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Xtant Medical Holdings
(XTNT)
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Rating:44Neutral
Price Target:
$0.27
▼(-16.97% Downside)
Action:Reiterated
Date:08/29/26
XTNT’s score is primarily held back by unstable profitability and weak/volatile cash generation (including slightly negative TTM free cash flow). Technicals also remain a headwind with price below key moving averages and negative MACD. The latest earnings call adds risk due to reduced revenue guidance, margin pressure, and tighter liquidity, partially offset by credible commercial initiatives (Dilon/HEMOBLAST and salesforce expansion).
Positive Factors
Solid Gross Margin
Consistently solid gross margins indicate that Xtant’s biologics and spine products retain meaningful underlying economics. If procedure volumes and product mix stabilize, this margin base can support reinvestment, commercial expansion, and eventual operating leverage.
Negative Factors
Revenue Contraction
The sharp quarterly decline and lower annual outlook show that asset changes, license cessation, and biologics weakness are weighing on the current revenue base. Persistent contraction would reduce operating leverage and make the expanded sales platform slower to translate into sustainable growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Solid Gross Margin
Consistently solid gross margins indicate that Xtant’s biologics and spine products retain meaningful underlying economics. If procedure volumes and product mix stabilize, this margin base can support reinvestment, commercial expansion, and eventual operating leverage.
Read all positive factors
Xtant Medical Holdings (XTNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$38.59M
Dividend YieldN/A
Average Volume (3M)171.31K
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue Growth-14.27%
EPS Growth-132.84%
CountryUS
Employees151
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.06
Shares Outstanding140,287,960
10 Day Avg. Volume101,784
30 Day Avg. Volume171,308
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)2.15
Price to Sales (P/S)0.82
P/FCF Ratio10.76
Enterprise Value/Market Cap1.94
Enterprise Value/Revenue0.68
Enterprise Value/Gross Profit1.15
Enterprise Value/Ebitda-30.50
Forecast
1Y Price Target
$1.03Price Target Upside213.13% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.03
Revenue Forecast (FY)$99.44M
Xtant Medical Holdings Business Overview & Revenue Model
Company Description
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 ...
How the Company Makes Money
Xtant Medical makes money primarily by selling medical devices and biologic products used in spine and orthopedic procedures. Its key revenue streams generally include: (1) Orthobiologics/biologics revenue from the sale of graft materials and rela...
Xtant Medical Holdings Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Negative
The call presents meaningful strategic and commercial progress — notably the Dilon distribution agreement, integration of 17 new sales reps, product launches (Trivium Shaped) and expanded TAM — which position Xtant for future growth. However, the quarter showed significant near-term financial deterioration: sharp year-over-year revenue decline, gross margin compression, a swing to a net loss and negative adjusted EBITDA, reduced cash balances and a modestly reduced full-year revenue guide. Many negative results are tied to one-time transitions (asset sales, license cessation, Dilon integration) and strategic investments, but the immediate financial metrics are weak while visibility into near-term cash/earnings recovery remains uncertain.Positive Updates
Strategic Dilon Distribution Agreement and Sales Team Integration
Acquired exclusive U.S. distribution rights to Dilon's HEMOBLAST Bellows and hired Dilon's U.S. team of 17 salespeople and 2 regional managers integrated into Xtant's commercial organization; this expands sales coverage and materials-management relationships and is positioned to drive cross-selling of Xtant's biologics portfolio.
Negative Updates
Significant Revenue Decline
Total revenue of $23.0M in Q2 2026 versus $35.4M in Q2 2025 (a decline of ~35%) and versus a pro forma Q2 2025 of $24.8M (a decline of ~7.3%); management cited asset sales to Companion Spine and cessation of certain license reimbursements as drivers.
Read all updates
Q2-2026 Updates
Positive
Negative
Strategic Dilon Distribution Agreement and Sales Team Integration
Acquired exclusive U.S. distribution rights to Dilon's HEMOBLAST Bellows and hired Dilon's U.S. team of 17 salespeople and 2 regional managers integrated into Xtant's commercial organization; this expands sales coverage and materials-management relationships and is positioned to drive cross-selling of Xtant's biologics portfolio.
