123M	$101M	$117M	·	$106M
Receivables	$110M	$106M	$97M	$97M	$96M	$89M	$83M	$78M	$84M	$89M	·	$65M	$60M	$62M	·	$51M
Inventory	$195M	$186M	$169M	$167M	$170M	$171M	$175M	$183M	$172M	$153M	·	$131M	$120M	$108M	·	$102M
Prepaid Expense	$25M	$24M	$23M	$20M	$21M	$21M	$20M	$20M	$20M	$20M	·	$16M	$19M	$12M	·	$10M
Current Assets	$449M	$456M	$451M	$440M	$443M	$435M	$417M	$362M	$377M	$405M	·	$334M	$300M	$299M	·	$269M
PP&E (Net)	$139M	$138M	$135M	$138M	$140M	$147M	$156M	$171M	$181M	$171M	·	$134M	$119M	$110M	·	$99M
PP&E (Gross)	$385M	$383M	$369M	$359M	$348M	$343M	$340M	$342M	$336M	$311M	·	$253M	$229M	$212M	·	$186M
Accum. Depreciation	$246M	$245M	$233M	$221M	$208M	$197M	$184M	$170M	$155M	$140M	·	$119M	$110M	$102M	·	$87M
Goodwill	$74M	$74M	$75M	$75M	$75M	$72M	$71M	$73M	$72M	$72M	·	$72M	$73M	$48M	·	$38M
Intangibles	$88M	$90M	$93M	$96M	$96M	$95M	$94M	$99M	$99M	$100M	·	$102M	$106M	$81M	·	$80M
Other Non-current Assets	$11M	$10M	$5M	$5M	$3M	$3M	$3M	$3M	$3M	$2M	·	$2M	$4M	$4M	·	$3M
Total Assets	$791M	$799M	$791M	$787M	$790M	$785M	$776M	$746M	$769M	$775M	·	$670M	$628M	$570M	·	$516M
Accounts Payable	$62M	$46M	$41M	$37M	$47M	$39M	$53M	$60M	$73M	$60M	·	$50M	$44M	$39M	·	$33M
Short-term Debt	$65M	$66M	$65M	$65M	$2M	$3M	$2M	$2M	$2M	$3M	·	$2M	$2M	$16M	·	$14M
Current Liabilities	$238M	$240M	$219M	$221M	$154M	$158M	$153M	$156M	$169M	$169M	·	$148M	$139M	$143M	·	$125M
Capital Leases	$22M	$23M	$24M	$25M	$26M	$27M	$27M	$29M	$30M	$21M	·	$24M	$25M	$26M	·	$27M
Other Non-current Liabilities	$9M	$10M	$11M	$11M	$11M	$11M	$11M	$12M	$12M	$11M	·	$12M	$13M	$16M	·	$14M
Long-term Debt	$576M	$573M	$566M	$560M	$554M	$548M	$576M	$528M	$519M	$514M	·	$508M	$458M	$436M	·	$362M
Total Debt	$641M	$639M	·	$624M	$556M	$551M	·	$530M	$521M	$517M	·	$510M	$460M	$452M	·	$375M
Common Stock	$16.0K	$16.0K	$15.0K	$15.0K	$15.0K	$15.0K	$14.0K	$14.0K	$14.0K	$14.0K	·	$12.0K	$12.0K	$12.0K	·	$11.0K
Paid-in Capital	$1.50B	$1.48B	$1.47B	$1.44B	$1.43B	$1.28B	$1.31B	$1.28B	$1.26B	$1.24B	·	$1.06B	$1.03B	$952M	·	$919M
Retained Earnings	$-1.48B	$-1.46B	$-1.42B	$-1.40B	$-1.37B	$-1.33B	$-1.28B	$-1.25B	$-1.21B	$-1.17B	·	$-1.07B	$-1.03B	$-976M	·	$-899M
Treasury Stock	$25M	$25M	$25M	$25M	$25M	$25M	$25M	$25M	$25M	$25M	·	$25M	$25M	$25M	·	$25M
AOCI	$-7M	$-6M	$-4M	$-4M	$-4M	$-10M	$-14M	$-8M	$-12M	$-11M	·	$-12M	$-10M	$-10M	·	$-17M
Stockholders' Equity	$-12M	$-5M	$12M	$12M	$24M	$-86M	$-14M	$-1M	$17M	$38M	$78M	$-44M	$-28M	$-58M	$-35M	$-23M
Liabilities + Equity	$791M	$799M	$791M	$787M	$790M	$785M	$776M	$746M	$769M	$775M	·	$670M	$628M	$570M	·	$516M
Shares Outstanding	154,491,000	153,794,000	150,257,000	149,347,000	148,842,000	146,906,000	144,129,000	143,907,000	143,014,000	142,410,000	·	123,311,000	121,851,000	113,459,000	·	104,984,000

