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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August
8, 2024
XTANT
MEDICAL HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-34951 |
|
20-5313323 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
664
Cruiser Lane
Belgrade,
Montana |
|
59714 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(406)
388-0480
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
stock, par value $0.000001 per share |
|
XTNT |
|
NYSE
American LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
August 8, 2024, Xtant Medical Holdings, Inc. (the “Company”) announced its financial results for the three and six months
ended June 30, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this
Current Report on Form 8-K.
The
information in Item 2.02 of this report (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as expressly provided by specific reference in such a filing.
To
supplement its consolidated financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”),
the Company uses certain non-GAAP financial measures, such as non-GAAP adjusted EBITDA, which are included in the press release furnished
as Exhibit 99.1 to this report. The Company’s non-GAAP adjusted EBITDA is calculated by adding back to net loss the charges for
depreciation and amortization expense, interest expense, and tax expense and further adjusted by adding back in or excluding, as appropriate,
non-cash compensation, acquisition-related expenses, acquisition-related fair value adjustments and unrealized foreign currency translation
loss or gain.
The
Company uses adjusted EBITDA in making operating decisions because it believes this measure provides meaningful supplemental information
regarding its core operational performance. Additionally, this measure gives the Company a better understanding of how it should invest
in sales and marketing and research and development activities and how it should allocate resources to both ongoing and prospective business
initiatives. The Company also uses adjusted EBITDA to help make budgeting and spending decisions, for example, among sales and marketing
expenses, general and administrative expenses, and research and development expenses. Additionally, the Company believes its use of non-GAAP
adjusted EBITDA facilitates management’s internal comparisons to historical operating results by factoring out potential differences
caused by charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and
unpredictable charges.
As
described above, the Company excludes the following items from its non-GAAP financial measures for the following reasons:
Non-cash
compensation. The Company excludes non-cash compensation, which is a non-cash charge related to equity awards granted by the Company.
Although non-cash compensation is a recurring charge to the Company’s operations, management has excluded it because it relies
on valuations based on future events, such as the market price of the Company’s common stock, that are difficult to predict and
are affected by market factors that are largely not within the control of the Company. Thus, management believes that excluding non-cash
compensation facilitates comparisons of the Company’s operational performance in different periods, as well as with similarly determined
non-GAAP financial measures of comparable companies.
Acquisition
related expenses. The Company excludes expenses directly related to the Company’s acquisitions and integration into the Company
from non-GAAP adjusted EBITDA primarily because such expenses are not reflective of the Company’s ongoing operating results and
are not used by management to assess the core profitability of the Company’s business operations. These expenses include legal
and accounting fees and transition related services and are not considered normal, recurring, cash operating expenses necessary to operate
the Company’s business. The Company further believes that excluding this item from its non-GAAP results is useful to investors
in that it allows for period-over-period comparability.
Acquisition-related
fair value adjustments. The Company excludes acquisition-related fair value adjustments from non-GAAP adjusted EBITDA primarily because
such adjustments are not reflective of the Company’s ongoing operating results and are not used by management to assess the core
profitability of the Company’s business operations. The Company further believes that excluding this item from its non-GAAP results
is useful to investors in that it allows for period-over-period comparability.
Unrealized
foreign currency translation gain or loss. The Company excludes unrealized foreign currency translation gain or loss, as applicable,
from non-GAAP adjusted EBITDA primarily because such gain or loss is not reflective of the Company’s ongoing operating results
and is not used by management to assess the core profitability of the Company’s business operations. The Company further believes
that excluding this item from its non-GAAP results is useful to investors in that it allows for period-over-period comparability.
Non-GAAP
adjusted EBITDA is reconciled to net loss, the most directly comparable GAAP measure, in the press release.
