Alphatec Holdings shares have fallen 49.6% so far this year to $10.46, raising the question of whether the spinal surgery company's cash generation supports its valuation. Over the last twelve months, the company's free cash flow was about negative $35 million. Analysts expect it to turn positive and grow, with projections rising from the late 2020s onward. A two-stage discounted cash flow model based on those forecasts puts Alphatec's intrinsic value well above the current price. The headline estimate is that the stock is 48% undervalued. One community narrative on Simply Wall St is more cautious, putting the stock at 13% undervalued. It warns that cost pressures and lower-cost rivals could erode pricing power and margins.

ATEC appoints Tommy Carls Executive Vice President, Data Intelligence and Strategy. Accomplished spine executive to advance ATEC's InformatiX strategy CARLSBAD, Calif.-(BUSINESS WIRE)-Alphatec Holdings, Inc. (Nasdaq: ATEC), a spine-focused provider of innovative solutions dedicated to revolutionizing the approach to spine surgery, today announced that Thomas "Tommy" Carls has joined the company as Executive Vice President, Data Intelligence and Strategy. Carls will report directly to Chairman and Chief Executive Officer, Pat Miles, and will serve as a member of ATEC's Senior Leadership Team. In this newly created role, Carls will lead ATEC's development and marketing efforts across EOSedge, EOS Insight, data acquisition and analytics, and the broader InformatiX strategy. His mandate is to focus priorities, connect global teams and capabilities, and accelerate an integrated strategy that turns information about each patient and procedure into actionable clinical insight. "I have known and trusted Tommy for nearly 30 years," said Miles. "He has spent his career translating complex clinical needs into technologies that meaningfully advance spine surgery. Tommy is a student of spine. His depth of experience across implants, enabling technologies, imaging, software and clinical strategy makes him uniquely qualified to lead this next phase of our evolution. I am confident Tommy will help us accelerate the use of data and predictive analytics to make spine surgery better informed, more reproducible and personalized." ATEC has assembled a procedural ecosystem spanning EOS imaging, EOS Insight, surgical planning, Valence navigation and robotics, SafeOp neuromonitoring, and patient-specific solutions. By connecting those capabilities through InformatiX, ATEC intends to apply data and predictive analytics to inform decisions before, during and after surgery, improve the reproducibility of surgical execution, and create a learning system that advances spine care over time. Carls brings more than 3 decades of leadership and innovation experience in spine and medical technology. Throughout his career, Carls has helped develop and launch market-leading technologies across spinal implants, enabling technologies, image-guided surgery and robotics. He previously served as Vice President of Product and Clinical at Proprio Vision, where he helped advance an artificial intelligence-enabled surgical navigation platform. Before Proprio, Carls spent more than two decades with Sofamor Danek and Medtronic in numerous executive roles, spanning engineering, product development, marketing and global research and development. He holds more than 80 patents. Carls earned a Bachelor of Science degree in mechanical engineering from Tulane University and a Master of Business Administration from the University of Memphis. "ATEC has assembled a distinctive set of technologies across imaging, procedural planning, navigation and robotics, neuromonitoring, and patient-specific solutions," Carls said. "The opportunity is to connect those capabilities and apply data and predictive analytics, so a patient-specific plan becomes a shared source of truth across the continuum of care. This will inform better decisions, improve execution and create a learning system that advances outcomes over time. I am excited to join Pat and the high-performing ATEC team, to help bring that vision to life." About Alphatec Holdings Inc. ATEC, through its wholly owned subsidiaries, Alphatec Spine, Inc., EOS imaging S.A.S. and SafeOp Surgical, Inc., is a medical device company dedicated to revolutionizing the approach to spine surgery through clinical distinction. ATEC's Organic Innovation Machine(TM) is focused on developing new approaches that integrate seamlessly with the Company's expanding InformatiX(TM) platform to better inform surgery and more safely and reproducibly achieve the goals of spine surgery. ATEC's vision is to be the Standard Bearer in Spine. For more information, visit www.atecspine.com. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements include, among other things, statements regarding the Company's strategy; the integration of its technologies, teams and capabilities; the use of data and predictive analytics; and the anticipated clinical or commercial benefits of its InformatiX platform and procedural ecosystem. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Important factors include the Company's ability to execute its strategic operating plan, develop and integrate new products and technologies, obtain and maintain regulatory clearances or approvals, achieve surgeon acceptance, protect intellectual property, manage product liability and litigation exposure, and address other risks described in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Contacts. Investor and Media Contact Robert Judd Investor Relations (760) 494-6790 [email protected]

Alphatec Holdings has appointed Tommy Carls as executive vice president of data intelligence and strategy. Carls will report to chief executive officer Pat Miles and join the company's senior leadership team. In this newly created role, Carls will lead ATEC's development and marketing efforts across EOSedge, EOS Insight, data acquisition and analytics, and the broader InformatiX strategy. His focus will be connecting global teams and turning patient and procedure information into actionable clinical insight. Carls brings over 30 years of experience in spine and medical technology. He previously served as vice president of product and clinical at Proprio Vision and spent more than two decades at Sofamor Danek and Medtronic. He holds more than 80 patents.