Welcome to our dedicated page for Xtant Medical SEC filings (Ticker: XTNT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Xtant Medical Holdings, Inc. filings document a medical technology issuer with orthobiologics, spinal implant systems, and related surgical-product commercialization. Recent Form 8-K reports disclose operating and financial results, non-GAAP adjusted EBITDA measures, material agreements, and Regulation FD communications tied to product distribution and portfolio transactions.
The company's SEC record also covers completed dispositions of Coflex and CoFix assets and Paradigm Spine GmbH, related promissory-note repayment and term-loan prepayment, and proxy governance matters. Definitive proxy and annual-meeting filings document director elections, stockholder votes, common-stock voting mechanics, and amendments to the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan.
Xtant Medical Holdings, Inc. reported first-quarter 2026 results with revenue of $20.9 million, down 37% from $32.9 million a year earlier, and a net loss of $3.1 million versus prior-year net income of $58 thousand. The decline reflects the December 2025 divestiture of Coflex/CoFix and the international hardware business and the loss of $3.6 million of license revenue following reimbursement changes effective January 1, 2026.
Gross margin fell to 57.3% from 61.5% as scale and mix shifted away from higher-margin license revenue. Operating expenses declined, with general and administrative down 17% and sales and marketing down 27%, partly due to the divestitures, but not enough to offset the revenue decline.
The company strengthened its balance sheet: total assets decreased to $78.0 million from $94.1 million while long-term debt (excluding current portion) fell to $8.1 million from $11.0 million, aided by applying $2.8 million of divestiture proceeds to term debt. Cash and restricted cash ended the quarter at $12.2 million, and net working capital was $43.8 million. Xtant also entered an exclusive U.S. distribution agreement for the HEMOBLAST Bellows hemostatic product, paying a $5.0 million exclusivity fee after quarter-end and hiring about 20 salespeople to support this new offering.
Xtant Medical Holdings reported first quarter 2026 revenue of $20.9 million, down from $32.9 million a year earlier, mainly due to the December 2025 sale of Coflex/CoFix assets and international hardware, and prior-year license revenue that did not repeat. Gross margin declined to 57.3% from 61.5% as high-margin license revenue ended. Operating expenses fell to $14.9 million from $19.2 million, but the company posted a net loss of $3.1 million versus net income of $58,000 and a non-GAAP adjusted EBITDA loss of $1.6 million versus positive $3.0 million. Xtant strengthened its balance sheet by reducing total indebtedness to $12.2 million from $25.4 million and ended the quarter with $12.2 million in cash and cash equivalents. Management raised full-year 2026 revenue guidance to a range of $101-$105 million, reflecting an exclusive U.S. distribution agreement for Dilon Technologies’ HEMOBLAST Bellows hemostatic product and integration of Dilon’s U.S. sales team.
Xtant Medical Holdings, Inc. has entered into an exclusive U.S. Distribution Agreement with Dilon Technologies, Inc. for the FDA-approved HEMOBLAST® Bellows surgical hemostatic product. Xtant paid Dilon a $5.0 million exclusivity fee, which may be repayable to Xtant if the agreement is terminated under certain conditions.
In connection with the deal, Xtant hired approximately 20 Dilon U.S. sales personnel to support commercialization. Dilon will continue to manufacture HEMOBLAST Bellows in France and supply it to Xtant at a specified transfer price. The companies highlight that HEMOBLAST targets an estimated $2.0 billion global hemostatic market, and Xtant plans to update its full-year 2026 financial guidance when it reports first quarter 2026 results.
Xtant Medical Holdings, Inc. files its Annual Report describing a spine-focused medical technology business built around orthobiologics and spinal implant fixation systems sold mainly in the United States through over 670 independent sales and stocking agents.
In 2025 the company recognized $18.7 million of license revenue that it states will likely not repeat in 2026 due to reimbursement changes affecting its SimpliMax and SimpliGraft products, which it expects will also reduce a portion of product revenue and pressure gross margins. Xtant completed two divestitures on December 1, 2025, selling Coflex and CoFix product assets and its Paradigm Spine GmbH international hardware business to Companion Spine for aggregate consideration of $21.4 million
The report details an extensive orthobiologics and spinal hardware portfolio, a large patent estate, significant regulatory and reimbursement exposure, and numerous risk factors including dependence on donor tissue, independent distributors, government payors, and compliance with complex U.S. and international medical device regulations. As of December 31, 2025, Xtant employed 151 full-time staff across operations, sales and marketing, R&D, quality, regulatory, and administrative roles.
