Xtant Medical Holdings, Inc.
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Range $1.5 – $1.5
Price Chart
About the company
Xtant Medical Holdings, Inc. , a company based in Belgrade, Montana, specializes in the development, production, and distribution of advanced regenerative medicine products and medical devices. The firm primarily serves orthopedic and neurological surgeons both within the United States and globally.
- CEO
- Sean E. Browne
- IPO
- 2010
- Employees
- 151
- HQ
- Belgrade, MT, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $46.75M
- P/E
- -4.05
- Fwd P/E
- 11.11
- PEG
- 0.00
- P/S
- 0.43
- P/B
- 1.17
- EV/EBITDA
- -25.63
- Div Yield
- 0.00%
- Gross Margin
- 59.39%
- Op Margin
- -9.58%
- Net Margin
- -10.17%
- ROE
- -23.45%
- ROIC
- -15.89%
Latest fiscal year · YoY change
- Revenue
- $133.93M+14.2%
- Gross Profit
- $84.27M+23.5%
- Op Income
- $7.28M
- Net Income
- $4.97M+130.2%
- EPS
- $0.04+133.3%
- OCF Growth
- +205.5%
- FCF Growth
- +163.5%
- 52W High
- $0.95
- 52W Low
- $0.27
- 50D MA
- $0.42
- 200D MA
- $0.56
- Beta
- -0.14
- RSI (14)
- 33
- Avg Volume
- 154.38K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Xtant Medical’s Q2 was pressured by soft legacy biologics and amnio revenue, but management pointed to a larger commercial team, early traction in new products, and a revised full-year outlook that still implies improvement later in 2026.· August 11, 2026
- Q2 revenue was $23 million, down from $35.4 million a year ago, or $24.8 million on a pro forma basis excluding divested businesses and nonrecurring license revenue.
- Gross margin fell to 57.9% from 68.6% last year, hurt by the end of Q-Code license revenue, lower production efficiencies, and excess inventory charges.
- The company posted a net loss of $9.4 million, or $0.07 per share, versus net income of $3.6 million last year; adjusted EBITDA was a loss of $2.7 million.
- Management cut full-year revenue guidance to $99 million to $103 million from $101 million to $105 million, citing weaker-than-expected Q2 biologics and ongoing amnio headwinds.
- Executives highlighted early sales traction for Trivium Shaped and said the new Dilon-related sales force should support sequential biologics growth in the second half of 2026.
Total revenue in Q2 2026 was $23 million versus $35.4 million in Q2 2025, or $24.8 million on a pro forma basis excluding divested noncore products/businesses and nonrecurring license revenue. Gross margin was 57.9% compared with 68.6% a year ago. Net loss was $9.4 million, or $0.07 per basic and diluted share, versus net income of $3.6 million, or $0.03 per basic share and $0.02 per diluted share, and adjusted EBITDA was a loss of $2.7 million versus positive adjusted EBITDA of approximately $6.9 million last year. For guidance, management lowered full-year revenue outlook to $99 million to $103 million from $101 million to $105 million, saying the second half still faces amnio-related headwinds but that biologics growth should accelerate sequentially as the sales force ramps.
Sean Browne said the quarter reflected meaningful operational progress despite soft reported results, especially the integration of the Dilon sales reps and the launch of Trivium Shaped. He emphasized that the larger commercial organization is still in transition, with much of Q2 spent training reps and integrating HEMOBLAST, but said that work is building a stronger foundation for future growth. He repeatedly framed the current period as a temporary step back to “sharpen the saw,” while saying the company’s broader portfolio and in-house manufacturing create a differentiated long-term position.
Scott Neils said the revenue shortfall was mainly driven by amnio weakness tied to the advanced wound care market, partially offset by about $1.5 million of HEMOBLAST sales and stronger hardware sales from Cortera Spinal Fixation. He noted that roughly $600,000 to $700,000 of revenue was not recognized because more HEMOBLAST transactions than expected were shipped under Dilon arrangements rather than Xtant’s own customer agreements, and said he expects substantially all HEMOBLAST sales to be processed through Xtant’s network going forward. On profitability, he pointed to the 57.9% gross margin decline, the $5 million exclusivity fee to Dilon flowing through operating expenses, and cash of $9.9 million with $23 million of debt and only $0.7 million available on the revolving facility at quarter-end.