Read all positive updates
Company Guidance
Xtant modestly lowered full‑year 2026 revenue guidance to $99 million–$103 million (from $101 million–$105 million previously), citing lower‑than‑expected biologics revenue in Q2 and persistent headwinds in its amnio line through the back half of the year; Q2 revenue was $23.0 million (vs. $35.4M GAAP / $24.8M pro forma in Q2 2025), gross margin was 57.9% (vs. 68.6% LY) and adjusted EBITDA was a loss of $2.7 million (vs. +$6.9M LY). Management stressed it still expects accelerating sequential biologics growth in H2 as the newly integrated Dilon team (17 reps + 2 regional managers) and an expanded field organization (now >25 reps and multiple national accounts) are fully deployed; HEMOBLAST contributed ~$1.5 million in Q2 (primarily recognized net—approximately $600k–$700k of additional revenue would have been recognized if shipped under Xtant POs), and the company continues to model HEMOBLAST transactional volume at over $1 million per month on a gross basis once transitions complete.Xtant Medical Holdings Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
63
Positive
Cash Flow
35
Negative
| Breakdown | TTM | Mar 2026 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 109.53M | 133.93M | 117.27M | 91.30M | 57.97M | 55.26M |
| Gross Profit | 65.05M | 84.27M | 68.22M | 55.47M | 32.14M | 32.49M |
| EBITDA | -2.45M | 15.89M | -7.88M | 5.08M | -5.43M | -2.52M |
| Net Income | -11.14M | 4.97M | -16.45M | 660.00K | -8.48M | -4.85M |
Balance Sheet | ||||||
| Total Assets | 79.67M | 94.14M | 93.84M | 92.61M | 60.23M | 54.69M |
| Cash, Cash Equivalents and Short-Term Investments | 9.87M | 17.05M | 6.20M | 5.71M | 20.30M | 18.24M |
| Total Debt | 26.01M | 28.72M | 35.14M | 23.56M | 17.07M | 16.84M |
| Total Liabilities | 39.65M | 43.19M | 50.87M | 41.26M | 26.06M | 23.81M |
| Stockholders Equity | 40.02M | 50.95M | 42.96M | 51.35M | 34.17M | 30.88M |
Cash Flow | ||||||
| Free Cash Flow | -696.00K | 10.16M | -16.01M | -10.97M | -7.11M | -1.68M |
| Operating Cash Flow | 570.00K | 12.55M | -11.90M | -9.52M | -5.34M | 439.00K |
| Investing Cash Flow | 14.39M | 7.90M | -3.73M | -24.78M | -1.56M | -1.89M |
| Financing Cash Flow | -12.03M | -9.57M | 16.07M | 19.69M | 9.02M | 17.50M |
Xtant Medical Holdings Technical Analysis
Negative
0.33
Price Trends
0.34
Negative
0.38
Negative
0.47
Negative
Market Momentum
-0.02
Positive
32.50
Neutral
24.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XTNT, the sentiment is Negative. The current price of 0.33 is above the 20-day moving average (MA) of 0.32, below the 50-day MA of 0.34, and below the 200-day MA of 0.47, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 32.50 is Neutral, neither overbought nor oversold. The STOCH value of 24.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for XTNT.
Xtant Medical Holdings Risk Analysis
Xtant Medical Holdings disclosed 55 risk factors in its most recent earnings report. Xtant Medical Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Xtant Medical Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $117.42B | 31.48 | 16.36% | 1.15% | 8.48% | 27.36% | |
71 Outperform | $18.59B | 23.59 | 6.36% | 0.99% | 8.62% | 0.09% | |
71 Outperform | $1.24B | 18.32 | 28.39% | ― | 3.14% | ― | |
55 Neutral | $398.36M | -6.37 | -14.05% | ― | 2.99% | 51.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $38.59M | -3.34 | -23.45% | ― | -14.27% | -132.84% | |
44 Neutral | $941.39M | 72.11 | 1.24% | ― | 0.84% | ― |
* Healthcare Sector Average
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Xtant Medical Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Xtant Medical Stockholders Approve Governance and Leadership Items
Positive
Aug 7, 2026
On August 7, 2026, Xtant Medical Holdings, Inc. held its Annual Meeting of Stockholders, with a quorum of 74.47% of outstanding common shares present or represented by proxy. Six board nominees were elected to serve until the next annual meeting, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.