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1. Company Snapshot

1.a. Company Description

Xtant Medical Holdings, Inc.develops, manufactures, and markets regenerative medicine products and medical devices for orthopedic and neurological surgeons in the United States and internationally.Its biomaterial products include OsteoSponge that provides a natural scaffold for cellular in-growth and exposes bone-forming proteins to the healing environment; OsteoSponge SC that fills bony defects in the subchondral region of joints; OsteoSelect DBM Putty for osteoinductive bone growth; OsteoSelect PLUS DBM Putty for use as a bone void filler and bone graft substitute in the pelvis, extremities, and posterolateral spine; OsteoFactor, which contains various proteins and peptides that support bone formation and remodeling; OsteoWrap; and OsteoVive Plus, a growth factor enriched cellular bone matrix.


The company also provides 3Demin, a family of allografts that maximizes osteoconductivity and the osteoinductive potential of human bone.In addition, it processes and distributes sports allografts for anterior and posterior cruciate ligament repairs, anterior cruciate ligament reconstruction, and meniscal repair; milled spinal allografts for cortical bone milled to desired shapes and dimensions; and traditional allografts for orthopedics, neurology, podiatry, oral/maxillofacial, genitourinary, and plastic/reconstructive applications.Further, the company offers Certex spinal fixation, Spider cervical plating, Axle interspinous fusion, Silex Sacroiliac joint fusion, Xpress minimally invasive pedicle screw, and Fortex Pedicle screw systems.


Additionally, it provides Calix for cervical and thoracolumbar applications, Axle-X interspinous fusion system, Irix-C cervical integrated fusion system, and Irix-A Lumbar integrated fusion system.The company was formerly known as Bacterin International Holdings, Inc.and changed its name to Xtant Medical Holdings, Inc.


in July 2015.Xtant Medical Holdings, Inc.is headquartered in Belgrade, Montana.

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1.b. Last Insights on XTNT

Xtant Medical Holdings, Inc.'s recent stock performance has been driven by anticipation of its upcoming Q4 and year-end 2024 financial results, scheduled for March 6, 2025. The company's focus on surgical solutions for spinal disorders has likely contributed to its growth prospects. With President and CEO Sean Browne and CFO Scott Neils set to host a conference call to review results, investors are likely optimistic about the company's progress and future outlook.

1.c. Company Highlights

2. Xtant Medical's Q3 2025 Earnings: A Closer Look

Xtant Medical Holdings, Inc. reported its third-quarter 2025 financial results, with revenue growing 19% to $33.3 million, compared to $27.9 million in 2024. The growth was primarily driven by $5.5 million of licensing revenue and $570,000 of additional biologics revenue. Gross margin for the quarter was 66.1%, compared to 58.4% in 2024. Net income for the quarter was $1.3 million, or 1¢ per share, compared to a net loss of $5 million or $4 per share in 2024. The actual EPS of 0.01¢ beat estimates of -0.525¢. Adjusted EBITDA was $4.5 million, compared to an adjusted EBITDA loss of approximately $1 million in 2024.

Publication Date: Nov -29

📋 Highlights
  • Revenue Growth Driven by Licensing and Biologics: 19% increase to $33.3M in Q3 2025, with $5.5M licensing revenue and $570K biologics boost.
  • Asset Sale for Debt Reduction: $19.2M sale of Coflex/Cofix and international Paradigm Spine assets to Companion Spine, targeting debt reduction and liquidity.
  • Net Income Turnaround: Net profit of $1.3M ($0.01/share) vs. $5M loss in 2024; adjusted EBITDA improved to $4.5M from a $1M loss.
  • 2025 Revenue Guidance Reaffirmed: $131–135M target, up 11–15% YoY, with planned 2026 low-double-digit orthobiologics growth.</b> <li><b>New Product Momentum</b> Collagen X, Fibrex, and Trivium (e.g., $127 Amnio price optimization) driving growth, offsetting declines in older products like OsteoSelect.

Segment Performance

The company's biologics product family grew 4% over the third quarter of last year. The growth has been driven by its surgical side, which remains unchanged. However, some older demineralized bone products, such as OsteoSelect and OsteoSponge, have seen a decline. To offset this, the company has introduced new products like Fibrex and Trivium, which have shown significant growth. Trivium, for instance, had one of its best months recently. These new products have better handling and growth factor characterization.

Strategic Developments

The company announced a pending sale of its non-core Coflex and Cofix interlaminate stabilization implant assets and all international entities of Paradigm Spine to Companion Spine for $19.2 million. The proceeds will be used to reduce long-term debt and provide additional cash liquidity. The company expects to close the sale of assets to Companion Spine by the end of the year.

