XTNT · Xtant Medical Holdings, Inc.

Xtant Medical Holdings, Inc. delivered transformative 2025 results, swinging to full-year GAAP net income of $5.0 million and non-GAAP adjusted EBITDA of $16.3 million from prior-year losses, fueled by 14% revenue growth to $134.0 million driven by higher license revenue and biologics focus. Gross margins expanded to 62.9% from 58.2%, benefiting from favorable sales mix and scale, though offset by $1.3 million in excess inventory charges tied to the Cortera Fixation System launch. Q4 revenue rose 3% to $32.4 million despite a $2.0 million headwind from the early December divestiture of non-core Coflex/CoFix assets and international hardware to Companion Spine for $21.4 million cash, which sharpened focus on higher-margin biologics. Operating expenses declined full-year to $77.0 million from $80.3 million, aided by lower commissions, enabling operating cash flow of $12.5 million versus prior use of $11.9 million. Balance sheet strengthened with $17.3 million cash at year-end, bolstered to over $22 million post a $10.5 million February 2026 note repayment, reducing term loan to $11.2 million. Management highlighted new launches like nanOss Strata and CollagenX, sales force expansion, and no need for external capital, targeting free cash flow positivity. 2026 revenue guidance of $95-99 million reflects biologics growth offset by divestiture and ceased license revenue impacts, positioning for profitable core business expansion per CEO Sean Browne.