XTNT · Xtant Medical Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.88M | - | $33.26M | $35.41M | $32.90M | - | $27.94M | $29.94M | $27.87M | - |
| Cost of Revenue | $8.91M | - | $11.26M | $11.13M | $12.66M | - | $11.63M | $11.36M | $10.57M | - |
| Gross Profit | $11.97M | - | $21.99M | $24.28M | $20.24M | - | $16.31M | $18.58M | $17.30M | - |
| R&D | $435.0K | - | $634.0K | $566.0K | $443.0K | - | $701.0K | $636.0K | $527.0K | - |
| SG&A | $6.27M | - | $7.07M | $7.48M | $7.53M | - | $7.49M | $7.71M | $7.79M | - |
| Total Operating Expenses | $14.89M | - | $19.45M | $19.66M | $19.18M | - | $20.08M | $21.53M | $20.77M | - |
| D&A | $534.0K | - | $700.0K | $800.0K | $1.07M | - | $700.0K | $500.0K | $1.00M | - |
| Operating Income | ($2.92M) | - | $2.54M | $4.62M | $1.06M | - | ($3.78M) | ($2.95M) | ($3.47M) | - |
| Interest Expense | $599.0K | - | $904.0K | $992.0K | $1.04M | - | $1.20M | $786.0K | $835.0K | - |
| Income Tax | $27.0K | - | $257.0K | $255.0K | ($25.0K) | - | $62.0K | $36.0K | $68.0K | - |
| Net Income | ($3.09M) | - | $1.31M | $3.55M | $58.0K | - | ($5.02M) | ($3.86M) | ($4.40M) | - |
| EPS - Basic | ($0.02) | - | $0.01 | $0.03 | $0.00 | - | ($0.04) | ($0.03) | ($0.03) | - |
| EPS - Diluted | ($0.02) | - | $0.01 | $0.02 | $0.00 | - | ($0.04) | ($0.03) | ($0.03) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.14M | $17.05M | $10.40M | $6.92M | $5.03M | $6.20M | $6.60M | $5.38M | $4.55M | $5.71M |
| Accounts Receivable | $17.18M | $17.80M | $25.52M | $26.95M | $23.48M | $20.66M | $20.55M | $21.19M | $21.48M | $20.73M |
| Inventory | $31.88M | $30.26M | $40.71M | $40.13M | $38.81M | $38.63M | $41.89M | $40.51M | $38.72M | $36.88M |
| Accounts Payable | $5.49M | $3.84M | $6.86M | $7.22M | $7.12M | $7.92M | $8.30M | $6.88M | $7.38M | $7.05M |
| Current Assets | $62.62M | $78.25M | $78.33M | $75.59M | $69.14M | $67.12M | $71.41M | $68.97M | $66.54M | $64.87M |
| Total Assets | $78.00M | $94.14M | $106.32M | $103.48M | $95.83M | $93.84M | $98.88M | $95.58M | $93.93M | $92.61M |
| Current Liabilities | $18.77M | $29.48M | $35.50M | $30.60M | $29.58M | $28.58M | $33.67M | $28.31M | $28.44M | $22.99M |
| Long-term Debt | $8.10M | $11.03M | $17.40M | $22.28M | $22.17M | $22.04M | $19.14M | $21.77M | $16.83M | $17.17M |
| Total Liabilities | $29.40M | $43.19M | $55.94M | $54.98M | $51.96M | $50.87M | $53.16M | $50.57M | $46.25M | $41.26M |
| Stockholders' Equity | $48.60M | $50.95M | $50.38M | $48.50M | $43.88M | $42.96M | $45.73M | $45.01M | $47.68M | $51.35M |
| Retained Earnings | ($257.57M) | ($254.49M) | ($254.54M) | ($255.85M) | ($259.40M) | ($259.46M) | ($256.30M) | ($251.27M) | ($247.41M) | ($243.01M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($2.11M) | - | - | - | $1.28M | - | - | - | ($5.75M) | - |
| Investing Cash Flow | $10.22M | - | - | - | ($1.14M) | - | - | - | ($674.0K) | - |
| Financing Cash Flow | ($13.28M) | - | - | - | ($919.0K) | - | - | - | $5.18M | - |
| CapEx | $194.0K | - | - | - | $1.19M | - | - | - | $773.0K | - |
| Free Cash Flow | ($2.31M) | - | - | - | $87.0K | - | - | - | ($6.53M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 57.3% | - | 66.1% | 68.6% | 61.5% | - | 58.4% | 62.1% | 62.1% | - |
| Operating margin | -14.0% | - | 7.6% | 13.1% | 3.2% | - | -13.5% | -9.8% | -12.4% | - |
| EBITDA margin | -11.4% | - | 9.7% | 15.3% | 6.5% | - | -11.0% | -8.2% | -8.8% | - |
| Net margin | -14.8% | - | 3.9% | 10.0% | 0.2% | - | -18.0% | -12.9% | -15.8% | - |
| Free cash flow margin | -11.1% | - | - | - | 0.3% | - | - | - | -23.4% | - |
