Xtant Medical Holdings (XTNT) AI Stock Analysis

• Market Cap: $109.20M
• Dividend Yield: N/A
• Average Volume (3M): 260.21K
• Price to Earnings (P/E): 76.5
• Beta (1Y): 1.21
• Revenue Growth: 16.88%
• EPS Growth: N/A
• Country: US
• Employees: 217
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): <0.01
• Shares Outstanding: 140,004,240
• 10 Day Avg. Volume: 318,290
• 30 Day Avg. Volume: 260,215
• PEG Ratio: <0.01
• Price to Book (P/B): 1.38
• Price to Sales (P/S): 0.50
• P/FCF Ratio: -3.70
• Enterprise Value/Market Cap: 1.09
• Enterprise Value/Revenue: 0.90
• Enterprise Value/Gross Profit: 1.45
• Enterprise Value/Ebitda: 10.96
• 1Y Price Target: $1.50
• Price Target Upside: 94.81% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.03
• Revenue Forecast (FY): $133.29M

• Rating: 66 Neutral
• Price Target: $0.83 ▲(8.18% Upside)

Xtant Medical Holdings shows a positive outlook with strong revenue growth and operational improvements, as highlighted in the earnings call. Technical indicators support a bullish trend. However, high valuation metrics and ongoing profitability challenges temper the overall score.

Positive Factors

Revenue Growth

Sustained revenue growth indicates strong market demand and effective sales strategies, bolstering long-term business prospects.

Product Innovation

The launch of innovative products like Strata enhances the company's competitive edge and supports future revenue streams.

Balance Sheet Improvement

A stronger balance sheet with reduced leverage enhances financial stability and provides flexibility for strategic investments.

Negative Factors

Profitability Challenges

Ongoing profitability challenges could hinder reinvestment capabilities and affect long-term financial health.

Biologics Growth Below Expectations

Slower growth in biologics could impact the company's ability to capitalize on a key market segment, affecting future growth.

Cash Flow Generation

Negative free cash flow growth limits the company's ability to fund operations and invest in growth opportunities, impacting long-term sustainability.

Xtant Medical Holdings Business Overview & Revenue Model

Company Description

Xtant Medical Holdings (XTNT) is a medical technology company focused on developing and commercializing innovative solutions for the orthopedic and spinal surgery markets. The company specializes in regenerative medicine, offering a range of products including allograft tissue, spinal implants, and orthopedic surgical instruments designed to enhance patient outcomes and improve surgical efficiency. Xtant Medical operates primarily in the sectors of bone grafting and spinal surgery, positioning itself as a key player in the growing field of regenerative solutions.

How the Company Makes Money

Xtant Medical generates revenue primarily through the sale of its surgical products and devices, which include allografts, spinal implants, and orthopedic instrumentation. The company’s revenue model is built on a combination of direct sales to hospitals and surgical centers, as well as partnerships with distributors and medical device companies that expand their market reach. Key revenue streams include the sales of their proprietary allograft products, which are essential for various surgical procedures, and recurring sales from spinal implant systems. Additionally, Xtant Medical benefits from collaborations with healthcare providers and research organizations that enhance its product offerings and market presence, contributing positively to its earnings.

Xtant Medical Holdings Financial Statement Overview

Summary

Xtant Medical Holdings is showing signs of recovery with improving revenue and operational metrics. The balance sheet is strengthening with reduced leverage, but profitability and cash flow generation remain areas of concern. Continued focus on cost management and cash flow improvement will be crucial for sustained financial health.

Income Statement

Xtant Medical Holdings has shown a positive trend in revenue growth, with a TTM revenue increase of 4.16%. The gross profit margin is strong at 60.16% for TTM, indicating efficient cost management. However, the net profit margin remains negative, albeit improving, reflecting ongoing challenges in achieving profitability. The EBIT and EBITDA margins have turned positive in TTM, suggesting operational improvements.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.31 in TTM, indicating a healthier balance sheet with reduced leverage. The return on equity is still negative, but the trajectory shows improvement. The equity ratio is stable, suggesting a solid capital structure. Overall, the balance sheet reflects a strengthening financial position.

Cash Flow

Cash flow from operations has turned positive in TTM, a significant improvement from previous periods. However, free cash flow growth is negative, highlighting challenges in generating cash after capital expenditures. The operating cash flow to net income ratio is low, indicating limited cash generation relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	133.08M	117.27M	91.30M	57.97M	55.26M	53.34M
Gross Profit	82.54M	68.22M	55.47M	32.14M	32.49M	34.39M
EBITDA	10.90M	-7.88M	5.08M	-5.43M	-2.51M	1.33M
Net Income	1.75M	-16.45M	660.00K	-8.48M	-4.85M	-7.02M
Balance Sheet
Total Assets	106.32M	93.84M	92.61M	60.23M	54.69M	41.47M
Cash, Cash Equivalents and Short-Term Investments	10.40M	6.20M	5.71M	20.30M	18.24M	2.34M
Total Debt	15.08M	35.14M	23.56M	17.07M	16.84M	18.54M
Total Liabilities	55.94M	50.87M	41.26M	26.06M	23.81M	26.95M
Stockholders Equity	50.38M	42.96M	51.35M	34.17M	30.88M	14.51M
Cash Flow
Free Cash Flow	5.17M	-16.01M	-10.97M	-7.11M	-1.68M	-2.28M
Operating Cash Flow	7.83M	-11.90M	-9.52M	-5.34M	439.00K	-731.00K
Investing Cash Flow	2.65M	-3.73M	-24.78M	-1.56M	-1.89M	-1.30M
Financing Cash Flow	-6.88M	16.07M	19.69M	9.02M	17.50M	-861.00K

Xtant Medical Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.77
• 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 0.77 is above the 20-day moving average (MA) of 0.69, above the 50-day MA of 0.73, and above the 200-day MA of 0.63, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 59.90 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 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
XTNT	66 Neutral	$109.20M	76.47	3.64%	―	16.88%	―
APYX	60 Neutral	$147.71M	-9.88	-172.18%	―	-1.32%	55.62%
FONR	59 Neutral	$91.62M	13.13	4.34%	―	3.36%	-21.15%
NVNO	58 Neutral	$6.91M	-0.30	-57.19%	―	―	18.94%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VANI	44 Neutral	$99.94M	-3.10	-265.02%	―	―	-0.27%
TELA	44 Neutral	$50.76M	-1.29	―	―	12.24%	47.45%

Xtant Medical Holdings Corporate Events

Xtant Medical Sells Assets to Companion Spine

On December 1, 2025, Xtant Medical Holdings completed the sale of its Coflex and CoFix product assets and its shares in Paradigm Spine GmbH to Companion Spine, LLC, and Companion Spine SAS for a total of $19.2 million. This divestiture, which includes a mix of cash payments and an unsecured promissory note, is part of a strategic move to streamline operations and reduce debt, as $8 million of the proceeds were used to prepay a portion of the company’s term loan with MidCap Financial Trust.

Xtant Medical Approves Equity Plan Amendment at Meeting

On November 7, 2025, Xtant Medical Holdings held its annual stockholders meeting, where an amendment to the 2023 Equity Incentive Plan was approved, increasing the number of shares by 12,300,000. This decision, alongside other proposals such as the election of directors and the ratification of Grant Thornton LLP as the accounting firm, reflects the company’s strategic moves to enhance its operational framework and shareholder engagement.