Xtant Medical Reports Third Quarter 2024 Financial Results
Xtant Medical reported Q3 2024 financial results with revenue of $27.9 million, up 12% year-over-year, and year-to-date revenue of $85.8 million, up 36%. The company posted a net loss of $5.0 million compared to net income of $9.2 million in Q3 2023. Gross margin decreased to 58.4% from 61.3%. Notable developments include launching OsteoVive+ and Cortera Posterior Fixation System, signing a license agreement worth minimum $5.25 million, and completing a $5.0 million private placement. The company reaffirmed its full-year 2024 revenue guidance of $116-120 million, representing 27-31% growth.
Xtant Medical ha riportato i risultati finanziari del Q3 2024 con un fatturato di 27,9 milioni di dollari, in aumento del 12% rispetto all'anno precedente, e un fatturato da inizio anno di 85,8 milioni di dollari, in crescita del 36%. L'azienda ha registrato una perdita netta di 5,0 milioni di dollari rispetto a un utile netto di 9,2 milioni di dollari nel Q3 2023. Il margine lordo è diminuito al 58,4% dal 61,3%. Sviluppi significativi includono il lancio di OsteoVive+ e del Sistema di Fissazione Posteriore Cortera, la firma di un accordo di licenza del valore minimo di 5,25 milioni di dollari e il completamento di un collocamento privato di 5,0 milioni di dollari. L'azienda ha confermato la sua guida per il fatturato dell'intero anno 2024, prevedendo un fatturato di 116-120 milioni di dollari, che rappresenta una crescita del 27-31%.
Xtant Medical informó los resultados financieros del Q3 2024 con ingresos de 27.9 millones de dólares, un aumento del 12% en comparación con el año anterior, y unos ingresos acumulados hasta la fecha de 85.8 millones de dólares, un incremento del 36%. La compañía reportó una pérdida neta de 5.0 millones de dólares en comparación con un ingreso neto de 9.2 millones de dólares en el Q3 2023. El margen bruto disminuyó al 58.4% desde el 61.3%. Los desarrollos notables incluyen el lanzamiento de OsteoVive+ y el Sistema de Fijación Posterior Cortera, la firma de un acuerdo de licencia por un valor mínimo de 5.25 millones de dólares y la finalización de una colocación privada de 5.0 millones de dólares. La empresa reafirmó su guía de ingresos para todo el año 2024 de 116-120 millones de dólares, lo que representa un crecimiento del 27-31%.
Xtant Medical은 2024년 3분기 재무 결과를 보고하며, 수익은 2790만 달러로 전년 대비 12% 증가하였고, 올해 누적 수익은 8580만 달러로 36% 증가하였습니다. 회사는 2023년 3분기에 920만 달러의 순이익을 기록한 것에 비해 500만 달러의 순손실을 기록했습니다. 총 이익률은 61.3%에서 58.4%로 감소했습니다. 주목할만한 발전 사항으로는 OsteoVive+와 Cortera Posterior Fixation System의 출시, 최소 525만 달러의 가치가 있는 라이선스 계약 체결, 500만 달러의 사모 배치 완료가 있습니다. 회사는 2024년 전체 연도 매출 가이던스를 1억 1600만~1억 2000만 달러로 확인하며, 이는 27-31%의 성장을 나타냅니다.
Xtant Medical a annoncé les résultats financiers du T3 2024 avec un chiffre d'affaires de 27,9 millions de dollars, en hausse de 12% par rapport à l'année précédente, et un chiffre d'affaires depuis le début de l'année de 85,8 millions de dollars, en augmentation de 36%. L'entreprise a affiché une perte nette de 5,0 millions de dollars par rapport à un bénéfice net de 9,2 millions de dollars au T3 2023. La marge brute a diminué à 58,4% contre 61,3%. Parmi les développements notables, on peut citer le lancement d'OsteoVive+ et du Système de Fixation Postérieure Cortera, la signature d'un accord de licence d'une valeur minimale de 5,25 millions de dollars, et l'achèvement d'un placement privé de 5,0 millions de dollars. L'entreprise a réaffirmé ses prévisions de chiffre d'affaires pour l'année 2024, s'élevant à 116-120 millions de dollars, représentant une croissance de 27-31%.
