Xtant Medical Reports Second Quarter 2026 Financial Results

About this update from Xtant Medical Holdings, Inc.

Launched Trivium™ Shaped, an extension of its Trivium line of premium, next-generation demineralized bone matrix allograft for bone grafting procedures Company to host investor conference call and webcast today, August 11 th , at 8:30am ET BELGRADE, Mont. , Aug. 11, 2026 /PRNewswire/ -- Xtant Medical Holdings, Inc. (NYSE American: XTNT), a medical technology company focused on surgical solutions for spinal and other orthopedic conditions, today reported financial and operating results for the second quarter ended June 30, 2026. Second Quarter 2026 Financial Highlights Generated total revenue of $23.0 million for the second quarter of 2026, as compared to $35.4 million for the second quarter of 2025. The decline in revenue relates primarily to the sale of the non-core Coflex/CoFix assets and international hardware business to Companion Spine in December 2025 as well as license revenue that ceased at the end of 2025 due to changes in the reimbursement environment. Second Quarter 2026 and Recent Business Highlights Announced an exclusive U.S. distribution agreement with privately held Dilon Technologies whereby Xtant has acquired the exclusive U.S. commercial rights to Dilon's HEMOBLAST® Bellows product for high-performance hemostasis following certain surgical procedures. As part of the transaction, Xtant has hired Dilon's approximately 20-person U.S. sales team, who will support Xtant's entire biologics portfolio. Launched Trivium™ Shaped, an extension of its Trivium line of premium, next-generation demineralized bone matrix allograft for bone grafting procedures. Trivium™ Shaped is available in pre‑shaped configurations designed to support handling, preparation, and placement across a range of surgical applications. Sean Browne, President and CEO of Xtant Medical, stated, "The second quarter reflected continued execution of our strategy to broaden our core biologics portfolio while expanding access to more hospitals and surgeons. The Dilon distribution agreement added a complementary hemostatic technology and significant commercial resources, which, together with the introduction of Trivium Shaped, strengthen our platform and position us for sustained long-term growth." Second Quarter 2026 Financial Results Revenue for the second quarter of 2026 was $23.0 million, compared to $35.4 million for the same period in 2025. The year-over-year decline is primarily due to the sale of the Company's non-core Coflex/CoFix assets and international hardware business to Companion Spine in December of 2025, as well as license revenue from Xtant's Q-code and amniotic membrane agreements in the second quarter of 2025 that did not repeat in the second quarter of 2026 due to changes in the reimbursement environment. Gross margin for the second quarter of 2026 was 57.9%, compared to 68.6% for the same period in 2025. The decrease was primarily due to the cessation of Q-code high-margin license revenue from the amniotic membrane agreements that ceased at the end of 2025, together with reduced production efficiencies and increased charges for excess and obsolete inventory. Operating expenses for the second quarter of 2026 totaled $22.5 million, compared to $19.7 million for the second quarter of 2025. The increase was primarily due to a $5.0 million exclusivity fee paid to Dilon Technologies in connection with the Company's distribution agreement, partially offset by lower general and administrative and sales and marketing expenses following the Company's December 2025 sale of its Coflex/CoFix assets and international hardware business to Companion Spine. Second quarter 2026 net loss was $9.4 million, compared to net income of $3.6 million for the second quarter of 2025. Non-GAAP adjusted EBITDA loss for the second quarter of 2026 totaled $2.7 million, compared to positive adjusted EBITDA of $6.9 million for the same period in 2025. The Company defines adjusted EBITDA as net income/loss from operations before depreciation, amortization and interest income/expense and provision for income tax/benefit, and as further adjusted to add back in or exclude, as applicable, non-cash compensation, the write-off of the distribution agreement deposit, disposition/acquisition-related income and expenses, acquisition-related fair value adjustments, unrealized foreign currency translation gain or loss, and separation-related expenses. A calculation and reconciliation of adjusted EBITDA to net income (loss) can be