Xtant Medical Holdings Inc (XTNT)

Xtant Medical and Dilon Technologies Announce Exclusive U.S. Distribution Agreement for Dilon's HEMOBLAST® Bellows ProductApril 13, 2026 9:04 AM
PR Newswire (US)

Xtant has hired Dilon's U.S. sales team to assist in selling the HEMOBLAST® Bellows product and penetrating the estimated $2.0 billion global addressable market for hemostatic products BELGRADE, Mont. and NEWPORT NEWS, Va., April 13, 2026 /PRNewswire/ -- Xtant Medical Holdings, Inc. (NYSE American: XTNT), a medical technology company focused on surgical solutions for spinal and other orthopedic conditions, and Dilon Technologies, Inc., a medical device manufacturer, today announced that the companies have entered into an agreement whereby Xtant has acquired exclusive U.S. distribution rights to Dilon's HEMOBLAST® Bellows for high-performance hemostasis following certain surgical procedures.







Sean Browne, President and CEO of Xtant Medical, stated, "We are excited to partner with Dilon Technologies to bring HEMOBLAST, a highly complementary hemostatic technology, to a broader group of surgeons. This agreement expands our portfolio with a unique and versatile hemostatic solution while also significantly bolstering our own commercial capabilities with the integration of Dilon's approximately 20-person U.S. sales team into our organization. With our broadened product offering and enhanced reach and sales capabilities, we believe we can better address the comprehensive needs of surgeons and patients alike while meaningfully expanding our addressable market."George Makhoul, CEO of Dilon Technologies, stated, "HEMOBLAST is highly differentiated in the surgical hemostat market with its unique composition as the only collagen/thrombin formulation that provides applicability across minimal, mild, and moderate bleeding types, and we are very pleased to entrust its future growth to Xtant. As a recognized leader in the manufacture and distribution of novel biologics solutions for a range of surgical applications, we believe Xtant is the ideal partner to extend the U.S. commercial reach of HEMOBLAST and achieve its full market potential."  HEMOBLAST Bellows is a pre-loaded hemostatic powder indicated in surgical procedures as an adjunct to hemostasis when control of minimal, mild, and moderate bleeding by conventional procedures is ineffective or impractical, except in ophthalmic and urological procedures. HEMOBLAST is the only hemostat containing collagen (mechanical hemostat), human derived thrombin (which converts fibrinogen to fibrin, a basic element required for blood clotting), and bovine-derived chondroitin sulfate (which provides cohesion between the wound and surrounding tissue). Delivered via a pre-loaded bellows applicator, HEMOBLAST requires no prep prior to use.   Xtant plans to update its full-year 2026 financial guidance in light of the new distribution arrangement in connection with the release of its first quarter 2026 financial results.About Dilon Technologies® Inc.Dilon Technologies Inc., a medical device manufacturer based in Newport News, Virginia, strives to improve the quality of care by providing a wide range of innovative medical device technology that benefits patients around the world. Dilon has a strong medical device portfolio which includes HEMOBLAST Bellows, the only combination powdered surgical hemostat that contains collagen, thrombin and chondroitin sulfate, MarginProbe, a groundbreaking technology for accurate margin assessment in breast cancer surgery, the Navigator System, a surgical gamma probe system for radio-guided lymphatic mapping and tumor localization, TrueView Pro 100, a specimen radiography system (SRS) that uses advanced radiography and automated software to precisely identify tumor lesions in resected or biopsied breast tissue, and the CoPilot, an innovative, portable, and easy to use video laryngoscope.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 serving the chronic and surgical wound care and sports medicine markets, as well as spinal implant systems. 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.Cautionary Statement Regarding Forward-Looking StatementsThis 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," similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this release include Xtant's expectations regarding the exclusive distribution arrangement and its ability to better address the comprehensive needs of surgeons and patients. Xtant 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 success of the distribution arrangement and the HEMOBLAST® Bellows product, including future U.S. sales and the additional U.S. sales personnel and their impact on Xtant's business and operating results; the possibility that the distribution agreement may be terminated by either party; the effect of the distribution agreement on Xtant's business, including its relationships with other distributors, independent sales representatives and personnel, and its business and operating results; Xtant's future operating and financial performance and its ability to increase or maintain revenue; the success of Xtant's expanded field sales force to improve Xtant's reach and leverage its outstanding contract portfolio and independent agent network; its ability to become operationally self-sustaining and less reliant on third-party manufacturers and suppliers; risks associated with acquisitions and dispositions; its 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 and obsolete inventory; its ability to continue to innovate, develop and introduce new products and the success of those products; its ability to remain competitive; its ability to engage and retain new and existing independent distributors and agents and qualified sales and other personnel and its dependence on key independent agents for a significant portion of its revenue; the effect of inflation, elevated interest rates and other recessionary factors and supply chain disruptions; the effect of product sales mix changes on its financial results; its ability to service its debt, comply with debt covenants, and access additional indebtedness or financing on favorable terms or at all, if and when needed, and other risk factors  contained in Xtant's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (SEC) on March 31, 2026 and subsequent SEC filings by Xtant. Investors are encouraged to read Xtant's filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. Xtant 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 Xtant or persons acting on its behalf are expressly qualified in their entirety by this cautionary statement. 