Xtant Medical hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Umsatz von 27,9 Millionen Dollar, was einem Anstieg von 12% im Jahresvergleich entspricht, und einem bisher in diesem Jahr erzielten Umsatz von 85,8 Millionen Dollar, was einem Anstieg von 36% entspricht. Das Unternehmen meldete einen Nettoverlust von 5,0 Millionen Dollar im Vergleich zu einem Nettoertrag von 9,2 Millionen Dollar im 3. Quartal 2023. Die Bruttomarge sank von 61,3% auf 58,4%. Zu den bemerkenswerten Entwicklungen gehören die Einführung von OsteoVive+ und dem Cortera Posterior Fixation System, der Abschluss eines Lizenzvertrags im Wert von mindestens 5,25 Millionen Dollar und die Durchführung einer privaten Platzierung im Wert von 5,0 Millionen Dollar. Das Unternehmen bekräftigte seine Umsatzprognose für das Gesamtjahr 2024 von 116-120 Millionen Dollar, was einem Wachstum von 27-31% entspricht.
- Revenue growth of 12% YoY to $27.9 million in Q3 2024
- Year-to-date revenue up 36% to $85.8 million
- Signed license agreement worth minimum $5.25 million
- Reaffirmed strong full-year revenue guidance of $116-120 million
- Net loss of $5.0 million in Q3 2024 vs net income of $9.2 million in Q3 2023
- Gross margin declined to 58.4% from 61.3% YoY
- Adjusted EBITDA turned negative to -$196,000 from +$440,000 YoY
- Operating expenses increased 7.3% to $20.1 million
Insights
The Q3 results present a mixed financial picture. While revenue grew
The reaffirmed full-year revenue guidance of
The launch of OsteoVive+ and Cortera Posterior Fixation System represents strategic product portfolio expansion. The in-house production of OsteoVive+ is particularly significant as it offers both supply chain control and margin improvement potential. The biologics market focus aligns with industry growth trends, though the reported reduction in surgical procedures using their products warrants monitoring.
The integration of Surgalign Holdings' acquisition appears to be progressing, contributing to revenue growth. However, the transition period is impacting operational metrics, suggesting optimization opportunities in manufacturing and distribution efficiency.
Third Quarter Revenue Growth of
Reaffirms Full Year 2024 Revenue Guidance of
Representing Growth of
BELGRADE, MT / ACCESSWIRE / November 12, 2024 / Xtant Medical Holdings, Inc. (NYSE American:XTNT), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today reported financial and operating results for the third quarter ended September 30, 2024.
Third Quarter 2024 Financial Highlights
Revenue of
$27.9 million , up12% , compared to the prior year quarter; year to date revenue of$85.8 million , up36% compared to prior year periodGross margin of
58.4% compared to61.3% for the prior year quarterNet loss of
$5.0 million compared to net income of$9.2 million in the prior year quarter which included a$11.0 million bargain purchase gain related to the acquisition of Surgalign HoldingsAdjusted EBITDA of
$(196,000) compared to$440,000 in the prior year quarter
Recent Business Highlights
Launched OsteoVive+, a moldable, viable bone matrix for use in a variety of grafting procedures
Launched Cortera Posterior Fixation System, a comprehensive solution designed to streamline thoracolumbar fixation surgeries
Signed a license agreement for Q-Codes and corresponding SimpliMax Dual Layer Amniotic Membrane, which provides for a minimum of
$5.25 million in licensing and royalty feesCompleted
$5.0 million private placement on August 9, 2024
Sean Browne, President and CEO of Xtant Medical, stated, "During the third quarter, we expanded our market opportunities with the launch of two new products, OsteoVive+ (stem cells) and Cortera Posterior Fixation System. Importantly, OsetoVive+ is produced internally to our high standards, giving us greater control over the supply chain and enabling a higher margin contribution on incremental sales, which we expect to accelerate in the fourth quarter."
Browne continued, "2024 is shaping up largely as we planned with revenue growth of
Third Quarter 2024 Financial Results
Total revenue for the three months ended September 30, 2024 was
Gross margin for the third quarter of 2024 was
Operating expenses for the third quarter of 2024 totaled
Net loss for the third quarter of 2024 was
Non-GAAP Adjusted EBITDA for the third quarter of 2024 was a loss of
As of September 30, 2024, the Company had
2024 Financial Guidance
Xtant Medical reaffirmed its full year 2024 revenue guidance of
Conference Call
Xtant Medical will host a webcast and conference call to discuss third quarter 2024 financial results at 4:30 pm ET on Tuesday, November 12, 2024.
To access the webcast, visit https://www.webcaster4.com/Webcast/Page/3039/51623.
To access the conference call, dial 888-999-3182 within the U.S. or 848-280-6330 outside the U.S. Passcode: Xtant Medical Holdings.
