Xtant Medical (NYSEAMERICAN:XTNT) Issues Quarterly Earnings Results

Key Points

• Q4 beat and profitable FY: Xtant reported Q4 revenue of $32.4M (+3% YoY) and EPS ~$0.03, delivering full‑year 2025 revenue of $133.9M (+14% YoY) with adjusted EBITDA of $16.3M and $5.0M net income, while using divestiture proceeds to strengthen liquidity.
• Weak 2026 outlook: Management guided to $95M–$99M for 2026 (excluding the divested businesses and one‑time license income), signaling a material YoY revenue decline despite an expectation to maintain positive free cash flow and face margin pressure from declining hardware sales and inventory/obsolescence headwinds.
• Refocus on biologics and sales buildout: The company sold Coflex/international Paradigm assets to sharpen focus on high‑margin biologics, doubled regional sales reps, and launched new products (nanOss Strata, CollagenX) to drive organic biologics growth as the salesforce ramps.

Xtant Medical (NYSEAMERICAN:XTNT - Get Free Report) released its quarterly earnings data on Tuesday. The medical device company reported $0.03 EPS for the quarter, reports. Xtant Medical had a net margin of 1.32% and a return on equity of 3.77%. The firm had revenue of $32.36 million during the quarter, compared to the consensus estimate of $30.75 million.

Here are the key takeaways from Xtant Medical's conference call:

• Q4 revenue was $32.4 million (+3% YoY) and full‑year 2025 revenue was $133.9 million (+14% YoY), with adjusted EBITDA of $16.3 million and $5.0 million net income, reflecting sustained operational discipline and positive cash flow.
• Management completed the sale of Coflex and international Paradigm Spine assets to Companion Spine for about $21.4 million in early December and used proceeds to reduce debt and sharpen focus on core high‑margin biologics.
• 2026 guidance of $95M–$99M excludes the divested businesses and one‑time license income, implying a material year‑over‑year revenue decline even as the company expects to preserve positive free cash flow.
• Company has doubled regional sales reps, plans to expand national accounts, and launched new products (nanOss Strata, CollagenX) — management expects these investments and a full biologics portfolio to accelerate organic biologics growth as reps ramp.
• Hardware revenue is expected to decline steadily (approaching high‑teens% in 2026) and inventory/obsolescence charges remain a headwind; management forecasts gross margin around the low‑60s% for 2026.

Xtant Medical Stock Performance

Shares of XTNT stock traded up $0.00 during trading hours on Wednesday, reaching $0.56. The stock had a trading volume of 13,425 shares, compared to its average volume of 154,216. The firm has a market capitalization of $78.64 million, a PE ratio of 56.23 and a beta of -0.30. The firm has a 50-day simple moving average of $0.60 and a 200-day simple moving average of $0.67. Xtant Medical has a twelve month low of $0.34 and a twelve month high of $0.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.21 and a quick ratio of 1.06.

Wall Street Analyst Weigh In

XTNT has been the subject of a number of recent research reports. BTIG Research lowered their price objective on shares of Xtant Medical from $1.50 to $1.00 and set a "buy" rating for the company in a research report on Tuesday. Craig Hallum restated a "buy" rating on shares of Xtant Medical in a research note on Wednesday, March 18th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Xtant Medical has a consensus rating of "Buy" and an average price target of $1.00.

Key Headlines Impacting Xtant Medical

Here are the key news stories impacting Xtant Medical this week:

• Positive Sentiment: Q4 beat on revenue and EPS — Xtant reported Q4 EPS roughly $0.026–$0.03 and revenue of $32.36M, topping consensus; full-year 2025 revenue rose to $133.9M and the company delivered positive net income, adjusted EBITDA and operating cash flow. Xtant Medical Reports Fourth Quarter and Full-Year 2025 Financial Results
• Positive Sentiment: Balance-sheet improvement — Xtant ended 2025 with ~$17.3M cash and received an additional $10.5M after year-end from a divestiture, supporting near-term liquidity. Xtant Medical Reports Fourth Quarter and Full-Year 2025 Financial Results
• Neutral Sentiment: Analyst update — BTIG cut its price target from $1.50 to $1.00 but kept a "buy" rating, leaving a large implied upside while signaling more conservative near-term expectations. Benzinga
• Neutral Sentiment: Full earnings detail and call transcript are available for investors who want management commentary on drivers and margin dynamics. Listen to Conference Call / Transcript
• Negative Sentiment: Weak 2026 outlook — management guided to $95M–$99M revenue for 2026, reflecting the impact of the Companion Spine divestiture and rolling off Q-code license revenue; this guidance triggered investor concern about near‑term top‑line contraction. Xtant outlines $95M-$99M 2026 revenue outlook as Companion Spine divestiture and Q-code license revenue roll off
• Negative Sentiment: Market reaction — those weak 2026 expectations outweighed the Q4 beat and led to an intraday share drop (near‑term negative sentiment). Xtant Medical shares drop nearly 5% as weak 2026 outlook overshadows Q4 beat

Institutional Investors Weigh In On Xtant Medical

Several large investors have recently made changes to their positions in XTNT. Jane Street Group LLC bought a new stake in shares of Xtant Medical during the second quarter valued at approximately $26,000. Nantahala Capital Management LLC grew its holdings in Xtant Medical by 500.3% in the 2nd quarter. Nantahala Capital Management LLC now owns 68,394,000 shares of the medical device company's stock worth $50,543,000 after buying an additional 57,000,000 shares in the last quarter. Mink Brook Asset Management LLC grew its holdings in Xtant Medical by 125.8% in the 2nd quarter. Mink Brook Asset Management LLC now owns 109,466 shares of the medical device company's stock worth $81,000 after buying an additional 60,997 shares in the last quarter. Vanguard Group Inc. increased its position in Xtant Medical by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 2,355,671 shares of the medical device company's stock valued at $1,529,000 after acquiring an additional 104,159 shares during the period. Finally, Renaissance Technologies LLC increased its position in Xtant Medical by 28.8% in the 4th quarter. Renaissance Technologies LLC now owns 919,860 shares of the medical device company's stock valued at $721,000 after acquiring an additional 205,945 shares during the period. Institutional investors and hedge funds own 69.33% of the company's stock.

Xtant Medical Company Profile

Xtant Medical, Inc is a medical technology company focused on the development, manufacturing and distribution of bone graft, spine biologics and related implantable medical devices. The company's product portfolio is designed to address critical needs in spinal fusion, orthopedics and trauma surgery by providing a range of solutions that promote bone growth, structural support and patient recovery.

The company's offerings include an array of bone graft substitutes – such as demineralized bone matrix putties and fibers – interbody fusion devices, spinal fixation systems and biologic agents.

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