Xtant Medical Financials
This page shows Xtant Medical (XTNT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Working-capital release and fixed-cost absorption turned rising sales into Xtant Medical’s first recent year of profit and cash generation.
With sales higher than the prior year, inventory and receivables both moved down, helping operating cash flow swing from-$11.9M to$12.5M . That combination suggests a working-capital unwind rather than growth bought with a heavier balance-sheet load, and it is a higher-quality recovery because cash improved more sharply than reported earnings.
This year’s margin improvement looks like operating leverage, not just a small accounting gain: gross margin reached
The balance sheet also became less financing-dependent: free cash flow turned positive at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Xtant Medical's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Xtant Medical has an operating margin of 5.4%, meaning the company retains $5 of operating profit per $100 of revenue. This below-average margin results in a low score of 16/100, suggesting thin profitability after operating expenses. This is up from -10.3% the prior year.
Xtant Medical's revenue grew 14.2% year-over-year to $133.9M, a solid pace of expansion. This earns a growth score of 69/100.
Xtant Medical carries a low D/E ratio of 0.22, meaning only $0.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
Xtant Medical's current ratio of 2.65 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
Xtant Medical's free cash flow margin of 7.6% results in a low score of 18/100. Capital expenditures of $2.4M absorb a large share of operating cash flow.
Xtant Medical generates a 9.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -38.3% the prior year.
Xtant Medical scores -0.59, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($64.7M) relative to total liabilities ($43.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Xtant Medical passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Xtant Medical generates $2.52 in operating cash flow ($12.5M OCF vs $5.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Xtant Medical earns $2.0 in operating income for every $1 of interest expense ($7.3M vs $3.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Xtant Medical generated $133.9M in revenue in fiscal year 2025. This represents an increase of 14.2% from the prior year.
Xtant Medical's EBITDA was $12.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 259.3% from the prior year.
Xtant Medical reported $5.0M in net income in fiscal year 2025. This represents an increase of 130.2% from the prior year.
Xtant Medical earned $0.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 125.0% from the prior year.
Cash & Balance Sheet
Xtant Medical generated $10.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 163.5% from the prior year.
Xtant Medical held $17.1M in cash against $11.0M in long-term debt as of fiscal year 2025.
Xtant Medical had 140M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.
Margins & Returns
Xtant Medical's gross margin was 62.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.7 percentage points from the prior year.
Xtant Medical's operating margin was 5.4% in fiscal year 2025, reflecting core business profitability. This is up 15.7 percentage points from the prior year.
Xtant Medical's net profit margin was 3.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 17.7 percentage points from the prior year.
Xtant Medical's ROE was 9.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 48.1 percentage points from the prior year.
Capital Allocation
Xtant Medical invested $2.1M in research and development in fiscal year 2025. This represents a decrease of 11.9% from the prior year.