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Original: Xtant Medical and Dilon Technologies Announce Exclusive U.S. Distribution Agreement for Dilon's HEMOBLAST® Bellows Product

Xtant Medical shares drop nearly 5% as weak 2026 outlook overshadows Q4 beatMarch 31, 2026 10:54 AM
IH Market News
Xtant Medical Holdings (AMEX:XTNT) shares fell about 4.7% in pre-market trading Tuesday after the company reported fourth-quarter results that topped expectations but issued 2026 revenue guidance well below Wall Street forecasts.For the quarter, the medical technology firm posted adjusted earnings per share of $0.00, outperforming the analyst estimate of -$0.01. Revenue came in at $32.4 million, exceeding the consensus projection of $30.8 million.Quarterly revenue increased 3% year-over-year from $31.5 million. However, the company said the earlier-than-expected completion of the Companion Spine transaction reduced fourth-quarter revenue by roughly $2.0 million. For the full year 2025, revenue reached $133.9 million, marking a 14% increase compared with the prior year.Despite the stronger quarterly performance, Xtant’s outlook for 2026 disappointed investors. The company projected revenue between $95 million and $99 million, significantly below the analyst consensus estimate of $110.1 million. The midpoint of $97 million represents roughly a 12% shortfall versus expectations.Management said the forecast reflects expected organic growth in its core biologics segment, offset by several structural changes to the business. These include the December 2025 divestiture of the non-core Coflex and CoFix product lines and international hardware operations to Companion Spine, as well as the expiration of license revenue from Q-Code and amniotic membrane agreements recognized in 2025.“Our fourth quarter 2025 caps a truly transformational year for Xtant, during which we meaningfully sharpened our focus on our core biologics business while driving the new product innovation for which we are known,” said Sean Browne, President and CEO.Profitability improved during the quarter, with gross margin rising to 54.9% from 50.8% a year earlier. Xtant reported net income of $0.1 million compared with a net loss of $3.2 million in the fourth quarter of 2024, while adjusted EBITDA increased to $1.9 million from $0.4 million in the prior-year period.Xtant Medical Holdings stock price

Original: Xtant Medical shares drop nearly 5% as weak 2026 outlook overshadows Q4 beat

Xtant Medical Reports Fourth Quarter and Full-Year 2025 Financial ResultsMarch 31, 2026 7:00 AM
PR Newswire (US)

Full year 2025 revenue totals $133.9 million, an increase of 14% year-over-yearXtant delivers positive net income, adjusted EBITDA and operating cash flowTotal cash of $17.3 million as of December 31, 2025 with an additional $10.5 million received subsequent to year end related to divestitureBELGRADE, Mont., March 31, 2026 /PRNewswire/ -- Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on surgical solutions for spinal and other orthopedic conditions, today reported financial and operating results for the fourth quarter and full-year ended December 31, 2025.







