• Alphatec Holdings is trading 6.8% down at $9.65 today, despite reporting strong Q2 revenue of $214 million (beating estimates) and raising adjusted EBITDA guidance to $140 million for 2026.
  • The decline follows its Q2 earnings release, which showed non-GAAP EPS in-line with estimates, but investor caution due to a 2.7% decline in revenue per case and lower biologics attachment rates.
  • This suggests profit-taking after a recent rally, with investors focusing on concerns about revenue quality and mix pressures.