Xtant Medical Reports First Quarter 2026 Financial Results

Rhea-AI Summary

Xtant Medical (NYSE American: XTNT) reported first quarter 2026 revenue of $20.9 million, down from $32.9 million a year earlier, with gross margin of 57.3% and operating expenses of $14.9 million. Net loss was $3.1 million and adjusted EBITDA loss was $1.6 million.

The company reduced total indebtedness to $12.2 million from $25.4 million and received the final $10.7 million payment from Companion Spine. It raised full-year 2026 revenue guidance to $101–$105 million and entered an exclusive U.S. distribution agreement for Dilon Technologies' HEMOBLAST Bellows, adding Dilon’s U.S. sales team.

Positive

• Full-year 2026 revenue guidance raised to $101–$105 million from $95–$99 million
• Total indebtedness reduced to $12.2 million from $25.4 million by March 31, 2026
• Final $10.7 million payment received from Companion Spine, total purchase price $21.4 million
• First quarter 2026 operating expenses fell to $14.9 million from $19.2 million year over year
• Exclusive U.S. distribution agreement for HEMOBLAST Bellows and integration of Dilon’s U.S. sales team

Negative

• Q1 2026 revenue declined to $20.9 million from $32.9 million in Q1 2025
• Gross margin decreased to 57.3% from 61.5% year over year
• Shift from Q1 2025 net income of $58,000 to Q1 2026 net loss of $3.1 million
• Non-GAAP adjusted EBITDA moved to a $1.6 million loss from $3.0 million positive
• Cash and cash equivalents decreased to $12.2 million from $17.3 million since December 31, 2025

News Market Reaction – XTNT

-4.84%

6 alerts

-4.84% Session close to close

+5.6% Peak Tracked

-12.6% Trough Tracked

$70.65M Market Cap

1.4x Rel. Volume

In the May 13 session, XTNT declined 4.84%, reflecting a moderate negative market reaction. Argus tracked a peak move of +5.6% during that session. Argus tracked a trough of -12.6% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details Xtant’s first quarter 2026 transition, with revenue of $20.9M, lower gross...

Analysis

This announcement details Xtant’s first quarter 2026 transition, with revenue of $20.9M, lower gross margin of 57.3%, and a shift to a $3.1M net loss as prior license revenue rolled off. At the same time, the company reduced debt by $13.3M and raised 2026 revenue guidance to $101M–$105M, reflecting expectations from the HEMOBLAST distribution deal. Investors may track future margins, guidance updates, and cash balances to gauge the impact of these strategic shifts.

Key Figures

Q1 2026 revenue: $20.9M 2026 revenue guidance (new): $101M–$105M Debt reduction Q1 2026: $13.3M +5 more

8 metrics

Q1 2026 revenue $20.9M First quarter 2026 vs $32.9M in Q1 2025

2026 revenue guidance (new) $101M–$105M Raised from prior $95M–$99M range

Debt reduction Q1 2026 $13.3M Includes $10.4M revolver and $2.8M term loan paydown

Q1 2026 gross margin 57.3% Down from 61.5% in Q1 2025

Q1 2026 operating expenses $14.9M Down from $19.2M in Q1 2025

Q1 2026 net result Net loss $3.1M Versus net income $58,000 in Q1 2025

Q1 2026 adjusted EBITDA Loss $1.6M Versus positive $3.0M in Q1 2025

Cash and debt 3/31/2026 $12.2M cash; $12.2M debt With $11.8M revolver availability

Previous Earnings Reports

5 past events · Latest: Mar 31 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 31	Full-year 2025 earnings	Positive	+2.8%	Reported 2025 revenue $133.9M, return to profitability, and strong EBITDA.
Nov 10	Q3 2025 earnings	Positive	-0.6%	Q3 2025 revenue up 19% YoY with higher gross margin and net income.
Aug 12	Q2 2025 earnings	Positive	+14.1%	Q2 2025 revenue grew 18% with 68.6% gross margin and higher guidance.
May 12	Q1 2025 earnings	Positive	+14.7%	Q1 2025 revenue rose to $32.9M, with positive net income and EBITDA.
May 06	Q1 2025 call date	Neutral	+1.2%	Announcement of timing and access details for Q1 2025 results call.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have often triggered sizable moves, skewed positive but with occasional negative reactions despite strong fundamentals.

