Xtant Medical (XTNT) - 2024 Q2 - Quarterly Results

Financial Performance - Revenue for Q2 2024 was $29.9 million, representing a 48% increase compared to $20.2 million in Q2 2023[3] - Gross margin improved to 62.1%, up 50 basis points from 61.6% in the prior year quarter[4] - Net loss for Q2 2024 was $3.9 million, compared to a net loss of $2.2 million in the same quarter last year[4] - Adjusted EBITDA for Q2 2024 was $0.5 million, an increase from $0.1 million in Q2 2023[5] - Revenue for Q2 2024 reached $29,943,000, a 48.4% increase from $20,232,000 in Q2 2023[11] - Gross profit for Q2 2024 was $18,582,000, with a gross profit margin of 62.1%, compared to $12,459,000 and 61.6% in Q2 2023[11] - Total operating expenses increased to $21,528,000 in Q2 2024, up from $13,850,000 in Q2 2023, primarily driven by higher sales and marketing expenses[11] - Net loss for Q2 2024 was $3,861,000, compared to a net loss of $2,190,000 in Q2 2023[11] - Non-GAAP Adjusted EBITDA for Q2 2024 was $504,000, compared to $105,000 in Q2 2023[13] Cash Flow and Financing - Cash and cash equivalents as of June 30, 2024, were $5.4 million, down from $5.7 million at the end of 2023[5] - Cash used in operating activities for the first half of 2024 was $10,843,000, significantly higher than $4,766,000 in the same period of 2023[12] - The company reported a net cash provided by financing activities of $11,613,000 in the first half of 2024, compared to $6,522,000 in the same period of 2023[12] - The company had cash and cash equivalents of $5,379,000 at the end of the period, compared to $4,138,000 at the end of Q2 2023[12] - The company entered into a $5.0 million private placement on August 7, 2024[2] Product Development and Market Expansion - Two new amniotic membrane allografts products, SimpliGraft™ and SimpliMax™, were launched in Q2 2024[2] - The company signed 15 new distributors and awarded 20 IDN contracts in Q2 2024[2] Operating Expenses - Operating expenses for Q2 2024 totaled $21.5 million, up from $13.9 million in Q2 2023[4] - The company incurred $13,179,000 in sales and marketing expenses in Q2 2024, up from $8,716,000 in Q2 2023[11] - Research and development expenses increased to $636,000 in Q2 2024, compared to $180,000 in Q2 2023[11] Future Outlook - The company expects full year 2024 revenue to be between $116 million and $120 million, indicating annual growth of approximately 27% to 31% compared to 2023[6]