Non-GAAP
financial measures are not in accordance with, or an alternative for, GAAP measures and may be different from non-GAAP financial measures
used by other companies. In addition, non-GAAP financial measures are not based on any comprehensive or standard set of accounting rules
or principles. Accordingly, the calculation of the Company’s non-GAAP financial measures may differ from the definitions of other
companies using the same or similar names, limiting, to some extent, the usefulness of such measures for comparison purposes. Non-GAAP
financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s financial results
as determined in accordance with GAAP. Non-GAAP financial measures should only be used to evaluate the Company’s financial results
in conjunction with the corresponding GAAP measures. Accordingly, the Company qualifies its use of non-GAAP financial information in
a statement when non-GAAP financial information is presented.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
XTANT
MEDICAL HOLDINGS, INC. |
| |
|
|
| |
By:
|
/s/
Scott Neils |
| |
|
Scott
Neils |
| |
|
Chief
Financial Officer |
Date:
August 8, 2024
Exhibit 99.1
Xtant
Medical Reports Second Quarter 2024 Revenue Growth of 48%
BELGRADE,
Mont., August 8, 2024 — Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on
surgical solutions for the treatment of spinal disorders, today reported financial and operating results for the second quarter ended
June 30, 2024.
Second
Quarter 2024 Financial Highlights
| ● | Revenue
of $29.9 million, up 48%, compared to the prior year quarter |
| ● | Gross
margin of 62.1%, up 50 basis points, compared to the prior year quarter |
| ● | Net
loss of $3.9 million compared to $2.2 million in the year ago quarter |
| ● | Positive
Adjusted EBITDA; Adjusted EBITDA of $0.5 million compared to $0.1 million in the prior year
quarter |
Recent
Business Highlights
| ● | Recently
launched two new amniotic membrane allografts products, SimpliGraft™ and SimpliMax™;
while Cortera™ reached record sales and users for the second quarter |
| ● | Signed
15 new distributors in the second quarter |
| ● | Awarded
20 IDN contracts in the second quarter |
| ● | Entered
into a $5.0 million private placement on August 7, 2024 |
Sean
Browne, President and CEO of Xtant Medical, stated, “Our second quarter financial results illustrate the positive momentum that
is building as we head into the second half of 2024. We delivered strong revenue growth, despite lingering supply chain challenges, which
we are addressing through the launch of new, self-produced products. Furthermore, the second quarter marks our fifth consecutive quarter
of positive Adjusted EBITDA, and our recent acquisitions are performing at or ahead of our expectations.”
Browne
continued, “We enter the second half of the year with significant business momentum and, after our recently announced private placement,
a stronger balance sheet to support our strategic growth plans. In the second half of 2024, we expect additional new product launches,
increased penetration within our distributor network, and an increase in the number of internally produced products, which will coalesce
to drive further margin improvement on higher sales and generate positive operating cash flow. We are energized by the prospects for
our business and remain committed to our mission of honoring the gift of donation by allowing our patients to live as full and complete
a life as possible.”
Second
Quarter 2024 Financial Results
Total
revenue for the three months ended June 30, 2024 was $29.9 million, an increase of 48% compared to $20.2 million in the prior year quarter.
The increase is primarily due to the contribution of additional sales resulting from the acquisition of the Surgalign Holdings’
hardware and biologics business.
Gross
margin for the second quarter of 2024 was 62.1%, compared to 61.6% for the prior year quarter, an increase of 50 basis points. The increase
is primarily due to greater scale and improved production efficiency, which was partially offset by increased charges for excess and
obsolete inventory and non-absorbed costs and sales mix.
Operating
expenses for the second quarter of 2024 totaled $21.5 million, compared to $13.9 million for the second quarter of 2023. The increase
was primarily due to additional commission expense resulting from revenue growth, additional compensation expense related to additional
headcount and additional stock-based compensation.
Net
loss for the second quarter of 2024 was $3.9 million, or $(0.03) per share, compared to a net loss of $2.2 million, or $(0.02) per share
in the year ago quarter.
Non-GAAP
Adjusted EBITDA for the second quarter of 2024 was $0.5 million, compared to non-GAAP Adjusted EBITDA of $0.1 million for the prior-year
period. The Company defines Adjusted EBITDA as net income/loss from operations before depreciation, amortization and interest expense
and provision for income taxes, and as further adjusted to add back in or exclude, as applicable, non-cash compensation, acquisition-related
expenses, acquisition-related fair value adjustments and foreign currency exchange gains. A calculation and reconciliation of Adjusted
EBITDA to net loss can be found in the attached financial tables.