Recent Company History

Over the last year, Xtant’s earnings reports have highlighted strong revenue growth, improving gross margins, and a shift to profitability, supported by divestitures and expanded biologics offerings. Q1 and Q2 2025 results showed double‑digit revenue growth and rising adjusted EBITDA, while full‑year 2025 delivered $133.9M revenue and $5.0M net income. Earnings days have produced both double‑digit gains and modest pullbacks, so today’s first‑quarter 2026 release fits into an ongoing transition following asset sales and changing license economics.

Key Terms

hemostasis, demineralized bone matrix, non-GAAP adjusted EBITDA, revolving credit facility, +2 more

6 terms

hemostasis medical

"HEMOBLAST® Bellows product for high-performance hemostasis following certain surgical procedures."

Hemostasis is the body’s process for stopping bleeding, using a coordinated set of responses that form clots and seal damaged vessels—think of it as the body's natural emergency patch and repair crew. It matters to investors because drugs, medical devices, and diagnostics that influence hemostasis can affect patient outcomes, regulatory approval paths, and market demand for treatments of bleeding disorders or clot-related conditions, so advances or safety issues can materially impact company value.

demineralized bone matrix medical

"Trivium line of premium, next-generation demineralized bone matrix allograft for bone grafting procedures."

Demineralized bone matrix is human bone that has had its mineral components removed, leaving a protein-based scaffold that helps the body grow new bone. Think of it as a biological framework or scaffold that surgeons use in orthopedics and dental procedures to support healing and tissue regrowth. For investors, it matters because its clinical utility, regulatory clearance, manufacturing quality, and adoption by surgeons affect product demand, company revenue, and reimbursement dynamics in the medical products market.

non-GAAP adjusted EBITDA financial

"Non-GAAP adjusted EBITDA loss for the first quarter of 2026 totaled $1.6 million"

Non-GAAP adjusted EBITDA is a measure of a company's profitability that shows earnings before interest, taxes, depreciation, and amortization, with certain adjustments made to exclude irregular or non-recurring expenses and income. It provides a clearer picture of ongoing operational performance by filtering out items that might distort the core business results. Investors use it to better compare how well different companies are performing without the noise of one-time events.

revolving credit facility financial

"availability under its revolving credit facility of $11.8 million compared to $3.8 million"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

term loan financial

"a $2.8 million reduction in its term loan balance."

A term loan is a type of loan that is borrowed for a set period of time, with a fixed schedule for repaying the money, usually in regular payments. It matters to investors because it represents a company's borrowing costs and financial stability; reliable repayment of these loans can indicate strong financial health, while difficulties may signal potential risks.

amniotic membrane medical

"Q-code high-margin license revenue from the amniotic membrane agreements that ceased"

A thin, protective layer that surrounds a fetus during pregnancy, the amniotic membrane is a natural tissue often used in medicine as a bioactive dressing or scaffold to help repair or regenerate damaged tissue. Think of it as a biologically active bandage that can reduce inflammation, promote healing and limit scarring, which matters to investors because it underpins a range of medical products and therapies with commercial and regulatory value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Raises full-year 2026 revenue guidance to a range of $101-$105 million

Significantly strengthens balance sheet

Enters into exclusive U.S. distribution agreement for Dilon Technologies' HEMOBLAST^® Bellows product for high-performance hemostasis; hires Dilon's U.S. sales team

BELGRADE, Mont., May 13, 2026 /PRNewswire/ -- Xtant Medical Holdings, Inc. (NYSE American: XTNT), a medical technology company focused on surgical solutions for spinal and other orthopedic conditions, today reported financial and operating results for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

• Generated total revenue of $20.9 million for the first quarter of 2026, as compared to $32.9 million for the first quarter of 2025. The decline in revenue relates primarily to the sale of assets and businesses to Companion Spine in December 2025 as well as 2025 license revenue that will not repeat in 2026. 
• Reduced total indebtedness by $13.3 million in the first quarter of 2026, including a $10.4 million reduction in net amounts outstanding under the Company's revolving line of credit, and a $2.8 million reduction in its term loan balance. 
• Increased full-year 2026 revenue guidance to a range of $101 million to $105 million, from $95 million to $99 million previously, to reflect anticipated incremental revenue contribution from Dilon's HEMOBLAST^® Bellows hemostatic product that was licensed in April 2026.