A replay of the call will be available on the Investor section of the Company's website at www.xtantmedical.com.
About Xtant Medical Holdings, Inc.
Xtant Medical's mission of honoring the gift of donation so that our patients can live as full and complete a life as possible, is the driving force behind our company. 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.
Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures in this release, including Adjusted EBITDA. Reconciliations of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the respective periods can be found in tables later in this release. The Company's management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company's operations, period over period. Management uses the non-GAAP measures in this release internally for evaluation of the performance of the business, including the allocation of resources. Investors should consider non-GAAP financial measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.
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," "guidance," similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this release include the Company's financial guidance for 2024, expectations for the acceleration of incremental sales in the fourth quarter, the Company's ability to build a resilient and scalable business, the Company's anticipated long-term growth and increased profitability for stockholders. 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; its ability to increase or maintain revenue; the Company's ability to become operationally self-sustaining and less reliant on third-party manufacturers and suppliers; risks associated with its acquisitions and the integration of those businesses; anticipated shortages of stem cells which will adversely affect future revenues; the ability to implement successfully its future growth initiatives and risks associated therewith; possible future impairment charges to long-lived assets and goodwill and write-downs of excess inventory; the ability to remain competitive; the ability to innovate, develop and introduce new products and the success of those 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 labor and hospital staffing shortages on the Company's business, operating results and financial condition, especially when they affect key markets; the effect of inflation, increased interest rates and other recessionary factors 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 license certain of the Company's intellectual property on commercially reasonable terms and to maintain any such licenses; the ability to obtain and protect Company intellectual property and proprietary rights and operate without infringing the rights of others; risks associated with the Company's clinical trials; international risks; the ability to service Company debt, comply with its debt covenants and access additional indebtedness; the ability to maintain sufficient liquidity to fund its operations and obtain 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, 2023 filed with the Securities and Exchange Commission (SEC) on April 1, 2024 and subsequent SEC filings by the Company, including without limitation its most recent Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 anticipated to be filed with the SEC. 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:
Brett Maas
Managing Partner, Hayden IR
brett@haydenir.com
(646) 536-7331
XTANT MEDICAL HOLDINGS, INC.
Condensed Consolidated Balance Sheets
(In thousands, except number of shares and par value)
|
| September 30, 2024 |
|
| December 31, 2023 |
| ||
|
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
|
| ||
Current Assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 6,596 |
|
| $ | 5,715 |
|
Restricted cash |
|
| 490 |
|
|
| 208 |
|
Trade accounts receivable, net of allowance for credit losses and doubtful accounts of respectively |
|
| 20,545 |
|
|
| 20,731 |
|
Inventories |
|
| 41,886 |
|
|
| 36,885 |
|
Prepaid and other current assets |
|
| 1,893 |
|
|
| 1,330 |
|
Total current assets |
|
| 71,410 |
|
|
| 64,869 |
|
|
|
|
