Xtant Medical Holdings (XTNT) AI Stock Analysis

• Market Cap: $99.41M
• Dividend Yield: N/A
• Average Volume (3M): 184.72K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.10
• Revenue Growth: 15.16%
• EPS Growth: -39.18%
• Country: US
• Employees: 217
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.09
• Shares Outstanding: 140,000,490
• 10 Day Avg. Volume: 355,541
• 30 Day Avg. Volume: 184,719
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.41
• Enterprise Value/Revenue: 1.09
• Enterprise Value/Gross Profit: 1.82
• Enterprise Value/Ebitda: 30.65
• 1Y Price Target: $2.00
• Price Target Upside: 181.69% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 57 Neutral
• Price Target: $0.50 ▼(-29.58% Downside)

Xtant Medical Holdings' overall score is driven by strong earnings call results, including revenue growth and improved profitability. However, financial performance challenges, particularly in cash flow and valuation, weigh down the score. Technical analysis provides a neutral to positive outlook, but the valuation remains a concern due to the negative P/E ratio.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong demand for Xtant Medical's products, suggesting a solid market position and potential for continued expansion.

Gross Margin Improvement

Improved gross margins reflect better production efficiency and a favorable sales mix, enhancing profitability and financial health.

Successful New Product Launches

New product launches in the biologics segment bolster Xtant's competitive edge and support long-term revenue growth in orthobiologic categories.

Negative Factors

Profitability Challenges

Ongoing profitability issues, reflected in negative net margins, could hinder Xtant's ability to reinvest in growth and manage financial obligations.

Cash Flow Constraints

Severe cash flow constraints limit Xtant's operational flexibility and ability to fund new initiatives, impacting long-term strategic execution.

Decline in Hardware Revenue

A significant decline in hardware revenue suggests potential market share loss or product obsolescence, posing risks to overall revenue stability.

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 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 Money

Xtant Medical generates revenue primarily through the sale of its spinal and cranial surgical products. The company's key revenue streams include direct sales of medical devices to hospitals and surgical centers, as well as distribution agreements with third-party partners. Additionally, Xtant Medical may benefit from recurring revenue through the sale of biologics and other complementary products used in surgical procedures. Significant partnerships with healthcare institutions and a focus on innovation in product development contribute to the company's earnings by expanding its market reach and enhancing its product offerings.

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.

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.

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	127.77M	117.27M	91.30M	57.97M	55.26M	53.34M
Gross Profit	76.86M	68.22M	55.47M	32.14M	32.49M	34.39M
EBITDA	4.56M	-7.88M	5.08M	-5.43M	-2.51M	1.33M
Net Income	-4.58M	-16.45M	660.00K	-8.48M	-4.85M	-7.02M
Balance Sheet
Total Assets	103.48M	93.84M	92.61M	60.23M	54.69M	41.47M
Cash, Cash Equivalents and Short-Term Investments	6.92M	6.20M	5.71M	20.30M	18.24M	2.34M
Total Debt	14.80M	35.14M	23.56M	17.07M	16.84M	18.54M
Total Liabilities	54.98M	50.87M	41.26M	26.06M	23.81M	26.95M
Stockholders Equity	48.50M	42.96M	51.35M	34.17M	30.88M	14.51M
Cash Flow
Free Cash Flow	-2.83M	-16.01M	-10.97M	-7.11M	-1.68M	-2.28M
Operating Cash Flow	1.50M	-11.90M	-9.52M	-5.34M	439.00K	-731.00K
Investing Cash Flow	-4.04M	-3.73M	-24.78M	-1.56M	-1.89M	-1.30M
Financing Cash Flow	4.20M	16.07M	19.69M	9.02M	17.50M	-861.00K

Xtant Medical Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.71
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 0.71 is above the 20-day moving average (MA) of 0.68, above the 50-day MA of 0.65, and above the 200-day MA of 0.58, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 55.36 is Neutral, neither overbought nor oversold. The STOCH value of 42.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XTNT.

Xtant Medical Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	69 Neutral	$97.80M	12.64	4.92%	―	1.43%	-20.12%
NVNO	58 Neutral	$14.27M	―	-64.55%	―	―	15.60%
XTNT	57 Neutral	$99.41M	―	-9.80%	―	15.16%	-39.18%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TELA	48 Neutral	$60.61M	―	-676.41%	―	16.34%	34.86%
APYX	47 Neutral	$110.43M	―	-156.90%	―	-5.14%	44.86%
VANI	44 Neutral	$100.12M	―	-177.75%	―	―	4.91%

Xtant Medical Holdings Corporate Events

Xtant Medical Reports Strong Q2 2025 Financial Results

On August 12, 2025, Xtant Medical Holdings announced its second quarter 2025 financial results, reporting a total revenue of $35.4 million, an 18% increase year-over-year. The company achieved a positive net income of $3.6 million compared to a net loss in the previous year and raised its full-year 2025 revenue guidance to $131-$135 million, reflecting an 11%-15% growth over 2024. Xtant Medical also highlighted its strategic move to sell non-core spinal implant and OUS businesses to Companion Spine for approximately $19.2 million, aiming to strengthen its balance sheet and focus on its core biologics business. The launch of OsteoFactor Pro™ and Trivium™ products further positions Xtant as a leader in orthobiologic solutions, enhancing its market presence and value for shareholders.

The most recent analyst rating on (XTNT) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Xtant Medical Holdings stock, see the XTNT Stock Forecast page.

Xtant Medical Sets 2025 Annual Meeting Date

Xtant Medical Holdings, Inc. has scheduled its 2025 Annual Meeting of Stockholders for November 7, 2025, with details to be provided in the company’s proxy statement. The change in the meeting date requires stockholders to submit proposals by August 18, 2025, to be considered for inclusion in the proxy materials, following SEC rules and the company’s bylaws.

The most recent analyst rating on (XTNT) stock is a Buy with a $1.50 price target. To see the full list of analyst forecasts on Xtant Medical Holdings stock, see the XTNT Stock Forecast page.

Xtant Medical Announces New Board Members Election

On August 1, 2025, Xtant Medical Holdings announced the election of Abhinav Jain and Tyler Lipschultz to its Board of Directors, with immediate effect. Jain, with a background in investment management and pharmaceuticals, and Lipschultz, with extensive experience in orthopaedics and spine industries, bring valuable expertise to the board. This change follows a significant stock purchase agreement earlier in 2025, where Nantahala Capital Management acquired a substantial share of Xtant’s common stock. This board restructuring aligns with Nantahala’s interests and is expected to impact the company’s governance positively.

The most recent analyst rating on (XTNT) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Xtant Medical Holdings stock, see the XTNT Stock Forecast page.