found in the attached financial tables. As of June 30, 2026, the Company had $9.9 million of cash and cash equivalents, total indebtedness of $23.0 million, and availability under its revolving credit facility of $0.7 million, compared to $17.3 million of cash and cash equivalents, total indebtedness of $25.4 million, and availability under its revolving credit facility of $3.8 million as of December 31, 2025. The decrease in total indebtedness reflects a $3.8 million reduction in term loan principal, including $2.8 million from proceeds received from Companion Spine in the first quarter of 2026, partially offset by net borrowings of $1.1 million under the Company's revolving credit facility during the first half of 2026, used primarily to fund the $5.0 million exclusivity fee paid to Dilon Technologies and for working capital. The Company believes its current cash and availability under its credit facility are sufficient to fund operations, as currently planned, for at least the next 12 months. 2026 Financial Guidance Reflecting lower-than-expected biologics revenue in the second quarter, as well as ongoing headwinds related to its amnio product line directly tied to the advanced wound care market, Xtant is today modestly reducing its full-year guidance to a range of $99 million to $103 million, from $101 million to $105 million previously. Conference Call Xtant Medical will host a webcast and conference call to discuss its second quarter 2026 financial and operating results at 8:30 am ET today, August 11, 2026. To access the webcast: https://www.webcaster5.com/Webcast/Page/3039/54128 To access the conference call, dial 888-506-0062 (US) or 973-528-0011 (International) and reference Participant Access Code 844793. A replay of the call will be available on the Investor section of the Company's website at www.xtantmedical.com  for a period of one year. About Xtant Medical Holdings, Inc. Xtant Medical's mission of honoring the gift of donation so that our patients can live as full and complete a life as possible, is the driving force behind our company. Xtant Medical Holdings, Inc. ( www.xtantmedical.com ) is a medical technology company focused on the design, development, and commercialization of a comprehensive portfolio of orthobiologics serving the chronic and surgical wound care and sports medicine markets, as well as spinal implant systems. Xtant people are dedicated and talented, operating with the highest integrity to serve our customers. The symbols ™ and ® denote trademarks and registered trademarks of Xtant Medical Holdings, Inc. or its affiliates, registered as indicated in the United States, and in other countries. All other trademarks and trade names referred to in this release are the property of their respective owners. Non-GAAP Financial Measures 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, adjusted EBITDA as a percentage of total revenue. Reconciliations of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the respective periods can be found in this release or tables later in this release. The Company's management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company's operations, period over period. Management uses the non-GAAP measures in this release internally for evaluation of the performance of the business, including the allocation of resources. Investors should consider non-GAAP financial measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. Cautionary Statement Regarding Forward-Looking Statements This press release 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 upon or refer to future events or conditions, or that include words such as "intends," ''expects,'' ''anticipates,'' ''plans,'' ''believes,'' "continue," "future," ''will,'' "potential," "guidance," similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this release include the Company's full year 2026 revenue guidance. The Company cautions that its forward-looking statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the Company's future operating results, financial performance and need for additional capital; the Company's ability to achieve sustained long-term growth; the success of the distribution arrangement and the HEMOBLAST® Bellows product, including future U.S. sales and the additional U.S. sales personnel and their impact on the Company's business and operating results; the possibility that the distribution agreement may be terminated by either party and the effect of any such termination on the Company and its ability to recapture the $5.0 million exclusivity