Fourth Quarter 2025 Financial HighlightsRevenue of $32.4 million, up approximately 3% compared to the prior year quarterCompany's earlier-than-anticipated closing of the Companion Spine transaction reduced fourth quarter 2025 revenue by an estimated $2.0 millionGross margin of 54.9% compared to 50.8% for the prior year quarterNet income of $0.1 million compared to a net loss of $3.2 million in the prior year quarterNon-GAAP adjusted EBITDA of $1.9 million compared to adjusted EBITDA of $0.4 million in the prior year quarterFull-Year 2025 Financial HighlightsRevenue of $134.0 million, up approximately 14% over the full-year 2024Gross margin of 62.9%, compared to 58.2% for the full year 2024Net income of $5.0 million, or $0.03 per diluted share, compared to a net loss of $16.5 million, or a net loss of $0.12 per basic and diluted share, for the full year 2024Non-GAAP adjusted EBITDA of $16.3 million compared to an adjusted EBITDA loss of $2.3 million for the full year 2024Net cash provided by operations of $12.5 million compared to net cash used in operations of $11.9 million for the full year 2024Fourth Quarter 2025 and Recent Business Highlights Completed the previously announced sale of Xtant's non-core Coflex® and CoFix assets and its international hardware businesses to Companion Spine for a total sale price of $21.4 million in cash.Announced the commercial launch of its next-generation innovative synthetic bone graft in the nanOss line, Strata™. nanOss Strata is manufactured from hydroxycarbonapatite (HCA), a material with higher solubility than traditional hydroxyapatite (HA), the most commonly used synthetic material.Announced the commercial launch of CollagenX™, its bovine collagen particulate product for surgical wound closure designed to promote healing, prevent dehiscence, and help mitigate concerns related to surgical site infections.Sean Browne, President and CEO of Xtant Medical, stated, "Our fourth quarter 2025 caps a truly transformational year for Xtant, during which we meaningfully sharpened our focus on our core biologics business while driving the new product innovation for which we are known. Along the way, in 2025 we achieved profitability and cash flow generation, reflecting robust topline growth, targeted R&D investments, and prudent expense management. We also took advantage of a short-term license and royalty opportunity through our amnio line in the advanced wound care market. Those cash flows, along with the divestiture of certain non-core products and operations, provided Xtant with the capital to focus on internally developing our advanced biologics product lines, including new products released in 2025. With this foundation in place, we began to opportunistically add to our field sales force in the fourth quarter 2025 and into the first quarter of 2026 to improve our reach and leverage our outstanding contract portfolio and independent agent network.""Looking ahead to 2026, with the recent receipt of amounts previously outstanding under our note receivable from the Companion Spine transaction, we have increased our current cash position to over $22 million while reducing our term loan balance to $11.2 million. Given our significantly strengthened financial position, we do not see any need to raise additional outside capital to run our operations and we expect to be free cash flow positive in 2026. Moreover, this year we plan to lean into our strengths in biologics and invest in our commercial team to focus on profitably growing our core biologics business. With the substantial progress made in 2025, I am excited for this year and beyond," Mr. Browne concluded.Fourth Quarter and Full-Year 2025 Financial ResultsFourth quarter 2025 revenue grew 3% to $32.4 million, compared to $31.5 million for the same period in 2024. The increase is due primarily to higher license revenue, partly offset by one less month of Coflex and CoFix and related international hardware sales in 2025 as a result of the sale of those businesses to Companion Spine in early December. For the full year, total revenue of $134.0 million increased 14% over $117.3 million for the full year 2024.Gross margin for the fourth quarter of 2025 was 54.9%, compared to 50.8% for the same period in 2024. For the full year 2025, gross margin was 62.9%, compared to 58.2% for the full year 2024. These increases were primarily attributable to sales mix and greater scale, partially offset by increased charges for excess and obsolete inventory, in particular, a $1.3 million charge related to excess and obsolete inventory associated with the launch of the Cortera® Fixation System.Operating expenses for the fourth quarter of 2025 totaled $18.7 million, compared to $17.9 million for the fourth quarter of 2024. Full year 2025 total operating expenses were $77.0 million, compared to $80.3 million for the full year 2024. The increase in fourth quarter 2025 operating expenses was primarily due to increases in various compensation plans and the year-over-year decline was primarily driven by reduced commission expense.Net income for the fourth quarter 2025 totaled $0.1 million, compared to a net loss of $3.2 million for the fourth quarter of 2024. For the full year 2025, net income was $5.0 million, or $0.03 per diluted share, compared to a net loss of $16.5 million, or a new loss of $0.12 per basic and diluted share, for the full year 2024.Non-GAAP adjusted EBITDA for the fourth quarter of 2025 totaled $1.9 million, compared to adjusted EBITDA of $0.4 million for the same period in 2024. For the full year 2025, non-GAAP adjusted EBITDA was $16.3 million, compared to an adjusted EBITDA loss of $2.3 million for the full year 2024.The Company defines adjusted EBITDA as net income/loss from operations before depreciation, amortization and interest income/expense and provision for income tax/benefit, and as further adjusted to add back in or exclude, as applicable, separation-related expenses, non-cash compensation, disposition/acquisition-related expense, acquisition-related fair value adjustments, gain on divestiture, and unrealized foreign currency translation gain or loss. A calculation and reconciliation of adjusted EBITDA to net income (loss) can be found in the attached financial tables.As of December 31, 2025, the Company had $17.3 million of cash and cash equivalents compared to $6.2 million as of December 31, 2024. Cash as of December 31, 2025 excludes an additional $10.5 million received in February 2026 upon repayment of the unsecured promissory note issued by Companion Spine to Xtant in the divestiture transactions that closed in December 2025.2026 Financial GuidanceThe Company anticipates full-year 2026 revenue to be in the range of $95 million to $99 million. This outlook reflects anticipated organic growth in its core higher-margin biologics business, offset bythe impact of the Company's December 2025 sale of non-core Coflex® and CoFix assets and its international hardware businesses to Companion Spine, as well as the cessation of license revenue related to the Q-Code and amniotic membrane agreements that the Company received in 2025.Conference CallXtant Medical will host a webcast and conference call to discuss its fourth quarter and full-year 2025 financial and operating results at 8:30 am ET today, March 31, 2026.To access the webcast: https://www.webcaster5.com/Webcast/Page/3039/53616To access the conference call, dial 888-506-0062 (US) or 973-528-0011 (International) and reference Participant Access Code 581090.A replay of the call will be available on the Investor section of the Company's website at www.xtantmedical.com for a period of one year.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 serving the chronic and surgical wound care and sports medicine markets, as well as spinal implant systems. 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 MeasuresTo 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 StatementsThis 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 full year 2026 revenue guidance, anticipated organic growth in its core higher-margin biologics business, need for no further capital to fund its operations and expectation to be free cash flow positive in 2026. 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, financial performance and need for additional capital; the success of the Company's expanded field sales force to improve the Company's reach and leverage its outstanding contract portfolio and independent agent network; the Company's ability to become operationally self-sustaining and less reliant on third-party manufacturers and suppliers; risks associated with acquisitions and dispositions; its 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 and obsolete inventory; its ability to continue to innovate, develop and introduce new products and the success of those products; its ability to remain competitive; its ability to engage and retain new and existing independent distributors and agents and qualified sales and other personnel and its dependence on key independent agents for a significant portion of its revenue; the effect of inflation, elevated interest rates and other recessionary factors and supply chain disruptions; the effect of product sales mix changes on its financial results; the effect of government and third-party coverage and reimbursement for its products; its 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; its ability to license intellectual property on commercially reasonable terms and to maintain any such licenses and its ability to obtain and protect its intellectual property and proprietary rights and operate without infringing the rights of others; its ability to service its debt, comply with debt covenants, and access additional indebtedness or financing on favorable terms or at all, if and when needed; and other factors described in its Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the Securities and Exchange Commission (SEC) on March 30, 2026. 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.-- Tables Follow –XTANT MEDICAL HOLDINGS, INC.
Consolidated Balance Sheets
(In thousands, except number of shares and par value)


