Xtant Medical Reports Third Quarter 2025 Financial Results

Core Insights - Xtant Medical Holdings, Inc. reported a total revenue of $33.3 million for Q3 2025, reflecting a 19% increase year-over-year, primarily driven by licensing revenue [1][3][13] - The company achieved a gross margin of 66.1%, up from 58.4% in the same quarter of the previous year, attributed to a favorable sales mix and greater scale [3][13] - Xtant Medical reiterated its full-year 2025 revenue guidance of $131-$135 million, indicating an expected growth of 11%-15% over FY24 [1][8] Financial Performance - Operating expenses decreased to $19.5 million in Q3 2025 from $20.1 million in Q3 2024, mainly due to reduced compensation and commission expenses [4][13] - The company reported a net income of $1.3 million, or $0.01 per share, compared to a net loss of $5.0 million, or $(0.04) per share, in Q3 2024 [4][13] - Non-GAAP adjusted EBITDA for Q3 2025 was $4.5 million, a significant improvement from an adjusted EBITDA loss of $1.0 million in the same period last year [5][13] Cash Flow and Assets - As of September 30, 2025, Xtant Medical had cash and cash equivalents of $10.6 million, an increase from $6.2 million at the end of 2024 [7][13] - The company generated $4.6 million in cash from operations in Q3 2025, compared to cash used in operations of $1.7 million in Q3 2024 [13] Strategic Developments - The anticipated sale of certain non-core spinal implant assets and international businesses to Companion Spine is expected to close by the end of 2025, allowing the company to focus on its core biologics business [2][13] - Xtant Medical launched CollagenX™, a bovine collagen particulate product aimed at enhancing surgical wound closure and promoting healing [13][21]