Xtant Medical Holdings Inc (XTNT)
XASE:XTNT
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Xtant Medical Holdings
(NYSE MKT:XTNT)
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Rating:61Neutral
Price Target:
$0.50
▲(5.53% Upside)
Action:ReiteratedDate:03/31/26
The score is supported primarily by improving financial performance (profitability and cash flow turning positive, and leverage declining). Offsetting this, technical signals remain weak with the stock trading below key moving averages, and the earnings outlook includes a material reported revenue decline in 2026 driven by divestiture and nonrecurring revenue roll-off, raising execution risk despite positive free-cash-flow commitments.
Positive Factors
Improved cash generation
TTM positive operating and free cash flow mark a durable shift versus prior multi-year cash deficits. Sustained cash generation increases flexibility to fund commercial expansion, R&D and debt reduction without external capital, but consistent conversion of earnings to cash must be maintained.
Negative Factors
Guidance implies sizable revenue drop
The pro‑forma 2026 revenue step‑down reflects lost divested hardware and expired nonrecurring license income, shrinking the company's revenue base. Replacing that scale through biologics adoption requires multi‑quarter execution, creating durable growth and execution risk for the coming year.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
TTM positive operating and free cash flow mark a durable shift versus prior multi-year cash deficits. Sustained cash generation increases flexibility to fund commercial expansion, R&D and debt reduction without external capital, but consistent conversion of earnings to cash must be maintained.
Read all positive factors
Xtant Medical Holdings (XTNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$65.86M
Dividend YieldN/A
Average Volume (3M)161.56K
Price to Earnings (P/E)22.0
Beta (1Y)1.11
Revenue Growth16.88%
EPS GrowthN/A
CountryUS
Employees217
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.00
Shares Outstanding140,068,250
10 Day Avg. Volume215,170
30 Day Avg. Volume161,560
Financial Highlights & Ratios
PEG Ratio-0.16
Price to Book (P/B)2.15
Price to Sales (P/S)0.82
P/FCF Ratio10.76
Enterprise Value/Market Cap1.18
Enterprise Value/Revenue0.58
Enterprise Value/Gross Profit0.92
Enterprise Value/Ebitda4.88
Forecast
1Y Price Target
$1.00Price Target Upside112.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.01
Revenue Forecast (FY)$110.12M
Xtant Medical Holdings Business Overview & Revenue Model
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 tha...
How the Company Makes Money
Xtant Medical makes money primarily by selling orthopedic and spinal surgery products to hospitals, ambulatory surgery centers, and surgeons, generating revenue when its implants, biologics, and surgical instrumentation are used in procedures. Its...
Xtant Medical Holdings Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call describes clear operational and financial progress: return to profitability, materially improved adjusted EBITDA, stronger cash and a sharpened strategic focus on higher-margin, in-house biologics. Management highlighted meaningful product launches and a scaled sales organization to drive future organic growth. However, near-term headwinds are significant in reported (GAAP) top-line guidance due to the divestiture and expiration of nonrecurring license revenue, plus short-term declines in biologics and hardware, inventory charges and some increased compensation costs. On balance, the improvements in profitability, cash generation, margin expansion and strategic positioning outweigh the transitory revenue headwinds, though execution risk remains in ramping branded biologics sales and offsetting lost nonrecurring revenue.Positive Updates
Quarterly Revenue Growth
Q4 2025 revenue of $32.4M, up 3% versus Q4 2024 ($31.5M). Management noted the headline number was reduced by ~ $2M of revenue in the quarter due to the earlier-than-expected Coflex/Paradigm closing.
Negative Updates
2026 Revenue Guidance Decline (Nonrecurring Items)
2026 revenue guidance of $95M–$99M implies a year-over-year decline of roughly 26%–29% versus 2025 ($133.9M). Management attributes most of the decline to the divestiture (lost Coflex/hardware revenue) and expiration of nonrecurring license revenue (Q-code and amniotic membrane agreements).
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Revenue Growth
Q4 2025 revenue of $32.4M, up 3% versus Q4 2024 ($31.5M). Management noted the headline number was reduced by ~ $2M of revenue in the quarter due to the earlier-than-expected Coflex/Paradigm closing.
