Alphatec Holdings, Inc. (ATEC) vs Establishment Labs Holdings Inc. (ESTA)

Alphatec Holdings, Inc. and Establishment Labs Holdings Inc. are both Medical Devices companies. Establishment Labs Holdings Inc. is the larger, with a market value of $2.0B against $1.5B — 1.3× the size. Establishment Labs Holdings Inc. grew revenue faster over the last twelve months: 38.6% against 19.5%. Alphatec Holdings, Inc. has the higher net margin (−13.5% vs −15.8%) and the lower return on invested capital (−8.10% vs −5.53%). Across the 17 metrics below, Establishment Labs Holdings Inc. leads on 9 and Alphatec Holdings, Inc. on 8.

Valuation

Metric ATEC ESTA Medical Devices median
P/E n/m n/m 22.18
P/S 1.94 8.08 2.70
P/B n/m 91.97 2.46
Price to free cash flow n/m n/m 22.53
EV/EBITDA 33.03 n/m 11.78
EV/Sales 2.50 8.86 2.38
Earnings yield (7.02%) (1.99%) (8.22%)
Free cash flow yield (0.36%) (2.09%) (7.80%)

Profitability

Metric ATEC ESTA Medical Devices median
Gross margin 68.99% 70.49% 56.01%
Operating margin (6.04%) (7.63%) (15.03%)
Net margin (13.50%) (15.82%) (20.40%)
Free cash flow margin (0.70%) (16.90%) (7.24%)
Return on equity (1,879.90%) (175.30%) (15.32%)
Return on assets (13.91%) (11.41%) (19.72%)
Return on invested capital (8.10%) (5.53%) (10.33%)

Growth

Metric ATEC ESTA Medical Devices median
Revenue growth (TTM) 19.47% 38.55% 8.80%
EPS growth (last fiscal year) 15.04% 42.67% —
Revenue growth, 5-year CAGR 39.46% 20.04% 15.23%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ATEC ESTA Medical Devices median
Debt to equity (42.32) 12.11 0.07
Current ratio 1.89 3.84 2.50
Net debt to EBITDA 14.84 (6.03) 0.49

Dividend

Metric ATEC ESTA Medical Devices median
Dividend yield — — 0.94%
Payout ratio 0.00 0.00 0.00

Size

Metric ATEC ESTA Medical Devices median
Market cap 1.53b 1.95b 172.91m

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