XTNT

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

Xtant Medical Reports First Quarter 2026 Financial Results

Raises full-year 2026 revenue guidance to a range of $101-$105 million

Significantly strengthens balance sheet

Enters into exclusive U.S. distribution agreement for Dilon Technologies’ HEMOBLAST® Bellows product for high-performance hemostasis; hires Dilon’s U.S. sales team

BELGRADE,

Mont., May 13, 2026 — Xtant Medical Holdings, Inc. (NYSE American: XTNT), a medical technology company focused on surgical solutions for spinal and other orthopedic conditions, today reported financial and operating results for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

●Generated total revenue of $20.9 million for the first quarter of 2026, as compared to $32.9 million for the first quarter of 2025. The decline in revenue relates primarily to the sale of assets and businesses to Companion Spine in December 2025 as well as 2025 license revenue that will not repeat in 2026.

●Reduced total indebtedness by $13.3 million in the first quarter of 2026, including a $10.4 million reduction in net amounts outstanding under the Company’s revolving line of credit, and a $2.8 million reduction in its term loan balance.

●Increased full-year 2026 revenue guidance to a range of $101 million to $105 million, from $95 million to $99 million previously, to reflect anticipated incremental revenue contribution from Dilon’s HEMOBLAST® Bellows hemostatic product that was licensed in April 2026.

First Quarter 2026 and Recent Business Highlights

●Announced an exclusive U.S. distribution agreement with privately held Dilon Technologies whereby Xtant has acquired the exclusive U.S. commercial rights to Dilon’s HEMOBLAST® Bellows product for high-performance hemostasis following certain surgical procedures. As part of the transaction, Xtant has hired Dilon’s approximately 20-person U.S. sales team.

●Launched Trivium™ Shaped, an extension of its Trivium line of premium, next-generation demineralized bone matrix allograft for bone grafting procedures. Trivium™ Shaped is available in pre-shaped configurations designed to support handling, preparation, and placement across a range of surgical applications.

●Received the final $10.7 million due from Companion Spine in March, finalizing the previously announced sale of Xtant’s non-core Coflex®/CoFix assets and its international hardware business to Companion, and resulting in a total cash purchase price of $21.4 million.

Sean Browne, President and CEO of Xtant Medical, stated, “The first quarter of 2026 and subsequent period were pivotal for Xtant. Proceeds from the Companion Spine transaction allowed us to strengthen our balance sheet while the HEMOBLAST® Bellows distribution agreement announced in April expanded our addressable market into the multi-billion-dollar hemostatics category. We are particularly encouraged by the potential commercial synergies to be realized following the integration of Dilon’s 21-person field sales force into our own organization, positioning us to drive topline growth and margin expansion this year and beyond. These developments, together with recent product launches, position us to best serve the needs of surgeons and patients alike with our comprehensive biologics product portfolio.”

First Quarter 2026 Financial Results

Revenue for the first quarter of 2026 was $20.9 million, compared to $32.9 million for the same period in 2025. The year-over-year decline is primarily due to the sale of the company’s Coflex/CoFix assets and international hardware business to Companion Spine in December of 2025, as well as license revenue from Xtant’s Q-code and amniotic membrane agreements in the first quarter of 2025 that did not repeat in the first quarter of 2026 due to changes in the reimbursement environment.

Gross margin for the first quarter of 2026 was 57.3%, compared to 61.5% for the same period in 2025. The decrease was primarily due to the cessation of Q-code high-margin license revenue from the amniotic membrane agreements that ceased at the end of 2025.

Operating expenses for the first quarter of 2026 totaled $14.9 million, compared to $19.2 million for the first quarter of 2025. The decrease was primarily due to the company’s sale of its Coflex/CoFix assets and international hardware business to Companion Spine in December 2025.

First quarter 2026 net loss was $3.1 million, compared to net income of $58,000 for the first quarter of 2025.

Non-GAAP

adjusted EBITDA loss for the first quarter of 2026 totaled $1.6 million, compared to positive adjusted EBITDA of $3.0 million for the same period in 2025.

The Company defines adjusted EBITDA as net income/loss from operations before depreciation, amortization and interest income/expense and provision for income tax/benefit, and as further adjusted to add back in or exclude, as applicable, separation-related expenses, non-cash compensation, disposition/acquisition-related income an

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

Xtant Medical Reports Fourth Quarter and Full-Year 2025 Financial Results

Full year 2025 revenue totals $133.9 million, an increase of 14% year-over-year

Xtant delivers positive net income, adjusted EBITDA and operating cash flow

Total cash of $17.3 million as of December 31, 2025 with an additional $10.5 million received subsequent to year end related to divestiture

BELGRADE,

Mont., March 31, 2026 — Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on surgical solutions for spinal and other orthopedic conditions, today reported financial and operating results for the fourth quarter and full-year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

●Revenue of $32.4 million, up approximately 3% compared to the prior year quarter

◌Company’s earlier-than-anticipated closing of the Companion Spine transaction reduced fourth quarter 2025 revenue by an estimated $2.0 million

●Gross margin of 54.9% compared to 50.8% for the prior year quarter

●Net income of $0.1 million compared to a net loss of $3.2 million in the prior year quarter