Read all positive updates
Company Guidance
Xtant guided to full‑year 2026 revenue of $95–$99 million (a pro‑forma view after the early‑December Companion Spine divestiture and the expiration of nonrecurring Q‑code/amniotic license revenue), and reiterated a commitment to positive free cash flow with no anticipated need for additional outside capital. Management expects sequential quarter‑over‑quarter growth in 2026 (seasonality means Q3 may lag), with Q1 biologics down low‑double digits versus Q1 2025, hardware down roughly mid‑teens after adjusting for the divestiture and the remaining hardware decline approaching high‑teens for the year; the divested businesses had generated about $2.0 million per month ($20.3 million for 11 months ended Nov 30, 2025). Xtant noted $18.7 million of license revenue in 2025 (with $3.7 million of related sales & marketing expense) and expects gross margins in the low‑60% range in 2026 as expanded commercial resources and new product traction drive organic biologics growth.Xtant Medical Holdings Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
61
Positive
| Breakdown | Mar 2026 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 133.93M | 117.27M | 91.30M | 57.97M | 55.26M |
| Gross Profit | 84.27M | 68.22M | 55.47M | 32.14M | 32.49M |
| EBITDA | 15.89M | -7.88M | 5.08M | -5.43M | -2.51M |
| Net Income | 4.97M | -16.45M | 660.00K | -8.48M | -4.85M |
Balance Sheet | |||||
| Total Assets | 94.14M | 93.84M | 92.61M | 60.23M | 54.69M |
| Cash, Cash Equivalents and Short-Term Investments | 17.05M | 6.20M | 5.71M | 20.30M | 18.24M |
| Total Debt | 28.72M | 35.14M | 23.56M | 17.07M | 16.84M |
| Total Liabilities | 43.19M | 50.87M | 41.26M | 26.06M | 23.81M |
| Stockholders Equity | 50.95M | 42.96M | 51.35M | 34.17M | 30.88M |
Cash Flow | |||||
| Free Cash Flow | 10.16M | -16.01M | -10.97M | -7.11M | -1.68M |
| Operating Cash Flow | 12.55M | -11.90M | -9.52M | -5.34M | 439.00K |
| Investing Cash Flow | 7.90M | -3.73M | -24.78M | -1.56M | -1.89M |
| Financing Cash Flow | -9.57M | 16.07M | 19.69M | 9.02M | 17.50M |
Xtant Medical Holdings Technical Analysis
Negative
0.47
Price Trends
0.58
Negative
0.63
Negative
0.65
Negative
Market Momentum
-0.03
Positive
32.38
Neutral
14.25
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XTNT, the sentiment is Negative. The current price of 0.47 is below the 20-day moving average (MA) of 0.56, below the 50-day MA of 0.58, and below the 200-day MA of 0.65, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 32.38 is Neutral, neither overbought nor oversold. The STOCH value of 14.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for XTNT.
Xtant Medical Holdings Risk Analysis
Xtant Medical Holdings disclosed 72 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $116.92M | 14.16 | 4.34% | ― | 3.36% | -21.15% | |
61 Neutral | $65.86M | 22.00 | 10.27% | ― | 16.88% | ― | |
52 Neutral | $159.37M | -13.16 | -117.54% | ― | -1.32% | 55.62% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $89.73M | -2.88 | -317.03% | ― | ― | -0.27% | |
44 Neutral | $7.18M | -0.34 | -57.19% | ― | ― | 18.94% | |
44 Neutral | $28.47M | -1.43 | -441.55% | ― | 12.24% | 47.45% |
* Healthcare Sector Average
XTNT
Xtant Medical Holdings
0.47
0.07
17.79%
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Xtant Medical Holdings Corporate Events
Business Operations and StrategyM&A Transactions
Xtant Medical Boosts Liquidity After Companion Spine Repayment
Positive
Mar 2, 2026
On December 1, 2025, Xtant Medical Holdings sold certain assets tied to its Coflex and CoFix products, along with all outstanding shares of its international hardware subsidiary Paradigm Spine GmbH, to Companion Spine for an initial aggregate purc...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Xtant Medical Extends Note Maturity After Asset Divestitures
Neutral
Jan 16, 2026
On December 1, 2025, Xtant Medical Holdings and its subsidiary Surgalign SPV completed the divestiture of certain assets related to its Coflex and CoFix spinal products to Companion Spine for $17.5 million, part of which was paid via an $8.2 milli...
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.