The revenue miss and lowered full-year guidance are the key negatives, partially offset by strong surgical hardware growth and margin expansion. Watch for commentary on biologics performance improvement in Q4 and any further guidance adjustments.
Price Chart
Executive Summary
ATEC reported Q3 2026 revenue of $221.2M, up 13% YoY but below the $225.1M consensus, with management citing lower biologics attachment. The company lowered its full-year 2026 revenue guidance to approximately $862M (from a prior undisclosed level) while maintaining an adjusted EBITDA target of $137M.
Key Financial Metrics
Key Facts
- Total revenue of $221.2M, up 13% YoY but below the $225.1M consensus
- Surgical revenue of $202M increased 14% YoY; hardware revenue grew 17%
- Adjusted EBITDA of $38.3M, up 46% YoY; margin expanded 400 bps to 17.3%
- Full-year 2026 revenue guidance lowered to ~$862M (implying ~13% growth)
- Full-year adjusted EBITDA guidance maintained at ~$137M
- Cash balance of $79.9M, down from $160.8M at year-end 2025
- Case volumes grew 20% and net new surgeon users increased 25% YoY
- CEO cited lower biologics attachment as the reason for the revenue miss
Financial Impact
Revenue miss of ~$3.9M vs consensus; full-year guidance lowered by an undisclosed amount
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Surgical | $202.0M | +14.0% |
| EOS | Not reported | Not reported |
Risk Factors
- Lower biologics attachment rate may persist and pressure revenue growth
- Cash burn continues with cash declining from $160.8M to $79.9M over nine months
- Stockholders' deficit of $2.3M as of September 30, 2026
- Full-year guidance implies a significant Q4 revenue ramp to meet the ~$862M target
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-437830 |
| Document: atec-20261029.htm | 0001193125-26-437830 |
| Document: 0001193125-26-437830-index-headers.html | 0001193125-26-437830 |
| Document: 0001193125-26-437830-index.html | 0001193125-26-437830 |
| Document: 0001193125-26-437830.txt | 0001193125-26-437830 |
| 8-K Data (Synthetic) | 0001193125-26-437830 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $8.38 | awaiting T+60 | awaiting T+60 | $7.04 (+15.99%) |
Sep 10, 2026 7w ago | Insider Buy | $10.58 | awaiting T+60 | awaiting T+60 | $7.04 (−33.46%) |
Aug 4, 2026 12w ago | Institutional Cluster | $10.35 $10.87 | ▲ +5.02% | ▲ +4.65% | $7.04 (−31.98%) |
Jun 11, 2026 20w ago | 144 | $8.13 $9.45 | ▲ +16.24% | ▲ +11.84% | $7.04 (−13.41%) |
Jun 11, 2026 20w ago | Institutional Cluster | $8.13 $9.45 | ▲ +16.24% | ▲ +11.84% | $7.04 (−13.41%) |
Mar 11, 2026 33w ago | Insider Cluster | $12.66 $7.68 | ▲ +39.34% | ▲ +50.86% | $7.04 (+44.39%) |
Mar 5, 2026 34w ago | Insider Cluster | $12.57 $7.48 | ▲ +40.49% | ▲ +51.79% | $7.04 (+43.99%) |
Feb 24, 2026 35w ago | 8-K | $14.04 $8.24 | ▼ −41.31% | ▼ −48.26% | $7.04 (−49.86%) |
US Market Status
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