Xtant Medical (US:XTNT)2022-03-27 11:05Company Overview - Xtant Medical is a leading orthobiologics and spine fixation business based in Bozeman, MT[8] - The company has exceptional market access with contracts and nationwide distribution[8] - Xtant Medical has a financially sound structure with debt conversion and an efficient cost structure[8] Market Analysis - The total worldwide (WW) market for spine and orthobiologics is $9.7 billion[17] - The total US market is $7.5 billion[17] - The US orthobiologics market is $2.4 billion[18, 21] Growth Strategy - Xtant aims to increase distributor revenue by 10% annually[34] - The company plans to add 10+ distributors per quarter to build a national network[34] - Xtant is focusing on new product flow to expand reach into new markets[29] Adjacent Markets - 79% of Xtant's biologics revenue is focused on spine procedures, with 21% in non-spine sales[37] - Potential bone graft markets include foot & ankle ($35 million), craniomaxillofacial reconstruction ($101 million), oncology ($625 million), joint ($102 million), and trauma ($159 million)[38]