As ofDecember 31, 2025

As ofDecember 31, 2024
ASSETS







Current Assets:







Cash and cash-equivalents
$17,053

$6,199
Restricted cash

275


22
Trade accounts receivable, net of allowance for credit losses of $2,165 and
$1,437, respectively

17,803


20,660
Inventories

30,263


38,634
Note receivable

10,462


—
Prepaid and other current assets

2,389


1,601
Total current assets

78,245


67,116
Property and equipment, net

6,202


10,131
Right of use asset, net

3,192


829
Goodwill

6,074


7,302
Intangible assets, net

299


8,356
Other assets

133


103
Total Assets
$94,145

$93,837









LIABILITIES & STOCKHOLDERS' EQUITY







Current Liabilities:







Accounts payable
$3,844

$7,918
Accrued liabilities

10,626


7,771
Current portion of long-term debt

3,500


—
Current portion of lease liability

622


703
Current portion of finance lease obligations

35


69
Line of credit

10,857


12,120
Total current liabilities

29,484


28,581
Long-term Liabilities:







Lease liability, net

2,665


166
Financing lease obligations, net

12


47
Long-term debt, plus premium and less issuance costs

11,026


22,038
Deferred tax liability

5


42
Total Liabilities

43,192


50,874









Commitments and Contingencies (Note 12)

—


—









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;
140,039,557 shares issued and outstanding as of December 31, 2025;
139,045,664 shares issued and outstanding as of December 31, 2024

—


—
Additional paid-in capital

305,439


302,738
Accumulated other comprehensive income

—


(316)
Accumulated deficit

(254,486)


(259,459)
Total Stockholders' Equity

50,953


42,963
Total Liabilities & Stockholders' Equity
$94,145

$93,837
 XTANT MEDICAL HOLDINGS, INC.
Consolidated Statements of Operations
(Unaudited, in thousands, except number of shares and per share amounts)











Three Months Ended
December 31,

Twelve Months Ended
December 31,


2025

2024

2025

2024
Revenue















Product revenue
$27,712

$30,011

$115,204

$115,765
License revenue

4,645


1,502


18,723


1,502
Total Revenue

32,357


31,513


133,927


117,267

















Cost of Sales

14,603


15,489


49,654


49,051
Gross Profit

17,754


16,024


84,273


68,216

















Operating Expenses















General and administrative

7,293


5,700


29,375


28,691
Sales and marketing

10,946


11,684


45,512


49,214
Research and development

459


522


2,102


2,385
Total Operating Expenses

18,698


17,906


76,989


80,290

















Income (Loss) from Operations

(944)


(1,882)


7,284


(12,074)

















Other Income (Expense)















Interest expense

(718)


(1,134)


(3,671)


(4,160)
Interest income

94


—


94


—
Unrealized foreign currency translation (loss)
gain

(206)


(101)


(60)


5
Gain on divestiture

3,281


—


3,281


—
Other income (expense)

91


(27)


73


(33)
Total Other Income (Expense)

2,542


(1,262)


(283)


(4,188)

















Net Income (Loss) from Operations Before
Provision for Income Taxes

1,598


(3,144)


7,001


(16,262)

















Provision for Income Taxes Current and
Deferred

(1,541)


(21)


(2,028)


(187)

















Net Income (Loss)
$57

$(3,165)

$4,973

$(16,449)

















Net Income (Loss) Per Share:















Basic
$0.00

$(0.02)

$0.04

$(0.12)
Dilutive
$0.00

$(0.02)

$0.03

$(0.12)

















Shares used in the computation:















Basic

139,826,783


138,977,615


139,531,791


133,665,075
Dilutive

150,462,888


138,977,615


150,042,556


133,665,075
 XTANT MEDICAL HOLDINGS, INC.
Consolidated Statements of Cash Flows
(Unaudited, in thousands)




Year Ended December 31,


2025

2024
Operating activities:







Net income (loss)
$4,973

$(16,449)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:







Depreciation and amortization

5,223


4,224
Non-cash interest

537


522
Loss (gain) on sale of fixed assets

251


(264)
Stock-based compensation

2,892


4,117
Provision for reserve on accounts receivable

1,404


823
Provision for excess and obsolete inventory

3,669


485
Gain on sale to Companion

(3,281)


