Xtant Medical (US:XTNT)2024-11-12 21:10Revenue Performance - Third quarter 2024 revenue was $27.9 million, representing a 12% increase compared to $25.0 million in the prior year quarter[2] - Year-to-date revenue reached $85.8 million, up 36% compared to the prior year period[2] - Full year 2024 revenue guidance is reaffirmed at $116 million to $120 million, indicating annual growth of 27% to 31%[10] - Revenue for the three months ended September 30, 2024, was $27,937,000, a 11.5% increase from $25,019,000 in the same period of 2023[17] Profitability and Loss - Gross margin for the third quarter of 2024 was 58.4%, down from 61.3% in the prior year quarter[5] - Net loss for the third quarter of 2024 was $5.0 million, compared to net income of $9.2 million in the prior year quarter[7] - Adjusted EBITDA for the third quarter of 2024 was a loss of $196,000, compared to a gain of $440,000 in the prior year[8] - Gross profit margin decreased to 58.4% in Q3 2024 from 61.3% in Q3 2023[17] - Net loss for the three months ended September 30, 2024, was $(5,024,000), compared to a net income of $9,231,000 in the same period of 2023[17] - Non-GAAP Adjusted EBITDA for the three months ended September 30, 2024, was $(196,000), a decrease from $440,000 in the same period of 2023[19] Operating Expenses - Operating expenses for the third quarter of 2024 totaled $20.1 million, an increase of 7.3% compared to $18.7 million for the third quarter of 2023[6] - Total operating expenses increased to $20,084,000 in Q3 2024, up from $18,719,000 in Q3 2023, representing a 7.3% increase[17] - Research and development expenses increased to $701,000 in Q3 2024 from $490,000 in Q3 2023, reflecting a focus on innovation[17] - The company incurred interest expenses of $1,199,000 in Q3 2024, compared to $760,000 in Q3 2023, indicating increased borrowing costs[17] Cash Position - Cash and cash equivalents as of September 30, 2024, were $6.6 million, up from $5.7 million as of December 31, 2023[9] - Cash used in operating activities for the nine months ended September 30, 2024, was $(12,561,000), compared to $(8,600,000) in the same period of 2023[18] - Net cash used in investing activities was $(3,163,000) for the three months ended September 30, 2024, compared to $(22,471,000) in Q3 2023[18] - The company reported a total cash and restricted cash of $7,086,000 at the end of the period, down from $8,749,000 at the end of Q3 2023[18] Product Development - The company launched two new products: OsteoVive+ and Cortera Posterior Fixation System during the third quarter[2] - A license agreement for Q-Codes and SimpliMax Dual Layer Amniotic Membrane is expected to generate a minimum of $5.25 million in licensing and royalty fees[2]