Xtant Medical Holdings, Inc. reported a strong turnaround for 2025, shifting to profitability while reshaping its portfolio. Full-year 2025 revenue reached $133.9–$134.0 million, up about 14% from 2024, driven by higher license revenue and growth in its core biologics business.
Net income for 2025 improved to $5.0 million, or $0.03–$0.04 per share, compared with a prior-year net loss of $16.5 million. Non-GAAP adjusted EBITDA rose to $16.3 million from a loss of $2.3 million, reflecting better gross margins of 62.9% and lower operating expenses. Cash and restricted cash increased to $17.3 million at year-end, supported by divesting non-core Coflex/CoFix assets and an international hardware business.
For 2026, the company expects revenue between $95 million and $99 million, as organic growth in higher-margin biologics is offset by the December 2025 divestitures and the end of 2025 license revenue streams. Management highlighted a term loan balance of $11.2 million and a current cash position above $22 million, and it expects to be free cash flow positive in 2026 without raising additional outside capital.
Xtant Medical Holdings, Inc. reported receiving a $10.7 million payment from Companion Spine on February 27, 2026. This payment covered full repayment of an $8.2 million unsecured promissory note, accrued interest, and net working capital and other purchase price adjustments related to prior divestitures.
These divestitures involved certain Coflex and CoFix assets and all shares of Paradigm Spine GmbH and now total an aggregate purchase price of $21.4 million. Xtant used $2.8 million of the proceeds to prepay part of its term loan with MidCap Financial Trust, leaving $11.1 million of principal outstanding.
Xtant Medical Holdings Chief Operating Officer Mark A. Schallenberger reported a tax-related share disposition. On this Form 4, 7,709 shares of common stock at $0.58 per share were withheld by the company to cover tax obligations upon vesting and settlement of restricted stock units. After this withholding, he reports ownership of 663,157 shares of common stock, which includes large blocks of RSU and DSU awards that will vest only if he remains employed through future vesting dates.
Laurence W. Lytton and the Lytton-Kambara Foundation report significant holdings of Xtant Medical Holdings, Inc. common stock on an amended Schedule 13G. Lytton is deemed to beneficially own 7,702,002 shares, or 5.5% of the class, while the foundation holds 7,026,104 shares, or 5.0%.
Lytton has sole voting and dispositive power over 675,898 shares and shared voting and dispositive power over 7,026,104 shares through the foundation. The percentages are calculated based on 140,004,240 shares outstanding as of November 7, 2025. The filing certifies the securities are not held to change or influence control.
Xtant Medical Holdings CFO and Assistant Secretary Neils C. Scott reported an automatic tax-withholding transaction in company stock. On 01/15/2026, 8,084 shares of common stock were withheld by the issuer at $0.65 per share to cover tax obligations triggered by the vesting and settlement of restricted stock unit awards.
After this transaction, Scott beneficially owned 843,381 shares of Xtant, which includes 498,914 shares issuable upon vesting and settlement of RSU or DSU awards under the Amended and Restated 2023 Equity Incentive Plan and 62,974 shares issuable upon vesting and settlement of RSU awards under the Amended and Restated 2018 Equity Incentive Plan, in each case conditioned on continued employment through the respective vesting dates.
Xtant Medical Holdings reports an amendment to the financing terms tied to its prior divestitures of the Coflex/CoFix product assets and Paradigm Spine GmbH to Companion Spine. The original $17.5 million Coflex/CoFix divestiture included an unsecured promissory note of $8.2 million from Companion Spine, initially due on January 15, 2026. On January 15, 2026, the parties extended this note’s maturity date to January 31, 2026. At the same time, they revised the Paradigm Spine GmbH sale agreement to move payment of the estimated positive purchase price adjustment of $1,742,000 from January 15, 2026 to January 31, 2026, aligning both obligations on the same later date.