XTNT on NYSE

Xtant Medical (United States)

Logo: xtantmedical.com3

American surgical and medical instruments and apparatus company.1

Price unavailable

Last updated Oct 18, 2026.

Overview

2006Founded1

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  • TickerXTNT on NYSE1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersBelgrade1
  • Websitextantmedical.com
  • Legal formDelaware corporation1
  • Incorporated inDE4
  • Business address664 Cruiser Lane, Belgrade, Mt 597144
  • Filer categoryNon-accelerated filer, Smaller reporting company4

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Xtant Medical (United States) image from its website
Image: xtantmedical.com3

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 margin5
5.4%Operating margin5
3.7%Net margin5
14.2%Revenue growth, 20255
9.8%Return on equity5
0.22×Debt to equity5
$10.2MFree cash flow5

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$72.9M548%up 10% from 2024
  2. Spinal Implant$42.3M528%down 14% from 2024
  3. License$18.7M512%up 1147% from 2024
  4. License Revenue$18.7M512%up 1147% from 2024
  5. Bill And Hold Transactions$400.0K50%
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$122.4M591%up 16% from 2024
  2. Outside the United States$11.5M59%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.5

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.5

Financial statements

Revenue6789105$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 profit6789105$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 income6789105$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 income6789105$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.5

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

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Leadership

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

Chief executive

  1. Guy S. Cook2011–2012
  2. Darrel Lee Holmes2013
  3. Daniel S. Goldberger2013–2016
  4. Carl O'Connell2018
  5. Michael Mainelli2018
  6. Sean E. Browne2019–now

President

  1. Daniel S. Goldberger2013–2014
  2. Silvio Robert M. Di2014
  3. Carl O'Connell2016
  4. Sean E. Browne2019–now

Chief financial officer

  1. Kathie J. Lenzen2018
  2. Scott C. Neils2022–now

Chief operating officer

  1. Darrel Lee Holmes2011–2014
  2. Mark A. Schallenberger2025–now
2010201520202025
Board members and other officers (30)

Former names

  • Bacterin International Holdings, Inc.Jun 30, 2010 to Aug 3, 20154
  • K KITZ INCApr 6, 2009 to May 21, 20104

Timeline

  1. Oct 15, 2019New chief executive Sean E. Browne becomes CEO13
  2. Oct 15, 2018New chief executive Michael Mainelli becomes CEO15
  3. Aug 16, 2018New chief executive Carl O'Connell becomes CEO14
  4. Aug 16, 2013New chief executive Daniel S. Goldberger becomes CEO17
  5. May 29, 2013New chief executive Darrel Lee Holmes becomes CEO16
  6. Mar 4, 2011New chief executive Guy S. Cook becomes CEO18
  7. 2006Founded Founded1

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 three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 14 such filings since October 2021, the latest 10:

  1. Feb 17, 2026SCHEDULE 13G/A
  2. Aug 5, 2025SCHEDULE 13D/A
  3. Apr 17, 2025SCHEDULE 13D
  4. Apr 16, 2025SCHEDULE 13G
  5. Apr 14, 2025SCHEDULE 13D/A
  6. Nov 14, 2024SCHEDULE 13G
  7. Sep 10, 2024SC 13D/A
  8. Feb 13, 2024SC 13G/A
  9. Aug 3, 2023SC 13D/A
  10. May 5, 2023SC 13D/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

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.

Sources

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