Lisanti Capital Dumps $5.4 Million Alphatec Stake as Medical Device Maker Struggles
Key Points
Lisanti Capital Growth reduced its holding in Alphatec by 372,407 shares, with an estimated transaction value of $5.42 million (based on quarterly average pricing).
The quarter-end position value decreased by $7.84 million, reflecting both the sale and changes in share price during the period.
This activity represented a 1.37% change in the fund’s 13F reportable assets under management (AUM).
After the sale, Lisanti Capital Growth reported a zero share position in Alphatec, with no remaining value in the stock.
As of the previous quarter, the Alphatec position accounted for 1.86% of fund AUM, marking this as a notable exit from a top holding.
On May 6, 2026, Lisanti Capital Growth disclosed in an SEC filing that it sold out its entire stake in Alphatec (NASDAQ:ATEC), an estimated $5.42 million trade based on quarterly average pricing.
What happened
According to a recent SEC filing dated May 6, 2026, Lisanti Capital Growth liquidated its entire position in Alphatec, selling 372,407 shares. The estimated transaction value was $5.42 million, calculated using the average unadjusted closing price for the first quarter of 2026. The quarter-end value of the position decreased by $7.84 million, capturing both the trade and share price movement over the period.
What else to know
- Lisanti Capital Growth fully exited its stake in Alphatec; the stock now represents 0% of 13F AUM post-filing.
- Top five holdings after the filing:
- NASDAQ: FIVE: $9.74 million (2.5% of AUM)
- NASDAQ: PTEN: $9.71 million (2.4% of AUM)
- NYSE: CRS: $8.27 million (2.1% of AUM)
- NYSE: MOD: $8.08 million (2.0% of AUM)
- NASDAQ: BTSG: $8.07 million (2.0% of AUM)
- As of May 6, 2026, Alphatec shares were priced at $6.99, down 42.6% over the past year, underperforming the S&P 500 by 73.9 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close May 6, 2026) | $6.99 |
| Market capitalization | $1.06 billion |
| Revenue (TTM) | $594.98 million |
| Net income (TTM) | ($125.36 million) |
Company snapshot
- Offers a comprehensive portfolio of spinal surgery devices and biologics, including neural monitoring systems, spinal fixation platforms, interbody implants, and imaging products.
- Generates revenue primarily through the direct sale and distribution of proprietary medical devices and surgical solutions for spinal disorder treatments.
- Targets hospitals, surgeons, and healthcare providers in the United States seeking advanced spinal surgery technologies and improved patient outcomes.
Alphatec is a U.S.-based medical technology company specializing in innovative solutions for the surgical treatment of spinal disorders. The company leverages a direct sales model and a network of independent distributors to deliver a broad range of proprietary devices and biologics to healthcare providers nationwide.
With a focus on advancing surgical outcomes through technology, Alphatec differentiates itself by integrating advanced informatics, minimally invasive platforms, and modular systems tailored to complex spinal procedures. This approach positions the company as a key player in the competitive spinal surgery device market.
What this transaction means for investors
Lisanti Capital Growth focuses on small-cap growth stocks tied to major secular trends. Exiting Alphatec entirely during Q1 suggests the spine surgery technology company no longer aligned with their growth thesis.
Alphatec makes spinal surgery implants and an imaging system called EOS. The company just reported Q1 results that missed expectations. The stock is down more than 60% year to date and trades around $8, well below its $23 high from last year. Alphatec’s core surgical business is growing, with the number of cases and new surgeons up. But the EOS imaging division underperformed. Management cut full-year revenue guidance while maintaining profitability targets.
For investors in medical device growth stories, Lisanti's exit highlights a common tension: strong procedural adoption doesn't always translate to stock performance if one segment drags or if the market questions whether growth can sustain margins. Even solid surgeon adoption won't support valuations if capital-intensive product lines keep missing targets.
Sara Appino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Modine Manufacturing. The Motley Fool recommends Five Below. The Motley Fool has a disclosure policy.