Xtant Medical Appoints Mark Schallenberger as Chief Operations Officer

Rhea-AI Summary

Xtant Medical Holdings, Inc. (XTNT) announced the appointment of Mark Schallenberger as Chief Operations Officer, effective January 16, 2023. Schallenberger, who has over 12 years of experience in orthobiologics, will focus on modernizing production, optimizing operations, and diversifying product lines. President Sean Browne expressed enthusiasm about Schallenberger's role in driving growth. Xtant Medical specializes in surgical solutions for spinal disorders, emphasizing innovation in orthobiologics and spinal implants.

Positive

• Mark Schallenberger's appointment is expected to enhance operational efficiency and support product diversification.
• With over 12 years of relevant industry experience, Schallenberger may bring valuable insights to drive profitable growth.

Negative

• Concerns about continuity and experience gaps may arise due to changes in leadership.

BELGRADE, Mont., Jan. 09, 2023 (GLOBE NEWSWIRE) -- Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today announced the appointment of Mark Schallenberger as Chief Operations Officer, effective January 16, 2023.

“We are thrilled to have Mark rejoin the team as we reinvent Xtant,” said Sean Browne, President and Chief Executive Officer of Xtant Medical. “In this newly created role, Mark will drive the modernization of our production, lead the optimization of our processes and operations, and support the diversification and development of new product lines. We look forward to Mark’s contributions to our key growth pillars.”

“I am excited to be rejoining Xtant Medical in this new role,” said Mark Schallenberger. “The Company is well-positioned to invest and build upon the development of its innovative and industry leading orthobiologics. I look forward to working with the leadership team to drive better operational efficiencies and generate profitable growth.”

Mr. Schallenberger has more than 12 years of orthobiologics experience focused on product development and scientific affairs, having most recently served as Chief Operations Officer at Surgenex, a medical technology manufacturer, since June 2019. Previously, he served as Senior Director of Marketing and Product Development at DCI Donor Services Tissue Bank, beginning in February 2016. Before that, Mr. Schallenberger served in various roles with increasing responsibility from September 2010 to February 2016 culminating with Director of Scientific Affairs with Xtant Medical, formerly Bacterin International Holdings. Mr. Schallenberger holds a Master of Science in Chemical Biology from The Scripps Research Institute and a Bachelor of Science degree in Chemistry from the University of Montana.

About Xtant Medical Holdings, Inc.

Xtant Medical Holdings, Inc. (www.xtantmedical.com) is a global medical technology company focused on the design, development, and commercialization of a comprehensive portfolio of orthobiologics and spinal implant systems to facilitate spinal fusion in complex spine, deformity and degenerative procedures. Xtant people are dedicated and talented, operating with the highest integrity to serve our customers.

The symbols ™ and ® denote trademarks and registered trademarks of Xtant Medical Holdings, Inc. or its affiliates, registered as indicated in the United States, and in other countries. All other trademarks and trade names referred to in this release are the property of their respective owners.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “intends,” ‘‘expects,’’ ‘‘anticipates,’’ ‘‘plans,’’ ‘‘believes,’’ ‘‘estimates,’’ “continue,” “future,” ‘‘will,’’ “potential,” “going forward,” similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this release include the Company’s expectations regarding its future growth strategy. The Company cautions that its forward-looking statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the Company’s future operating results and financial performance; the ability to increase or maintain revenue; possible future impairment charges to long-lived assets and goodwill and write-downs of excess inventory if revenues continue to decrease; the ability to remain competitive; the ability to innovate, develop and introduce new products; the ability to engage and retain new and existing independent distributors and agents and qualified personnel and the Company’s dependence on key independent agents for a significant portion of its revenue; the effect of the COVID-19 pandemic and labor and staffing shortages on the Company’s business, operating results and financial condition, especially when they affect key markets; the Company’s ability to implement successfully its future growth initiatives and risks associated therewith; the effect of inflation, increased interest rates and other recessionary indicators and supply chain disruptions; the effect of product sales mix changes on the Company’s financial results; government and third-party coverage and reimbursement for Company products; the ability to obtain and maintain regulatory approvals and comply with government regulations; the effect of product liability claims and other litigation to which the Company may be subject; the effect of product recalls and defects; the ability to obtain and protect Company intellectual property and proprietary rights and operate without infringing the rights of others; the ability to service Company debt, comply with its debt covenants and access additional indebtedness; the ability to obtain additional financing on favorable terms or at all; and other factors. Additional risk factors are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (SEC) on March 8, 2022 and subsequent SEC filings by the Company. Investors are encouraged to read the Company’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this cautionary statement.

Investor Relations Contact

David Carey
Lazar FINN
Ph: 212-867-1762
Email: david.carey@finnpartners.com

FAQ

What is the significance of Mark Schallenberger's appointment at Xtant Medical?

Mark Schallenberger's appointment as COO is significant as he will focus on modernizing production and enhancing operational efficiencies at Xtant Medical.

What experience does Mark Schallenberger bring to Xtant Medical?

Mark Schallenberger has over 12 years of experience in orthobiologics and has previously held senior roles in various medical technology companies, including Xtant Medical.

When does Mark Schallenberger officially start as COO of Xtant Medical?

Mark Schallenberger officially starts as Chief Operations Officer of Xtant Medical on January 16, 2023.

What are the growth initiatives mentioned in the press release for Xtant Medical?

The press release highlights that Schallenberger will support the diversification and development of new product lines, aiming for better operational efficiencies and profitable growth.

How might the leadership change affect investors in XTNT?

The leadership change may affect investors by potentially improving operational efficiencies and product offerings, though concerns about continuity and leadership experience may also impact investor confidence.