Cash Flow 13

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$20M	$19M	$19M	$19M	$19M	$20M	$20M	$21M	$20M	$18M	$16M	$15M	$14M	$12M	$11M	$11M
Stock-based Comp	$18M	$24M	$19M	$16M	$16M	$22M	$22M	$17M	$17M	$17M	$21M	$20M	$24M	$16M	$10M	$11M
Amort. of Intangibles	$4M	$4M	$3M	$4M	$4M	$4M	$5M	$4M	$4M	$4M	$4M	$4M	$4M	$3M	$3M	$3M
Restructuring	$0	$0	$0	$0	$7.0K	$371.0K	$1M	$934.0K	$139.0K	$788.0K	$386.0K	$129.0K	$29.0K	$175.0K	$106.0K	$45.0K
Other Non-cash	·	$-8M	·	·	·	$5M	·	·	·	$-25M	·	·	·	$-3M	·	·
Operating Cash Flow	$21M	$1M	$21M	$14M	$16M	$-5M	$11M	$-5M	$-11M	$-38M	$-25M	$-17M	$-18M	$-18M	$-8M	$-15M
CapEx	$20M	$12M	$13M	$9M	$10M	$10M	$2M	$16M	$34M	$31M	$26M	$19M	$19M	$16M	$13M	$10M
Investing Cash Flow	$-23M	$-20M	$-16M	$-14M	$-12M	$-12M	$-4M	$-20M	$-36M	$-34M	$-28M	$-21M	$-76M	$-17M	$-15M	$-16M
Stock Issued	·	·	·	·	·	·	·	·	·	·	$146M	$10M	·	·	·	·
Financing Cash Flow	$-20M	$-2M	$206.0K	$-1M	$366.0K	$31M	$51M	$7M	$3M	$-4M	$152M	$60M	$78M	$67M	$1M	$29M
Net Change in Cash	$-21M	$-21M	$5M	$-1M	$4M	$14M	$58M	$-19M	$-44M	$-77M	$98M	$22M	$-16M	$32M	$-21M	$-1M
Free Cash Flow	·	$-11M	·	·	·	$-15M	·	·	·	$-70M	·	·	·	$-35M	·	·
Levered FCF	·	$-23M	·	·	·	$-23M	·	·	·	$-75M	·	·	·	$-38M	·	·

