Xtant Medical Completes Sale of its Coflex® Assets and Paradigm OUS Businesses to Companion Spine
Rhea-AI Summary
Xtant Medical (NYSE: XTNT) completed the sale of certain non-core Coflex spinal implant assets and all OUS entities of Paradigm Spine to Companion Spine on Dec 1, 2025. The purchase price was approximately $19.2 million, consisting of $11.0 million cash and $8.2 million in short-term seller financing via an unsecured promissory note that is subject to purchase price adjustments and matures on Jan 15, 2026. Xtant intends to use net proceeds to reduce long-term debt and add liquidity, and said operating contributions of the sold assets are included through the Dec 1, 2025 sale date.
Positive
- $19.2M total transaction price
- $11.0M received in cash
- $8.2M promissory note maturing Jan 15, 2026
- Proceeds earmarked to reduce long-term debt and boost liquidity
Negative
- Promissory note is unsecured and subject to price adjustments
- Sale removes operating contributions after Dec 1, 2025
News Market Reaction
On the day this news was published, XTNT gained 0.03%, reflecting a mild positive market reaction. Argus tracked a trough of -11.0% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $25K to the company's valuation, bringing the market cap to $83M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
XTNT fell 5.07% while close peers were mixed: TELA -5.04%, APYX -0.99%, BDMD -1.42%, but LUNG +1.62% and NSPR +2.09%. This points to a more stock-specific reaction rather than a broad medical devices move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 01 | Asset sale detail | Neutral | +0.0% | Companion Spine completed acquisition of Paradigm Spine business and implants. |
| Dec 01 | Asset sale close | Positive | +0.0% | XTNT closed sale of Coflex assets and Paradigm OUS entities for <b>$19.2M</b>. |
| Nov 10 | Q3 2025 earnings | Positive | +1.1% | Strong revenue growth, margin expansion, positive net income and cash generation. |
| Nov 05 | Product launch | Positive | +7.5% | Commercial launch of CollagenX™ wound-closure biologic expanding portfolio. |
| Nov 04 | Earnings date set | Neutral | -8.6% | Announcement of timing and access details for Q3 2025 results call. |
Recent XTNT news, including earnings and product launches, has generally seen aligned, modestly positive price reactions, suggesting today’s pre-news weakness contrasts with a history of supportive responses to operational updates.
Over the last month, Xtant reported solid Q3 2025 results with revenue of $33.3M and higher margins, launched its CollagenX™ biologic product, and announced then closed the sale of Coflex® assets and Paradigm OUS entities to Companion Spine. Prior items, such as the earnings date announcement, drew a mixed reaction, but the CollagenX launch and earnings release both saw positive moves. Today’s divestiture completion on Dec 1, 2025 fits a broader shift toward its core biologics business and balance-sheet improvement.
Market Pulse Summary
This announcement details completion of Xtant’s sale of certain Coflex® assets and Paradigm OUS entities to Companion Spine for about $19.2M, including $11.0M in cash and an $8.2M unsecured note maturing on January 15, 2026. An 8-K shows related Coflex/CoFix and Paradigm deals totaling $17.5M and $1.7M, supporting an $8.0M term-loan prepayment and leaving $14.4M outstanding. Investors may track how focusing on core biologics and reduced leverage influences margins, cash generation, and future strategic flexibility.
Key Terms
short-term seller financing financial
unsecured promissory note financial
long-term debt financial
AI-generated analysis. Not financial advice.
The purchase price of the transaction was approximately
Sean Browne, President and CEO of Xtant Medical, stated, "The sale of these businesses to Companion Spine represents a significant step forward for Xtant as we enhance our focus on our core biologics business, driving innovation for surgeons and patients, and delivering sustained improvements in our financial performance. Importantly, we expect that the net proceeds from this transaction, together with our anticipated cash flows generated from operations, will enable us to continue operating without the need for additional external capital. We are immensely proud to have reached this inflection point."
The operating contributions of these assets and entities are included in the Company's results through their December 1, 2025 date of sale.
About Xtant Medical Holdings, Inc.
Xtant Medical's mission of honoring the gift of donation so that our patients can live as full and complete a life as possible, is the driving force behind our company. Xtant Medical Holdings, Inc. (www.xtantmedical.com) is a global medical technology company focused on the design, development, and commercialization of a comprehensive portfolio of orthobiologics serving the chronic and surgical wound care and sports medicine markets, as well as spinal implant systems. Xtant people are dedicated and talented, operating with the highest integrity to serve our customers.
The symbols ™ and ® denote trademarks and registered trademarks of Xtant Medical Holdings, Inc. or its affiliates, registered as indicated in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that contain words such as "intends," ''expects,'' ''anticipates,'' ''plans,'' ''believes,'' "continue," "future," ''will,'' "potential," similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this release include the anticipated use of the net proceeds from the sale to Companion Spine, LLC transactions and the ability to continue operating without the need for additional external capital. The Company cautions that its forward-looking statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the possibility that the anticipated benefits of the transactions are not realized when expected or at all; exposure to potential litigation and adverse tax consequences; the Company's future operating results and financial performance and its ability to deliver sustained improvements in its financial performance; the Company's ability to become operationally and financially self-sustaining and less reliant on third-party manufacturers and suppliers; its ability to engage and retain new and existing independent distributors and agents and qualified personnel and the Company's dependence on key independent agents for a significant portion of its revenue; the effect of inflation, interest rate changes and recessionary factors and supply chain disruptions; the ability to service Company debt, comply with its debt covenants and access additional indebtedness, if needed; its ability to maintain sufficient liquidity to fund its operations without the need for additional external financing, and its ability obtain financing if needed on favorable terms or at all; and other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (SEC) on March 6, 2025 and subsequent SEC filings, including without limitation its most recent Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 filed with the SEC on November 10, 2025. Investors are encouraged to read the Company's filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this cautionary statement.
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SOURCE Xtant Medical Holdings, Inc.
FAQ
What did Xtant (XTNT) sell on Dec 1, 2025?
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