XTNT on NYSE

Xtant Medical (United States)

Logo: xtantmedical.com4

Xtant Medical (United States) is an American surgical and medical instruments and apparatus company.1 It was founded in 2006.1 It is headquartered in Belgrade.1 Its shares trade on NYSE under the symbol XTNT.1

Price unavailable

Last updated Oct 21, 2026.

Overview

2006Founded1

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  • TickerXTNT on NYSE1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersBelgrade1
  • Websitextantmedical.com
  • Legal formDelaware corporation1
  • Incorporated inDE5
  • Business address664 Cruiser Lane, Belgrade, Mt 597145
  • Filer categoryNon-accelerated filer, Smaller reporting company5
  • LEI549300JOU6AK8387EW773
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered addressC/O Corporation Service Company, 19808 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 42021993
Xtant Medical (United States) image from its website
Image: xtantmedical.com4

The system is designed to accommodate semi-constrained, constrained and hybrid constructs.7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

62.9%Gross margin8
5.4%Operating margin8
3.7%Net margin8
14.2%Revenue growth, 20258
9.8%Return on equity8
0.22×Debt to equity8
$10.2MFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Orthobiologics brought in 48% of the revenue Xtant Medical (United States) broke down this way in fiscal 2025.

  1. Orthobiologics$72.9M848%up 10% from 2024
  2. Spinal Implant$42.3M828%down 14% from 2024
  3. License$18.7M812%up 1147% from 2024
  4. License Revenue$18.7M812%up 1147% from 2024
  5. Bill And Hold Transactions$400.0K80%
Products and services by year
Products and services20242025
Orthobiologics$66.4M$72.9M
Spinal Implant$49.3M$42.3M
License$1.5M$18.7M
License Revenue$1.5M$18.7M
Bill And Hold Transactions$400.0K

Regions

United States brought in 91% of the revenue Xtant Medical (United States) broke down this way in fiscal 2025.

  1. United States$122.4M891%up 16% from 2024
  2. Outside the United States$11.5M89%down 2% from 2024
Regions by year
Regions20242025
United States$105.5M$122.4M
Outside the United States$11.7M$11.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue37¢$49.7M
  • Research and development2¢$2.1M
  • Other costs53¢$71.5M
  • Interest3¢$3.7M
  • Income tax2¢$2.0M
  • Profit4¢$5.0M

Out of $133.9M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Capital spending19¢$2.4M
  • Kept or used elsewhere81¢$10.2M

Out of $12.5M of cash from operations.8

Financial statements

Revenue9101112138$133.9M in 2025+107% since 2019
0$50.0M$100.0M$150.0M2019: $64.7M$64.7M20192020: $53.3M$53.3M2020−18%2021: $55.3M$55.3M2021+4%2022: $58.0M$58.0M2022+5%2023: $91.3M$91.3M2023+58%2024: $117.3M$117.3M2024+28%2025: $133.9M$133.9M2025+14%
Gross profit9101112138$84.3M in 2025+98% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $42.5M$42.5M20192020: $34.4M$34.4M2020−19%2021: $32.5M$32.5M2021−6%2022: $32.1M$32.1M2022−1%2023: $55.5M$55.5M2023+73%2024: $68.2M$68.2M2024+23%2025: $84.3M$84.3M2025+24%
Operating income9101112138$7.3M in 2025
-$15.0M-$10.0M-$5.0M0$5.0M$10.0M2019: -$2.3M-$2.3M20192020: -$751.0K-$751.0K2020−67%2021: -$3.9M-$3.9M2021+413%2022: -$6.8M-$6.8M2022+75%2023: -$10.2M-$10.2M2023+50%2024: -$12.1M-$12.1M2024+19%2025: $7.3M$7.3M2025
Net income9101112138$5.0M in 2025
-$20.0M-$10.0M0$10.0M2019: -$8.2M-$8.2M20192020: -$7.0M-$7.0M2020−15%2021: -$4.8M-$4.8M2021−31%2022: -$8.5M-$8.5M2022+75%2023: $660.0K$660.0K20232024: -$16.4M-$16.4M20242025: $5.0M$5.0M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Total Revenue$133.9M$117.3M
Cost of Sales$49.7M$49.1M
Gross Profit$84.3M$68.2M
General and administrative$29.4M$28.7M
Sales and marketing$45.5M$49.2M
Research and development$2.1M$2.4M
Total Operating Expenses$77.0M$80.3M
Income (Loss) from Operations$7.3M-$12.1M
Interest expense-$3.7M-$4.2M
Interest income$94.0K
Unrealized foreign currency translation (loss) gain-$60.0K$5.0K
Gain on divestiture$3.3M
Other income (expense)$73.0K-$33.0K
Total Other (Expense) Income-$283.0K-$4.2M
Net Income (Loss) from Operations Before Provision for Income Taxes$7.0M-$16.3M
Provision for Income Taxes Current and Deferred-$2.0M-$187.0K
Net Income (Loss)$5.0M-$16.4M
Basic$0.04-$0.12
Dilutive$0.03-$0.12
Basic139.5M shares133.7M shares
Dilutive150.0M shares133.7M shares