As
of June 30, 2024, the Company had $5.4 million of cash and cash equivalents compared to $5.7 million as of December 31, 2023. In a separate
release issued today, the Company announced it has entered into a securities purchase agreement with an existing institutional investor
to sell $5.0 million shares of its common stock in a private placement at a purchase price of $0.64 per share.
2024
Financial Guidance
Xtant
Medical reaffirms its expectation for full year 2024 revenue to $116 million to $120 million, which represents annual revenue growth
of approximately 27% to 31% compared to full year 2023 revenue.
Conference
Call
Xtant
Medical will host a webcast and conference call to discuss second quarter 2024 financial results at 9:00 am ET on Friday, August 9, 2024.
To
access the webcast, visit https://www.webcaster4.com/Webcast/Page/3039/50961
To
access the conference call, dial 888-999-3182 within the U.S. or 848-280-6330 outside the U.S. Passcode: XTANT Medical Holdings.
A
replay of the call will be available on the Investor section of the Company’s website at www.xtantmedical.com.
About
Xtant Medical Holdings, Inc.
Xtant
Medical’s mission of honoring the gift of donation so that our patients can live as full and complete a life as possible, is the
driving force behind our company. Xtant Medical Holdings, Inc. (www.xtantmedical.com) is a global medical technology company focused
on the design, development, and commercialization of a comprehensive portfolio of orthobiologics and spinal implant systems to facilitate
spinal fusion in complex spine, deformity and degenerative procedures. Xtant people are dedicated and talented, operating with the highest
integrity to serve our customers.
The
symbols ™ and ® denote trademarks and registered trademarks of Xtant Medical Holdings, Inc. or its affiliates, registered as
indicated in the United States, and in other countries. All other trademarks and trade names referred to in this release are the property
of their respective owners.
Non-GAAP
Financial Measures
To
supplement the Company’s consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles
(GAAP), the Company uses certain non-GAAP financial measures in this release, including Adjusted EBITDA. Reconciliations of the non-GAAP
financial measures used in this release to the most comparable GAAP measures for the respective periods can be found in tables later
in this release. The Company’s management believes that the presentation of these measures provides useful information to investors.
These measures may assist investors in evaluating the Company’s operations, period over period. Management uses the non-GAAP measures
in this release internally for evaluation of the performance of the business, including the allocation of resources. Investors should
consider non-GAAP financial measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance
prepared in accordance with GAAP.
Cautionary
Statement Regarding Forward-Looking Statements
This
press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include
words such as “intends,” ‘‘expects,’’ ‘‘anticipates,’’ ‘‘plans,’’
‘‘believes,’’ ‘‘estimates,’’ “continue,” “future,” ‘‘will,’’
“potential,” “going forward,” “guidance,” similar expressions or the negative thereof, and the use
of future dates. Forward-looking statements in this release include the Company’s financial guidance for 2024 and expectations
for additional new product launches, further margin improvement on higher sales and the generation of positive operating cash flow. The
Company cautions that its forward-looking statements by their nature involve risks and uncertainties, and actual results may differ materially
depending on a variety of important factors, including, among others: the Company’s future operating results and financial performance;
its ability to increase or maintain revenue; the Company’s ability to become operationally self-sustaining and less reliant on
third-party manufacturers and suppliers; risks associated with its acquisitions and the integration of those businesses; risk associated
with its recently announced private placement; anticipated shortages of stem cells which will adversely affect future revenues; the Company’s
ability to implement successfully its future growth initiatives and risks associated therewith; possible future impairment charges to
long-lived assets and goodwill and write-downs of excess inventory; the ability to remain competitive; the ability to innovate, develop
and introduce new products and the success of those products; the ability to engage and retain new and existing independent distributors
and agents and qualified personnel and the Company’s dependence on key independent agents for a significant portion of its revenue;
the effect of labor and hospital staffing shortages on the Company’s business, operating results and financial condition, especially
when they affect key markets; the effect of inflation, increased interest rates and other recessionary factors and supply chain disruptions;
the effect of product sales mix changes on the Company’s financial results; government and third-party coverage and reimbursement
for Company products; the ability to obtain and maintain regulatory approvals and comply with government regulations; the effect of product
liability claims and other litigation to which the Company may be subject; the effect of product recalls and defects; the ability to
obtain and protect Company intellectual property and proprietary rights and operate without infringing the rights of others; risks associated
with the Company’s clinical trials; international risks; the ability to service Company debt, comply with its debt covenants and
access additional indebtedness; the ability to obtain additional financing on favorable terms or at all; and other factors. Additional
risk factors are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities
and Exchange Commission (SEC) on April 1, 2024 and subsequent SEC filings by the Company, including without limitation its most recent
Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 anticipated to be filed with the SEC. Investors are encouraged
to read the Company’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties.
