Xtant Medical Reports Fourth Quarter and Full-Year 2025 Financial Results
Rhea-AI Summary
Xtant Medical (NYSE:XTNT) reported full-year 2025 revenue of $133.9M, up ~14% year-over-year, with net income of $5.0M and adjusted EBITDA of $16.3M. Cash from operations was $12.5M and cash on hand was $17.3M as of Dec 31, 2025, excluding $10.5M received subsequent to year-end.
The company completed the sale of Coflex, CoFix and international hardware to Companion Spine for $21.4M cash, launched nanOss Strata and CollagenX, and issued 2026 revenue guidance of $95M–$99M.
Positive
- Revenue +14% year-over-year to $133.9M
- Net income of $5.0M for full-year 2025
- Adjusted EBITDA of $16.3M versus a loss in 2024
- Net cash provided by operations of $12.5M
- Completed $21.4M divestiture to Companion Spine
Negative
- 2026 revenue guidance implies ~26%–29% decline to $95M–$99M
- Fourth-quarter Coflex/CoFix sale reduced Q4 revenue by ~$2.0M
- $1.3M excess-and-obsolete inventory charge tied to Cortera launch
News Market Reaction – XTNT
In the Mar 31 session, XTNT gained 2.76%, reflecting a moderate positive market reaction. Argus tracked a peak move of +17.4% during that session. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Q3 2025 earnings | Positive | -0.6% | Strong Q3 growth, higher margins and profitability with reiterated FY25 guidance. |
| Aug 12 | Q2 2025 earnings | Positive | +14.1% | Q2 revenue up 18%, margin expansion, raised FY25 guidance and strong EBITDA. |
| May 12 | Q1 2025 earnings | Positive | +14.7% | Q1 revenue up 18% with positive net income, EBITDA and cash flow improvement. |
| May 06 | Earnings call notice | Neutral | +1.2% | Announcement of timing and access details for Q1 2025 results call. |
| Apr 16 | Prelim Q1 & secondary | Positive | +1.3% | Preliminary 18–19% Q1 growth and strategy shift toward higher-margin orthobiologics. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been viewed positively, but price reactions have been mixed, with both strong rallies and occasional negative or muted responses.
Across 2025, Xtant’s earnings reports highlighted consistent double‑digit revenue growth, expanding gross margins, and a shift from net losses to profitability, supported by rising adjusted EBITDA and operating cash flow. Management repeatedly raised or reiterated revenue guidance and emphasized higher‑margin biologics and new product launches. The current full‑year 2025 results continue this arc, confirming revenue within prior guidance ranges and profitability for the year, while tying into the strategic divestiture of non‑core hardware assets and continued biologics innovation.
Key Terms
adjusted EBITDA financial
operating cash flow financial
gross margin financial
hydroxycarbonapatite (HCA) medical
hydroxyapatite (HA) medical
amniotic membrane medical
net cash provided by operations financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Full year 2025 revenue totals
Xtant delivers positive net income, adjusted EBITDA and operating cash flow
Total cash of
Fourth Quarter 2025 Financial Highlights
- Revenue of
$32.4 million 3% compared to the prior year quarter- Company's earlier-than-anticipated closing of the Companion Spine transaction reduced fourth quarter 2025 revenue by an estimated
$2.0 million
- Company's earlier-than-anticipated closing of the Companion Spine transaction reduced fourth quarter 2025 revenue by an estimated
- Gross margin of
54.9% compared to50.8% for the prior year quarter - Net income of
$0.1 million $3.2 million - Non-GAAP adjusted EBITDA of
$1.9 million $0.4 million
Full-Year 2025 Financial Highlights
- Revenue of
$134.0 million 14% over the full-year 2024 - Gross margin of
62.9% , compared to58.2% for the full year 2024 - Net income of
$5.0 million $0.03 $16.5 million $0.12 - Non-GAAP adjusted EBITDA of
$16.3 million $2.3 million - Net cash provided by operations of
$12.5 million $11.9 million
Fourth Quarter 2025 and Recent Business Highlights
- Completed the previously announced sale of Xtant's non-core Coflex® and CoFix assets and its international hardware businesses to Companion Spine for a total sale price of
$21.4 million - Announced the commercial launch of its next-generation innovative synthetic bone graft in the nanOss line, Strata™. nanOss Strata is manufactured from hydroxycarbonapatite (HCA), a material with higher solubility than traditional hydroxyapatite (HA), the most commonly used synthetic material.