Profitability 8

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Gross Margin	72.2%	71.0%	·	69.9%	69.6%	68.6%	·	68.2%	70.5%	70.3%	·	67.7%	55.2%	64.5%	·	66.2%
Operating Margin	-0.89%	-11.8%	·	-8.1%	-7.0%	-26.2%	·	-22.4%	-24.2%	-31.3%	·	-32.4%	-42.6%	-37.0%	·	-38.9%
Net Margin	-12.1%	-17.6%	·	-14.5%	-22.2%	-30.7%	·	-26.3%	-27.9%	-35.0%	·	-36.1%	-43.9%	-39.9%	·	-41.2%
Pretax Margin	-12.0%	-17.6%	·	-14.5%	-22.2%	-30.7%	·	-26.3%	-28.1%	-35.1%	·	-36.2%	-44.0%	-39.9%	·	-41.0%
EBITDA Margin	-0.89%	-1.8%	·	-8.1%	-7.0%	-14.4%	·	-22.4%	-24.2%	-18.4%	·	-32.4%	-42.6%	-26.3%	·	-38.9%
ROA	-3.3%	-4.3%	·	-3.7%	-5.3%	-6.7%	·	-5.6%	-5.8%	-7.2%	·	-7.2%	-9.0%	-7.8%	·	-6.6%
ROE	-440.6%	74.3%	·	-563.5%	-201.3%	214.6%	·	174.0%	736.8%	466.1%	·	127.8%	583.4%	531.5%	·	-83.0%
ROIC	-0.31%	-3.6%	·	-2.5%	-2.3%	-9.5%	·	-6.4%	-6.5%	-7.8%	·	-8.2%	-11.5%	-10.3%	·	-10.0%

Liquidity & Solvency 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	1.9	1.9	·	2.0	2.9	2.8	·	2.3	2.2	2.4	·	2.3	2.2	2.1	·	2.1
Quick Ratio	1.0	1.0	·	1.1	1.6	1.5	·	1.0	1.1	1.4	·	1.3	1.2	1.3	·	1.2
Debt / Equity	-53.1	-119.5	·	54.3	23.4	-6.4	·	-388.8	30.5	13.8	·	-11.6	-16.3	-7.7	·	-16.6
LT Debt / Equity	-42.3	-95.0	·	43.0	23.2	-6.4	·	-386.1	30.2	13.6	·	-11.5	-16.2	-7.2	·	-15.4
Interest Coverage	-0.2	-1.9	·	-1.2	-1.1	-5.6	·	-5.1	-6.1	-8.1	·	-8.6	-12.8	-10.4	·	-27.2

Efficiency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.3	0.2	·	0.3	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2
Inventory Turnover	0.3	0.3	·	0.3	0.3	0.3	·	0.3	0.3	0.3	·	0.3	0.5	0.4	·	0.3
Receivables Turnover	2.1	2.0	·	2.2	2.1	1.9	·	2.1	2.0	1.8	·	2.1	2.3	2.1	·	2.1

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$-0.08	$-0.03	·	$0.08	$0.16	$-0.58	·	$-0.01	$0.12	$0.26	·	$-0.36	$-0.23	$-0.51	·	$-0.21
Revenue / Share	$1.36	$1.25	·	$1.30	$1.24	$1.15	·	$1.05	$1.02	$0.98	·	$0.97	$0.98	$0.99	·	$0.86
Cash Flow / Share	·	$0.01	·	·	·	$-0.03	·	·	·	$-0.27	·	·	·	$-0.17	·	·
Cash / Share	$0.77	$0.91	·	$1.04	$1.06	$1.04	·	$0.56	$0.70	$1.01	·	$0.99	$0.83	$1.03	·	$1.01
EPS (TTM)	$-0.72	$-0.83	·	$-1.03	$-1.12	$-1.14	·	$-1.27	$-1.34	$-1.48	·	$-1.50	$-1.50	$-1.43	·	$-1.54