|
|
|
|
| |
Property and equipment, net |
|
| 10,284 |
|
|
| 8,692 |
|
Right-of -use asset, net |
|
| 995 |
|
|
| 1,523 |
|
Goodwill |
|
| 7,302 |
|
|
| 7,302 |
|
Intangible assets, net |
|
| 8,788 |
|
|
| 10,085 |
|
Other assets |
|
| 103 |
|
|
| 141 |
|
Total Assets |
| $ | 98,882 |
|
| $ | 92,612 |
|
|
|
|
|
|
|
|
| |
LIABILITIES & STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 8,298 |
|
| $ | 7,054 |
|
Accrued liabilities |
|
| 8,871 |
|
|
| 10,419 |
|
Current portion of lease liability |
|
| 795 |
|
|
| 830 |
|
Current portion of finance lease obligations |
|
| 68 |
|
|
| 65 |
|
Line of credit |
|
| 12,887 |
|
|
| 4,622 |
|
Current portion of long-term debt |
|
| 2,750 |
|
|
| - |
|
Total current liabilities |
|
| 33,669 |
|
|
| 22,990 |
|
Long-term Liabilities: |
|
|
|
|
|
|
|
|
Lease liability, less current portion |
|
| 247 |
|
|
| 759 |
|
Finance lease obligations, less current portion |
|
| 65 |
|
|
| 116 |
|
Long-term debt, plus premium and less issuance costs |
|
| 19,138 |
|
|
| 17,167 |
|
Other liabilities |
|
| 38 |
|
|
| 231 |
|
Total Liabilities |
|
| 53,157 |
|
|
| 41,263 |
|
|
|
|
|
|
|
|
| |
Commitments and Contingencies |
|
| - |
|
|
| - |
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
Preferred stock, |
|
| - |
|
|
| - |
|
Common stock, |
|
| - |
|
|
| - |
|
Additional paid-in capital |
|
| 301,966 |
|
|
| 294,330 |
|
Accumulated other comprehensive (loss) income |
|
| 54 |
|
|
| 29 |
|
Accumulated deficit |
|
| (256,295 | ) |
|
| (243,010 | ) |
Total Stockholders' Equity |
|
| 45,725 |
|
|
| 51,349 |
|
|
|
|
|
|
|
|
| |
Total Liabilities & Stockholders' Equity |
| $ | 98,882 |
|
| $ | 92,612 |
|
XTANT MEDICAL HOLDINGS, INC.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except number of shares and per share amounts)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Revenue |
| $ | 27,937 |
|
| $ | 25,019 |
|
| $ | 85,754 |
|
| $ | 63,195 |
|
Cost of sales |
|
| 11,630 |
|
|
| 9,685 |
|
|
| 33,562 |
|
|
| 24,865 |
|
Gross Profit |
|
| 16,307 |
|
|
| 15,334 |
|
|
| 52,192 |
|
|
| 38,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross Profit % |
|
| 58.4 | % |
|
| 61.3 | % |
|
| 60.9 | % |
|
| 60.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
| 7,493 |
|
|
| 7,144 |
|
|
| 22,991 |
|
|
| 16,983 |
|
Sales and marketing |
|
| 11,890 |
|
|
| 11,085 |
|
|
| 37,530 |
|
|
| 26,855 |
|
Research and development |
|
| 701 |
|
|
| 490 |
|
|
| 1,863 |
|
|
| 844 |
|
Total Operating Expenses |
|
| 20,084 |
|
|
| 18,719 |
|
|
| 62,384 |
|
|
| 44,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loss from Operations |
|
| (3,777 | ) |
|
| (3,385 | ) |
|
| (10,192 | ) |
|
| (6,352 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other (Expense) Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
| (1,199 | ) |
|
| (760 | ) |
|
| (3,026 | ) |
|
| (2,120 | ) |
Interest income |
|
| - |
|
|
| 48 |
|
|
| - |
|
|
| 133 |
|
Foreign currency exchange gain |
|
| 27 |
|
|
| - |
|
|
| 106 |
|
|
| - |
|
Other expense |
|
| (13 | ) |
|
| - |
|
|
| (6 | ) |
|
| - |
|
Bargain purchase gain |
|
| - |
|
|
| 11,028 |
|
|
| - |
|
|
| 11,028 |
|
Total Other (Expense) Income |
|
| (1,185 | ) |
|
| 10,316 |
|
|
| (2,926 | ) |
|
| 9,041 |
|
Net (Loss) Income from Operations Before Provision for Income Taxes |
|
| (4,962 | ) |
|
| 6,931 |
|
|
| (13,118 | ) |
|
| 2,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Deferred |
|
| (62 | ) |
|
| 2,300 |
|
|
| (166 | ) |
|
| 2,274 |
|
Net (Loss) Income |
| $ | (5,024 | ) |
| $ | 9,231 |
|
| $ | (13,284 | ) |
| $ | 4,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net (Loss) Income Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | (0.04 | ) |
| $ | 0.07 |
|
| $ | (0.10 | ) |
| $ | 0.04 |
|
Dilutive |
| $ | (0.04 | ) |
| $ | 0.07 |
|
| $ | (0.10 | ) |
| $ | 0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares used in the computation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 135,100,233 |
|
|
| 128,140,238 |
|
|
| 131,881,302 |
|
|
| 115,380,792 |
|
Dilutive |
|
| 135,100,233 |
|
|
| 135,663,274 |
|
|
| 131,881,302 |
|
|