Compare Xtant Medical (United States) with another company

Corporate structure

Xtant Medical (United States) sits at the top of its group. 10 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Xtant Medical (United States)

  • Laurence W. Lytton Filed SCHEDULE 13G/A on Xtant Medical (United States), latest Feb 17, 2026 (2 filings since Apr 16, 2025)
  • Nantahala Capital Management, LLC Filed SCHEDULE 13D/A on Xtant Medical (United States), latest Aug 5, 2025 (3 filings since Nov 14, 2024)
  • ORBIMED ADVISORS LLC Filed SCHEDULE 13D/A on Xtant Medical (United States), latest Apr 14, 2025 (5 filings since Aug 30, 2022)
  • Altium Capital Management LLC Filed SC 13G/A on Xtant Medical (United States), latest Feb 13, 2024 (3 filings since Feb 14, 2022)
  • Stavros G. Vizirgianakis Filed SC 13D on Xtant Medical (United States), latest Sep 6, 2022
  • Xtant Medical (United States) Belgrade, Montana, United States
    • Bacterin International, Inc. Subsidiary · Nevada, United States
    • Fourth Dimension Spine GmbH Subsidiary · Germany
    • Pioneer Surgical Technology B.V. Subsidiary · Netherlands
    • RTI Surgical GmbH Subsidiary · Germany
    • RTI Surgical Holdings Luxembourg SARL Subsidiary · Luxembourg
    • RTI Surgical – Singapore Pte. Ltd. Subsidiary · Singapore
    • Surgalign SPV, Inc. Subsidiary · Delaware, United States
    • X-spine Systems, Inc. Subsidiary · Ohio, United States
    • Xtant Medical, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Xtant Medical (United States) reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$28.4M8 Dec 31, 2025$30.0M8 Dec 31, 2024−5.2%
Accumulated depreciation$22.2M8 Dec 31, 2025$19.8M8 Dec 31, 2024+11.9%
Property and equipment, net$6.2M8 Dec 31, 2025$10.1M8 Dec 31, 2024−38.8%
Operating-lease assets (leased space)$3.2M8 Dec 31, 2025$829.0K8 Dec 31, 2024+285.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$17.1M8 Dec 31, 2025$6.2M8 Dec 31, 2024+175.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$6.1M8 Dec 31, 2025$7.3M8 Dec 31, 2024−16.8%
Intangible assets, net (excluding goodwill)$299.0K8 Dec 31, 2025$8.4M8 Dec 31, 2024−96.4%
Finite-lived intangibles, gross$12.0M8 Dec 31, 2024$12.0M13 Dec 31, 20230%
Accumulated amortization-$3.6M8 Dec 31, 2024-$1.9M13 Dec 31, 2023−91.9%
Finite-lived intangibles, net$299.0K8 Dec 31, 2025$8.4M8 Dec 31, 2024−96.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$30.3M8 Dec 31, 2025$38.6M8 Dec 31, 2024−21.7%
Work in process$4.8M8 Dec 31, 2025$2.8M8 Dec 31, 2024+70.7%
Finished goods$19.8M8 Dec 31, 2025$29.2M8 Dec 31, 2024−32.3%