- Announced the commercial launch of CollagenX™, its bovine collagen particulate product for surgical wound closure designed to promote healing, prevent dehiscence, and help mitigate concerns related to surgical site infections.
Sean Browne, President and CEO of Xtant Medical, stated, "Our fourth quarter 2025 caps a truly transformational year for Xtant, during which we meaningfully sharpened our focus on our core biologics business while driving the new product innovation for which we are known. Along the way, in 2025 we achieved profitability and cash flow generation, reflecting robust topline growth, targeted R&D investments, and prudent expense management. We also took advantage of a short-term license and royalty opportunity through our amnio line in the advanced wound care market. Those cash flows, along with the divestiture of certain non-core products and operations, provided Xtant with the capital to focus on internally developing our advanced biologics product lines, including new products released in 2025. With this foundation in place, we began to opportunistically add to our field sales force in the fourth quarter 2025 and into the first quarter of 2026 to improve our reach and leverage our outstanding contract portfolio and independent agent network."
"Looking ahead to 2026, with the recent receipt of amounts previously outstanding under our note receivable from the Companion Spine transaction, we have increased our current cash position to over
Fourth Quarter and Full-Year 2025 Financial Results
Fourth quarter 2025 revenue grew
Gross margin for the fourth quarter of 2025 was
Operating expenses for the fourth quarter of 2025 totaled
Net income for the fourth quarter 2025 totaled
Non-GAAP adjusted EBITDA for the fourth quarter of 2025 totaled
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 expense, acquisition-related fair value adjustments, gain on divestiture, 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 December 31, 2025, the Company had
2026 Financial Guidance
The Company anticipates full-year 2026 revenue to be in the range of
Conference Call
Xtant Medical will host a webcast and conference call to discuss its fourth quarter and full-year 2025 financial and operating results at 8:30 am ET today, March 31, 2026.
To access the webcast: https://www.webcaster5.com/Webcast/Page/3039/53616
To access the conference call, dial 888-506-0062 (US) or 973-528-0011 (International) and reference Participant Access Code 581090.
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
Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements prepared in accordance with
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, anticipated organic growth in its core higher-margin biologics business, need for no further capital to fund its operations and expectation to be free cash flow positive in 2026. 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 success of the Company's expanded field sales force to improve the Company's reach and leverage its outstanding 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. 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. | ||||||||
As of December 31, 2025 | As of December 31, 2024 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash-equivalents | $ | 17,053 | $ | 6,199 | ||||
Restricted cash | 275 | 22 | ||||||
Trade accounts receivable, net of allowance for credit losses of | 17,803 | 20,660 | ||||||
Inventories | 30,263 | 38,634 | ||||||
Note receivable | 10,462 | — | ||||||
Prepaid and other current assets | 2,389 | 1,601 | ||||||
Total current assets | 78,245 | 67,116 | ||||||
Property and equipment, net | 6,202 | 10,131 | ||||||
Right of use asset, net | 3,192 | 829 | ||||||