—
Other

(76)


(5)









Changes in operating assets and liabilities, net of the effects of acquisitions:







Trade accounts receivable

(591)


(755)
Inventories

(1,999)


(2,494)
Prepaid and other assets

(1,537)


(218)
Accounts payable

(3,117)


1,033
Accrued liabilities

4,198


(2,915)
Net cash provided by (used in) operating activities

12,546


(11,896)









Investing activities:







Purchases of property and equipment

(2,382)


(4,113)
Proceeds from sale of fixed assets

232


383
Proceeds from sale to Companion, net of promissory note

10,049


—
Net cash provided by (used in) investing activities

7,899


(3,730)









Financing activities:







Borrowings on line of credit

100,066


112,640
Repayments on line of credit

(101,329)


(105,142)
Payments on long-term debt

(8,000)


—
Payments on financing leases

(67)


(65)
Proceeds from private placement, net of issuance costs

(65)


4,456
Proceeds from issuance of long-term debt

—


5,000
Debt issuance costs

(49)


(651)
Payment of taxes from withholding of common stock upon vesting and
settlement of restricted stock units

(126)


(178)
Proceeds from exercise of stock-based compensation

—


13
Net cash (used in) provided by financing activities

(9,570)


16,073









Effect of exchange rate changes on cash and cash equivalents and restricted cash

232


(149)









Net change in cash and cash equivalents and restricted cash

11,107


298
Cash and cash equivalents and restricted cash at beginning of year

6,221


5,923
Cash and cash equivalents and restricted cash at end of year
$17,328

$6,221
Reconciliation of cash and cash equivalents and restricted cash reported in the
consolidated balance sheets







Cash and cash equivalents
$17,053

$6,199
Restricted cash

275


22
Total cash and cash equivalents and restricted cash reported in the consolidated
balance sheets
$17,328

$6,221
 XTANT MEDICAL HOLDINGS, INC.
CALCULATION OF NON-GAAP CONSOLIDATED EBITDA AND ADJUSTED EBITDA 
(in thousands)





Three Months Ended December 31,

Year Ended December 31,


2025

2024

2025

2024













Net Income (Loss)
$57

$(3,165)

$4,973

$(16,449)

















Depreciation and amortization

1,819


1,148


5,223


4,224
Interest expense, net

624


1,134


3,577


4,160
Tax expense

1,541


21


2,028


187
Non-GAAP EBITDA

4,041


(862)


15,801


(7,878)

















Net Income (Loss)/Total Revenue

0.2%

-10.0%

3.7%

-14.0%
















Non-GAAP EBITDA/Total Revenue

12.5%

-2.7%

11.8%

-6.7%
















NON-GAAP ADJUSTED EBITDA CALCULATION















Non-cash compensation

727


840


2,892


4,117
Gain on divestiture

(3,281)


—


(3,281)


—
Divestiture/acquisition-related expenses

122


—


491


338
Acquisition-related fair value adjustments

47


167


358


415
Unrealized foreign currency translation loss (gain)

206


101


60


(5)
Separation related expenses

—


192


23


682

















Non-GAAP Adjusted EBITDA
$1,862

$438

$16,344

$(2,331)

















Non-GAAP Adjusted EBITDA/Total Revenue

5.8%

1.4%

12.2%

-2.0% 



View original content to download multimedia:https://www.prnewswire.com/news-releases/xtant-medical-reports-fourth-quarter-and-full-year-2025-financial-results-302729503.htmlSOURCE Xtant Medical Holdings, Inc.

Original: Xtant Medical Reports Fourth Quarter and Full-Year 2025 Financial Results

Xtant Medical Finalizes Companion Spine TransactionsMarch 2, 2026 8:00 AM
PR Newswire (US)

Xtant received $10.7 million in satisfaction of unsecured promissory note issued to Xtant by Companion Spine plus related working capital adjustments BELGRADE, Mont., March 2, 2026 /PRNewswire/ -- Xtant Medical Holdings, Inc. (NYSE American: XTNT), a medical technology company focused on surgical solutions for spinal and other orthopedic conditions, today announced that it has received $10.7 million from Companion Spine related to Companion Spine's purchase of Xtant's Coflex® assets and Paradigm OUS businesses in December 2025, bringing the total aggregate purchase price for the two divestitures to $21.4 million. With this payment, the transactions have now been finalized.







Of the $10.7 million recently received by Xtant, $8.2 million was in satisfaction of the unsecured promissory note issued to Xtant by Companion Spine, plus accrued interest thereon, and an additional $2.2 million related to settlement of working capital and other purchase price adjustments.    Sean Browne, President and CEO of Xtant Medical, stated, "We are very pleased to finalize these transactions with Companion Spine, which place these assets and businesses with a recognized leader in the neuro-musculoskeletal space while allowing us to further sharpen our focus on our higher-margin biologics business. We wish Companion Spine much success in achieving the full market potential of these motion preservation technologies.""Importantly, these additional funds will allow us to further reduce long-term debt while providing additional cash liquidity," Mr. Browne concluded.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 serving the chronic and surgical wound care and sports medicine markets, as well as spinal implant systems. 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.Cautionary Statement Regarding Forward-Looking StatementsThis 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 contain words such as "intends," ''expects,'' ''anticipates,'' ''plans,'' ''believes,'' ''estimates,'' "continue," "future," ''will,'' "potential," similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this release include the Company's expectations regarding the reduction of its long-term debt and increased liquidity. 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 and financial performance and its ability to increase or maintain revenue; and other risk factors  contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (SEC) on March 6, 2025 and subsequent SEC filings by the Company, including without limitation its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 filed with the SEC on November 10, 2025. 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. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/xtant-medical-finalizes-companion-spine-transactions-302700593.htmlSOURCE Xtant Medical Holdings, Inc.