Properties, in its own words

Our headquarters and manufacturing facility are located at 664 Cruiser Lane, Belgrade, Montana 59714. We also have three other facilities on the contiguous Belgrade campus, located at 600 Cruiser Lane, 732 Cruiser Lane, and at 667 Glider Lane. All our properties are leased under leases that expire in October 2030. The 664 Cruiser Lane lease has a five-year extension option and all other leases have the option to extend for an additional two five-year terms.

The facility located at 664 Cruiser Lane is approximately 14,000 square feet of space. This building has an ISO 7 (Class 10,000) environmentally controlled area as well as diagnostic testing and research laboratories. The 600 Cruiser Lane building has approximately 17,700 square feet, which includes fourteen Class 100 (ISO 5) cleanrooms, a fully equipped diagnostics laboratory, microbiology laboratory and testing laboratory. The space at 732 Cruiser Lane is approximately 21,000 square feet where one Class 1,000 (ISO 6) cleanroom is located. The validated manufacturing areas and laboratory facilities located across this campus provide storage, processing, final packaging and testing space for production of biologic tissues and manufacturing medical devices pursuant to FDA, GMP regulations, and ISO 13485:2016.

The rest of Item 2

We also lease an approximately 2,000 square foot facility in San Diego, California, which houses certain innovation and design functions and other corporate functions, which expires in December 2026.

Item 2 of the 10-K filed Mar 31, 2026.7

Leadership

Who has led Xtant Medical (United States), and when. Pick a name to see everywhere that person has worked.

Board members and other officers (30)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorJohn K. Bakewell named Aug 26, 2022 to Aug 12, 202455
  • DirectorRobert E. McNamara named Aug 26, 2022 to Aug 12, 202455

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Bacterin International, Inc. Nevada6
  • Fourth Dimension Spine GmbH Germany6
  • Pioneer Surgical Technology B.V. Netherlands6
  • RTI Surgical GmbH Germany6
  • RTI Surgical Holdings Luxembourg SARL Luxembourg6
  • RTI Surgical – Singapore Pte. Ltd. Singapore6
  • Surgalign SPV, Inc. Delaware6
  • X-spine Systems, Inc. Ohio6
  • Xtant Medical, Inc. Delaware6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Bacterin International Holdings, Inc.Jun 30, 2010 to Aug 3, 20155
  • K KITZ INCApr 6, 2009 to May 21, 20105

Timeline

  1. Aug 11, 20268-K Results of operations56
  2. Aug 7, 20268-K Shareholder vote57
  3. May 13, 20268-K Results of operations; Other events58
  4. Apr 13, 20268-K Regulation FD disclosure; Other events59
  5. Mar 31, 20268-K Results of operations60
  6. Mar 2, 20268-K Other events61
  7. Jan 16, 20268-K Other events62
  8. Dec 3, 20258-K Completed an acquisition or sale; Debt or obligation accelerated; Regulation FD disclosure63
  9. Nov 10, 20258-K Executive or director change; Shareholder vote64
  10. Nov 10, 20258-K Results of operations65
  11. Aug 12, 20258-K Results of operations; Regulation FD disclosure66
  12. Aug 8, 20258-K Other events67
  13. Oct 15, 2019New chief executive Sean E. Browne becomes CEO16
  14. Oct 15, 2018New chief executive Michael Mainelli becomes CEO18
  15. Aug 16, 2018New chief executive Carl O'Connell becomes CEO17
  16. Aug 16, 2013New chief executive Daniel S. Goldberger becomes CEO20
  17. May 29, 2013New chief executive Darrel Lee Holmes becomes CEO19
  18. Mar 4, 2011New chief executive Guy S. Cook becomes CEO21
  19. 2006Founded Founded1