Valuation and Outlook

With a P/S Ratio of 0.64 and an EV/EBITDA of 19.73, the market seems to be pricing in moderate growth expectations. The company's guidance for 2025 revenue is $131 million to $135 million, representing growth of approximately 11% to 15% over 2024 revenue. For 2026, the company expects low double-digit growth in orthobiologics. Analysts, however, estimate next year's revenue growth at -14.9%. The discrepancy between the company's guidance and analyst estimates may indicate a challenging year ahead, but the introduction of new products and the pending sale of non-core assets could potentially drive growth.

Operational Highlights

Investments in the commercial team are being made to maximize the reach of the company's broad portfolio of orthobiologic solutions. The company has launched new products, including Collagen X, a bovine collagen particulate product for surgical wound closure. The company is also excited about its collagen-based products, particularly eMatrix, which has extraordinary clinical data. It acquired eMatrix through the Surgiline acquisition and sees it as a platform technology for future growth, with potential applications beyond spine.

3. NewsRoom

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Xtant Medical Completes Sale of its Coflex® Assets and Paradigm OUS Businesses to Companion Spine

Dec -01

Source: prnewswire.com

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Xtant Medical Holdings, Inc. (XTNT) Q3 2025 Earnings Call Transcript

Nov -11

Source: seekingalpha.com

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Xtant Medical Reports Third Quarter 2025 Financial Results

Nov -10

Source: prnewswire.com

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Xtant Medical Announces Commercial Launch of CollagenX™

Nov -05

Source: prnewswire.com

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Xtant Medical to Announce Third Quarter 2025 Financial Results on November 11, 2025

Nov -04

Source: prnewswire.com

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Xtant Medical to Participate in the H.C. Wainwright 27th Annual Global Investment Conference

Sep -04

Source: prnewswire.com

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Xtant Medical Holdings, Inc. (XTNT) Q2 2025 Earnings Call Transcript

Aug -12

Source: seekingalpha.com

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Xtant Medical Reports Second Quarter 2025 Financial Results

Aug -12

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.99%)

6. Segments

Orthobiologics

Expected Growth: 9.27%

Xtant Medical Holdings' Orthobiologics segment growth of 9.27% is driven by increasing adoption of minimally invasive spine procedures, rising demand for biocompatible implants, and expanding applications in orthopedic and spine surgeries. Additionally, strategic partnerships, product innovation, and geographic expansion into high-growth markets contribute to the segment's growth momentum.

Spinal Implant

Expected Growth: 8.5%

Strong demand for minimally invasive spine procedures, increasing adoption of Xtant's proprietary InTifix proprietary surface technology, and expansion into new markets driven by strategic partnerships and investments in sales and marketing infrastructure.

7. Detailed Products

Orthopedic Implants

Xtant Medical Holdings, Inc. offers a range of orthopedic implants, including hip and knee replacements, spinal implants, and trauma implants, designed to restore mobility and alleviate pain for patients.

Biologics

The company provides a variety of biologics, including allografts, xenografts, and synthetic grafts, used to promote bone growth, repair, and regeneration.

Surgical Instruments

Xtant Medical Holdings, Inc. offers a range of surgical instruments, including implantable devices, surgical tools, and implant removal systems, designed to facilitate efficient and effective surgical procedures.

Spinal Implants

The company provides a range of spinal implants, including interbody devices, pedicle screws, and cervical plates, designed to stabilize and align the spine, and alleviate back pain.

Bone Graft Substitutes

Xtant Medical Holdings, Inc. offers a range of bone graft substitutes, including demineralized bone matrix, and synthetic grafts, designed to promote bone growth and regeneration.

8. Xtant Medical Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Xtant Medical Holdings, Inc. is medium due to the presence of alternative medical devices and technologies that can replace the company's products.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Xtant Medical Holdings, Inc.'s products, which limits the ability of customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers for raw materials and components, which gives Xtant Medical Holdings, Inc. some negotiating power.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for medical devices and the relatively low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the medical device industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.64%
Debt Cost 3.95%
Equity Weight 69.36%
Equity Cost 5.42%
WACC 4.97%
Leverage 44.18%

11. Quality Control: Xtant Medical Holdings, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SI-BONE

A-Score: 4.7/10

Value: 7.0

Growth: 5.8

Quality: 5.6

Yield: 0.0

Momentum: 6.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
AxoGen

A-Score: 4.0/10

Value: 2.6

Growth: 7.1

Quality: 3.9

Yield: 0.0

Momentum: 8.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Allurion Technologies

A-Score: 4.0/10

Value: 9.6

Growth: 3.2

Quality: 5.6

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Surmodics

A-Score: 3.7/10

Value: 7.2

Growth: 1.9

Quality: 5.3

Yield: 0.0

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Xtant Medical

A-Score: 3.0/10

Value: 6.2

Growth: 2.9

Quality: 3.9

Yield: 0.0

Momentum: 3.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Orthofix Medical

A-Score: 2.8/10

Value: 4.8

Growth: 1.3

Quality: 2.5

Yield: 0.0

Momentum: 3.0

Volatility: 5.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.62$

Current Price

0.62$

Potential

-0.00%

Expected Cash-Flows