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Wednesday, January 15, 2025

Alphatec JP Morgan presentation, links

 REVOLUTIONIZING SPINE SURGERY

PAT MI LES , C HAI RMAN & C EO | JANUARY 15, 2025

SUSTAINABLE REVENUE GROWTH

Adoption of procedural strategy has a long runway

LARGE, GROWING MARKET

$8B+1 clinically unsettled market needs ATEC

LATERAL LEADERSHIP

XLIF-originators advancing spine's fastest-growing approach

INFORMATIC MOAT

Integrating outcome-improving data pre-, intra- and post-op

INCREASINGLY PROFITABLE

Perpetuating growth fueled 2024 profitability inflection - cash flow inflection 2025E

1. Management estimate

O U R M I S S I O N

REVOLUTIONIZE SPINE SURGERY

T H E S P I N E I N D U S T R Y N E E D S A T E C

O U R S T R A T E G I C O B J E C T I V E S

1

CREATE CLINICAL

2

COMPEL SURGEON

3

EXPAND & ELEVATE

DISTINCTION

ADOPTION

SALES FORCE

Distinguishing ATEC

Attracting new

Strengthening sales

through procedures

surgeon users by

team and enhancing

& informatics

improving surgery

operations

SURGEON ADOPTION HAS

FUELED MARKET-LEADING GROWTH

$800

$700

$600

REV ENUE ( $ M)

>40%

$500

CAGR

$400

$300

$200

$100

$0

2022

2023

2024E^

2025E^

2021

5

2024 WAS NO EXCEPTION

GROWTH FUELED BY CLINICAL DISTINCTION IS UNMISTAKABLY DURABLE

$800

$700

$600

$500

$400

$300

$200

$100

$0

REV ENUE ( $ M)

~8%

27%

Market share*

FY'24Etotalrevenuegrowth

~3%

Market share*

2021

2022

2023

2024E^

2025E^

6 | *Management estimate | ^ Results are preliminary & unaudited

IN 2025, WE INTEND TO GROW AT MULTIPLES OF THE MARKET, AGAIN

REV ENUE ( $ M)

$800

$700

$600

$500

$400

$300

$200

$100

$0

2022

2023

2024E^

2025E^

2021

20%

Revenuegrowth

7 | ^ Results are preliminary & unaudited | 2025E guidance communicated in an 8K on file with the SEC on 1.13.25

GROWTH & INFRASTRUCTURE INVESTMENT HAVE DRIVEN PROFIT IMPROVEMENT

$20

AEBI T D A $ M

AEBI T D A %

20%

2,800

$10

10%

bps of margin expansion

$0

0%

2024

Q1'22

Q2'22

Q3'22

Q4'22

Q1'23

Q2'23

Q3'23

Q4'23

Q1'24

Q2'24

Q3'24

Q4'24 E*

-$10

-10%

Inflection to profitability

-$20

-20%

8 | Reference non-GAAP reconciliation in appendix. | *Assumes FY'24E AEBITDA of $27M (& implied Q4'24E AEBITDA of $17M), in line with guidance shared with release of Q3'24 financial results

SALES ASSET OPERATING GROWTH EFFICIENCY LEVERAGE

D R I V I N G I M P R O V E D R O I T H R O U G H O U T T H E O R G A N I Z A T I O N

Sales force

Sales force

Surgical set

maturity

penetration/ density

efficiency

Data/ surgical

Infrastructure

Data

planning

utilization

insights

9

MORE PROFIT IMPROVEMENT EXPECTED IN 2025

AEBI T D A $ M

AEBI T D A %

$75

$50

$25

$0

-$25

-$50

2021

2022

2023

2024E^ 2025E^

25%

20%

15%

10%

5%

0%

-5%

-10%

-15%

10 | *Assumes 2024E AEBITDA of $27M, in line with guidance shared with release of Q3'24 financial results | ^ Reference non-GAAP reconciliation in appendix

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