First Quarter 2026 and Recent Business Highlights

• Announced an exclusive U.S. distribution agreement with privately held Dilon Technologies whereby Xtant has acquired the exclusive U.S. commercial rights to Dilon's HEMOBLAST^® Bellows product for high-performance hemostasis following certain surgical procedures. As part of the transaction, Xtant has hired Dilon's approximately 20-person U.S. sales team.    
• Launched Trivium^™ Shaped, an extension of its Trivium line of premium, next-generation demineralized bone matrix allograft for bone grafting procedures. Trivium^™ Shaped is available in pre‑shaped configurations designed to support handling, preparation, and placement across a range of surgical applications.
• Received the final $10.7 million due from Companion Spine in March, finalizing the previously announced sale of Xtant's non-core Coflex^®/CoFix assets and its international hardware business to Companion, and resulting in a total cash purchase price of $21.4 million.

Sean Browne, President and CEO of Xtant Medical, stated, "The first quarter of 2026 and subsequent period were pivotal for Xtant. Proceeds from the Companion Spine transaction allowed us to strengthen our balance sheet while the HEMOBLAST^® Bellows distribution agreement announced in April expanded our addressable market into the multi-billion-dollar hemostatics category. We are particularly encouraged by the potential commercial synergies to be realized following the integration of Dilon's 21-person field sales force into our own organization, positioning us to drive topline growth and margin expansion this year and beyond. These developments, together with recent product launches, position us to best serve the needs of surgeons and patients alike with our comprehensive biologics product portfolio."

First Quarter 2026 Financial Results

Revenue for the first quarter of 2026 was $20.9 million, compared to $32.9 million for the same period in 2025. The year-over-year decline is primarily due to the sale of the company's Coflex/CoFix assets and international hardware business to Companion Spine in December of 2025, as well as license revenue from Xtant's Q-code and amniotic membrane agreements in the first quarter of 2025 that did not repeat in the first quarter of 2026 due to changes in the reimbursement environment.  

Gross margin for the first quarter of 2026 was 57.3%, compared to 61.5% for the same period in 2025. The decrease was primarily due to the cessation of Q-code high-margin license revenue from the amniotic membrane agreements that ceased at the end of 2025.

Operating expenses for the first quarter of 2026 totaled $14.9 million, compared to $19.2  million for the first quarter of 2025. The decrease was primarily due to the company's sale of its Coflex/CoFix assets and international hardware business to Companion Spine in December 2025.

First quarter 2026 net loss was $3.1 million, compared to net income of $58,000 for the first quarter of 2025.

Non-GAAP adjusted EBITDA loss for the first quarter of 2026 totaled $1.6 million, compared to positive adjusted EBITDA of $3.0 million for the same period in 2025.

The Company defines adjusted EBITDA as net income/loss from operations before depreciation, amortization and interest income/expense and provision for income tax/benefit, and as further adjusted to add back in or exclude, as applicable, separation-related expenses, non-cash compensation, disposition/acquisition-related income and expenses, acquisition-related fair value adjustments, and unrealized foreign currency translation gain or loss. A calculation and reconciliation of adjusted EBITDA to net income (loss) can be found in the attached financial tables.

As of March 31, 2026, the Company had $12.2 million of cash and cash equivalents, total indebtedness of $12.2 million, and availability under its revolving credit facility of $11.8 million compared to $17.3 million of cash and cash equivalents, total indebtedness of $25.4 million, and availability under its revolving credit facility of $3.8 million as of December 31, 2025. The reduction in total indebtedness was due primarily to the term loan payment of $2.8 million from some of the February 2026 proceeds from Companion Spine and net repayments of $10.4 million on the revolving credit facility from cash and cash equivalents, and the resulting increase in availability under the revolving credit agreement is due to an effort to reduce interest expense by minimizing the outstanding balance on the Company's revolving credit facility.