Original: Xtant Medical Finalizes Companion Spine Transactions

Xtant Medical Reports Second Quarter 2025 Financial Results
PR Newswire
Tue, August 12, 2025 at 7:00 AM EDT 16 min read


In This Article:
XTNT
+15.77%

Total Revenue of $35.4 Million Increased 18% Year-over-Year

Delivers Positive Net Income, Adjusted EBITDA and Operating Cash Flow

Raises FY25 Revenue Guidance to $131-$135 Million, Representing Growth of 11%-15% over FY24

News...

Xtant Medical Announces Definitive Agreements for the Sale of its Coflex® and CoFix® Spinal Implants and All OUS Businesses to Companion Spine

https://investor.xtantmedical.com/news-releases/news-release-details/xtant-medical-announces-definitive-agreements-sale-its-coflexr

Any day now...PRNEWSWIRE

https://www.prnewswire.com/news-releases/xtant-medical-launches-trivium-advanced-bone-graft-for-superior-performance-302435052.html

Broker Rating
Xtant Medical Holdings, Inc. currently has an average brokerage recommendation (ABR) of 1.00 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell etc.) made by two brokerage firms. The current ABR compares to an ABR of 1.00 a month ago based on two recommendations.

Of the two recommendations deriving the current ABR, two are Strong Buy, representing 100% of all recommendations. A month ago, Strong Buy represented 100%.

Price Target
Based on short-term price targets offered by two analysts, the average price target for Xtant Medical Holdings, Inc. comes to $2.10. The forecasts range from a low of $1.20 to a high of $3.00. The average price target represents an increase of 250% from the last closing price of $0.60.



https://www.zacks.com/stock/research/XTNT/price-target-stock-forecast

NEWS...come and get it!

Granted US Patent #12232782 Today For "MINIMALLY INVASIVE SURGICAL SYSTEM"

https://ppubs.uspto.gov/pubwebapp/

Well, I guess "Gift from God" was a proper way to describe the situation/price in December @.45-.47. It's so easy it is like stealing and when I am certain I am usually right and in a very big way. This fall/winter there are more gifts from God coming, been busy with family things but been quietly watching things develop, making notes in the back of my mind. Lets all enjoy and open your minds, don't let the trees get in the way of you seeing the entire forest. Peace out.

$XTNT - 👆Up 11.7% Pre-Market/ Current Price $1.00
Wins Auction for Surgalign’s Hardware and Biologics Business 07/28/23

Now that's the FIRST thing I've read here that ACTUALLY makes sense!!

Appreciate your honesty!

The ONLY problem with the $0.50 (or lower) game is that over 20.3mm shares (including warrants) would be eligible for restrictive legend removals soon enough... Which means that the lower end of that channel (projected in the $0.30's) would be the next accumulation point. ASSUMING they don't dilute this any further...

Chart with that HORRIBLE 13-year downtrend (below). Good near-term SHORT candidate!



Still scouring in case I missed something significant. But this is NOT a LONG stock or position; not yet (if it ever will be) anyways! GL

Yep, had to work at it to bank anything...
$XTNT - 208 trades in 2022
first buy - Jan 4
sold last shares - Oct 12.
No longer a fan of XTNT
Might play it for a bit since I know it's game. Buy .50 or lower, sell in the .60s.

Net for a whole year XTNT +$1097.64. IMHO not worth the time spent, but at least green.
Do your research,... never marry em.
GLTA!

Nearly 13-YEAR DOWNTRENDING CHART

SOURCE:
Private Placement

On August 25, 2022, the Company closed the first tranche of a private placement (the “First Closing”) with several accredited investors (the “Private Placement”). At the First Closing, the Company sold approximately 14.1 million shares of common stock of the Company (collectively, the “Shares”) and warrants to purchase approximately 3.5 million shares of common stock (collectively, the “Warrants”) for an aggregate purchase price of approximately $6.75 million. We received net cash proceeds of approximately $6.3 million, after deducting fees and other estimated offering expenses, from the First Closing.



The closing of the second tranche of the Private Placement (the “Second Closing”) occurred on October 7, 2022. At the Second Closing, the Company sold an additional approximately 6.2 million shares of common stock of the Company and warrants to purchase approximately 1.6 million shares of common stock for an aggregate purchase price of approximately $3.0 million.