Goodwill | 6,074 | 7,302 | ||||||
Intangible assets, net | 299 | 8,356 | ||||||
Other assets | 133 | 103 | ||||||
Total Assets | $ | 94,145 | $ | 93,837 | ||||
LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 3,844 | $ | 7,918 | ||||
Accrued liabilities | 10,626 | 7,771 | ||||||
Current portion of long-term debt | 3,500 | — | ||||||
Current portion of lease liability | 622 | 703 | ||||||
Current portion of finance lease obligations | 35 | 69 | ||||||
Line of credit | 10,857 | 12,120 | ||||||
Total current liabilities | 29,484 | 28,581 | ||||||
Long-term Liabilities: | ||||||||
Lease liability, net | 2,665 | 166 | ||||||
Financing lease obligations, net | 12 | 47 | ||||||
Long-term debt, plus premium and less issuance costs | 11,026 | 22,038 | ||||||
Deferred tax liability | 5 | 42 | ||||||
Total Liabilities | 43,192 | 50,874 | ||||||
Commitments and Contingencies (Note 12) | — | — | ||||||
Stockholders' Equity: | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | — | — | ||||||
Additional paid-in capital | 305,439 | 302,738 | ||||||
Accumulated other comprehensive income | — | (316) | ||||||
Accumulated deficit | (254,486) | (259,459) | ||||||
Total Stockholders' Equity | 50,953 | 42,963 | ||||||
Total Liabilities & Stockholders' Equity | $ | 94,145 | $ | 93,837 | ||||
XTANT MEDICAL HOLDINGS, INC. | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue | ||||||||||||||||
Product revenue | $ | 27,712 | $ | 30,011 | $ | 115,204 | $ | 115,765 | ||||||||
License revenue | 4,645 | 1,502 | 18,723 | 1,502 | ||||||||||||
Total Revenue | 32,357 | 31,513 | 133,927 | 117,267 | ||||||||||||
Cost of Sales | 14,603 | 15,489 | 49,654 | 49,051 | ||||||||||||
Gross Profit | 17,754 | 16,024 | 84,273 | 68,216 | ||||||||||||
Operating Expenses | ||||||||||||||||
General and administrative | 7,293 | 5,700 | 29,375 | 28,691 | ||||||||||||
Sales and marketing | 10,946 | 11,684 | 45,512 | 49,214 | ||||||||||||
Research and development | 459 | 522 | 2,102 | 2,385 | ||||||||||||
Total Operating Expenses | 18,698 | 17,906 | 76,989 | 80,290 | ||||||||||||
Income (Loss) from Operations | (944) | (1,882) | 7,284 | (12,074) | ||||||||||||
Other Income (Expense) | ||||||||||||||||
Interest expense | (718) | (1,134) | (3,671) | (4,160) | ||||||||||||
Interest income | 94 | — | 94 | — | ||||||||||||
Unrealized foreign currency translation (loss) | (206) | (101) | (60) | 5 | ||||||||||||
Gain on divestiture | 3,281 | — | 3,281 | — | ||||||||||||
Other income (expense) | 91 | (27) | 73 | (33) | ||||||||||||
Total Other Income (Expense) | 2,542 | (1,262) | (283) | (4,188) | ||||||||||||
Net Income (Loss) from Operations Before | 1,598 | (3,144) | 7,001 | (16,262) | ||||||||||||
Provision for Income Taxes Current and | (1,541) | (21) | (2,028) | (187) | ||||||||||||
Net Income (Loss) | $ | 57 | $ | (3,165) | $ | 4,973 | $ | (16,449) | ||||||||
Net Income (Loss) Per Share: | ||||||||||||||||
Basic | $ | 0.00 | $ | (0.02) | $ | 0.04 | $ | (0.12) | ||||||||
Dilutive | $ | 0.00 | $ | (0.02) | $ | 0.03 | $ | (0.12) | ||||||||
Shares used in the computation: | ||||||||||||||||
Basic | 139,826,783 | 138,977,615 | 139,531,791 | 133,665,075 | ||||||||||||
Dilutive | 150,462,888 | 138,977,615 | 150,042,556 | 133,665,075 | ||||||||||||
XTANT MEDICAL HOLDINGS, INC. | ||||||||
Year Ended December 31, | ||||||||
2025 | 2024 | |||||||
Operating activities: | ||||||||
Net income (loss) | $ | 4,973 | $ | (16,449) | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) | ||||||||
Depreciation and amortization | 5,223 | 4,224 | ||||||
Non-cash interest | 537 | 522 | ||||||
Loss (gain) on sale of fixed assets | 251 | (264) | ||||||
