XTNT · Xtant Medical Holdings, Inc.

Xtant Medical's first quarter 2026 results reflect the impact of the December 2025 sale of its Coflex/CoFix assets and international hardware business to Companion Spine, as well as the cessation of high-margin license revenue from Q-code and amniotic membrane agreements. Total revenue declined 36.5% year-over-year to $20.9 million, while gross margin contracted to 57.3% from 61.5%, primarily due to the loss of license revenue. Operating expenses decreased to $14.9 million from $19.2 million, reflecting the divestiture. The company reported a net loss of $3.1 million compared to net income of $58,000 in the prior year period, and non-GAAP adjusted EBITDA swung to a loss of $1.6 million from positive $3.0 million. Despite the weaker quarterly results, management raised full-year 2026 revenue guidance to $101-$105 million from $95-$99 million, citing the anticipated contribution from the recently announced exclusive U.S. distribution agreement for Dilon Technologies' HEMOBLAST® Bellows hemostatic product. The company also strengthened its balance sheet by reducing total indebtedness by $13.3 million in the quarter, including a $10.4 million paydown on its revolving credit facility. As of March 31, 2026, cash and cash equivalents stood at $12.2 million, with $11.8 million available under the revolving credit facility. The strategic addition of Dilon's approximately 20-person U.S. sales team is expected to drive topline growth and margin expansion, positioning Xtant to better serve the surgical biologics market.