Alphatec Holdings (NASDAQ: ATEC) experienced a sharp pre-market decline of 20.04% on Wednesday, following the release of its first-quarter 2026 financial results and subsequent analyst price target cuts.

The medical device company reported quarterly revenue of $192.108 million, which fell short of the analyst consensus estimate of $197.345 million. Despite showing a 13.55% year-over-year increase, the revenue miss disappointed investors. The company also posted a net loss of $34 million for the quarter, with a basic loss per share of $0.22.

Adding to the negative sentiment, major financial institutions revised their outlook on the stock. JP Morgan slashed its price target on Alphatec to $16 from $24, while Piper Sandler cut its target to $14 from $25. Concurrently, the company announced a debt refinancing initiative involving a new $300 million credit facility, which management stated is expected to reduce annual interest expense by over $6 million.