Stock-based compensation | 2,892 | 4,117 | ||||||
Provision for reserve on accounts receivable | 1,404 | 823 | ||||||
Provision for excess and obsolete inventory | 3,669 | 485 | ||||||
Gain on sale to Companion | (3,281) | — | ||||||
Other | (76) | (5) | ||||||
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||||||||
Trade accounts receivable | (591) | (755) | ||||||
Inventories | (1,999) | (2,494) | ||||||
Prepaid and other assets | (1,537) | (218) | ||||||
Accounts payable | (3,117) | 1,033 | ||||||
Accrued liabilities | 4,198 | (2,915) | ||||||
Net cash provided by (used in) operating activities | 12,546 | (11,896) | ||||||
Investing activities: | ||||||||
Purchases of property and equipment | (2,382) | (4,113) | ||||||
Proceeds from sale of fixed assets | 232 | 383 | ||||||
Proceeds from sale to Companion, net of promissory note | 10,049 | — | ||||||
Net cash provided by (used in) investing activities | 7,899 | (3,730) | ||||||
Financing activities: | ||||||||
Borrowings on line of credit | 100,066 | 112,640 | ||||||
Repayments on line of credit | (101,329) | (105,142) | ||||||
Payments on long-term debt | (8,000) | — | ||||||
Payments on financing leases | (67) | (65) | ||||||
Proceeds from private placement, net of issuance costs | (65) | 4,456 | ||||||
Proceeds from issuance of long-term debt | — | 5,000 | ||||||
Debt issuance costs | (49) | (651) | ||||||
Payment of taxes from withholding of common stock upon vesting and | (126) | (178) | ||||||
Proceeds from exercise of stock-based compensation | — | 13 | ||||||
Net cash (used in) provided by financing activities | (9,570) | 16,073 | ||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 232 | (149) | ||||||
Net change in cash and cash equivalents and restricted cash | 11,107 | 298 | ||||||
Cash and cash equivalents and restricted cash at beginning of year | 6,221 | 5,923 | ||||||
Cash and cash equivalents and restricted cash at end of year | $ | 17,328 | $ | 6,221 | ||||
Reconciliation of cash and cash equivalents and restricted cash reported in the | ||||||||
Cash and cash equivalents | $ | 17,053 | $ | 6,199 | ||||
Restricted cash | 275 | 22 | ||||||
Total cash and cash equivalents and restricted cash reported in the consolidated | $ | 17,328 | $ | 6,221 | ||||
XTANT MEDICAL HOLDINGS, INC. | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net Income (Loss) | $ | 57 | $ | (3,165) | $ | 4,973 | $ | (16,449) | ||||||||
Depreciation and amortization | 1,819 | 1,148 | 5,223 | 4,224 | ||||||||||||
Interest expense, net | 624 | 1,134 | 3,577 | 4,160 | ||||||||||||
Tax expense | 1,541 | 21 | 2,028 | 187 | ||||||||||||
Non-GAAP EBITDA | 4,041 | (862) | 15,801 | (7,878) | ||||||||||||
Net Income (Loss)/Total Revenue | 0.2 | % | -10.0 | % | 3.7 | % | -14.0 | % | ||||||||
Non-GAAP EBITDA/Total Revenue | 12.5 | % | -2.7 | % | 11.8 | % | -6.7 | % | ||||||||
NON-GAAP ADJUSTED EBITDA CALCULATION | ||||||||||||||||
Non-cash compensation | 727 | 840 | 2,892 | 4,117 | ||||||||||||
Gain on divestiture | (3,281) | — | (3,281) | — | ||||||||||||
Divestiture/acquisition-related expenses | 122 | — | 491 | 338 | ||||||||||||
Acquisition-related fair value adjustments | 47 | 167 | 358 | 415 | ||||||||||||
Unrealized foreign currency translation loss (gain) | 206 | 101 | 60 | (5) | ||||||||||||
Separation related expenses | — | 192 | 23 | 682 | ||||||||||||
Non-GAAP Adjusted EBITDA | $ | 1,862 | $ | 438 | $ | 16,344 | $ | (2,331) | ||||||||
Non-GAAP Adjusted EBITDA/Total Revenue | 5.8 | % | 1.4 | % | 12.2 | % | -2.0 | % | ||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/xtant-medical-reports-fourth-quarter-and-full-year-2025-financial-results-302729503.html
SOURCE Xtant Medical Holdings, Inc.