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/202668

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results56
  2. May 13, 2026Reported quarterly or annual results58
  3. Mar 31, 2026Reported quarterly or annual results60
  4. Nov 10, 2025Reported quarterly or annual results65
  5. Aug 12, 2025Reported quarterly or annual results66
  6. May 12, 2025Reported quarterly or annual results69
  7. Apr 16, 2025Reported quarterly or annual results70
  8. Mar 6, 2025Reported quarterly or annual results71

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

244 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 58 major events, 76 insider forms, 14 large holders, 3 private raises, 73 other. The latest 20:

  1. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  2. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  3. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  4. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  6. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  7. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  8. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  9. Aug 11, 202610-Q EDGAR
  10. Aug 11, 20268-K EDGAR
  11. Aug 7, 20268-K EDGAR
  12. Jun 23, 2026ARS EDGAR
  13. Jun 23, 2026DEFA14A EDGAR
  14. Jun 23, 2026DEF 14A EDGAR
  15. May 29, 2026SD EDGAR
  16. May 13, 2026S-8 POS EDGAR
  17. May 13, 2026S-8 POS EDGAR
  18. May 13, 2026S-8 POS EDGAR
  19. May 13, 2026S-8 POS EDGAR
  20. May 13, 202610-Q EDGAR

The 244 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 2 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 10, 2025Orbimed ROF II LLC10% ownerSale73,114,592$0.42$30.7MForm 4
Nov 17, 2023Brandt Kevin DChief Commercial OfficerBuy41,670$1.20$50.0KForm 4
Jan 18, 2023Neils Scott CCFO and Assistant SecretarySale8,673$0.61$5.3KForm 4
Oct 19, 2022Browne Sean EPresident and CEOSale51,100$0.62$31.7KForm 4
Oct 18, 2022Browne Sean EPresident and CEOSale80,000$0.68$54.4KForm 4
Oct 7, 2022Vizirgianakis Stavros G.DirectorBuy2,264,861$0.48$1.1MForm 4
Aug 17, 2022Brandt Kevin DChief Commercial OfficerSale4,300$0.48$2.1KForm 4
Aug 17, 2022Neils Scott CCFO and Assistant SecretarySale1,270$0.48$610Form 4
Aug 16, 2022Brandt Kevin DChief Commercial OfficerSale18,700$0.49$9.2KForm 4
Aug 16, 2022Neils Scott CCFO and Assistant SecretarySale5,100$0.48$2.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Sean E. Browne60$624.0K$1.4M77
2025Mark A. Schallenberger40$447.7K$1.1M77
2025Scott C. Neils42$416.0K$939.4K77
2024President and Chief Executive Officer$617.5K$2.5M77
2024Chief Financial Officer$411.7K$883.5K77
2024Chief Operating Officer$411.7K$879.0K77