●Non-GAAP adjusted EBITDA of $1.9 million compared to adjusted EBITDA of $0.4 million in the prior year quarter

Full-Year

2025 Financial Highlights

●Revenue of $134.0 million, up approximately 14% over the full-year 2024

●Gross margin of 62.9%, compared to 58.2% for the full year 2024

●Net income of $5.0 million, or $0.03 per diluted share, compared to a net loss of $16.5 million, or a net loss of $0.12 per basic and diluted share, for the full year 2024

●Non-GAAP adjusted EBITDA of $16.3 million compared to an adjusted EBITDA loss of $2.3 million for the full year 2024

●Net cash provided by operations of $12.5 million compared to net cash used in operations of $11.9 million for the full year 2024

Fourth Quarter 2025 and Recent Business Highlights

●Completed the previously announced sale of Xtant’s non-core Coflex® and CoFix assets and its international hardware businesses to Companion Spine for a total sale price of $21.4 million in cash.

●Announced the commercial launch of its next-generation innovative synthetic bone graft in the nanOss line, Strata™. nanOss Strata is manufactured from hydroxycarbonapatite (HCA), a material with higher solubility than traditional hydroxyapatite (HA), the most commonly used synthetic material.

●Announced the commercial launch of CollagenX™, its bovine collagen particulate product for surgical wound closure designed to promote healing, prevent dehiscence, and help mitigate concerns related to surgical site infections.

Sean Browne, President and CEO of Xtant Medical, stated, “Our fourth quarter 2025 caps a truly transformational year for Xtant, during which we meaningfully sharpened our focus on our core biologics business while driving the new product innovation for which we are known. Along the way, in 2025 we achieved profitability and cash flow generation, reflecting robust topline growth, targeted R&D investments, and prudent expense management. We also took advantage of a short-term license and royalty opportunity through our amnio line in the advanced wound care market. Those cash flows, along with the divestiture of certain non-core products and operations, provided Xtant with the capital to focus on internally developing our advanced biologics product lines, including new products released in 2025. With this foundation in place, we began to opportunistically add to our field sales force in the fourth quarter 2025 and into the first quarter of 2026 to improve our reach and leverage our outstanding contract portfolio and independent agent network.”

“Looking ahead to 2026, with the recent receipt of amounts previously outstanding under our note receivable from the Companion Spine transaction, we have increased our current cash position to over $22 million while reducing our term loan balance to $11.2 million. Given our significantly strengthened financial position, we do not see any need to raise additional outside capital to run our operations and we expect to be free cash flow positive in 2026. Moreover, this year we plan to lean into our strengths in biologics and invest in our commercial team to focus on profitably growing our core biologics business. With the substantial progress made in 2025, I am excited for this year and beyond,” Mr. Browne concluded.

Fourth Quarter and Full-Year 2025 Financial Results

Fourth quarter 2025 revenue grew 3% to $32.4 million, compared to $31.5 million for the same period in 2024. The increase is due primarily to higher license revenue, partly offset by one less month of Coflex and CoFix and related international hardware sales in 2025 as a result of the sale of those businesses to Companion Spine in early December. For the full year, total revenue of $134.0 million increased 14% over $117.3 million for the full year 2024.

Gross margin for the fourth quarter of 2025 was 54.9%, compa

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 10, 2025

XTANT

MEDICAL HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-34951

20-5313323

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS

Employer

Identification No.)

664 Cruiser Lane

Belgrade, Montana

59714

(Address of principal executive offices)

(Zip Code)

(406) 388-0480

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.000001 per share

XTNT

NYSE

American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On November 10, 2025, Xtant Medical Holdings, Inc. (the “Company”) announced its financial results for the three and nine months ended September 30, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 2.02 of this report (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any registration statement or other document filed by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly provided by specific reference in such a filing.

To supplement its consolidated financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures, such as non-GAAP adjusted EBITDA, which are included in the press release furnished as Exhibit 99.1 to this report. The Company defines non-GAAP adjusted EBITDA as net income (loss) from operations before depreciation and amortization expense, interest expense, and tax benefit (expense), and as further adjusted to add back in or exclude, separation-related expenses, non-cash compensation, divestiture/acquisition-related expenses, acquisition-related fair value adjustments, and unrealized foreign currency translation loss or gain, in each case as applicable.

The Company uses non-GAAP adjusted EBITDA in making

operating decisions because it believes this measure provides meaningful supplemental information regarding its core operational performance. Additionally, this measure gives the Company a better understanding of how it should invest in sales and marketing and research and development activities and how it should allocate resources to both ongoing and prospective business initiatives. The Company also uses non-GAAP adjusted EBITDA to help make budgeting and spending decisions, for example, among sales and marketing expenses, general and administrative expenses, and research and development expenses. Additionally, the Company believes its use of non-GAAP adjusted EBITDA facilitates management’s internal comparisons to historical operating results by factoring out potential differences caused by charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and unpredictable charges.

As described above, the Company excludes the effect of the following items from its non-GAAP adjusted EBITDA for the following reasons:

Separation-related expenses. The Company

excludes separation-r