The Warrants, described in more detail in Note 10, “Warrants”, have an exercise price of $0.48 per share, are subject to customary anti-dilution, but not price protection, adjustments, are immediately exercisable and expire on the five-year anniversary of the First Closing. https://www.otcmarkets.com/filing/html?id=16172960&guid=kNP-kHVJ3HJmB3h

They are STILL LOSING MONEY! Hence the need for funding & the chart shows nearly 13 YEARS of the stock in a DOWNTRENDING CHANNEL. Not sure what others are seeing here ATM but the short-term losses (9 mo period ending from last filing) have ACCELERATED the CASH BURN! And the new funding is BELOW the CURRENT PRICE!! With OVER 20.3M shares (not including any exercised warrants) of overhang bought BELOW the current stock price...

Just started my DD here, as I was PM'd to have a look: But ATM I just don't see it. What am I missing? At least from the charts perspective (& the fundies underscore the sentiment) it appears as though the bottom of the downtrend-channel is going to be tested again soon.

Why? The NEW shares recently went out NO HIGHER than ~$0.47-$0.48


Private Placement



On August 25, 2022, the Company closed the first tranche of a private placement (the “First Closing”) with several accredited investors (the “Private Placement”). At the First Closing, the Company sold approximately 14.1 million shares of common stock of the Company (collectively, the “Shares”) and warrants to purchase approximately 3.5 million shares of common stock (collectively, the “Warrants”) for an aggregate purchase price of approximately $6.75 million. We received net cash proceeds of approximately $6.3 million, after deducting fees and other estimated offering expenses, from the First Closing.



The closing of the second tranche of the Private Placement (the “Second Closing”) occurred on October 7, 2022. At the Second Closing, the Company sold an additional approximately 6.2 million shares of common stock of the Company and warrants to purchase approximately 1.6 million shares of common stock for an aggregate purchase price of approximately $3.0 million.

The Warrants, described in more detail in Note 10, “Warrants”, have an exercise price of $0.48 per share, are subject to customary anti-dilution, but not price protection, adjustments, are immediately exercisable and expire on the five-year anniversary of the First Closing. https://www.otcmarkets.com/filing/html?id=16172960&guid=kNP-kHVJ3HJmB3h

NET LOSS nearly tripled from ~$2.4M to ~$6.3M (according to their audited financials). Overall they're losing money,... & just closed a private placement/funding @ around $0.47-$0.48/share. I'm guessing that's WHY this has gone lower... & could go lower still.

I figure if that's what the LENDERS are saying it's worth. Why should we pay higher? And it looks like they'll be needing MORE MONEY at this current burn-rate.

Still doing my DD but "Gift from God"? I haven't seen that yet... Why do you think that's the case?

Gift from God, mark it.

Peace out.

Great to find this one at 4 bits

4X soon enough

Just my opinion

-pete

I hope all have a great weekend, next week/month golden....................slow and steady and STRONG

never should have ever in a million years dropped below $1.50 period/full stop.

Peace out.

A beautiful day in the neighborhood, as it slow and steady marches up the hill, leave no gaps/creases/cracks etc. Never ever, ever should have been in the worst bear market below $1.50 with period, just love it.

This going to be one of the ones that gets its story this time/moment told decades from now. Perfect storm.

$1.50 is the starting line as it goes back to reality, catalysts abound, and the world is opening for bidness.


Peace out

God, I love this thing, just kick back and let this unfold and then pat yourself on the back later, this shit should be illegal.

Peace out.

Reality time is all, IMHO should never have been below $1.50 in the worst of bear markets with the private placement (which are still held from 2.25) the biggest, unseen/forgotten catalyst bar the rest is things opening back up elective surgeries etc go back to normal, each and every Q since the Covid thing (and first year okay not a farce I admit, since then, a pile of BS)

Just out this evening ..... "Democrat Charlie Crist Suddenly Decides It Is Time to ‘Move Past’ the Coronavirus" game is up unless they all wish to be unemployed first year okay, the next years, you stole years of people's lives, period/full stop.

I love the evening where the la dee dahs group together and the plebs are in masks as they party like all is good (like it really is) Obamas party, then last night SAG awards dinner, and a multitude of other instances, oh, but sometimes when caught, they removed the mask and didn't breathe LOL.

Like not inhaling, etc. After the Canada crazy stormtrooper shit and people just saying finally, "good for you not for me" millions of people in the world thinking here I am 30 I missed the last two years of my twenties, for a political hustle? So a bunch of politicians and govt people like Fauci can make untold 10's of millions? Nah

I for one will be grateful, but those who wish by all means continue to wear masks it is your right just as it is mine to use my brain and common sense, and it makes it easier to spot those who wish to avoid.

I am still dieng to hear the CC want to know when those two new products launch, besides the increase in revs from the world opening back up and has been in just the regular revenue stream through elective surgeries etc, those two add a significant boost. The injectable cement for trauma uses and the tissue patch for sports medicine use.

Went back through 5 years as I have been trying to search for the name or anything on them to search other ways and same each time nothing until the launch PR and then will have the name and will be TM'ed just not one of those hype deals it's like another I am in, they just do it, execution, execution, execution.

Peace out.

Looking more and more like its go time for XTNT every day. Just saying.. Look at the trend on volume and price. Let's go.

