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Xtant Medical Holdings
(NYSE MKT:XTNT)
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Rating:59Neutral
Price Target:
$0.48
▲(11.40% Upside)
Action:Reiterated
Date:07/15/26
XTNT scores in the middle primarily due to improving financial health (turnaround to positive earnings/FCF and lower leverage) and a moderately constructive earnings outlook (raised FY2026 revenue guidance and portfolio/sales-force expansion). The score is held back by weak recent operating trends highlighted on the call (sharp Q1 revenue decline and margin compression), an unattractive valuation for the current profitability profile (P/E 34.75, no dividend), and mixed-to-weak technicals (below key long-term moving averages with negative MACD).
Positive Factors
Leverage Reduction / Balance Sheet Strength
Material debt paydown using divestiture proceeds meaningfully lowers financial leverage and interest burden, improving liquidity and financial flexibility. This creates durable capacity to fund commercial expansion or weather revenue volatility without immediate refinancing risk.
Negative Factors
Sharp Recent Revenue Decline
A large year‑over‑year revenue drop signals meaningful demand loss and the impact of non‑recurring license and divestiture effects. Sustained top‑line volatility impairs scale economics, constrains margin recovery, and raises execution risk as the company integrates new products and reps.
Read all positive and negative factors
Positive Factors
Negative Factors
Leverage Reduction / Balance Sheet Strength
Material debt paydown using divestiture proceeds meaningfully lowers financial leverage and interest burden, improving liquidity and financial flexibility. This creates durable capacity to fund commercial expansion or weather revenue volatility without immediate refinancing risk.
Read all positive factors
Xtant Medical Holdings (XTNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$59.68M
Dividend YieldN/A
Average Volume (3M)89.38K
Price to Earnings (P/E)32.2
Beta (1Y)0.96
Revenue Growth-0.32%
EPS GrowthN/A
CountryUS
Employees151
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.04
Shares Outstanding140,262,950
10 Day Avg. Volume128,686
30 Day Avg. Volume89,378
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)2.15
Price to Sales (P/S)0.82
P/FCF Ratio10.76
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$1.50Price Target Upside248.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)$102.06M
Xtant Medical Holdings Business Overview & Revenue Model
Company Description
Xtant Medical Holdings, Inc., a company based in Belgrade, Montana, specializes in the development, production, and distribution of advanced regenerative medicine products and medical devices. The firm primarily serves orthopedic and neurological ...
How the Company Makes Money
Xtant Medical primarily makes money by selling spine surgery products to healthcare providers and surgical facilities. Its core revenue stream comes from the sale of spinal implant systems and instruments (e.g., fixation and fusion-related implant...
Xtant Medical Holdings Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Neutral
The call mixed material strategic and balance-sheet positives with near-term operational and revenue challenges. Key strategic wins (HEMOBLAST distribution, Trivium Shaped launch, Companion Spine proceeds) and reduced indebtedness position the company for growth and improved liquidity, and management raised FY2026 revenue guidance. However, Q1 operating metrics were weak: revenue fell ~36.5% year-over-year, gross margin contracted ~4.2 percentage points, the company reported a $3.1M net loss and negative adjusted EBITDA, and cash declined ~29.5% (though revolver availability improved). Management expects margin recovery later in the year and anticipates incremental sales investments to drive adoption, but near-term expense pressure and amnio/OEM headwinds temper the outlook.Positive Updates
Raised Full-Year 2026 Revenue Guidance
Company raised FY2026 revenue guidance to $101.0M–$105.0M, citing the addition of HEMOBLAST Bellows, recent product launches (including Trivium Shaped) and measured investments in the commercial organization as drivers of expected top-line growth.
Negative Updates
Significant Q1 Revenue Decline
Total revenue for Q1 2026 was $20.9M versus $32.9M in Q1 2025 (pro forma basis), a decline of approximately 36.5%. Management attributed the decline primarily to headwinds in amnio product revenue tied to the advanced wound care market and the cessation of certain license/Q-code revenues that terminated at end of 2025.
Read all updates
Q1-2026 Updates
Positive
Negative
Raised Full-Year 2026 Revenue Guidance
Company raised FY2026 revenue guidance to $101.0M–$105.0M, citing the addition of HEMOBLAST Bellows, recent product launches (including Trivium Shaped) and measured investments in the commercial organization as drivers of expected top-line growth.
Read all positive updates
Company Guidance
Management raised full‑year 2026 revenue guidance to $101–$105 million, driven by the April Dilon HEMOBLAST U.S. distribution deal (including acquisition of 21 Dilon sales reps), the commercial launch of Trivium Shaped, and planned commercial investments (doubling regional reps in 2026 and adding national accounts resources); Q1 revenue was $20.9M (pro forma Q1 2025: $32.9M) and Q1 gross margin was 57.3% (vs. 61.5% prior year) with management expecting gross margins to rebound to the low‑60s in the back half of 2026; the Company reduced total indebtedness by $13.3M in Q1 (including $10.4M revolver and $2.8M term‑loan paydowns), ended March 31 with $12.2M cash, $12.2M total debt and $11.8M revolver availability, and Scott estimated incremental sales & marketing expense from the Dilon integration at roughly $2.5M per quarter (including about $1.5M of travel/marketing annually).Xtant Medical Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
73
Positive
Cash Flow
67
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
0.43
Price Trends
0.44
Negative
0.49
Negative
0.59
Negative
Market Momentum
>-0.01
Negative
47.17
Neutral
30.51
Neutral
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 0.43 is above the 20-day moving average (MA) of 0.43, below the 50-day MA of 0.44, and below the 200-day MA of 0.59, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 47.17 is Neutral, neither overbought nor oversold. The STOCH value of 30.51 is Neutral, 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 55 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.10B | 31.20 | 16.27% | ― | 1.52% | ― | |
75 Outperform | $132.87B | 39.70 | 15.10% | 1.05% | 8.84% | 16.34% | |
73 Outperform | $18.52B | 24.74 | 6.01% | 1.05% | 9.23% | -14.66% | |
59 Neutral | $59.68M | 32.23 | 3.68% | ― | -0.32% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.54B | -3.05 | -47.65% | ― | 1.60% | ― | |
49 Neutral | $495.57M | -8.14 | -13.44% | ― | 2.59% | 59.39% |
* Healthcare Sector Average
XTNT
Xtant Medical Holdings
0.43
-0.14
-24.61%
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Xtant Medical Holdings Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Xtant Medical Updates Q1 Results and Raises 2026 Guidance
Positive
May 13, 2026
On May 13, 2026, Xtant Medical reported first-quarter 2026 revenue of $20.9 million, down from $32.9 million a year earlier, as it continued to feel the impact of selling its Coflex/CoFix assets and international hardware business to Companion Spi...
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.