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Xtant Medical (XTNT) investor relations material
Xtant Medical Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved 19% year-over-year revenue growth in Q3 2025, with total revenue of $33.3 million and positive net income of $1.3 million, reversing a net loss of $5.0 million in Q3 2024, and adjusted EBITDA of $4.5 million.
Gross margin improved to 66.1% in Q3 2025 from 58.4% in Q3 2024, attributed to favorable sales mix and scale.
Announced pending sale of non-core Coflex and Cofix implant assets and international Paradigm Spine entities for $19.2 million, with $7.5 million in non-refundable deposits received, expected to close by year-end.
Focused on self-sustainability through higher-margin biologics, in-house manufacturing, and disciplined operating expenses, now shifting to drive top-line growth and commercial expansion.
Operating cash flow was $4.6 million in Q3 2025, up from cash used of $1.7 million in the prior year quarter.
Financial highlights
Q3 2025 revenue was $33.3 million, up from $27.9 million in Q3 2024, driven by $5.5 million in licensing revenue and $576,000 in additional biologics revenue, partially offset by a 6% decline in hardware revenue.
Product revenue for Q3 2025 was $27.8 million, license revenue $5.5 million; for the nine months, product revenue was $87.5 million, license revenue $14.1 million.
Operating expenses decreased to $19.5 million from $20.1 million, mainly due to lower compensation and commissions.
Cash and cash equivalents totaled $10.6 million at quarter-end, up from $6.2 million at year-end 2024, with $5.7 million available under revolving credit facilities.
Net working capital increased to $42.8 million from $38.5 million at year-end 2024.
Outlook and guidance
Reiterated full-year 2025 revenue guidance of $131–$135 million, representing 11–15% growth over 2024.
Initial 2026 revenue guidance to be provided with Q4 results in March 2026.
Management expects regulatory changes to reimbursement for certain products to take effect January 1, 2026, which may impact future license revenue.
Cash, anticipated operating cash flows, and available credit are expected to be sufficient to meet requirements through at least November 2026.
Quantify future revenue impact of asset sale
Product revenue growth outlook for biologics
CollagenX revenue contribution expectations
Commercial team expansion impact on biologics
Future strategy for remaining hardware business
New products offsetting legacy DBM decline
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Next Xtant Medical earnings date
Q4 20256 Mar, 2026
Next Xtant Medical earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Xtant Medical Holdings Inc develops and manufactures regenerative medicine products and medical devices for orthopedic and neurological surgeons in the United States and internationally. The Company's OsteoSponge biomaterial is a natural scaffold used to promote bone formation or repair. Its other products include OsteoStop, an autologous cell therapy that induces a pro-inflammatory response to reduce endothelial cell activation, OsteoSelect DBM Putty for use as a bone void filler and bone graft substitute in the pelvis, extremities, and posterolateral spine; OsteoSelect PLUS DBM Putty for use as a bone void filler and bone graft substitute in the pelvis, extremities, and posterolateral spine; OsteoFactor cream that contains various proteins and peptides that support bone formation and remodeling.
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