Xtant Medical Holdings Inc (XTNT) is a medical device and biologics company that develops and sells products used in spinal and orthopedic surgery. Revenue comes from two streams: product sales and license fees. Product revenue was $115.2M (86.0% of total) and license revenue was $18.7M (14.0% of total), bringing FY2025 total revenue to $133.9M, up from $117.3M in FY2024 (per 10-K filed 2026-03-31). The company processes deceased human donors and placentas as raw material for biologics products and competes with other tissue processors for that limited supply. Gross margin was 62.9% in FY2025, compared to 58.2% in FY2024. The company generated net income in FY2025 after a history of net losses, though it disclosed that the FY2025 license revenue is unlikely to repeat in FY2026. Products are sold as general surgical supplies, reimbursed through third-party payors including private insurers, Medicare, and Medicaid.

Revenue model

Transactional product sales to hospitals and surgical facilities (86.0% of FY2025 revenue, $115.2M) plus license revenue (14.0% of FY2025 revenue, $18.7M). Products are reimbursed as part of covered surgical procedures through third-party payors. OEM sales represent an additional distribution channel referenced in filings.

Products and services

Biologics: demineralized bone matrix (Trivium), viable bone matrix, OsteoVive Plus, OsteoFactor Pro (allogeneic growth factor solution), amniotic membrane allografts (SimpliGraft, SimpliMax). Synthetic bone graft: nanOss Strata. Wound closure: CollagenX (bovine collagen particulate). Spinal hardware: Cortera Posterior Fixation System. Products are used in spinal and orthopedic surgery procedures.

Customers and end markets

Hospitals and healthcare providers performing spinal and orthopedic surgeries in the United States. End-market reimbursement flows through private insurers, Medicare, and Medicaid. Sales are conducted through independent sales agents and distributors.

Value-chain role

Manufacturer and distributor of biologics (sourced from deceased human donors and placentas) and synthetic surgical products. Processes donor-derived raw materials into finished surgical biologics. Distributes through an independent agent and distributor network and via OEM arrangements.

Geographic exposure

Primarily United States, where third-party payor reimbursement governs sales volumes. Filing references foreign regulatory authorities and unrealized foreign currency translation items, indicating some international presence, but no geographic revenue split is disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-31

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