Valuation (TTM) 10

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$815M	$787M	·	$728M	$682M	$642M	·	$573M	$540M	$512M	·	$450M	$422M	$389M	·	$319M
Net Income TTM	$-110M	$-125M	·	$-155M	$-166M	$-166M	·	$-178M	$-181M	$-192M	·	$-172M	$-166M	$-152M	·	$-155M
Market Cap	$1.34B	$1.67B	·	$2.17B	$1.65B	$1.49B	·	$800M	$1.49B	$1.96B	·	$1.60B	$2.19B	$1.77B	·	$918M
Enterprise Value	$1.86B	$2.17B	·	$2.64B	$2.05B	$1.89B	·	$1.25B	$1.92B	$2.34B	·	$1.99B	$2.55B	$2.10B	·	$1.19B
P/E	-12.0	-13.1	·	-14.1	-9.9	-8.9	·	-4.4	-7.8	-9.3	·	-8.6	-12.0	-10.9	·	-5.7
P/S	1.6	2.1	·	3.0	2.4	2.3	·	1.4	2.8	3.8	·	3.6	5.2	4.5	·	2.9
P/B	-110.7	-312.9	·	188.7	69.5	-17.3	·	-587.5	87.3	52.3	·	-36.2	-77.8	-30.3	·	-40.7
P / Cash Flow	·	1296.1	·	·	·	-295.6	·	·	·	-51.1	·	·	·	-96.6	·	·
EV / Revenue	2.3	2.8	·	3.6	3.0	2.9	·	2.2	3.5	4.6	·	4.4	6.0	5.4	·	3.7
Earnings Yield	-8.3%	-7.6%	·	-7.1%	-10.1%	-11.2%	·	-22.8%	-12.8%	-10.7%	·	-11.6%	-8.3%	-9.2%	·	-17.6%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$764M	$612M	$482M	$351M	$243M
Gross Margin %	69.6%	69.4%	64.3%	66.4%	64.9%
Operating Margin %	-10.8%	-22.3%	-35.9%	-41.9%	-52.6%
Net Income	$-143M	$-162M	$-187M	$-151M	$-143M
Diluted EPS	$-0.96	$-1.13	$-1.54	$-1.46	$-1.49

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	50.7	-40.8	6.6	-10.3	4.1
Current Ratio	2.1	2.7	2.9	1.8	3.3
Quick Ratio	1.2	1.4	1.9	1.0	2.3

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$3M	$-128M	$-159M	$-125M	$-142M

Institutional owners (13F) 294 filers · $1.2B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 294

