Alphatec Holdings: Strong Financial Performance and Strategic Positioning Underpin Buy RatingBottom line: ATEC posted another impressive quarter to end 2024, with top-line revenues above expectations and solid strides toward its long-term operating leverage goals, achieving 28% revenue growth, 1,050bps of adj. EBITDA margin expansion, and inflecting to $9M of free cash flow. 2025 should carry a similar narrative, as management expects 20% y/y growth, around +500bps of adj. EBITDA margin expansion, and FCF positivity for the FY25. Indeed, while investments ATEC made in 2024 to bolster its sets and inventory have been more than expected, they set up the company commercially as its connected product portfolio leveraging deformity, including the recent launch of EOS Insight, falls further into place.