| FCF / Net income | 0.75 | - | - | - | 1.50 | - | - | - | 1.48 | - |
| R&D / Revenue | 2.1% | - | 1.9% | 1.6% | 1.3% | - | 2.5% | 2.1% | 1.9% | - |
| SG&A / Revenue | 30.0% | - | 21.3% | 21.1% | 22.9% | - | 26.8% | 25.8% | 27.9% | - |
| Effective tax rate | - | - | 16.4% | 6.7% | -75.8% | - | - | - | - | - |
| Return on assets | -4.0% | - | 1.2% | 3.4% | 0.1% | - | -5.1% | -4.0% | -4.7% | - |
| Return on equity | -6.4% | - | 2.6% | 7.3% | 0.1% | - | -11.0% | -8.6% | -9.2% | - |
| Return on invested capital | -4.1% | - | 3.1% | 6.1% | 1.6% | - | -4.6% | -3.5% | -4.2% | - |
| Liquidity | ||||||||||
| Current ratio | 3.34 | 2.65 | 2.21 | 2.47 | 2.34 | 2.35 | 2.12 | 2.44 | 2.34 | 2.82 |
| Quick ratio | 1.64 | 1.63 | 1.06 | 1.16 | 1.03 | 1.00 | 0.88 | 1.01 | 0.98 | 1.22 |
| Cash ratio | 0.65 | 0.58 | 0.29 | 0.23 | 0.17 | 0.22 | 0.20 | 0.19 | 0.16 | 0.25 |
| Leverage | ||||||||||
| Debt / Equity | 0.17 | 0.22 | 0.35 | 0.46 | 0.51 | 0.51 | 0.42 | 0.48 | 0.35 | 0.33 |
| Debt / Assets | 0.10 | 0.12 | 0.16 | 0.22 | 0.23 | 0.23 | 0.19 | 0.23 | 0.18 | 0.19 |
| Debt / EBITDA | - | - | 5.37 | 4.11 | 10.37 | - | - | - | - | - |
| Interest coverage | -4.9x | - | 2.8x | 4.7x | 1.0x | - | -3.2x | -3.7x | -4.2x | - |
| Equity multiplier | 1.60 | 1.85 | 2.11 | 2.13 | 2.18 | 2.18 | 2.16 | 2.12 | 1.97 | 1.80 |
| Liabilities / Assets | 0.38 | 0.46 | 0.53 | 0.53 | 0.54 | 0.54 | 0.54 | 0.53 | 0.49 | 0.45 |
| Efficiency | ||||||||||
| Asset turnover | 0.27 | - | 0.31 | 0.34 | 0.34 | - | 0.28 | 0.31 | 0.30 | - |
| Inventory turnover | 0.28 | - | 0.28 | 0.28 | 0.33 | - | 0.28 | 0.28 | 0.27 | - |
| Days sales outstanding | 300d | - | 280d | 278d | 260d | - | 268d | 258d | 281d | - |
| Days inventory outstanding | 1306d | - | 1319d | 1317d | 1119d | - | 1315d | 1301d | 1337d | - |
| Days payable outstanding | 225d | - | 222d | 237d | 205d | - | 260d | 221d | 255d | - |
| Cash conversion cycle | 1381d | - | 1377d | 1357d | 1174d | - | 1323d | 1339d | 1364d | - |
| Valuation | ||||||||||
| P / E | - | - | 65.0x | 37.0x | - | - | - | - | - | - |
| P / B | 1.6x | - | 1.9x | 2.3x | 1.5x | - | 2.0x | 1.8x | 3.2x | - |
| P / S | 3.8x | - | 2.9x | 3.1x | 2.0x | - | 3.3x | 2.7x | 5.5x | - |
| EV / EBITDA | - | - | 32.3x | 23.1x | 39.5x | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -36.5% | - | 19.0% | 18.3% | 18.0% | - | 11.7% | 48.0% | 55.3% | - |
| Revenue CAGR (3y) | 5.2% | - | 32.0% | 32.3% | 36.4% | - | 26.6% | 26.0% | 30.5% | - |
| Revenue CAGR (5y) | 10.7% | - | 18.9% | 27.5% | 17.4% | - | 12.2% | 14.4% | 9.2% | - |
| Gross profit growth (YoY) | -40.9% | - | 34.9% | 30.7% | 17.0% | - | 6.3% | 49.1% | 64.2% | - |
| Operating income growth (YoY) | - | - | - | - | - | - | -11.6% | -111.8% | -120.2% | - |
| Net income growth (YoY) | - | - | - | - | - | - | - | -76.3% | -111.7% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | -50.0% | -50.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | -141.7% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 10.8% | 18.6% | 10.2% | 7.8% | -8.0% | -16.3% | -16.4% | 45.4% | 45.8% | 50.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$268.25M totalProduct$115.20M · 42.9%
Orthobiologics$72.89M · 27.2%
Spinal Implant$42.31M · 15.8%
License Revenue$18.72M · 7.0%
License$18.72M · 7.0%
Bill And Hold Transactions$400.0K · 0.1%
Geographic
$133.93M totalUS$122.45M · 91.4%
Non Us$11.48M · 8.6%
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing Xtant Medical Holdings against the 5 most active filers in the same SIC group.