Alphatec Holdings Inc. (ATEC) experienced a sharp after-hours decline of 22.78% following the release of its first-quarter 2026 financial results.

The medical device company reported quarterly sales of $192.108 million, missing the analyst consensus estimate of $197.345 million by 2.65%. While this represented a 13.55% increase over sales from the same period last year, the top-line shortfall disappointed investors. The company also reported a net loss of $34 million and a basic earnings per share of -$0.22 for the quarter.

Concurrently, Alphatec announced a debt refinancing initiative, entering a new $300 million credit facility led by JPMorgan Chase and TD Securities. The company stated this refinancing is expected to reduce annual interest expense by over $6 million and extend debt maturities to 2031. Management also provided full-year 2026 guidance, projecting total revenue of approximately $882 million and adjusted EBITDA of $134 million.