Value held $1.2B

New positions 38

Exited positions 54

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
38 (-21 vs prior Q)	54 (+9 vs prior Q)	111 (-1 vs prior Q)	86 (+3 vs prior Q)	-2.6M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD GROUP INC	$144,831,491	6,883,626	11.70%	Shares
BlackRock, Inc.	$97,975,756	11,326,677	7.91%	Shares
BRAIDWELL LP	$56,496,947	6,531,439	4.56%	Shares
AMERICAN CENTURY COMPANIES INC	$56,412,361	6,521,659	4.56%	Shares
UBS Group AG	$45,080,340	5,211,600	3.64%	Call option
VANGUARD CAPITAL MANAGEMENT LLC	$44,311,191	5,122,681	3.58%	Shares
TWO SIGMA ADVISERS, LP	$34,402,504	1,635,100	2.78%	Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	$30,591,053	3,536,538	2.47%	Shares
STATE STREET CORP	$30,113,669	3,481,349	2.43%	Shares
JACOBS LEVY EQUITY MANAGEMENT, INC	$28,995,950	3,352,133	2.34%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$27,589,169	3,188,894	2.23%	Shares
Iron Triangle Partners LP	$27,050,812	1,285,685	2.19%	Shares
ROYAL BANK OF CANADA	$25,910,000	2,995,410	2.09%	Shares
Nuveen, LLC	$22,503,840	2,601,600	1.82%	Shares
TREMBLANT CAPITAL GROUP	$22,297,961	2,577,799	1.80%	Shares
CITADEL ADVISORS LLC	$21,291,110	2,461,400	1.72%	Shares
AQR CAPITAL MANAGEMENT LLC	$20,641,719	2,386,326	1.67%	Shares
EMERALD ADVISERS, LLC	$18,203,501	2,104,451	1.47%	Shares
UBS Group AG	$17,462,819	2,018,823	1.41%	Shares
BANK OF AMERICA CORP /DE/	$17,097,019	1,976,534	1.38%	Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$17,079,000	1,974,452	1.38%	Shares
Cerity Partners LLC	$16,278,822	1,881,945	1.32%	Shares
GOLDMAN SACHS GROUP INC	$14,310,759	1,654,423	1.16%	Shares
RAYMOND JAMES FINANCIAL INC	$14,180,204	1,639,330	1.15%	Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$13,535,226	1,564,766	1.09%	Shares
MORGAN STANLEY	$13,284,251	1,535,750	1.07%	Shares
Penn Capital Management Company, LLC	$12,893,541	1,488,060	1.04%	Shares
NORTHERN TRUST CORP	$12,354,198	1,428,231	1.00%	Shares
EMERALD MUTUAL FUND ADVISERS TRUST	$10,882,444	1,258,086	0.88%	Shares
Granite Investment Partners, LLC	$10,497,381	1,213,570	0.85%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$10,363,764	1,198,123	0.84%	Shares
Aberdeen Group plc	$10,281,226	1,188,581	0.83%	Shares
Freestone Grove Partners LP	$10,147,012	1,173,065	0.82%	Shares
MILLENNIUM MANAGEMENT LLC	$9,911,490	1,145,837	0.80%	Shares
Cubist Systematic Strategies, LLC	$9,873,382	679,050	0.80%	Shares
NEW YORK STATE COMMON RETIREMENT FUND	$9,520,406	1,100,625	0.77%	Shares
PARADIGM CAPITAL MANAGEMENT INC/NY	$9,412,930	1,088,200	0.76%	Shares
First Eagle Investment Management, LLC	$8,620,910	996,637	0.70%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$8,609,466	995,314	0.70%	Shares
FMR LLC	$8,007,585	925,732	0.65%	Shares
DEUTSCHE BANK AG\	$8,002,859	925,186	0.65%	Shares
VANGUARD FIDUCIARY TRUST CO	$7,334,785	847,952	0.59%	Shares
TWO SIGMA INVESTMENTS, LP	$7,123,240	823,496	0.58%	Shares
PANAGORA ASSET MANAGEMENT INC	$6,738,385	779,004	0.54%	Shares
JPMORGAN CHASE & CO	$6,349,354	663,062	0.51%	Shares
KING LUTHER CAPITAL MANAGEMENT CORP	$5,888,107	680,706	0.48%	Shares
Motley Fool Asset Management LLC	$5,854,510	676,822	0.47%	Shares
RICE HALL JAMES & ASSOCIATES, LLC	$5,690,524	657,864	0.46%	Shares
Susquehanna Portfolio Strategies, LLC	$5,255,532	607,576	0.42%	Shares
Russell Investments Group, Ltd.	$4,250,255	491,358	0.34%	Shares

Show all 294 institutional owners →

Activists & 5%+ owners 5 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Squadron Capital LLC, Squadron Capital Holdings LLC, Jennifer N. Pritzker, David R. Pelizzon ×2 filings	Dec. 17, 2025	8.90%	Amendment	·	SEC
L-5 Healthcare Partners, LLC, Paul Segal ×11 filings	April 23, 2025	4.96%	Amendment	·	SEC
HealthpointCapital Partners, L.P., HGP, LLC, HealthpointCapital Partners II, L.P., HGP II, LLC, Mortimer Berkowitz III, John H. Foster ×4 filings	June 25, 2018	·	Initial filing	·	SEC
Patrick S. Miles, MOM, LLC	Jan. 8, 2018	·	Initial filing	·	SEC
HealthpointCapital Partners II, L.P., HGP II, LLC, Mortimer Berkowitz III, John H. Foster ×2 filings	June 19, 2009	·	Initial filing	Passive investment	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 75 insiders · 27 officers · 28 directors