2026 Financial Guidance

The Company is today increasing its full-year 2026 revenue guidance to a range of $101 million to $105 million, from $95 million to $99 million previously, to reflect the recently announced exclusive license agreement with Dilon Technologies and anticipated incremental revenue contribution from Dilon's HEMOBLAST^® Bellows.

Conference Call

Xtant Medical will host a webcast and conference call to discuss its first quarter 2026 financial and operating results at 8:30 am ET today, May 13, 2026.

To access the webcast: https://www.webcaster5.com/Webcast/Page/3039/53872

To access the conference call, dial 888-506-0062 (US) or 973-528-0011 (International) and reference Participant Access Code 638297.

A replay of the call will be available on the Investor section of the Company's website at www.xtantmedical.com for a period of one year.

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 the United States, and in other countries. All other trademarks and trade names referred to in this release are the property of their respective owners.

Non-GAAP Financial Measures

To supplement the Company's consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures in this release, including adjusted EBITDA, adjusted EBITDA as a percentage of total revenue. Reconciliations of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the respective periods can be found in this release or tables later in this release. The Company's management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company's operations, period over period. Management uses the non-GAAP measures in this release internally for evaluation of the performance of the business, including the allocation of resources. Investors should consider non-GAAP financial measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.

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 include words such as "intends," ''expects,'' ''anticipates,'' ''plans,'' ''believes,'' ''estimates,'' "continue," "future," ''will,'' "potential," "going forward," "guidance," similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this release include the Company's full year 2026 revenue guidance, including anticipated incremental revenue contribution from Dilon's HEMOBLAST^® Bellows hemostatic product. 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 Company's future operating results, financial performance and need for additional capital; the Company's ability to drive topline growth and margin expansion this year and beyond; the success of the distribution arrangement and the HEMOBLAST^® Bellows product, including future U.S. sales and the additional U.S. sales personnel and their impact on the Company's business and operating results; the possibility that the distribution agreement may be terminated by either party; the effect of the distribution agreement on the Company's business, including its relationships with other distributors, independent sales representatives and personnel, and its business and operating results; the success of the Company's expanded field sales force to improve the Company's reach and leverage its contract portfolio and independent agent network; the Company's ability to become operationally self-sustaining and less reliant on third-party manufacturers and suppliers; risks associated with acquisitions and dispositions; its ability to implement successfully its future growth initiatives and risks associated therewith; possible future impairment charges to long-lived assets and goodwill and write-downs of excess and obsolete inventory; its ability to continue to innovate, develop and introduce new products and the success of those products; its ability to remain competitive; its ability to engage and retain new and existing independent distributors and agents and qualified sales and other personnel and its dependence on key independent agents for a significant portion of its revenue; the effect of inflation, elevated interest rates and other recessionary factors and supply chain disruptions; the effect of product sales mix changes on its financial results; the effect of government and third-party coverage and reimbursement for its products; its ability to obtain and maintain regulatory approvals and comply with government regulations; the effect of product liability claims and other litigation to which the Company may be subject; the effect of product recalls and defects; its ability to license intellectual property on commercially reasonable terms and to maintain any such licenses and its ability to obtain and protect its intellectual property and proprietary rights and operate without infringing the rights of others; its ability to service its debt, comply with debt covenants, and access additional indebtedness or financing on favorable terms or at all, if and when needed; and other factors described in its Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the Securities and Exchange Commission (SEC) on March 30, 2026 and subsequent SEC reports, including its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 to be filed with the SEC on May 13, 2026. 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.

