Xtant Medical Holdings, Inc. · AMEX:XTNT
Xtant Medical — Q2 2025 Earnings Presentation
19 slides from Xtant Medical's earnings presentation, Aug 12, 2025
Slide 1: Xtant Medical August 2025
XTANT MEDICAL August 2025 www.xtantmedical.com
Slide 2: Disclosure Statements
Disclosure Statements Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, that depend u
Slide 3: Disclosure Statements: Non-GAAP Financial Information
Disclosure Statements Non-GAAP Financial Information To supplement the Company's consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures in this release, including adjusted EBITDA. Reconc
Slide 4: Xtant Medical is a global medical technology company
Xtant Medical is a global medical technology company focused on the design, manufacture and commercialization of regenerative biologics and spinal implant systems
Slide 5: At an operational and financial inflection point
At an operational and financial inflection point Increasing focus on high-margin orthobiologics In-house, proprietary manufacturing drives improved business, a $2.5 billion US addressable market margins and supply chain control opportunity with over $10 billion in adjacent markets Q2 2025 revenue of
Slide 6: Sale Of Non-Core Assets Creates Enhanced Focus
Sale Of Non-Core Assets Creates Enhanced Focus Expected to close in Q3 2025 XTANT MEDICAL All OUS businesses “I Coflex® Transaction proceeds of ~$19.2 million allow XTANT to: 6 COMPANION Enhance focus on core SPING businesses Reduce outstanding debt Strengthen cash position XTANT MEDICAL
Slide 7: Xtant's Full-service Product Offering
Xtant's Full-service Product Offering Addresses a growing set of physician and patient needs BIOLOGICS FIXATION Milled a os by tl ay Grafts = Cervical Fusion all if - wn Demineralized Py \y , é Bone Matrix = i Synthetic 7 4 - Bone Grafts ex Viable Bone RK Matrix Growth Factor = | Posterior Thoracic
Slide 8: Xtant's current portfolio addresses the entire $2.5B orthobiologics market
Xtant’s current portfolio addresses the entire $2.5B orthobiologics market: Allograft, $163M Cellulart Allograft, $511M $5.6B $2.5B Xtant is the ONLY orthobiologics company to manufacture ALL FIVE orthobiologic product categories
Slide 9: Achieving Robust Revenue Growth
Achieving Robust Revenue Growth Growth includes revenue All organic from acquisitions growth I lI l Xtant has raised its $131M-$135M* full-year 2025 revenue guidance $117.5M twice this year * 2025 guidance not yet adjusted for the sale of assets to Companion Spine, anticipated to close in Q3 FY 2020
Slide 10: Biologics Diversification
Biologics Diversification 1 2 v This is what we do best! v_ Less reliance on the spine v Recognize operating leverage as v Vertically integrated market the business scales v Emphasize next-generation v_ Expand into high-value v Drive greater penetration of core DBM! products adjacent markets distrib
Slide 11: Biologics Vertical Integration
Biologics Vertical Integration Moving from lower margin manufacturing to higher margin $400/CC Growth ¢ Manufacture the Factor highest quality _ products Matrix * Own the supply Amnion chain Pr . Demineralized Synthetics * Generate improved Bone margins Allograft $100/CC Gross Margin % 50% 90%
Slide 12: Next-Generation DBM Products
Next-Generation DBM Products Improving margin profile of base DBM business DBM represents ~59% of total biologics revenue $400/CC New DBM products carry significantly Pri higher revenue and margin opportunities $100/CC Demineralized Bone Allograft 50% Gross Margin % Viable Bone Matrix Synthetics Bio
Slide 13: Recent Innovation Reflects Commitment To Physicians And Patients
Recent Innovation Reflects Commitment To i Physicians And Patients Xtant continues to develop novel technologies that enhance its product portfolio Overarching Strategy: 1. Develop best-in-class orthobiologics technologies in-house Expand margins through vertical integration 2 3. Control supply and
Slide 14: Pipeline Biologics
Pipeline Biologics 1 Develop products with enhanced regenerative capabilities that command premium pricing Development Pursue short- to mid-term winnable opportunities Priorities: Complement existing operational and quality infrastructure Produce clinically validated, commercially proven products Ma
Slide 15: Diversify Into High-Value Adjacent Markets
Diversify Into High-Value Adjacent Markets Evolve into a pure-play regenerative biologics company NERVE REGENERATION HEMOSTATIC BIOLOGICS $2.2B x <) p $1.28 ORTHOBIOLOGICS 4 TISSUE BANK SPORTS MEDICINE CHRONIC WOUND CARE F $12.0B ($2.5B) $7.2B ANTIMICROBIAL BIOLOGICS * SURGICAL REPAIR $500M+ o - $50
Slide 16: Profitability
Profitability ) Generate operating leverage as the business scales ea fo \ ( ) Drive greater penetration of distributor and IDN contracts XL L ( ) Drive sales of Xtant-branded products \ _ y / Q ] Monetize excess capacity through OEM/Contract Manufacturing XTANT MEDICAL
Slide 17: Improving Financial Profile
Improving Financial Profile All figures in millions, except EPS Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Revenue $29.9 $27.9 $31.5 $32.9 $35.4 YoY growth 48% 12% 12% 18% 18% Gross margin 62% 58% 51% 62% 69% Net income/loss -$3.9 -$5.0 -$3.2 $0.1 $3.6 Adjusted EBITDA -$0.6 -$0.2 $0.4 $3.0 $6.9 EPS - basic -$0.0
Slide 18: At an operational and financial inflection point
At an operational and financial inflection point Increasing focus on high-margin orthobiologics In-house, proprietary manufacturing drives improved business, a $2.5 billion US addressable market margins and supply chain control opportunity with over $10 billion in adjacent markets Q2 2025 revenue of
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation XTANT MEDICAL HOLDINGS, INC. CALCULATION OF NON-GAAP CONSOLIDATED EBITDA AND ADJUSTED EBITDA (In thousands) 30, 2025 2024 2025 2024 Net Income (Loss) $ 3550 $ (3861) $ 3,608 $ (6,261) Depreciation and amortization 1,169 998 2,243 2,003 Interest expense 1,004 992 2,049
Xtant Medical Holdings — Q2 2025 Earnings Presentation on 6ix