Xtant Medical Holdings, Inc. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Xtant Medical reported second quarter 2026 total revenue of $23 million, down from $35.4 million in the second quarter of 2025, or $24.8 million on a pro forma basis excluding non-core products and businesses sold.
- The revenue decline was mainly driven by headwinds in the amnio product line tied to the Advanced Wound Care market, partially offset by $1.5 million in Hemo Blast sales and higher hardware revenue from the Cortera spinal fixation system.
- Gross margin decreased to 57.9% in Q2 2026 from 68.6% in Q2 2025, primarily due to the cessation of license revenue, reduced production efficiencies, and increased inventory charges.
- Operating expenses increased to $22.5 million from $19.7 million, mainly due to a $5 million exclusivity fee paid to Dillon Technologies.
- Net loss was $9.4 million or $0.07 per share in Q2 2026, compared to net income of $3.6 million or $0.03 per basic share in Q2 2025.
- Adjusted EBITDA was a loss of $2.7 million in Q2 2026 versus positive $6.9 million in Q2 2025.
- As of June 30, 2026, Xtant had $9.9 million in cash, $23 million in total debt, and $0.7 million available under its revolving credit facility.
- The company integrated Dillon Technologies' 17 U.S. salespeople and two regional managers into its commercial organization and launched the Trivium Shaped product in May, which showed strong early sales traction.
- The Dillon agreement added exclusive U.S. distribution rights to the Hemo Blast hemostatic product, entering a $1 billion global addressable market for hemostatic products.
- Training and integration of the new sales reps impacted Q2 sales but are expected to drive accelerating biologics growth in Q3 and beyond.
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Transcript
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Good morning, everyone, and welcome to the Xtant Medical Second Quarter 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode, and the floor will be open for questions following the presentation. Please note that this conference is being recorded. I will now turn the conference over to your host, Kevin Gardner of LifeSci Advisors.
Please go ahead. Thank you, operator, and welcome to Xtant Medical's Second Quarter 2026 Financial Results Call.
Joining me today are Sean Browne, President and Chief Executive Officer, and Scott Neils, Chief Financial Officer. Today's call is being webcast and will be posted on the company's website for playback. During the course of this call, management may make certain forward-looking statements regarding future events and the company's expected future performance. These forward-looking statements reflect Xtant's current perspective on existing trends and information and can be identified by such words as "expect," "plan," "will," "may," "anticipate," "believe," "should," "intends," and other words with similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factor section of the company's annual report on Form 10-K filed with the SEC and in subsequent SEC reports and press releases. Actual results may differ materially.
The company's financial results press release and today's discussion include certain non-GAAP financial measures. Please refer to the non-GAAP to GAAP reconciliations, which appear in our press release and are otherwise available on our website. Note that the Form 8-K that we file with our financial results press releases provide detailed narratives that describe our use of such measures. For the benefit of those of you who may be listening to a replay of this call, it was held and recorded on August 11th, 2026, at approximately 8:30 A.M. Eastern Time. The company declines any obligation to update its forward-looking statements except as required by applicable law. Now I'd like to turn the call over to Sean Browne, CEO.
Sean? Thank you, Kevin, and good morning, everyone.
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