-- Tables Follow –     

XTANT MEDICAL HOLDINGS, INC. Consolidated Balance Sheets (In thousands, except number of shares and par value)
		As of March 31, 2026				As of December 31, 2025
		(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents		$	12,137			$	17,053
Restricted cash			20				275
Trade accounts receivable, net of allowance for credit losses of $2,115 and $2,165, respectively			17,179				17,803
Inventories			31,881				30,263
Note receivable			—				10,462
Prepaid and other current assets			1,404				2,389
Total current assets			62,621				78,245
Property and equipment, net			5,854				6,202
Right-of-use asset, net			3,045				3,192
Goodwill			6,074				6,074
Intangible assets, net			275				299
Other assets			131				133
Total Assets		$	78,000			$	94,145
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable		$	5,485			$	3,844
Accrued liabilities			8,475				10,626
Current portion of long-term debt			3,720				3,500
Current portion of lease liability			617				622
Current portion of finance lease obligations			35				35
Line of credit			441				10,857
Total current liabilities			18,773				29,484
Long-term Liabilities:
Lease liability, less current portion			2,525				2,665
Finance lease obligation, less current portion			3				12
Long-term debt, plus premium and less issuance costs			8,095				11,026
Other liabilities			5				5
Total Liabilities			29,401				43,192
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $0.000001 par value; 10,000,000 shares authorized; no shares issued and outstanding			—				—
Common stock, $0.000001 par value; 300,000,000 shares authorized; 140,068,260 shares issued and outstanding as of March 31, 2026 and 140,039,557 shares issued and outstanding as of December 31, 2025			—				—
Additional paid-in capital			306,175				305,439
Accumulated other comprehensive loss			(1)				—
Accumulated deficit			(257,575)				(254,486)
Total Stockholders' Equity			48,599				50,953
Total Liabilities & Stockholders' Equity		$	78,000			$	94,145

 

XTANT MEDICAL HOLDINGS, INC. Consolidated Statements of Operations (Unaudited, in thousands, except number of shares and per share amounts)
		Three Months Ended March 31,
		2026				2025
Revenue
Product revenue		$	20,884			$	29,284
License revenue			—				3,620
Total Revenue			20,884				32,904
Cost of sales			8,913				12,661
Gross Profit			11,971				20,243
Operating Expenses
General and administrative			6,273				7,533
Sales and marketing			8,186				11,204
Research and development			435				443
Total Operating Expenses			14,894				19,180
(Loss) Income from Operations			(2,923)				1,063
Other Expense
Interest expense			(599)				(1,045)
Interest income			219
Unrealized foreign currency translation (loss) gain			(1)				24
Other income (expense)			242				(9)
Total Other Expense			(139)				(1,030)
Net (Loss) Income from Operations Before Provision for Income Taxes			(3,062)				33
(Provision) Benefit for Income Taxes Current and Deferred			(27)				25
Net (Loss) Income		$	(3,089)			$	58
Net (Loss) Income Per Share:
Basic		$	(0.02)			$	0.00
Dilutive		$	(0.02)			$	0.00
Shares used in the computation:
Basic			140,058,787				139,068,831
Dilutive			140,058,787				143,335,114

 

XTANT MEDICAL HOLDINGS, INC. Consolidated Statements of Cash Flows (Unaudited, in thousands)
		Three Months Ended March 31,
		2026				2025
Operating activities:
Net (loss) income		$	(3,089)			$	58
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization			534				1,074
Gain on sale of fixed assets			(14)				(37)
Non-cash interest			129				163
Stock-based compensation			746				758
Provision for reserve on accounts receivable			180				243
Provision for excess and obsolete inventory			922				541
Other			2				(3)
Changes in operating assets and liabilities:
Accounts receivable			444				(3,114)
Inventories			(1,611)				(535)
Prepaid and other assets			152				280
Accounts payable			1,641				(890)
Accrued liabilities			(2,150)				2,740
Net cash (used in) provided by operating activities			(2,114)				1,278
Investing activities:
Purchases of property and equipment			(194)				(1,191)
Proceeds from sale of fixed assets			46				48
Proceeds from divestiture			10,368				—
Net cash provided by (used in) investing activities			10,220				(1,143)
Financing activities:
Borrowings on line of credit			1,630				25,158
Repayments on line of credit			(12,045)				(26,017)
Payments on long-term debt			(2,841)				—
Debt issuance costs			—				(34)
Payments on financing leases			(9)				(17)
Payment of taxes from withholding of common stock on settlement of restricted stock units			(10)				(9)
Net cash used in by financing activities			(13,275)				(919)
Effect of exchange rate changes on cash and cash equivalents and restricted cash			(2)				(2)
Net change in cash and cash equivalents and restricted cash			(5,171)				(786)
Cash and cash equivalents and restricted cash at beginning of period			17,328				6,221
Cash and cash equivalents and restricted cash at end of period		$	12,157			$	5,435
Reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated balance sheets
Cash and cash equivalents		$	12,137			$	5,032
Restricted cash			20				403
Total cash and restricted cash reported in condensed consolidated balance sheets		$	12,157			$	5,435

