Xtant Medical Holdings Inc

xtantmedical.com

What Do They Do?

Sells bone-graft materials and other biologic products, wound-care products, and spinal implants to orthopedic and neurological surgeons and other clinicians treating spinal, orthopedic, and wound conditions.

How Do They Make Money?

Hospitals order consigned biologics and implants after their use in surgery; resellers are invoiced when products ship or are delivered and generally pay within 30 days. License agreements bring upfront fees and royalties tied to product sales.

revenue

Segment	Share	How money arrives
Orthobiologics Sold outright	54% FY2022: 81%	Sold outright
Spinal Implant Sold outright	32% FY2022: 19%	Sold outright
License Revenue Licensed	14%	Licensed

Who Are Their Customers?

U.S. hospitals are reached through commissioned agents, stocking distributors, and group purchasing organizations; international customers are served through distribution partners. The company also sells directly to stocking, equipment-manufacturer, and private-label resellers.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

5% of revenue

▲ Now profitable vs FY2024 (−$12.1M, −10%)

Net income, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$16.4M, −14%)

Free cash flow, FY2025

8% of revenue

▲ Now profitable vs FY2024 (−$16M, −14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −35%; vs $35.4M in Q2 FY2025
Net income: ▼ Now a loss; vs $3.6M in Q2 FY2025

Orthobiologics share of revenue vs 54.7% in Q2 FY2025

Aug 11, 2026 Cut full-year revenue guidance Reduced full-year guidance to $99 million to $103 million from $101 million to $105 million.
May 13, 2026 Raised 2026 revenue guidance Raised the range to $101 million to $105 million from $95 million to $99 million, reflecting expected contribution from Dilon's HEMOBLAST product.
Apr 13, 2026 Added exclusive U.S. distribution rights to HEMOBLAST Xtant acquired rights to import, market, distribute and sell Dilon's surgical bleeding-control product in the United States.

Growing. Revenue grew 2.4x in 4 years, from $55.3M in FY2021 to $133.9M in FY2025, about 25% a year.

Broader biologics uses The company describes biologics for trauma, foot and ankle, sports medicine, joint, surgical repair and wound care, beyond the earlier report's focus on spinal disorders.

Revenue over time

Orthobiologics Spinal Implant License Revenue Other Revenue

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Medtronic, Johnson and Johnson, Bioventus, Globus Medical, OrthoFix Medical, Alphatec Holdings, Highridge, SI-Bone, AlloSource International, LifeNet Health, and MTF Biologics

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