The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. All forward-looking statements
attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this cautionary statement.
Investor
Relations Contact:
Brett
Maas
Managing
Partner, Hayden IR
brett@haydenir.com
(646)
536-7331
XTANT
MEDICAL HOLDINGS, INC.
Condensed Consolidated Balance Sheets
(In
thousands, except number of shares and par value)
| | |
June 30, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| ASSETS | |
| | | |
| | |
| Current Assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 5,379 | | |
$ | 5,715 | |
| Restricted Cash | |
| 99 | | |
| 208 | |
| Trade accounts receivable, net of allowance for credit losses and doubtful accounts of $1,012 and $920, respectively | |
| 21,187 | | |
| 20,731 | |
| Inventories | |
| 40,507 | | |
| 36,885 | |
| Prepaid and other current assets | |
| 1,800 | | |
| 1,330 | |
| Total current assets | |
| 68,972 | | |
| 64,869 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 8,837 | | |
| 8,692 | |
| Right-of -use asset, net | |
| 1,117 | | |
| 1,523 | |
| Goodwill | |
| 7,302 | | |
| 7,302 | |
| Intangible assets, net | |
| 9,220 | | |
| 10,085 | |
| Other assets | |
| 130 | | |
| 141 | |
| Total Assets | |
$ | 95,578 | | |
$ | 92,612 | |
| | |
| | | |
| | |
| LIABILITIES & STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| Current Liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 6,875 | | |
$ | 7,054 | |
| Accrued liabilities | |
| 8,676 | | |
| 10,419 | |
| Current portion of lease liability | |
| 794 | | |
| 830 | |
| Current portion of finance lease obligations | |
| 67 | | |
| 65 | |
| Line of credit | |
| 11,899 | | |
| 4,622 | |
| Total current liabilities | |
| 28,311 | | |
| 22,990 | |
| Long-term Liabilities: | |
| | | |
| | |
| Lease liability, less current portion | |
| 376 | | |
| 759 | |
| Finance lease obligations, less current portion | |
| 82 | | |
| 116 | |
| Long-term debt, plus premium and less issuance costs | |
| 21,770 | | |
| 17,167 | |
| Other liabilities | |
| 34 | | |
| 231 | |
| Total Liabilities | |
| 50,573 | | |
| 41,263 | |
| | |
| | | |
| | |
| Stockholders’ Equity | |
| | | |
| | |
| Preferred stock, $0.000001 par value; 10,000,000 shares authorized; no shares issued and outstanding | |
| - | | |
| - | |
| Common stock, $0.000001 par value; 300,000,000 shares authorized; 130,314,372 shares issued and outstanding as of June 30, 2024 and 130,180,031 shares issued and outstanding as of December 31, 2023 | |
| - | | |
| - | |
| Additional paid-in capital | |
| 296,451 | | |
| 294,330 | |
| Accumulated other comprehensive (loss) income | |
| (175 | ) | |
| 29 | |
| Accumulated deficit | |
| (251,271 | ) | |
| (243,010 | ) |
| Total Stockholders’ Equity | |
| 45,005 | | |
| 51,349 | |
| | |
| | | |
| | |
| Total Liabilities & Stockholders’ Equity | |
$ | 95,578 | | |
$ | 92,612 | |
XTANT
MEDICAL HOLDINGS, INC.
