Xtant Medical Holdings, Inc. · AMEX:XTNT
Xtant Medical — Q2 2026 Earnings Presentation
20 slides from Xtant Medical's earnings presentation, Aug 11, 2026
Slide 1: Investor Presentation
Investor Presentation August 2026 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 4
Slide 5: XTNT: A Compelling Investment Opportunity
XTNT: A Compelling Investment Opportunity At an operational and financial inflection point Large Market Opportunity Vertically Integrated Increasing focus on high-margin orthobiologics business, In-house, proprietary manufacturing drives improved a $4 billion US addressable market opportunity with o
Slide 6: Xtant's Full-service Product Offering
Xtant's Full-service Product Offering Addresses a growing set of physician and patient needs BIOLOGICS FIXATION Viable Bone Matrix Cervical Fusion Growth Factor Axle® Posterior Thoracic Fusion/ Thoracic Lumbar Demineralized Bone Matrix Synthetic TLIF/PLIF/ALIF Bone Grafts Lumbar Fusion Silex® Amnio
Slide 7: Significant U.S. Market Opportunity With A 5% CAGR
Significant U.S. Market Opportunity With A 5% CAGR Total US market: $12.5B Xtant’s current portfolio addresses $3B of the $3.9B orthobiologics market: Demineralized Bone Graft Growth Factor $535M $812M Allograft $203M Cellular Allograft Synthetic Bone $660M Graft $773M SPINAL IMPLANTS HEMOSTATICS OR
Slide 8: Achieving Robust Revenue Growth
Achieving Robust Revenue Growth $ in millions $160 The year-over-year revenue decline is primarily due to: $140 $134 1. The sale of the company's $118 Coflex/CoFix assets and international $120 hardware business to Companion $101 * Spine in December of 2025; $100 $91 2. License revenue from the comp
Slide 9: XTNT Focus Areas
XTNT Focus Areas Biologics Diversification Profitability 1 2 3 ✓ This is what we do best! ✓ Less reliance on the spine ✓ Recognize operating leverage as ✓ Vertically integrated market the business scales ✓ Create clinical and ✓ Expand into high-value ✓ Drive self-sustainability regulatory moat adjac
Slide 10: Vertical Integration
Biologics Vertical Integration 1 Moving from lower margin manufacturing to higher margin $400/CC Growth • Manufacture the Factor Viable highest quality Bone products Matrix • Own the supply Amnion Price chain Demineralized Synthetics • Generate improved Bone margins Allograft $100/CC Gross Margin %
Slide 11: Next-Generation DBM Products
Biologics Next-Generation DBM Products 1 Improving margin profile of base DBM business $400/CC • DBM represents Growth Viable Factor ~59% of total Bone biologics revenue Enhanced Matrix DBM • New DBM products Amnion Price carry significantly higher revenue and Demineralized Synthetics Bone margin op
Slide 12: Recent Innovation
Recent Innovation Biologics 1 Xtant continues to develop novel technologies that enhance its product portfolio Overarching Strategy: 1. Develop best-in-class orthobiologics technologies in-house 2. Expand margins through vertical integration 3. Control supply and prevent backorders by leveraging int
Slide 13: Development Pipeline
Development Pipeline Biologics 1 Xtant continues to upgrade legacy orthobiologics and diversify portfolio into adjacent markets Development Priorities: 1. Develop products with enhanced regenerative capabilities that command premium pricing 2. Pursue short-term winnable opportunities 3. Defined deve
Slide 14: Diversify Into High-Value Adjacent Markets
Diversification Diversify Into High-Value Adjacent Markets 2 Evolve into a pure-play regenerative biologics company NERVE REGENERATIONr HEMOSTATIC BIOLOGICS** $2.2B $1.0B ** Incremental US TAM resulting from Dilon Technologies US distribution agreement ORTHOBIOLOGICS CHRONIC WOUND CARE TISSUE BANK S
Slide 15: Profitability
Profitability Profitability 3 Generate operating leverage as the business scales Drive greater penetration of distributor and revenue/case STEP TWO: Build National Network Drive sales of Xtant-branded products Strategically grow OEM/Contract Manufacturing 15
Slide 16: Exclusive U.S. Distribution Agreement for HEMOBLAST Bellows
Exclusive U.S. Distribution Agreement for HEMOBLAST® Bellows Agreement with Dilon Technologies expands Xtant into $1B US hemostatic biologics market Strategic Rationale Transaction Details Growth Opportunity Xtant acquires exclusive U.S. rights to Xtant paid Dilon a $5.0 million Targets the estimate
Slide 17: Sale Of Non-Core Assets Creates Enhanced Focus
Sale Of Non-Core Assets Creates Enhanced Focus Completed in Q4 2025 CoFix® Purchase price of ~$21.4 million allowed XTANT to: Enhance focus on core All OUS businesses businesses Reduce outstanding debt and strengthen its cash position Coflex® 17
Slide 18: Financial Summary
Financial Summary All figures in millions, except EPS Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2’26 Note: Q2’26 revenue excludes: Revenue $32.9 $35.4 $33.3 $32.4 $20.9 $23.0 YoY growth 18% 18% 19% 3% -37% -35% 1. Revenue from the company's Gross margin 62% 69% 66% 55% 57% 58% Coflex/CoFix assets and Net incom
Slide 19: XTNT: A Compelling Investment Opportunity
XTNT: A Compelling Investment Opportunity At an operational and financial inflection point Large Market Opportunity Vertically Integrated Increasing focus on high-margin orthobiologics business, In-house, proprietary manufacturing drives improved a $4 billion US addressable market opportunity with o
Slide 20: Calculation of Non-GAAP Consolidated EBITDA and Adj. EBITDA
Calculation of Non-GAAP Consolidated EBITDA and Adj. EBITDA ($ in 000s) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net (Loss) Income $ (9,413) $ 3,550 $ (12,502) $ 3,608 Depreciation and amortization 508 1,169 1,042 2,243 Interest expense, net 541 1,004 921 2,049 Tax e
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