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]

Core Viewpoint - Xtant Medical Holdings, Inc. reported strong financial results for Q2 2025, achieving positive net income, adjusted EBITDA, and operating cash flow, while raising its FY25 revenue guidance to $131-$135 million, indicating growth of 11%-15% over FY24 [1][10]. Financial Highlights - Revenue increased by 18% to $35.4 million compared to $29.9 million in Q2 2024, driven by higher orthobiologics sales and licensing revenue [4][7]. - Gross margin improved to 68.6% from 62.1% in the same quarter last year, attributed to royalty revenue, lower product costs, and greater scale [4][7]. - Operating expenses decreased to $19.7 million from $21.5 million in Q2 2024, mainly due to reduced compensation and commission expenses [5][7]. - Net income reached $3.6 million, or $0.02 per share, compared to a net loss of $3.9 million, or $(0.03) per share, in Q2 2024 [5][7]. - Non-GAAP adjusted EBITDA for Q2 2025 was $6.9 million, a significant improvement from an adjusted EBITDA loss of $569,000 in Q2 2024 [6][7]. Business Developments - The company launched OsteoFactor Pro™, a next-generation growth factor, and Trivium™, a premium demineralized bone matrix allograft, enhancing its product offerings in the orthobiologics market [3][7]. - Xtant Medical announced agreements to sell non-core spinal implant and OUS businesses to Companion Spine for approximately $19.2 million, which is expected to strengthen its balance sheet and support the development of its biologics pipeline [3][7]. Financial Guidance - The company raised its full-year 2025 revenue guidance to a range of $131 million to $135 million, reflecting an increase from the previous guidance of $127 million to $131 million [10].