Condensed Consolidated Statements of Operations
(Unaudited,
in thousands, except number of shares and per share amounts)
| | |
Three Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 29,943 | | |
$ | 20,232 | | |
$ | 57,816 | | |
$ | 38,176 | |
| Cost of sales | |
| 11,361 | | |
| 7,773 | | |
| 21,932 | | |
| 15,180 | |
| Gross Profit | |
| 18,582 | | |
| 12,459 | | |
| 35,884 | | |
| 22,996 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross Profit % | |
| 62.1 | % | |
| 61.6 | % | |
| 62.1 | % | |
| 60.2 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses | |
| | | |
| | | |
| | | |
| | |
| General and administrative | |
| 7,713 | | |
| 4,954 | | |
| 15,498 | | |
| 9,839 | |
| Sales and marketing | |
| 13,179 | | |
| 8,716 | | |
| 25,639 | | |
| 15,770 | |
| Research and development | |
| 636 | | |
| 180 | | |
| 1,163 | | |
| 354 | |
| Total Operating Expenses | |
| 21,528 | | |
| 13,850 | | |
| 42,300 | | |
| 25,963 | |
| | |
| | | |
| | | |
| | | |
| | |
| Loss from Operations | |
| (2,946 | ) | |
| (1,391 | ) | |
| (6,416 | ) | |
| (2,967 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other Expense | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| (992 | ) | |
| (786 | ) | |
| (1,827 | ) | |
| (1,360 | ) |
| Interest income | |
| - | | |
| - | | |
| - | | |
| 85 | |
| Unrealized foreign currency translation loss | |
| 118 | | |
| - | | |
| 79 | | |
| - | |
| Other income | |
| (5 | ) | |
| - | | |
| 7 | | |
| - | |
| Total Other Expense | |
| (879 | ) | |
| (786 | ) | |
| (1,741 | ) | |
| (1,275 | ) |
| Net Loss from Operations Before Provision for Income Taxes | |
| (3,825 | ) | |
| (2,177 | ) | |
| (8,157 | ) | |
| (4,242 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Provision for Income Taxes | |
| | | |
| | | |
| | | |
| | |
| Current and Deferred | |
| (36 | ) | |
| (13 | ) | |
| (104 | ) | |
| (26 | ) |
| Net Loss | |
$ | (3,861 | ) | |
$ | (2,190 | ) | |
$ | (8,261 | ) | |
$ | (4,268 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net Loss Per Share: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | (0.03 | ) | |
$ | (0.02 | ) | |
$ | (0.06 | ) | |
$ | (0.04 | ) |
| Dilutive | |
$ | (0.03 | ) | |
$ | (0.02 | ) | |
$ | (0.06 | ) | |
$ | (0.04 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Shares used in the computation: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 130,269,710 | | |
| 108,897,048 | | |
| 130,291,796 | | |
| 108,895,327 | |
| Dilutive | |
| 130,269,710 | | |
| 108,897,048 | | |
| 130,291,796 | | |
| 108,895,327 | |
XTANT
MEDICAL HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited,
in thousands)
| | |
Six Months Ended
June 30, | |
| | |
2024 | | |
2023 | |
| Operating activities: | |
| | | |
| | |
| Net loss | |
$ | (8,261 | ) | |
$ | (4,268 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 2,003 | | |
| 1,274 | |
| Gain on disposal of fixed assets | |
| (142 | ) | |
| (21 | ) |
| Non-cash interest | |
| 218 | | |
| 189 | |
| Stock-based compensation | |
| 2,138 | | |
| 1,056 | |
| Provision for reserve on accounts receivable | |
| 178 | | |
| 225 | |
| Provision for excess and obsolete inventory | |
| 388 | | |
| 243 | |
| Other | |
| 1 | | |
| 3 | |
| | |
| | | |
| | |
| Changes in operating assets and liabilities, net of the effects of the acquisition: | |
| | | |
| | |
| Accounts receivable | |
| (688 | ) | |
| (3,116 | ) |
