How does xtant medical make money?

xtant medical generates $117M in annual revenue (annual revenue).

What is XTNT's XVARY composite score?

xtant medical (XTNT) has an XVARY composite score of 29/100, rated weak. This combines growth, value, risk, and momentum factors.

XTNT — xtant medical stock analysis

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what it is

Xtant makes biologic grafts and spinal implant products for surgeons treating wounds, sports injuries, and spine problems.

how it gets paid

Last year Xtant Medical made $117M in revenue. Orthobiologics and biologics was the main engine at $44M, or 38% of sales.

what just happened

Revenue hit $102M and EPS turned positive at $0.03.

At a glance

C+ balance sheet — struggling to keep the lights on

35/100 earnings predictability — expect surprises

64.0x trailing p/e — you're paying up for this one

-$0.12 fy2024 eps est

$2B fy2026 rev est

xvary composite: 29/100 — weak

What they do

Xtant makes biologic grafts and spinal implant products for surgeons treating wounds, sports injuries, and spine problems.

You are buying 25 years of clinical history, not a flashy story. Xtant has 232 employees, so the business stays close to each product. If your hospital changes suppliers, it has to retrain staff and redo approvals, and that kind of hassle keeps accounts sticky.

medical-devices small-cap biologics orthopedics spine

How they make money

$117M annual revenue

Orthobiologics and biologics

$44M

+8.0%

Spinal implant systems

$28M

6.0%

Wound care

$18M

+15.0%

Sports medicine

$14M

+5.0%

Other and non-core products

$13M

10.0%

The products that matter

bone grafts and biologics

Regenerative Biologics

~$80M · about 60% of revenue

it is roughly $80M of a $133M business. this is the segment management wants to lean on because the margin profile should look better than legacy hardware if execution is real.

the pivot

spinal fixation hardware

Spinal Implant Systems

~$53M · about 40% of revenue

it is still about $53M of revenue today, which is too large to ignore. because the company is selling these assets, you should treat this segment as transition risk first and upside second.

being exited

Key numbers

$117M

annual sales

This is the top line for the full year, and it shows the company is still selling real products, not just press releases.

65.5%

gross margin

That means the company keeps 65.5 cents of every sales dollar before overhead. That is the difference between a business and a medical hobby.

10.3%

operating margin

This shows the business still spends more than it makes after basic operating costs. The sales engine is running, but the profit engine is idling.

$20M

long-term debt

Debt this size is manageable only if revenue keeps holding. If sales weaken, this number becomes the loudest line on the balance sheet.

Financial health

C+

strength

balance sheet grade C+ — weak — may struggle to fund operations
risk rank 5 — safer than 5% of stocks
price stability 5 / 100
long-term debt $20M (19% of capital)

C+ — below average. watch for debt servicing and cash burn.

Total return vs. market

Return history isn't available for XTNT right now.

same standard. no invented return math.

source: institutional data · return history unavailable

What just happened

beat estimates

Revenue hit $102M and EPS turned positive at $0.03.

Revenue was up 205% vs. prior year, and gross margin held at 65.5%. That is a sharp contrast with the full-year EPS estimate of -$0.12 from.

$102M

revenue

$0.03

eps

65.5%

gross margin

the number that mattered

The $102M quarter mattered because it was 205% above last year, which says demand is real even though the annual profit picture is still weak.

Management is trying to sell the lower-quality part of the story

The spinal fixation asset sale is the strategy, not a footnote. Roughly 40% of current revenue sits in the business being exited. You should judge every update by one question: does the remaining company earn materially better returns than the one being carved up.
XTNT crossed into profit, but the cushion is almost nonexistent

$1.75M of net income sounds cleaner than a loss. It is also only 1.3% of revenue. That means ordinary pressure on pricing, procedure volumes, or sales costs can push the company back to break-even or worse.
Revenue growth helped, but margin conversion is still the real report card

The latest page data shows 19% growth from a year ago. Good. But a company with 65.5% gross margin and 2.5% operating margin does not get re-rated because sales grew. It gets re-rated if more of that gross profit survives the trip down the income statement.

source: company earnings report, 2026

What could go wrong

The #1 risk here is the biologics-heavy company still earning only razor-thin margins after the spinal fixation sale.

∘

med

The company gets smaller but not better

If Xtant sells the hardware assets and keeps roughly 60% of revenue in biologics, the remaining business has to show better economics. If it does not, the strategy shrinks scale without fixing the core problem.

With operating margin at 2.5% today, there is little room for a transition period that drags on.

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med

Thin profit disappears fast

A 1.3% net margin on $133M in revenue produced just $1.75M of net income. This is what fragile profitability looks like. Small changes in pricing, case volume, or selling expense matter more here than they do at a larger medtech company.

A 1% hit to the revenue base is about $1.3M. That is most of the recent annual profit gone.

∘

med

Balance sheet flexibility is limited

A C+ balance sheet grade grade and $20M of long-term debt are manageable in a healthy business. In a company with a 5/100 price stability score and 35/100 earnings predictability, they matter more.

If profitability slips, the story can shift from margin repair to capital preservation fast.

This risk picture exposes nearly all of the current $133M revenue base to one question: can the post-sale company earn meaningfully more than 2.5 cents on the dollar.

source: institutional data · regulatory filings · risk analysis

Pay attention to

margin

Operating margin after the divestiture

65.5% gross margin already says the products have value. The next checkpoint is simple: does operating margin move clearly above 2.5% once the business mix changes.

execution

Completion of the spinal asset sale

The sale defines the new XTNT. Watch what gets sold, how much revenue leaves with it, and whether management gives you a clean picture of the margin profile that stays behind.

calendar

Canaccord Genuity 2026 conference

March 2026 is a real checkpoint. If management talks mostly about strategy and not concrete margin progress, the market may decide the pivot is still a presentation, not a result.

mix shift

Revenue quality, not just revenue growth

The latest page data shows 19% growth from a year ago. What matters next is whether a bigger share of sales comes from biologics rather than a business the company is trying to exit.

Analyst rankings

earnings predictability

35 / 100

in human-speak, analysts do not trust the next few quarters to behave cleanly because the business mix and margin profile are both in motion.

xvary composite

29 / 100

That is a weak overall score. Translation: low confidence, high fragility, and not enough proof yet that the pivot has fixed the economics.

source: institutional data

Institutional activity

institutional ownership data for XTNT is being compiled.

source: institutional data

Price targets

3-5 year target range

n/a n/a

$1 current price

n/a target midpoint · n/a from current

target data not available

The deep dive

XTNT

xvary deep dive

xtnt

the full analysis is in the works.

what you'll get

dcf valuation model

bull / base / bear scenarios

competitive moat breakdown

quarterly earnings tracker

operating model projections

risk matrix with kill criteria

original price target + conviction

updated with every earnings

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