Overview
- Xtant reported fourth-quarter revenue of $32.4 million with gross margin at 54.9%, and full-year 2025 revenue of $133.9 million with a shift to net income.
- The company closed a $21.4 million sale of Coflex and Paradigm Spine assets to Companion Spine and applied the proceeds to reduce borrowings.
- Management issued 2026 revenue guidance of $95 million to $99 million that reflects the loss of divested hardware revenue and expiring license fees.
- Quarterly results were reduced by an early close of the sale that cut about $2 million of expected Q4 revenue and by a $1.3 million inventory charge tied to the Cortera fixation launch.
- Xtant is doubling regional sales coverage, expanding national accounts, and expects advanced wound care to pick up in the second half of 2026 as it shifts from OEM supply to Xtant-branded hospital sales, with positive free cash flow still the goal.