19

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
Patrick Miles	CEO	Sept. 10, 2026 P	5,893,551	1	3	$-5,194,850
Dirk Kuyper	President and CEO	Aug. 31, 2011 P	559,128	0	0	$0
John Todd Koning	CHIEF FINANCIAL OFFICER	March 13, 2026 S	600,721	0	1	$-986,192
Jeffrey G. Black	EVP & CFO	March 9, 2021 S	620,770	0	0	$0
Peter C Wulff	CFO, VP and Treasurer	Aug. 10, 2010 P	22,000	0	0	$0
Steven Yasbek	CFO and VP	Aug. 22, 2007 A	5,800	0	0	$0
Stephen T D Dixon	CFO, VP and Treasurer	June 7, 2006 J	2,222	0	0	$0
Terry Rich	President & COO	July 30, 2018 A	732,102	0	0	$0
Michael Joseph Plunkett	President and COO	Aug. 24, 2017 M	200,127	0	0	$0
William Patrick Ryan	COO and President, Int'l.	Aug. 8, 2013 A	166,466	0	0	$0
Oliver Burckhardt	President, International	Nov. 4, 2010 A	·	0	0	$0
Scott Lish	CHIEF OPERATING OFFICER	March 13, 2026 S	815,704	0	4	$-4,323,902
Tyson Eliot Marshall	GENERAL COUNSEL & CORP. SEC.	Aug. 5, 2026 S	630,398	0	5	$-3,045,597
David Sponsel	EVP, SALES	March 11, 2026 S	504,932	0	5	$-4,472,267
Craig E Hunsaker	EVP, PEOPLE & CULTURE	March 9, 2026 G	1,725,609	0	5	$-4,664,627
Kelli Mari Howell	EVP, CLINICAL STRATEGIES	Aug. 5, 2022 F	540,098	0	0	$0
Brian Snider	EVP, MARKETING	Aug. 5, 2022 F	655,382	0	0	$0
Jonathan Allen	EVP, Commerical Operations	March 8, 2018 A	200,000	0	0	$0
Stephen Lubischer	VP, Sales	Nov. 15, 2012 J	86,527	0	0	$0
Jens Peter Timm	VP, Research and Development	Nov. 15, 2010 J	13,278	0	0	$0
Kermit P. Stott	VP, Operations	Nov. 15, 2010 J	25,366	0	0	$0
Reinecke Steven	Chief Technology Officer, VP	Aug. 22, 2007 A	46,300	0	0	$0
Daniel Lacienski	Executive VP, Operations	June 7, 2006 J	444	0	0	$0
Scott Weise	VP, Business Dev. & Marketing	June 7, 2006 J	55,530	0	0	$0
Trent Northcutt	VP, Sales	June 7, 2006 J	98,758	0	0	$0
Brian Plotkin	VP, Information Technology	June 7, 2006 J	19,751	0	0	$0
Kimberly Bradshaw	VP, Physician Services	June 7, 2006 J	11,016	0	0	$0
Karen K Mcginnis	Director	June 11, 2026 S	94,671	0	1	$-48,460
David R Pelizzon	Director	June 10, 2026 A	378,839	0	5	$-20,565,098
Quentin S. Blackford	Director	June 10, 2026 A	600,381	0	0	$0
David M Demski	Director	June 10, 2026 A	431,635	0	1	$-636,000
Mortimer Berkowitz III	Director	June 10, 2026 A	650,062	0	0	$0
Keith Valentine	Director	June 10, 2026 A	264,283	3	0	$996,192
Ward W Woods JR	Director	June 11, 2025 A	154,291	0	0	$0
Evan Bakst	Director	Aug. 23, 2024 P	50,000	0	0	$0
David H Mowry	Director	Sept. 11, 2023 S	92,381	0	0	$0
James L L Tullis	Director	Sept. 11, 2023 S	563,831	0	0	$0
Marie Meynadier	Director	June 20, 2023 A	59,126	0	0	$0
Elizabeth Ann Altman	Director	June 20, 2023 A	41,066	0	0	$0
Segal Paul	Director	June 15, 2023 S	0	0	0	$0
Andy Barnett	Director	June 15, 2022 A	18,546	0	0	$0
Jason Hochberg	Director	Dec. 15, 2021 P	84,375	0	0	$0
Donald Allen Williams	Director	June 16, 2021 A	134,728	0	0	$0
Stephen Oneil	Director	April 25, 2017 A	33,006	0	0	$0
Ian R Molson	Director	April 25, 2017 A	31,834	0	0	$0
Leslie H Cross	Director	April 25, 2017 A	84,382	0	0	$0
Tom C Davis	Director	May 6, 2015 A	37,275	0	0	$0
James R Glynn	Director	Feb. 25, 2015 A	127,175	0	0	$0
Rohit M Desai	Director	Feb. 25, 2015 A	112,175	0	0	$0
