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Xtant Medical Holdings (XTNT)
:XTNT
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Xtant Medical Holdings
(NYSE MKT:XTNT)
Rating:62Neutral
Price Target:
$0.50
▼(-25.37%Downside)
Xtant Medical Holdings (XTNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$93.35M
Dividend YieldN/A
Average Volume (3M)313.20K
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth20.81%
EPS Growth-498.66%
CountryUS
Employees217
SectorHealthcare
Sector Strength41
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.28
Shares Outstanding139,323,170
10 Day Avg. Volume55,181
30 Day Avg. Volume313,201
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)2.04
Price to Sales (P/S)0.00
P/FCF Ratio-9.94
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue0.22
Enterprise Value/Gross Profit1.41
Enterprise Value/Ebitda-3.49
Forecast
1Y Price Target
$2.00Price Target Upside198.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Xtant Medical Holdings Business Overview & Revenue Model
Company DescriptionXtant 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.
How the Company Makes MoneyXtant Medical generates revenue through the sale of its medical devices and biologics to hospitals, healthcare providers, and distributors. The company's key revenue streams include direct sales of its proprietary spinal implants and biologics used in orthopedic surgeries. Additionally, Xtant leverages partnerships with healthcare facilities and distributors to expand its market reach. These partnerships, along with a focus on research and development for new and improved products, contribute significantly to its earnings. The company also benefits from recurring revenue through the continued use of its products in medical procedures.
Xtant Medical Holdings Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: 28.85%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Positive
Xtant Medical showed strong revenue growth and improved financial performance, highlighted by significant revenue growth and increased guidance. The completion of vertical integration and the launch of new products also signal strategic advancements. However, the decline in spinal implant sales and gross margin pressure, along with uncertainties related to CMS policy changes, pose challenges. Overall, the highlights outweigh the lowlights, indicating a positive outlook.Q1-2025 Updates
Positive Updates
Strong Revenue Growth
Xtant Medical reported a revenue growth of 18% year-over-year, reaching $32.9 million in total revenue for Q1 2025.
Improved Financial Performance
The company achieved positive net income of $58,000, compared to a net loss of $4.4 million in the same period last year, and adjusted EBITDA of $3 million, a significant improvement from a $1 million loss in Q1 2024.
Termination of Restrictive Agreement
Xtant terminated a restrictive investor rights agreement with OrbiMed, marking a new chapter for the company and allowing more flexibility in operations.
Vertical Integration Completed
The company completed full vertical integration of its previously outsourced biologics products, now manufacturing all major biologics product categories in-house.
Launch of New Products
Xtant launched two new innovative products, Trivium and FibreX, to rejuvenate its core demineralized bone offerings.
Increased Revenue Guidance
The company increased its full-year 2025 revenue guidance to $127 million to $131 million, representing an 8% to 11% growth.
Negative Updates
Decline in Spinal Implant Sales
There was a 10% year-over-year decline in spinal implant sales, amounting to a $1.2 million reduction.
Gross Margin Pressure
Gross margin for Q1 2025 decreased to 61.5% from 62.1% in Q1 2024, primarily due to increased charges related to inventory disposal and provision for excess and obsolete inventory.
Ongoing CMS Policy Uncertainty
The company remains cautious about ongoing changes to CMS policy and other governmental cost-saving initiatives, which could impact future royalty income and cash generation.
Company Guidance
During the call, Xtant Medical provided guidance indicating an anticipated total revenue for fiscal year 2025 in the range of $127 million to $131 million, representing an 8% to 11% growth. The company expects mid-double-digit revenue growth in its biologics product family, while hardware revenue is expected to remain flat or modestly down year-over-year. Xtant achieved a first-quarter revenue of $32.9 million, marking an 18% increase from the same period in 2024, and a positive net income of $58,000, compared to a net loss of $4.4 million in the prior year. Gross margin for the first quarter was 61.5%, slightly down from 62.1% the previous year, due to inventory disposal charges, but this was partially offset by improved product costs following vertical integration. The company successfully reduced its operating expenses, down to $19.2 million from $20.8 million in the previous year. Additionally, adjusted EBITDA for the first quarter of 2025 was $3 million, compared to a loss of $1 million in the same period of 2024. Xtant also noted that they do not anticipate the need to raise additional capital, supported by recent cost savings and strategic investments.Xtant Medical Holdings Financial Statement Overview
Summary