| Inventories | |
| (4,130 | ) | |
| (1,733 | ) |
| Prepaid and other assets | |
| (469 | ) | |
| (330 | ) |
| Accounts payable | |
| (15 | ) | |
| 954 | |
| Accrued liabilities | |
| (2,064 | ) | |
| 758 | |
| Net cash used in by operating activities | |
| (10,843 | ) | |
| (4,766 | ) |
| Investing activities: | |
| | | |
| | |
| Purchases of property and equipment | |
| (1,337 | ) | |
| (870 | ) |
| Proceeds from sale of fixed assets | |
| 183 | | |
| 55 | |
| Acquisition of Surgalign SPV, Inc. | |
| - | | |
| (17,000 | ) |
| Net cash used in investing activities | |
| (1,154 | ) | |
| (17,815 | ) |
| Financing activities: | |
| | | |
| | |
| Payments on financing leases | |
| (32 | ) | |
| (30 | ) |
| Borrowings on line of credit | |
| 59,565 | | |
| 36,256 | |
| Repayments of line of credit | |
| (52,288 | ) | |
| (34,603 | ) |
| Proceeds from issuance of long term debt | |
| 5,000 | | |
| 5,000 | |
| Debt issuance costs | |
| (615 | ) | |
| (101 | ) |
| Payment of taxes from withholding of common stock on vesting of restricted stock units | |
| (17 | ) | |
| - | |
| Net cash provided by financing activities | |
| 11,613 | | |
| 6,522 | |
| | |
| | | |
| | |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | |
| (61 | ) | |
| - | |
| | |
| | | |
| | |
| Net change in cash and cash equivalents and restricted cash | |
| (445 | ) | |
| (16,059 | ) |
| Cash and cash equivalents and restricted cash at beginning of period | |
| 5,923 | | |
| 20,507 | |
| Cash and cash equivalents and restricted cash at end of period | |
$ | 5,478 | | |
$ | 4,448 | |
| | |
| | | |
| | |
| Reconciliation of cash and restricted cash reported in the condensed consolidated balance sheets | |
| | | |
| | |
| Cash and cash equivalants | |
$ | 5,379 | | |
$ | 4,138 | |
| Restricted cash | |
| 99 | | |
| 310 | |
| Total cash and restricted cash reported in the condensed consolidated balance sheets | |
$ | 5,478 | | |
$ | 4,448 | |
XTANT
MEDICAL HOLDINGS, INC.
Calculation
of Non-GAAP Consolidated EBITDA and Adjusted EBITDA
(Unaudited,
in thousands)
| | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| Net Loss | |
$ | (3,861 | ) | |
$ | (2,190 | ) | |
$ | (8,261 | ) | |
$ | (4,268 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Depreciation and amortization | |
| 998 | | |
| 803 | | |
| 2,003 | | |
| 1,274 | |
| Interest expense | |
| 992 | | |
| 786 | | |
| 1,827 | | |
| 1,275 | |
| Tax expense | |
| 36 | | |
| 13 | | |
| 104 | | |
| 26 | |
| Non-GAAP EBITDA | |
| (1,835 | ) | |
| (588 | ) | |
| (4,327 | ) | |
| (1,693 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP EBITDA/Total revenue | |
| -6.1 | % | |
| -10.7 | % | |
| -7.5 | % | |
| -4.4 | % |
| | |
| | | |
| | | |
| | | |
| | |
| NON-GAAP ADJUSTED EBITDA CALCULATION | |
| | | |
| | | |
| | | |
| | |
| Non-cash compensation | |
| 1,228 | | |
| 439 | | |
| 2,138 | | |
| 1,056 | |
| Acquisition-related expenses | |
| - | | |
| 254 | | |
| 338 | | |
| 465 | |
| Acquisition-related fair value adjustments | |
| 1,229 | | |
| - | | |
| 2,530 | | |
| - | |
| Foreign currency exchange gain | |
| (118 | ) | |
| - | | |
| (79 | ) | |
| - | |
| Non-GAAP Adjusted EBITDA | |
$ | 504 | | |
$ | 105 | | |
$ | 600 | | |
$ | (172 | ) |
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Xtant Medical (AMEX:XTNT)
過去 株価チャート
から 9 2024 まで 10 2024
Xtant Medical (AMEX:XTNT)
過去 株価チャート
から 10 2023 まで 10 2024