Luke T Faulstick	Director	July 26, 2013 A	46,260	0	0	$0
Stephen Hochschuler	Director	Aug. 19, 2010 P	232,183	0	0	$0
Richard Ravitch	Director	Nov. 10, 2008 P	20,000	0	0	$0
Jennifer N. Pritzker	10% owner	Dec. 9, 2025 S	10,645,045	0	4	$-15,650,098
Squadron Capital Holdings LLC	10% owner	Dec. 9, 2025 S	10,645,045	0	4	$-15,650,098
Squadron Capital LLC	10% owner	Dec. 9, 2025 S	10,645,045	0	4	$-15,650,098
John Foster	10% owner	Nov. 30, 2016 S	0	0	0	$0
HGP II, LLC	10% owner	Nov. 28, 2012 S	21,010,565	0	0	$0
HGP LLC	10% owner	Nov. 28, 2012 S	10,777,173	0	0	$0
HealthpointCapital Partners LP	10% owner	Nov. 28, 2012 S	10,777,173	0	0	$0
HEALTHPOINTCAPITAL PARTNERS II L P	10% owner	Nov. 28, 2012 S	21,010,565	0	0	$0
HCPII Co-Invest Vehicle II, L.P.	10% owner	March 7, 2012 J	0	0	0	$0
FEDERAL INSURANCE CO	10% owner	June 7, 2006 J	2,999,834	0	0	$0
CHUBB CORP	10% owner	June 7, 2006 J	2,999,834	0	0	$0
Jeffrey P Rydin	·	Nov. 3, 2025 S	385,441	0	1	$-3,864,000
Dennis Nelson	·	Dec. 12, 2016 A	16,497	0	0	$0
Ebun Garner	·	Dec. 12, 2016 A	48,545	0	0	$0
Siri S Marshall	·	Dec. 12, 2016 A	112,175	0	0	$0
Michael O'Neill	·	May 16, 2016 J	138,653	0	0	$0
James Corbett	·	May 16, 2016 J	77,082	0	0	$0
Mitsuo Asai	·	Nov. 13, 2015 J	276,566	0	0	$0
Shunshiro Yoshimi	·	June 18, 2007 J	1,223,863	0	0	$0
Ronald Hiscock	·	Nov. 10, 2006 P	504,075	0	0	$0
Herbert J Bellucci	·	Nov. 10, 2006 P	76,097	0	0	$0
Vicky Romanoski	·	Nov. 9, 2006 P	103,046	0	0	$0
Ross Simmonds	·	Oct. 24, 2006 P	·	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 23 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
QQQS · Invesco Exchange-Traded Fund Trust …	0.55%	12,795 SH	Oct. 2, 2026	Daily
IHI · iShares Trust	0.16%	565,404 SH	Sept. 11, 2026	Daily
FYC · First Trust Exchange-Traded AlphaDE…	0.15%	199,074 NS	July 31, 2026	N-PORT
ESSC · Strategy Shares	0.14%	5,343 NS	July 31, 2026	N-PORT
IWO · iShares Trust	0.07%	1,160,939 SH	Sept. 11, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.06%	133,086 SH	Aug. 19, 2026	Daily
NUSC · Nushares ETF Trust	0.05%	64,392 NS	July 31, 2026	N-PORT
BBSC · J.P. Morgan Exchange-Traded Fund Tr…	0.04%	30,936 NS	July 31, 2026	N-PORT
RSSL · Global X Funds	0.04%	59,270 NS	July 31, 2026	N-PORT
IWM · iShares Trust	0.04%	3,164,829 SH	Sept. 11, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.03%	713,852 SH	Aug. 19, 2026	Daily
FAD · First Trust Exchange-Traded AlphaDE…	0.03%	18,033 NS	July 31, 2026	N-PORT
FHLC · FIDELITY COVINGTON TRUST	0.02%	55,741 NS	July 31, 2026	N-PORT
ISCG · iShares Trust	0.01%	15,523 SH	Sept. 11, 2026	Daily
VXF · VANGUARD INDEX FUNDS	0.01%	1,358,321 SH	Aug. 19, 2026	Daily
VHT · VANGUARD WORLD FUND	0.01%	341,571 SH	Aug. 19, 2026	Daily
WSML · iShares Trust	0.01%	6,456 SH	Sept. 10, 2026	Daily
ITOT · iShares Trust	0.00%	159,581 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.00%	34,184 SH	Sept. 9, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.00%	3,649,925 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	9,614 SH	Aug. 19, 2026	Daily
ISCB · iShares Trust	·	5,049 SH	Sept. 11, 2026	Daily
ISCV · iShares Trust	·	14,825 SH	Sept. 11, 2026	Daily