Xtant Medical Holdings demonstrates strong revenue growth, which is promising. However, persistent challenges with profitability and cash flows highlight financial instability. While the balance sheet shows improvement in leverage and equity, the company's inability to turn revenue growth into positive net income and cash flow poses risks. Focus on operational efficiency and cost management is crucial for enhancing financial health.Income Statement
The company's revenue has shown a consistent growth trend, increasing from $53.3M in 2020 to $122.3M in TTM 2025, reflecting a strong top-line trajectory. However, profitability remains a challenge, with negative net income and EBIT margins across the periods. The gross profit margin has been relatively stable around 58% to 60%, indicating some efficiency in production, but the net profit margin remains negative, which is a significant concern.45
Neutral
Balance Sheet
The balance sheet shows a mixed picture. The debt-to-equity ratio has improved to 0.28 in TTM 2025 from higher levels in previous years, reflecting reduced leverage. Stockholders' equity has grown, contributing to a healthier equity ratio of approximately 45.8%. However, the company still faces significant liabilities, and the negative net income impacts return on equity, which remains unfavorable.50
Neutral
Cash Flow
Cash flow analysis indicates persistent struggles with negative operating cash flows and free cash flows, although free cash flow was slightly less negative in TTM 2025 compared to 2024. The company has not yet achieved positive cash flow from operations, which is crucial for long-term sustainability. The reliance on financing activities to cover cash outflows remains a risk.40
Negative
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 122.30M | 117.27M | 91.30M | 57.97M | 55.26M | 53.34M | Gross Profit |
| 71.16M | 68.22M | 55.47M | 32.14M | 32.49M | 34.39M | EBIT |
| -7.54M | -12.07M | -10.16M | -6.75M | -3.85M | -751.00K | EBITDA |
| -3.25M | -7.88M | 5.08M | -5.43M | -2.51M | 1.33M | Net Income Common Stockholders |
| -11.99M | -16.45M | 660.00K | -8.48M | -5.84M | -7.02M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 5.92M | 6.20M | 5.71M | 20.30M | 18.24M | 2.34M | Total Assets |
| 92.61M | 93.84M | 92.61M | 60.23M | 54.69M | 41.47M | Total Debt |
| 23.56M | 35.14M | 23.56M | 17.07M | 16.84M | 18.54M | Net Debt |
| 17.64M | 28.94M | 17.84M | -3.23M | -1.40M | 16.20M | Total Liabilities |
| 41.26M | 50.87M | 41.26M | 26.06M | 23.81M | 26.95M | Stockholders Equity |
| 51.35M | 42.96M | 51.35M | 34.17M | 30.88M | 14.51M |
| Cash Flow | Free Cash Flow | ||||
| -9.39M | -16.01M | -10.97M | -7.11M | -1.68M | -2.28M | Operating Cash Flow |
| -4.86M | -11.90M | -9.52M | -5.34M | 439.00K | -731.00K | Investing Cash Flow |
| -4.20M | -3.73M | -24.78M | -1.56M | -1.89M | -1.30M | Financing Cash Flow |
| 9.97M | 16.07M | 19.69M | 9.02M | 17.50M | -861.00K |
Xtant Medical Holdings Technical Analysis
Positive
0.67
Price Trends
0.55
Positive
0.54
Positive
0.53
Positive
Market Momentum
0.04
Positive
55.53
Neutral
42.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XTNT, the sentiment is Positive. The current price of 0.67 is below the 20-day moving average (MA) of 0.68, above the 50-day MA of 0.55, and above the 200-day MA of 0.53, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 55.53 is Neutral, neither overbought nor oversold. The STOCH value of 42.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XTNT.
Xtant Medical Holdings Risk Analysis
Xtant Medical Holdings disclosed 69 risk factors in its most recent earnings report. Xtant Medical Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Xtant Medical Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (54)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $93.35M | ― | -26.20% | ― | 20.81% | -498.66% | |
62 Neutral | $160.85M | ― | -117.50% | ― | 1.78% | 22.46% | |
54 Neutral | $5.37B | 3.35 | -45.10% | 2.79% | 16.77% | -0.01% | |
| $79.08M | ― | -92.68% | ― | ― | ― | ||
44 Neutral | $82.16M | ― | -157.73% | ― | 104.78% | 40.41% | |
43 Neutral | $113.07M | ― | -44.89% | ― | ― | 64.71% | |
27 Underperform | $67.82M | ― | -55.83% | ― | ― | 59.75% |
* Healthcare Sector Average
Performance Comparison
XTNT
Xtant Medical Holdings
0.67
-0.07
-9.46%
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CBUS
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1.64
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0.78
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XGN
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Xtant Medical Holdings Corporate Events
Private Placements and FinancingBusiness Operations and Strategy
Xtant Medical Ends Investor Agreement After Share Sale
Positive
Apr 16, 2025
On April 15, 2025, Xtant Medical Holdings terminated its Investor Rights Agreement with ROS Acquisition and ORO II following a secondary private sale of 73.1 million shares by OrbiMed to Nantahala Capital Management and other investors. This transaction provides Xtant with greater strategic flexibility and aligns it with long-term healthcare-focused investors. Xtant plans to prioritize profitability and self-sustainability by shifting towards higher-margin orthobiologics and leveraging its Montana manufacturing facility. The company anticipates revenue growth of 18% to 19% for the first quarter of 2025, driven by orthobiologics and licensing revenue.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.