Xtant Medical Holdings, Inc. Segments Disclosure
(18) Segment and Geographic Information
The Company operates as one reportable and operating segment based upon the Company’s organization structure and the way in which the operations and investments are managed and evaluated by the chief operating decision maker (“CODM”), who is the Chief Executive Officer. The CODM uses consolidated net income (loss) as the primary measure of segment profit or loss to monitor performance and allocate resources.
The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than that presented in the Company’s consolidated balance sheets.
The table below provides the calculation of consolidated net income (loss), which is the performance measure that is most consistent with GAAP, and the significant operating expenses included in this performance measure (in thousands):
Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 133,927 | $ | 117,267 | ||||
| Less cost of sales | 49,654 | 49,051 | ||||||
| Gross Profit | 84,273 | 68,216 | ||||||
| Gross Margin | 62.9 | % | 58.2 | % | ||||
| Less: | ||||||||
| General and administrative | 29,375 | 28,691 | ||||||
| Sales and marketing | 45,512 | 49,214 | ||||||
| Research and development | 2,102 | 2,385 | ||||||
| Interest expense | 3,671 | 4,160 | ||||||
| Interest income | (94 | ) | ||||||
| Unrealized foreign currency translation loss (gain) | 60 | (5 | ) | |||||
| Gain on divestiture | (3,281 | ) | ||||||
| Other (income) expense | (73 | ) | 33 | |||||
| Provision (benefit) for income taxes | 2,028 | 187 | ||||||
| Net Income (Loss) | $ | 4,973 | $ | (16,449 | ) | |||
The Company attributes revenues to geographic areas based on the location of the customer. Approximately 91% and 90% of revenue was in the United States for the years ended December 31, 2025 and 2024, respectively. Total revenue by major geographic area is as follows (in thousands):
Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| United States | $ | 122,448 | $ | 105,519 | ||||
| Rest of World | 11,479 | 11,748 | ||||||
| Total | $ | 133,927 | $ | 117,267 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Apr 1, 2024 | |
| 2022 | Mar 7, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Mar 5, 2020 | |
| 2018 | Apr 1, 2019 | |
| 2016 | Mar 29, 2017 | |
| 2015 | Mar 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.