Alphatec Holdings just dropped its Q3 2026 scorecard and the share price did not hesitate. The stock collapsed 38% on Friday to US$7.05, reacting far more violently than the headline numbers suggest.

Revenue reached US$221.2m and the company still reported a loss, yet losses narrowed sharply versus recent quarters. At the same time, adjusted EBITDA margin improved to 17%, reflecting firmer profitability signals even as management cut full year guidance. The market traded the guidance reset. The financials pointed to a story that is more about pressure on expectations than a sudden break in the spinal hardware thesis.

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