Analysts focused on what specifically underperformed in orthobiologics, and management pointed to older workhorse lines like OsteoSelect, OsteoSponge, and 3Demin, plus weaker amnio sales than expected. On HEMOBLAST, management said the new reps create cross-selling opportunities into CollagenX and Amnio, and also broaden hospital access through materials management relationships and larger systems like Cleveland Clinic and Mass General. Scott said HEMOBLAST transactional volume is still expected to exceed $1 million per month on a gross basis, but revenue recognition depends on how much can be shifted onto Xtant purchase orders, with some Dilon-shipped product still expected in Q3.
The bull case is that Xtant is expanding its commercial footprint materially, with 17 Dilon salespeople, 2 regional managers, and additional national accounts and field reps now being integrated. Management said Trivium Shaped is seeing strong early traction, HEMOBLAST opens a roughly $1 billion global hemostasis market, and the broader portfolio addresses about $6.5 billion of adjacent markets. They also expect sequential biologics growth in Q3 and beyond as training ends and the sales force becomes fully productive.
The bear case is that Q2 showed significant pressure in legacy biologics and amnio, and management explicitly said those areas were softer than expected. Gross margin compressed sharply, operating expenses rose with the $5 million Dilon exclusivity fee, and the quarter ended with lower cash and limited revolver availability. Management also reduced full-year revenue guidance and said amnio headwinds tied to advanced wound care are expected to persist through the back half of the year.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 86.2%
- Shares Outstanding
- 140.26M
- Float Shares
- 120.85M
of shares held by institutions
34 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Nantahala Capital Management, LLC | 68.39M | 0 |
| Awm Investment Company, Inc. | 5.98M | 0 |
| Vanguard Group Inc | 2.27M | ▼ 83.08K |
| Vanguard Capital Management LLC | 2.01M | 0 |
| Renaissance Technologies LLC | 935.12K | ▼ 52.29K |
| Geode Capital Management, LLC | 517.13K | ▼ 12.08K |
| Crescent Grove Advisors, LLC | 412.02K | 0 |
| Nano Cap New Millennium Growth Fund L P | 400.00K | ▲ 50.00K |
| Vanguard Fiduciary Trust Co | 257.99K | 0 |
| Citadel Advisors LLC | 191.37K | ▲ 30.36K |
| Acadian Asset Management LLC | 180.30K | 0 |
| Bridgeway Capital Management, LLC | 164.10K | 0 |
Held by 17 ETFs
Biggest fund positions in XTNT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 15, 26 | Lipschultz Tyler | other | 215,517 |
| Aug 15, 26 | BAKEWELL JOHN K | other | 215,517 |
| Aug 15, 26 | Beeson Jonn R. | other | 215,517 |
| Aug 15, 26 | JAIN ABHINAV | other | 215,517 |
| Aug 15, 26 | Vizirgianakis Stavros G. | other | 323,275 |
| Aug 15, 26 | Schallenberger Mark A. | other | 450,000 |
| Aug 15, 26 | Schallenberger Mark A. | other | 7,070 |
| Aug 15, 26 | Neils Scott C | other | 400,000 |
| Aug 15, 26 | Neils Scott C | other | 28,155 |
| Aug 15, 26 | Browne Sean E | other | 550,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our XTNT coverage
Recent articles, reports, and earnings notes.
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Generate XTNT report →Xtant Medical Holdings, Inc. (XTNT) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 11
Xtant Medical Reports Second Quarter 2026 Financial Results
prnewswire.com · Aug 11
Xtant Medical to Announce Second Quarter 2026 Financial Results on August 11, 2026
prnewswire.com · Aug 6
Xtant Medical to Participate in the Canaccord Genuity 46th Annual Growth Conference
prnewswire.com · Aug 4
Xtant Medical Q1 Earnings Call Highlights
marketbeat.com · May 15
Xtant Medical Holdings, Inc. (XTNT) Q1 2026 Earnings Call Transcript
seekingalpha.com · May 13
Xtant Medical Reports First Quarter 2026 Financial Results
prnewswire.com · May 13
Xtant Medical to Announce First Quarter 2026 Financial Results on May 13, 2026
prnewswire.com · May 7
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