ATEC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 21 analysts BUY

Median target $15.00 +49.6%

5 23.8% Strong Buy

14 66.7% Buy

2 9.5% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

14 analysts · 2026-09-30

Mean target $15.79 +57.4%

← Below all targets Current price $10.03

Low$12.00 Mean$15.79 High$24.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
ATEC	$3.16B	-21.9	24.9%	-18.8%	-792.1%	69.6%
INSP	$2.64B	18.9	13.6%	16.0%	19.9%	85.4%
LMAT	$1.85B	32.2	13.5%	23.1%	15.3%	71.5%
KMTS	$1.21B	-8.5	59.0%	-138.4%	-62.1%	51.4%
OMCL	$2.04B	1132.5	6.5%	0.17%	0.16%	42.5%
CNMD	$1.27B	26.9	5.2%	3.4%	4.6%	54.6%
KMTS	$1.21B	-8.5	59.0%	-138.4%	-62.1%	51.4%
TNDM	$1.50B	-7.2	7.9%	-20.2%	-141.9%	53.8%
IRMD	$1.24B	55.6	14.4%	26.8%	23.8%	76.8%
ABT	$250.18B	33.7	5.7%	14.7%	13.1%	·

Latest News Recent headlines mentioning this company

23

Here is Why Alphatec (ATEC) is One of the Best Cheap Stocks Under $10 to Buy in June Yahoo Finance · 4 months ago Alphatec Holdings (ATEC) Slid on Investors’ Reaction Towards Company and Sector Factors Yahoo Finance · 4 months, 2 weeks ago This Fund Disclosed Selling $18 Million in Alphatec Last Quarter. The Stock Just Tanked 20% After Earnings Nasdaq · 4 months, 4 weeks ago An Alphatec VP Sold Company Shares Worth $1.4 Million. Should Investors Avoid the Stock? Nasdaq · 6 months ago Is Alphatec Holdings, Inc. (ATEC) A Good Stock To Buy Now? Yahoo Finance · 6 months, 1 week ago

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26

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ATEC Alphatec Holdings, Inc. - Common Stock