Xtant Medical invested $2.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 42.1% from the prior year.
XTNT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.9M-35.5% | $32.4M-2.7% | $33.3M-6.1% | $35.4M+7.6% | $32.9M+4.4% | $31.5M+12.8% | $27.9M-6.7% | $29.9M |
| Cost of Revenue | $8.9M-39.0% | $14.6M+29.7% | $11.3M+1.2% | $11.1M-12.1% | $12.7M-18.3% | $15.5M+33.2% | $11.6M+2.4% | $11.4M |
| Gross Profit | $12.0M-32.6% | $17.8M-19.3% | $22.0M-9.4% | $24.3M+20.0% | $20.2M+26.3% | $16.0M-1.7% | $16.3M-12.2% | $18.6M |
| R&D Expenses | $435K-5.2% | $459K-27.6% | $634K+12.0% | $566K+27.8% | $443K-15.0% | $521K-25.7% | $701K+10.2% | $636K |
| SG&A Expenses | $6.3M-14.0% | $7.3M+3.1% | $7.1M-5.4% | $7.5M-0.7% | $7.5M+32.2% | $5.7M-23.9% | $7.5M-2.9% | $7.7M |
| Operating Income | -$2.9M-209.6% | -$944K-137.2% | $2.5M-45.0% | $4.6M+335.0% | $1.1M+156.5% | -$1.9M+50.2% | -$3.8M-28.2% | -$2.9M |
| Interest Expense | $599K-16.6% | $718K-20.6% | $904K-10.0% | $1.0M-3.9% | $1.0M-7.8% | $1.1M-5.4% | $1.2M+20.9% | $992K |
| Income Tax | $27K-98.2% | $1.5M+499.6% | $257K+0.8% | $255K+1120.0% | -$25K-219.0% | $21K-66.1% | $62K+72.2% | $36K |
| Net Income | -$3.1M-5519.3% | $57K-95.6% | $1.3M-63.2% | $3.5M+6020.7% | $58K+101.8% | -$3.2M+37.0% | -$5.0M-30.1% | -$3.9M |
| EPS (Diluted) | $-0.02 | N/A | $0.01-50.0% | $0.02 | $0.00 | N/A | $-0.04-33.3% | $-0.03 |
XTNT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $78.0M-17.1% | $94.1M-11.5% | $106.3M+2.7% | $103.5M+8.0% | $95.8M+2.1% | $93.8M-5.1% | $98.9M+3.5% | $95.6M |
| Current Assets | $62.6M-20.0% | $78.2M-0.1% | $78.3M+3.6% | $75.6M+9.3% | $69.1M+3.0% | $67.1M-6.0% | $71.4M+3.5% | $69.0M |
| Cash & Equivalents | $12.1M-28.8% | $17.1M+64.0% | $10.4M+50.2% | $6.9M+37.6% | $5.0M-18.8% | $6.2M-6.0% | $6.6M+22.6% | $5.4M |
| Inventory | $31.9M+5.3% | $30.3M-25.7% | $40.7M+1.4% | $40.1M+3.4% | $38.8M+0.5% | $38.6M-7.8% | $41.9M+3.4% | $40.5M |
| Accounts Receivable | $17.2M-3.5% | $17.8M-30.2% | $25.5M-5.3% | $27.0M+14.8% | $23.5M+13.6% | $20.7M+0.6% | $20.5M-3.0% | $21.2M |
| Goodwill | $6.1M0.0% | $6.1M-16.8% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M |
| Total Liabilities | $29.4M-31.9% | $43.2M-22.8% | $55.9M+1.7% | $55.0M+5.8% | $52.0M+2.1% | $50.9M-4.3% | $53.2M+5.1% | $50.6M |
| Current Liabilities | $18.8M-36.3% | $29.5M-17.0% | $35.5M+16.0% | $30.6M+3.4% | $29.6M+3.5% | $28.6M-15.1% | $33.7M+18.9% | $28.3M |
| Long-Term Debt | $8.1M-26.6% | $11.0M-36.6% | $17.4M-21.9% | $22.3M+0.5% | $22.2M+0.6% | $22.0M+15.2% | $19.1M-12.1% | $21.8M |
| Total Equity | $48.6M-4.6% | $51.0M+1.1% | $50.4M+3.9% | $48.5M+10.5% | $43.9M+2.1% | $43.0M-6.0% | $45.7M+1.6% | $45.0M |
| Retained Earnings | -$257.6M-1.2% | -$254.5M0.0% | -$254.5M+0.5% | -$255.9M+1.4% | -$259.4M0.0% | -$259.5M-1.2% | -$256.3M-2.0% | -$251.3M |
XTNT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.1M-139.3% | $5.4M+16.7% | $4.6M+261.4% | $1.3M-0.2% | $1.3M+92.2% | $665K+138.7% | -$1.7M+66.2% | -$5.1M |
| Capital Expenditures | $194K-50.9% | $395K-8.1% | $430K+17.5% | $366K-69.3% | $1.2M+77.2% | $672K-68.1% | $2.1M+273.0% | $564K |
| Free Cash Flow | -$2.3M-146.3% | $5.0M+19.2% | $4.2M+359.6% | $910K+946.0% | $87K+1342.9% | -$7K+99.8% | -$3.8M+32.4% | -$5.7M |
| Investing Cash Flow | $10.2M+118.4% | $4.7M0.0% | $4.7M+1576.0% | -$317K+72.3% | -$1.1M-101.6% | -$567K+71.8% | -$2.0M-318.5% | -$480K |
| Financing Cash Flow | -$13.3M-274.8% | -$3.5M+38.6% | -$5.8M-971.8% | $662K+172.0% | -$919K-7.6% | -$854K-116.1% | $5.3M-17.4% | $6.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
XTNT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.3%+2.5pp | 54.9%-11.3pp | 66.1%-2.4pp | 68.6%+7.1pp | 61.5%+10.7pp | 50.8%-7.5pp | 58.4%-3.7pp | 62.1% |
| Operating Margin | -14.0%-11.1pp | -2.9%-10.6pp | 7.6%-5.4pp | 13.1%+9.8pp | 3.2%+9.2pp | -6.0%+7.5pp | -13.5%-3.7pp | -9.8% |