 

XTANT MEDICAL HOLDINGS, INC. CALCULATION OF NON-GAAP CONSOLIDATED EBITDA AND ADJUSTED EBITDA (in thousands)
		Three Months Ended March 31,
		2026				2025
Net (Loss) Income		$	(3,089)			$	58
Depreciation and amortization			534				1,074
Interest expense, net			380				1,045
Tax expense			27				(25)
Non-GAAP EBITDA			(2,148)				2,152
Net (Loss) Income/Total Revenue			(14.8)	%			0.2	%
Non-GAAP EBITDA/Total Revenue			(10.3)	%			6.5	%
NON-GAAP ADJUSTED EBITDA CALCULATION
Non-cash compensation			746				758
Divestiture/acquisition-related (income) expenses			(235)				—
Acquisition-related fair value adjustments			51				111
Unrealized foreign currency translation loss (gain)			1				(24)
Separation related expenses			—				40
Non-GAAP Adjusted EBITDA		$	(1,585)			$	3,037
Non-GAAP Adjusted EBITDA/Total Revenue			(7.6)	%			9.2	%

 

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SOURCE Xtant Medical Holdings, Inc.

FAQ

How did Xtant Medical (XTNT) perform financially in Q1 2026?

Xtant Medical reported Q1 2026 revenue of $20.9 million and a net loss of $3.1 million. According to the company, gross margin was 57.3%, operating expenses were $14.9 million, and non-GAAP adjusted EBITDA reflected a $1.6 million loss versus positive EBITDA a year earlier.

Why did Xtant Medical’s Q1 2026 revenue decline compared to Q1 2025?

Q1 2026 revenue fell to $20.9 million from $32.9 million mainly due to asset sales and non-recurring license revenue. According to Xtant, the Coflex/CoFix and international hardware sale and the end of Q-code and amniotic membrane license revenue reduced year-over-year revenue.

What new 2026 revenue guidance did Xtant Medical (XTNT) provide on May 13, 2026?

Xtant Medical increased its full-year 2026 revenue guidance to $101–$105 million from $95–$99 million. According to the company, this reflects anticipated incremental revenue from Dilon Technologies’ HEMOBLAST Bellows under the new exclusive U.S. distribution and license agreement.

How did the Companion Spine transaction impact Xtant Medical’s Q1 2026 balance sheet?

The Companion Spine transaction helped reduce debt and provide cash. Xtant received the final $10.7 million payment, bringing the total purchase price to $21.4 million and lowering total indebtedness to $12.2 million from $25.4 million by March 31, 2026.

What is Xtant Medical’s new agreement with Dilon Technologies and how might it affect XTNT?

Xtant entered an exclusive U.S. distribution agreement for Dilon’s HEMOBLAST Bellows hemostatic product and hired Dilon’s U.S. sales team. According to Xtant, this expands its presence in the hemostatics category and supports the higher 2026 revenue guidance range of $101–$105 million.

How did Xtant Medical change its debt and liquidity position in Q1 2026?

By March 31, 2026, Xtant reduced total indebtedness to $12.2 million from $25.4 million and held $12.2 million in cash. According to the company, it repaid $10.4 million on its revolving credit facility and $2.8 million on its term loan, increasing revolver availability.

What were Xtant Medical’s gross margin and operating expenses in Q1 2026?

In Q1 2026, Xtant reported gross margin of 57.3% and operating expenses of $14.9 million. According to the company, gross margin declined from 61.5% mainly due to the cessation of high-margin license revenue, while operating expenses declined from $19.2 million after asset divestitures.