Alphatec Holdings, Inc. shares fell nearly 40% by market open on October 30, 2026, after Alphatec released its third-quarter 2026 results. The Company reported Q3 2026 adjusted EPS of $0.09 against Wall Street expectations of $0.10-$0.11 and missed revenue expectations by reporting $221.2 million versus a $225.2 million estimate. The Company simultaneously lowered its full-year 2026 revenue guidance to approximately $862 million, down from a FactSet estimate of $882 million and representing a cumulative reduction of roughly $28 million from guidance issued on February 24, 2026. Management attributed the guidance cut to lower biologics attachment rates, softer thoracolumbar procedure volumes, and a temporary international supply constraint. Previously, during an August 4, 2026 earnings call, CFO J. Koning reaffirmed outlook, stating, "Turning to the revenue outlook, we are maintaining our full-year revenue guidance of approximately $882 million, representing growth of roughly 15% for the year." On that same call, management noted that biologics attachment "stabilized in Q2 but remained below prior year levels." The investigation concerns whether Alphatec Holdings, Inc. adequately disclosed or risked lower biologics attachment rates, softer thoracolumbar procedure volumes, and international supply constraints ahead of its Q3 2026 financial results in late October 2026.