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 9, 2024Raised $5 million in a private offering of equity Form D: 5 investors so far Form D
  2. Jul 6, 2023Raised $15 million in a private offering of equity Form D: 22 investors so far Form D
  3. Aug 25, 2022Raised $6.7 million in a private offering of equity Form D: $9.7 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 32. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Nantahala Capital Management, LLC136,788,000$57.6M1.8%+68,394,000
AWM Investment Company, Inc.5,976,910$2.5M0.2%No change
Vanguard Capital Management LLC2,014,603$848.1K0.0%No change
Renaissance Technologies LLC935,119$393.7K0.0%−52,291
Geode Capital Management, LLC517,133$217.8K0.0%−12,081
Crescent Grove Advisors, LLC412,024$173.5K0.0%No change
Nano Cap New Millennium Growth Fund L P400,000$168.4K0.1%+50,000
Vanguard Fiduciary Trust Co257,988$108.6K0.0%No change
Citadel Advisors LLC191,369$80.6K0.0%+30,358
Bridgeway Capital Management, LLC164,100$69.1K0.0%No change
Wiregrass Investment Management LLC150,000$63.1K0.0%+47,000
BlackRock, Inc.115,782$48.7K0.0%No change
Mink Brook Asset Management LLC109,466$46.1K0.0%No change
Northern Trust Corp101,127$42.6K0.0%+1,529
Millennium Management LLC84,490$35.6K0.0%−47,864
XTX Topco Ltd68,531$28.9K0.0%+30,598
UBS Group AG31,920$13.4K0.0%New
State Street Corp31,266$13.2K0.0%No change
Sei Investments Co24,760$10.4K0.0%No change
Kestra Advisory Services, LLC20,000$8.4K0.0%No change
Ground Swell Capital, LLC13,070$5.5K0.0%New
Commonwealth Equity Services, LLC12,691$5.3K0.0%New
Equitable Holdings, Inc.11,450$4.8K0.0%No change
Tower Research Capital LLC (TRC)10,398$4.4K0.0%+3,010
MassMutual Private Wealth & Trust, FSB2,000$8420.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Xtant Medical (United States) is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARXtant Medical Holdings, Inc.2
  • CIK0001453593
  • Employer ID (EIN)20-53133237
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsDecember 312
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus2
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
  • Business address664 Cruiser Lane, Belgrade, MT 597142
  • Phone406-388-04802
  • Shares outstanding140,287,960 as of Aug 7, 202615
  • Public float$45.0M as of Jun 30, 20257
  • AuditorGRANT THORNTON LLP, Minneapolis, Minnesota PCAOB ID 248; no auditor attestation of internal control over financial reporting7
  • On EDGAR sinceApr 6, 20092
  • Filings1,105 in all: 8-K (392), 4 (267), 10-Q (51), 3 (43), EFFECT (36), CORRESP (32), UPLOAD (27), SC 13G/A (23)2
    All 52 form types

    S-1/A (20), POS AM (19), SC 13D/A (18), 10-K (17), DEF 14A (17), 424B3 (11), S-1 (10), S-8 (10), D (9), S-3 (9), SC 13G (9), S-8 POS (8), 8-K/A (7), FWP (7), 4/A (6), SC 13D (5), ARS (4), PRE 14A (4), 10-Q/A (3), 3/A (3), NT 10-Q (3), 10-K/A (2), 424B2 (2), 424B5 (2), 8-A12B (2), 8-A12B/A (2), CERTNYS (2), DEF 14C (2), DEFA14A (2), PRE 14C (2), SCHEDULE 13D/A (2), SCHEDULE 13G (2), SD (2), 25-NSE (1), 424B1 (1), 424B4 (1), D/A (1), DEFR14A (1), DEL AM (1), NT 10-K (1), PRER14A (1), S-3/A (1), SCHEDULE 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Jun 23, 2026
    Latest 8-K (8-K) Aug 11, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.000001 per shareXTNTNYSE American LLC

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks Xtant Medical (United States) names in Item 1A of its 10-K filed Mar 31, 2026: 2 risks under these headings, as written.7

  • Some of our biologics products, including our OsteoVive Plus, involve a heightened inherent risk of transmission of disease, which if materialized, could adversely affect our business, operating results, financial condition, reputation and stock price.
  • We identified a material weakness in our internal control over financial reporting as of December 31, 2025, and cannot provide assurances that this weakness will be effectively remediated or that additional material weaknesses will not occur in the future.

Legal proceedings

Our legal proceedings are discussed in Note 12 – Commitments and Contingencies in the notes to our consolidated financial statements in this Form 10-K.

The opening of Item 3, Legal Proceedings.7

Sources

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