| Net Margin | -14.8%-15.0pp | 0.2%-3.8pp | 3.9%-6.1pp | 10.0%+9.8pp | 0.2%+10.2pp | -10.0%+7.9pp | -18.0%-5.1pp | -12.9% |
| Return on Equity | -6.4%-6.5pp | 0.1%-2.5pp | 2.6%-4.7pp | 7.3%+7.2pp | 0.1%+7.5pp | -7.4%+3.6pp | -11.0%-2.4pp | -8.6% |
| Return on Assets | -4.0%-4.0pp | 0.1%-1.2pp | 1.2%-2.2pp | 3.4%+3.4pp | 0.1%+3.4pp | -3.4%+1.7pp | -5.1%-1.0pp | -4.0% |
| Current Ratio | 3.34+0.7 | 2.65+0.4 | 2.21-0.3 | 2.47+0.1 | 2.34-0.0 | 2.35+0.2 | 2.12-0.3 | 2.44 |
| Debt-to-Equity | 0.17-0.0 | 0.22-0.1 | 0.35-0.1 | 0.46-0.0 | 0.510.0 | 0.51+0.1 | 0.42-0.1 | 0.48 |
| FCF Margin | -11.1%-26.5pp | 15.4%+2.8pp | 12.6%+10.0pp | 2.6%+2.3pp | 0.3%+0.3pp | -0.0%+13.7pp | -13.7%+5.2pp | -18.9% |
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Frequently Asked Questions
What is Xtant Medical's annual revenue?
Xtant Medical (XTNT) reported $133.9M in total revenue for fiscal year 2025. This represents a 14.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Xtant Medical's revenue growing?
Xtant Medical (XTNT) revenue grew by 14.2% year-over-year, from $117.3M to $133.9M in fiscal year 2025.
Is Xtant Medical profitable?
Yes, Xtant Medical (XTNT) reported a net income of $5.0M in fiscal year 2025, with a net profit margin of 3.7%.
What is Xtant Medical's EBITDA?
Xtant Medical (XTNT) had EBITDA of $12.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Xtant Medical have?
As of fiscal year 2025, Xtant Medical (XTNT) had $17.1M in cash and equivalents against $11.0M in long-term debt.
What is Xtant Medical's gross margin?
Xtant Medical (XTNT) had a gross margin of 62.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Xtant Medical's operating margin?
Xtant Medical (XTNT) had an operating margin of 5.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Xtant Medical's net profit margin?
Xtant Medical (XTNT) had a net profit margin of 3.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Xtant Medical's return on equity (ROE)?
Xtant Medical (XTNT) has a return on equity of 9.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Xtant Medical's free cash flow?
Xtant Medical (XTNT) generated $10.2M in free cash flow during fiscal year 2025. This represents a 163.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Xtant Medical's operating cash flow?
Xtant Medical (XTNT) generated $12.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Xtant Medical's total assets?
Xtant Medical (XTNT) had $94.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Xtant Medical's capital expenditures?
Xtant Medical (XTNT) invested $2.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Xtant Medical spend on research and development?
Xtant Medical (XTNT) invested $2.1M in research and development during fiscal year 2025.
What is Xtant Medical's current ratio?
Xtant Medical (XTNT) had a current ratio of 2.65 as of fiscal year 2025, which is generally considered healthy.
What is Xtant Medical's debt-to-equity ratio?
Xtant Medical (XTNT) had a debt-to-equity ratio of 0.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Xtant Medical's return on assets (ROA)?
Xtant Medical (XTNT) had a return on assets of 5.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Xtant Medical's Altman Z-Score?
Xtant Medical (XTNT) has an Altman Z-Score of -0.59, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Xtant Medical's Piotroski F-Score?
Xtant Medical (XTNT) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Xtant Medical's earnings high quality?
Xtant Medical (XTNT) has an earnings quality ratio of 2.52x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Xtant Medical cover its interest payments?
Xtant Medical (XTNT) has an interest coverage ratio of 2.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Xtant Medical?
Xtant Medical (XTNT) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.