Xtant Medical Holdings, Inc. · AMEX:XTNT
Xtant Medical — Investor Presentation (February 2026)
19 slides from Xtant Medical's investor presentation, February 2026
Slide 1: Investor Presentation
Investor Presentation February 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 In-house, proprietary manufacturing drives improved business, a $2.5 billion US addressable market margins and supp
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: $8.1B Xtant’s current portfolio addresses the entire $2.5B orthobiologics market: Demineralized Bone Graft Growth Factor $485M $672M Allograft $163M Cellular Allograft Synthetic Bone $511M Graft $583M SPINAL IMPLANTS ORTHOBIOLOGICS
Slide 8: Achieving Robust Revenue Growth
Achieving Robust Revenue Growth Growth includes revenue All organic from acquisitions growth Xtant has raised its $131M-$135M* full-year 2025 revenue guidance $117.5M twice this year $91.3M $55M $58M $51M FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 (est.) 8
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
Diversify Into High-Value Adjacent Markets Diversification 2 Evolve into a pure-play regenerative biologics company NERVE REGENERATIONr HEMOSTATIC BIOLOGICS $2.2B $1.2B ORTHOBIOLOGICS CHRONIC WOUND CARE TISSUE BANK SPORTS MEDICINE $10.0B ($2.5B) $7.2B ANTIMICROBIAL BIOLOGICS SURGICAL REPAIR $500M+ $
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: Sale Of Non-Core Assets Creates Enhanced Focus
Sale Of Non-Core Assets Creates Enhanced Focus Completed in Q4 2025 CoFix® Purchase price of ~$19.2 million allowed XTANT to: Enhance focus on core All OUS businesses businesses Reduce outstanding debt Strengthen cash position Coflex® 16
Slide 17: Improving Financial Profile
Improving Financial Profile All figures in millions, except EPS Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Revenue $27.9 $31.5 $32.9 $35.4 $33.3 Q3’25 – a continuation of positive YoY growth 12% 12% 18% 18% 19% trends: net income, adjusted Gross margin 58% 51% 62% 69% 66% EBITDA and operating cash flow Net incom
Slide 18: 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 In-house, proprietary manufacturing drives improved business, a $2.5 billion US addressable market margins and supp
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation XTANT MEDICAL HOLDINGS, INC. CALCULATION OF NON-GAAP CONSOLIDATED EBITDA AND ADJUSTED EBITDA (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net Income (Loss) $ 1,308 $ (5,024) $ 4,916 $ (13,284) Depreciation and amor
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