Xtant Medical Holdings, Inc.

Listed Company

XTNTCIK 0001453593NYSENon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$133.93M

Net Income

$4.97M

Total Assets

$94.14M

Equity

$50.95M

Shares Out

140.07M

Op. Cash Flow

$12.55M

Business

Xtant Medical Holdings, Inc. is a global medical technology company focused on the design, development, and commercialization of orthobiologics and spinal implant fixation systems to facilitate spinal fusion in complex spine, deformity, and degenerative procedures. It offers a comprehensive portfolio of biologics (allografts, viable bone matrices, demineralized bone products, amniotic membrane sheets) and spinal implants (cervical, thoracolumbar, interbody, sacroiliac, interlaminar stabilization) plus related instruments. Key business activities include orthobiologics and spinal fixation product lines, manufacturing and distribution, and licensing agreements. The company primarily sells in the United States through independent distributors, stocking agents, national accounts and GPOs, and also distributes internationally via direct sales representatives and distribution partners in Europe, Canada, Mexico, South America, Australia and Pacific region countries.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenue	134	117	91	58	55
Cost of Sales	50	49	36	26	23
Gross Profit	84	68	55	32	32
General and administrative	29	29	26	15	14
Sales and marketing	46	49	38	23	21
Research and development	2	2	1	915,000	870,000
Total Operating Expenses	77	80	66	39	36
Income (Loss) from Operations	7	−12	−10	−7	−4
Interest expense	−4	−4	−3	—	—
Interest income	94,000	—	149,000	31,000	—
Unrealized foreign currency translation (loss) gain	−60,000	5,000	265,000	—	—
Gain on divestiture	3	—	—	—	—
Other income (expense)	73,000	−33,000	−49,000	—	—
Total Other (Expense) Income	−283,000	−4	9	−2	−995,000
Net Income (Loss) from Operations Before Provision for Income Taxes	7	−16	−1	−8	−5
Provision for Income Taxes Current and Deferred	−2	−187,000	2	−69,000	—
Net Income (Loss)	5	−16	660,000	−8	−5
Basic (per share)	0.04	−0.12	0.01	−0.09	−0.06
Dilutive (per share)	0.03	−0.12	0.01	−0.09	−0.06
Basic (shares)	140	134	119	94	85
Dilutive (shares)	150	134	127	94	85

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash-equivalents	17	6	6	20	18
Restricted cash	275,000	22,000	208,000	209,000	144,000
Trade accounts receivable, net of allowance for credit losses of $2,165 and $1,437, respectively	18	21	22	11	7
Inventories	30	39	37	17	18
Note receivable	10	—	—	—	—
Prepaid and other current assets	2	2	1	673,000	844,000
Total current assets	78	67	65	49	44
Property and equipment, net	6	10	9	6	5
Right of use asset, net	3	829,000	2	1	1
Goodwill	6	7	7	3	3
Intangible assets, net	299,000	8	10	344,000	400,000
Other assets	133,000	103,000	141,000	197,000	287,000
Total Assets	94	94	93	60	55
Accounts payable	4	8	7	3	3
Accrued liabilities	11	8	10	5	4
Current portion long-term debt	4	—	—	2	—
Current portion of lease liability	622,000	703,000	830,000	458,000	462,000
Current portion of finance lease obligations	35,000	69,000	65,000	62,000	31,000
Line of credit	11	12	5	3	4
Total current liabilities	29	29	23	15	11
Lease liability, net	3	166,000	759,000	972,000	842,000
Financing lease obligations, net	12,000	47,000	116,000	181,000	103,000
Long-term debt, plus premium and less issuance costs	11	22	17	10	12
Deferred tax liability	5,000	42,000	21,000	—	—
Total Liabilities	43	51	41	26	24
Commitments and Contingencies (Note 12)	—	—	—	—	—
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 and 139,045,664 shares issued and outstanding as of December 31, 2025 and 2024, respectively	—	—	—	—	—
Additional paid-in capital	305	303	294	278	266
Accumulated other comprehensive income	—	−316,000	29,000	—	—
Accumulated deficit	−254	−259	−243	−244	−235
Total Stockholders Equity	51	43	51	34	31
Total Liabilities & Stockholders Equity	94	94	93	60	55

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	5	4	3	1	1
Non-cash interest	537,000	522,000	386,000	233,000	147,000
Loss (gain) on sale of fixed assets	251,000	−264,000	−115,000	−93,000	−86,000
Stock-based compensation	3	4	3	2	2
Provision for reserve on accounts receivable	1	823,000	497,000	243,000	—
Provision for excess and obsolete inventory	4	485,000	357,000	2	839,000
Other	−76,000	−5,000	16,000	—	—
Trade accounts receivable	−591,000	−755,000	−9	−4	−319,000
Inventories	−2	−2	−2	−1	3
Prepaid and other assets	−2	−218,000	220,000	261,000	−67,000
Accounts payable	−3	1	3	875,000	−332,000
Accrued liabilities	4	−3	4	1	−1
Net cash provided by (used in) operating activities	13	−12	−10	−5	439,000
Purchases of property and equipment	−2	−4	−1	−2	−2
Proceeds from sale of fixed assets	232,000	383,000	175,000	205,000	225,000
Proceeds from divestiture	10	—	—	—	—
Net cash provided by (used in) investing activities	8	−4	−25	−2	−2
Borrowings on line of credit	100	113	78	54	36
Repayments on line of credit	−101	−105	−77	−54	−36
Payments on long-term debt	−8	—	—	—	−411,000
Payments on financing leases	−67,000	−65,000	−63,000	−50,000	−50,000
Proceeds from private placement, net of issuance costs	−65,000	4	14	—	—
Proceeds from issuance of long-term debt	—	5	5	—	—
Debt issuance costs	−49,000	−651,000	−239,000	—	—
Payment of taxes from withholding of common stock upon vesting and settlement of restricted stock units	−126,000	−178,000	−261,000	—	−201,000
Proceeds from exercise of stock-based compensation	—	13,000	—	—	—
Net cash (used in) provided by financing activities	−10	16	20	9	17
Effect of exchange rate changes on cash and cash equivalents and restricted cash	232,000	−149,000	24,000	—	—
Net change in cash and cash equivalents and restricted cash	11	298,000	−15	2	16

Filings

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