Alphatec Executive Unloads 100,000 Shares for $2 Million on Earnings Beat

On October 31, 2025, Craig Hunsaker, EVP, People & Culture at Alphatec Holdings (NASDAQ:ATEC), executed an open-market sale of 100,000 shares, as disclosed in a SEC Form 4 filing.

Transaction summary

Transaction value is based on the SEC Form 4 weighted average purchase price of $19.95 as of October 31, 2025.

Key questions

How does the transaction size compare to Hunsaker's previous sales?
The 100,000 shares sold on October 31, 2025 exceed Hunsaker's historical median for open-market sales of 60,000 shares, based on transaction data through that date. Since February 2024, his median sale was 69,066 shares (rounded from 69,065.5), indicating this transaction was larger than his typical sale size.

What proportion of Hunsaker's direct holdings did this sale represent?
The sale accounted for 7.2% of Hunsaker's direct ownership immediately before the transaction on October 31, 2025, a higher percentage than the 4.28% median for his recent sales activity from February 5, 2024 to October 31, 2025.

What does the remaining direct ownership represent in dollar terms and as a percentage of company shares?
Following the sale, Hunsaker retained 1,289,142 shares, valued at approximately $24.5 million as of October 31, 2025, based on the closing price that day. This represents a direct ownership stake of 0.8700% of Alphatec Holdings' outstanding shares as of the latest available data.

Company overview

* 1-year price change of 118% calculated using December 9, 2025 as the reference date (calendar year basis).

Company snapshot

Alphatec Holdings specializes in advanced technologies for spinal surgery. Its competitive edge lies in innovation and a comprehensive product suite aimed at improving surgical outcomes for complex spinal disorders.

The company offers a comprehensive portfolio of spinal surgery solutions, including neural monitoring systems, fixation platforms, interbody implants, and biologics, with primary revenue derived from product sales in the United States.

It operates a direct sales and distributor business model focused on providing innovative devices and technologies for the surgical treatment of spinal disorders.

Foolish take

Alphatec stock is up 118% year to date on quarterly results that beat expectations, timing that coincided with this insider sale that appears to be routine profit-taking. In Q3 2025, total revenue grew by 30% to $197 million. Those gains were led by surgical revenue of $177 million, which grew by 31% on continued momentum of Alphatec's innovative, trademarked approaches to spinal surgery. The company also achieved 26% growth in net new surgeon users, an indicator of strong growth ahead as the business expands its reach.

Calling itself an "organic innovation machine," Alphatec's goal is to revolutionize spine surgery and "become the standard-bearer in spine." Investors should note that the company is currently unprofitable, as it's in an accelerated investment phase, deploying substantial capital to fuel rapid revenue growth while it aims to build market share in the competitive spine surgery market. The good news is Alphatec is approaching an inflection point, with the company generating positive free cash flow in Q3 2025 and expecting full-year positive free cash flow in 2025.

Wall Street likes this stock -- 10 out of 11 analysts covering the stock currently give it a buy rating, with an average price target of $23 representing almost 10% upside. Because it's still in a growth phase and competes in a market with formidable competitors, Alphatec is best suited for investors with a higher risk tolerance and a time horizon of at least a few years.

Glossary

Form 4: A required SEC filing disclosing insider trades of company stock by officers, directors, or major shareholders.
Open-market sale: The sale of shares by an insider directly on a public stock exchange, not through private transactions.
Weighted average purchase price: The average price paid per share, weighted by the number of shares in each transaction.
Direct ownership: Shares held and controlled directly by an individual, not through trusts or other indirect means.
Outstanding shares: Total shares of a company currently held by all shareholders, including insiders and the public.
Prearranged trading plan: A formal plan allowing insiders to sell shares at predetermined times, often to avoid accusations of trading on inside information.
Distributor business model: A sales approach where products are sold through third-party distributors rather than directly to end customers.
Fixation platforms: Medical devices used to stabilize and support the spine during and after surgical procedures.
Interbody implants: Devices placed between vertebrae in spinal surgery to maintain spacing and promote bone fusion.
Biologics: Biological materials, such as proteins or cells, used to enhance healing in medical procedures.
Neural monitoring systems: Technologies used during surgery to track nerve function and help prevent nerve damage.
TTM: The 12-month period ending with the most recent quarterly report.

Sara Appino has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.