fee it paid Dilon; the effect of the distribution agreement on the Company's business, including its relationships with other distributors, independent sales representatives and personnel, and its business and operating results; the ability of Dilon to continue to manufacture and supply the Company the HEMOBLAST® Bellows product and the effect of any such non-performance on the Company and its business and operating results; the success of the Company's expanded field sales force to improve the Company's reach and leverage its contract portfolio and independent agent network; the Company's ability to become operationally self-sustaining and less reliant on third-party manufacturers and suppliers; risks associated with acquisitions and dispositions; its ability to implement successfully its future growth initiatives and risks associated therewith; possible future impairment charges to long-lived assets and goodwill and write-downs of excess and obsolete inventory; its ability to continue to innovate, develop and introduce new products and the success of those products; its ability to remain competitive; its ability to engage and retain new and existing independent distributors and agents and qualified sales and other personnel and its dependence on key independent agents for a significant portion of its revenue; the effect of inflation, elevated interest rates and other recessionary factors and supply chain disruptions; the effect of product sales mix changes on its financial results; the effect of government and third-party coverage and reimbursement for its products; its ability to obtain and maintain regulatory approvals and comply with government regulations; the effect of product liability claims and other litigation to which the Company may be subject; the effect of product recalls and defects; its ability to license intellectual property on commercially reasonable terms and to maintain any such licenses and its ability to obtain and protect its intellectual property and proprietary rights and operate without infringing the rights of others; its ability to service its debt, comply with debt covenants, and access additional indebtedness or financing on favorable terms or at all, if and when needed; and other factors described in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (SEC) on March 30, 2026 and subsequent SEC reports, including its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 to be filed with the SEC on or about August 11, 2026. Investors are encouraged to read the Company's filings with the SEC, available at www.sec.gov , for a discussion of these and other risks and uncertainties. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this cautionary statement. -- Tables Follow – XTANT MEDICAL HOLDINGS, INC Consolidated Balance Sheets (In thousands, except number of shares and par value) As of June 30, 2026 As of December 31, 2025 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 9,870 $ 17,053 Restricted cash 347 275 Trade accounts receivable, net of allowance for credit losses and doubtful accounts of $2,234 and $2,165, respectively 19,416 17,803 Inventories 33,287 30,263 Note receivable — 10,462 Prepaid and other current assets 1,857 2,389 Total current assets 64,777 78,245 Property and equipment, net 5,542 6,202 Right-of-use asset, net 2,894 3,192 Goodwill 6,074 6,074 Intangible assets, net 252 299 Other assets 128 133 Total Assets $ 79,667 $ 94,145 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 6,154 $ 3,844 Accrued liabilities 7,481 10,626 Current portion of long-term debt 3,720 3,500 Current portion of lease liability 594 622 Current portion of finance lease obligations 29 35 Line of credit 11,985 10,857 Total current liabilities 29,963 29,484 Long-term Liabilities: Lease liability, less current portion 2,397 2,665 Finance lease obligation, less current portion — 12 Long-term debt, plus premium and less issuance costs 7,287 11,026 Other liabilities 5 5 Total Liabilities 39,652 43,192 Commitments and Contingencies Stockholders' Equity: Preferred stock, $0.000001 par value; 10,000,000 shares authorized; no shares issued and outstanding — — Common stock, $0.000001 par value; 300,000,000 shares authorized; 140,262,960 shares issued and outstanding as of June 30, 2026 and 140,039,557 shares issued and outstanding as of December 31, 2025 — — Additional paid-in capital 307,004 305,439 Accumulated other comprehensive loss (1) — Accumulated deficit (266,988) (254,486) Total Stockholders' Equity 40,015 50,953 Total Liabilities & Stockholders' Equity $ 79,667 $ 94,145   XTANT MEDICAL HOLDINGS, INC Consolidated Statements of Operations (Unaudited, in thousands, except number of shares and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue Product revenue $ 23,031 $ 30,436 $ 43,915 $ 59,720 License revenue — 4,975 — 8,595 Total Revenue 23,031 35,411 43,915 68,315 Cost of sales 9,701 11,127 18,614 23,788 Gross Profit 13,330 24,284 25,301 44,527 Operating Expenses General and administrative 6,436 7,478 12,709 15,011 Sales and marketing 10,368 11,616 18,554 22,820 Research and development 695 566 1,130 1,009 Write-off of distribution agreement deposit 5,000 — 5,000 — Total Operating Expenses 22,499 19,660 37,393 38,840 (Loss) Income from Operations (9,169) 4,624 (12,092) 5,687 Other Expense Interest expense (542) (1,004) (1,141) (2,049) Interest income 1 — 220 — Unrealized foreign currency translation gain 23 178 22 202 Other income (expense) 347 7 589 (2) Total Other Expense (171) (819) (310) (1,849) Net (Loss) Income from Operations Before Provision for Income Taxes (9,340) 3,805 (12,402) 3,838 Provision for Income Taxes Current and Deferred (73) (255) (100) (230) Net (Loss) Income $ (9,413) $ 3,550 $ (12,502) $ 3,608 Net (Loss) Income Per Share: Basic $ (0.07) $ 0.03 $ (0.09) $ 0.03 Dilutive $ (0.07) $ 0.02 $ (0.09) $ 0.02 Shares used in the computation: Basic 140,258,667 139,310,589 140,159,255 139,190,378 Dilutive 140,258,667 148,574,242 140,159,255 148,339,423   XTANT MEDICAL HOLDINGS, INC Consolidated Statements of Cash Flows (Unaudited, in thousands) Six Months Ended June 30, 2026 2025 Operating activities: Net (loss) income $ (12,502) $ 3,608 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 1,042 2,243 Loss (gain) on sale of fixed assets 5 (49) Non-cash interest 251 289 Stock-based compensation 1,621 1,524 Provision for reserve on accounts receivable 463 395 Provision for excess and obsolete inventory 1,496 490 Write-off of distribution agreement deposit 5,000 — Other 3 46 Changes in operating assets and liabilities: Accounts receivable (2,076) (6,873) Inventories (3,591) (1,349) Prepaid and other assets (298) 347 Accounts payable 2,309 (880) Accrued liabilities (3,145) 2,763 Net cash (used in) provided by operating activities (9,422) 2,554 Investing activities: Purchases of property and equipment (441) (1,557) Proceeds from sale of fixed assets 102 97 Distribution agreement deposit (5,000) — Proceeds from divestitures 10,368 — Net cash provided by (used in) investing activities 5,029 (1,460) Financing activities: Borrowings on line of credit 27,895 51,812 Repayments on line of credit (26,767) (51,925) Payments on long-term debt (3,771) — Debt issuance costs — (49) Payments on financing leases (18) (34) Payment of taxes from withholding of common stock on settlement of restricted stock units (56) (61) Net cash used in financing activities (2,717) (257) Effect of exchange rate changes on cash and cash equivalents and restricted cash (1) (21) Net change in cash and cash equivalents and restricted cash (7,111) 816 Cash and cash equivalents and restricted cash at beginning of period 17,328 6,221 Cash and cash equivalents and restricted cash at end of period $ 10,217 $ 7,037 Reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated balance sheets Cash and cash equivalents $ 9,870 $ 6,923 Restricted cash 347 114 Total cash and restricted cash reported in condensed consolidated balance sheets $ 10,217 $ 7,037   XTANT MEDICAL HOLDINGS, INC CALCULATION OF NON-GAAP CONSOLIDATED EBITDA AND ADJUSTED EBITDA (in thousands) Three Months Ended June 30, Six Months Ended 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 expense 73 255 100 230 Non-GAAP EBITDA (8,291) 5,978 (10,439) 8,130 Net (Loss) Income/Total Revenue (40.9) % 10.0 % (28.5) % 5.3 % Non-GAAP EBITDA/Total Revenue (36.0) % 16.9 % (23.8) % 11.9 % NON-GAAP ADJUSTED EBITDA CALCULATION Non-cash compensation 875 766 1,621 1,524 Write-off of distribution agreement deposit 5,000 — 5,000 — Divestiture/acquisition-related expenses (283) 295 (518) 295 Acquisition-related fair value adjustments 44 60 95 171 Unrealized foreign currency translation gain (23) (178) (22) (202) Separation related expenses — (17) — 23 Non-GAAP Adjusted EBITDA $ (2,678) $ 6,904 $ (4,263) $ 9,941 Non-GAAP Adjusted EBITDA/Total Revenue (11.6) % 19.5 % (9.7) % 14.6 %   View original content to download multimedia: https://www.prnewswire.com/news-releases/xtant-medical-reports-second-quarter-2026-financial-results-302847802.html SOURCE Xtant Medical Holdings, Inc.

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