Xtant Medical Holdings, Inc. reported a total revenue of $33.3 million for the third quarter of 2025, marking a 19% increase from $27.9 million in the same period of 2024. For the nine months ending September 30, 2025, revenue reached $101.6 million, an 18% rise compared to $85.8 million in the prior year. The growth was primarily driven by $5.5 million in licensing revenue recognized during the quarter and $14.1 million for the nine-month period, alongside increased sales in orthobiologics. However, this was partially offset by a decline in hardware revenue.
The company's gross profit margin improved significantly, rising to 66.1% for the third quarter of 2025 from 58.4% in the previous year, and to 65.5% for the nine-month period compared to 60.9% in 2024. This increase is attributed to a favorable sales mix and greater operational scale, although it was tempered by higher charges for excess and obsolete inventory. Operating expenses decreased slightly, with general and administrative costs down 6% to $7.1 million for the quarter, while sales and marketing expenses fell by 1% to $11.7 million.
Xtant Medical's strategic developments include the pending sale of its Coflex and CoFix assets and international hardware business to Companion Spine, LLC, for a total of $17.5 million. This transaction is expected to close in the fourth quarter of 2025, contingent upon Companion obtaining financing. Additionally, the company has entered into a license agreement for its SimpliMax™ product, which includes a one-time cash payment and minimum quarterly royalties, although regulatory changes regarding reimbursement could impact future revenues from this agreement.
Operationally, Xtant Medical reported a cash and cash equivalents balance of $10.6 million as of September 30, 2025, up from $6.2 million at the end of 2024. The company also noted a significant increase in accounts receivable and inventories, reflecting its growth strategy. The total employee headcount remained stable, supporting its ongoing initiatives to expand its distribution network and product offerings. Looking ahead, Xtant Medical aims to leverage its growth platform through technology and strategic acquisitions, although it cautions that there are no guarantees of success in these endeavors.
About Xtant Medical Holdings, Inc.
Xtant Medical Holdings, Inc. develops and markets orthobiologics and spinal implant systems for treating spinal disorders. Its products include biologics, fixation, and motion preservation devices used by spine surgeons worldwide. The company leverages extensive distribution channels, strategic acquisitions, and innovative biologics to enhance patient outcomes. Focused on quality and regulatory compliance, Xtant serves the orthopedic and neurosurgical markets with a competitive edge in minimally invasive and complex spine procedures.
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