Exactly, three more headlines on Covid farce coming to an end, the flu this year (which they named Omicron Covid) proved to be just that, the flu which does kill hundreds of thousands worldwide every year and always has, dragging political dog and pony show for 3 years has been an insidious waste of years literally of peoples lives.

https://www.irishnews.com/news/republicofirelandnews/2022/02/28/news/-milestone-day-in-republic-of-ireland-as-rules-on-mask-wearing-end-2600622/

And when the left coast starts falling in line with the normal thinking world, it's game over for the hustle. Midterms and they are drowning, the games they have been playing with Covid BS is done.

https://www.cnet.com/tech/google-drops-mask-and-vaccine-requirements-for-employees/

https://www.nationalreview.com/news/california-oregon-washington-to-drop-school-mask-mandates/

Illinois today
https://pressofatlanticcity.com/lifestyles/health-med-fit/illinois-covid-19-mask-mandate-ending-for-most-indoor-spaces/article_e725a6b8-6b70-53b6-99a4-bee550ebb67b.html

Get hospitals (all of them) back to doing what they ought to be doing rather than running a con game.

Peace out

If you let a wild horse out of the corral, he might not come back, did Yogi say that?

Now New York shedding the covid hoax of masks, vaccines, vaccine cards etc and the elected surgeries back on, congress took away their silly mask mandate and even Bidens BS Covid team (Fauci and Co.) have been silent two weeks now, other countries falling like dominoes with the nonsense, normal is coming on like a freight train and revs will be rising.

Should be seeing a PR any day saying the 10K and CC will be on such and such a day they always PR a week out. I am looking forward to the CC want to get some clarity on when the two new products will be launched and the guidance now that things are heading back to normal.

Still have not been able to find anything out on the new products, even their names which the last new product they launched 2020 they did the same until PR announcing launch, will just have to see if they make further mention during the CC I am sure they will get asked by an analyst, one would think anyway.

http://investor.xtantmedical.com/static-files/84e98cb1-9e0b-4399-a921-7e62c3fed457

Peace out.

Thank you for the info sir, I can't wait to see the squeeze that helps to make. I'm getting what I can on the dips.

Thanks, my man, good to see you again too. Got a bug, or something was out for a few days apologies for not following up, but this is a steady ride back to reality, $1.50 and that is just reality everything opening back up just to get back to the basement this has to quadruple and no brainers like that are my love. t is going to be one of those ones, period/full stop.

Let's see how this all plays out,

Take care,

Peace out.

Short data

Got some XTNT but always hunting for more cheap by any measure. This is a very tightly held tiny float.
Good Luck All
Endemic might just kickstart a rise in sales.

3X moonshot one year ago today, the chart is a thing of beauty.

Yessir that is the key, increased demand and no supply equals boom!

I picked up a few more tickets in pre-market and will continue on future dips.

Train getting ready to leave the station folks. Pushing 73 today. tick tock. Good luck all.

I've been able to pick up a few, but not many at all are available on the ask.

There are like hardly any shares available to purchase.

Back over 0.70, one of these days it's just going to check out for good. Should be fun and profitable.

Even a blind squirrel

Hey iceman! Good to see you here. I started in the low-mid $.60's but adding on any dips. This has the markings of another GNUS or value-wise FRAN. She was over $2 in a July!

Nice XTNT under 0.70 today, on sale adding to position.

Now with the cap off elective surgeries and EU opening up with the US....sky's the limit!
I just snuck a few more this AM on low ball...

Back at 'cha!
This dog will run! Good morning, guy!

I had emergency micro disc surgery 41 years ago where 1/4 if a disc was cut out after herniating on the nerve. Awake but sedated the doctor showed me the piece on the operating table.

It was brand new technique in 1981. No discs were fused and I have enjoyed playing sports ever since. Thanks to Dr. Stephan Kuslich my life was changed forever.

I was very lucky to have found him. RIP as he later died of Leukemia, they speculate he got from not enough lead shielding from Xray use in the operating room. He gave so many people their lives back!

XTNT is that kind of company in that general area of repairing vertebrae issues.

Discover this at well under value and invest for the return to fair.
GLTA!

-pete

What would the new products be worth that add to their already impressive patented products?

Low Float

93% institutional owned

Stock was over $4 a year ago and nothing but Covid news and delays in elective surgery hurt the stock price, 2/26/21 closed at $4.47.

Glad I am in this one for the endemic.

Do your own DD

GLTA!

-pete

Knowing now how small the float is, I just added more. Thank you sir

Can't you hear the sound of your own cage door?

Still thinking?

HAIL HAIL the gangs all here.

Hell this stock at this price requires no cranial mass.

Duh!

tdeck,

long time no see, dude! Since what, NGL or GNUS and some of the 'oldies, but goodies'...lol!
Cursory look finds I'll get some shares for sure. With Europe and the world opening back up this could be a barn burner!
Thanks for the heads-up...AGAIN!

Good to see you back on ihub Tdeck! I'll be watching close and plan to start a position today. If this thing is even remotely like RCEL - we'll be a happy bunch. Thanks for the DD.