| 123,832,401 |
|
XTANT MEDICAL HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
|
| Nine Months Ended |
| |||||
|
| 2024 |
|
| 2023 |
| ||
Operating activities: |
|
|
|
|
|
| ||
Net (loss) income |
| $ | (13,284 | ) |
| $ | 4,963 |
|
Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 3,076 |
|
|
| 2,157 |
|
Gain on disposal of fixed assets |
|
| (182 | ) |
|
| (104 | ) |
Non-cash interest |
|
| 369 |
|
|
| 266 |
|
Non-cash rent |
|
| (18 | ) |
|
| 5 |
|
Stock-based compensation |
|
| 3,277 |
|
|
| 1,801 |
|
Provision for expected credit losses |
|
| 330 |
|
|
| 316 |
|
Provision for excess and obsolete inventory |
|
| 695 |
|
|
| 398 |
|
Release of valuation allowance |
|
| - |
|
|
| (2,394 | ) |
Gain on bargain purchase |
|
| - |
|
|
| (11,028 | ) |
Other |
|
| 17 |
|
|
| - |
|
|
|
|
|
|
|
|
| |
Changes in operating assets and liabilities, net of the effects of the acquisition: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
| (128 | ) |
|
| (7,047 | ) |
Inventories |
|
| (5,657 | ) |
|
| (1,669 | ) |
Prepaid and other assets |
|
| (503 | ) |
|
| 69 |
|
Accounts payable |
|
| 1,290 |
|
|
| 1,298 |
|
Accrued liabilities |
|
| (1,843 | ) |
|
| 2,369 |
|
Net cash used in by operating activities |
|
| (12,561 | ) |
|
| (8,600 | ) |
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
| (3,441 | ) |
|
| (1,093 | ) |
Proceeds from sale of fixed assets |
|
| 278 |
|
|
| 70 |
|
Acquisition of Surgalign SPV, Inc. |
|
| - |
|
|
| (17,000 | ) |
Acquisition of Surgalign Holding, Inc.'s hardware and biologics business, net of cash acquired |
|
| - |
|
|
| (4,448 | ) |
Net cash used in investing activities |
|
| (3,163 | ) |
|
| (22,471 | ) |
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Payments on financing leases |
|
| (49 | ) |
|
| (46 | ) |
Borrowings on line of credit |
|
| 86,315 |
|
|
| 55,345 |
|
Repayments of line of credit |
|
| (78,050 | ) |
|
| (54,724 | ) |
Proceeds from private placement, net of cash issuance costs |
|
| 4,456 |
|
|
| 14,011 |
|
Proceeds from issuance of long-term debt, net of issuance costs |
|
| 5,000 |
|
|
| 4,899 |
|
Payments on long term debt |
|
| (648 | ) |
|
| - |
|
Proceeds from exercise of stock based compensation |
|
| 13 |
|
|
| - |
|
Payment of taxes from withholding of common stock on vesting of restricted stock units |
|
| (110 | ) |
|
| (119 | ) |
Net cash provided by financing activities |
|
| 16,927 |
|
|
| 19,366 |
|
|
|
|
|
|
|
|
| |
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
|
| (40 | ) |
|
| (53 | ) |
|
|
|
|
|
|
|
| |
Net change in cash and cash equivalents and restricted cash |
|
| 1,163 |
|
|
| (11,758 | ) |
Cash and cash equivalents and restricted cash at beginning of period |
|
| 5,923 |
|
|
| 20,507 |
|
Cash and cash equivalents and restricted cash at end of period |
| $ | 7,086 |
|
| $ | 8,749 |
|
|
|
|
|
|
|
|
| |
Reconciliation of cash and restricted cash reported in the condensed consolidated balance sheets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 6,596 |
|
| $ | 8,664 |
|
Restricted cash |
|
| 490 |
|
|
| 85 |
|
Total cash and restricted cash reported in the condensed consolidated balance sheets |
| $ | 7,086 |
|
| $ | 8,749 |
|
XTANT MEDICAL HOLDINGS, INC.
Calculation of Non-GAAP Consolidated EBITDA and Adjusted EBITDA
(Unaudited, in thousands)
|
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net (Loss) Income |
| $ | (5,024 | ) |
| $ | 9,231 |
|
| $ | (13,284 | ) |
| $ | 4,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 1,073 |
|
|
| 883 |
|
|
| 3,076 |
|
|
| 2,157 |
|
Interest expense |
|
| 1,199 |
|
|
| 712 |
|
|
| 3,026 |
|
|
| 1,987 |
|
Tax expense (benefit) |
|
| 62 |
|
|
| (2,300 | ) |
|
| 166 |
|
|
| (2,274 | ) |
Non-GAAP EBITDA |
|
| (2,690 | ) |
|
| 8,526 |
|
|
| (7,016 | ) |
|
| 6,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP EBITDA/Total revenue |
|
| -9.6 | % |
|
| 34.1 | % |
|
| -8.2 | % |
|
| 10.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NON-GAAP ADJUSTED EBITDA CALCULATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation related expenses |
|
| 464 |
|
|
| - |
|
|
| 490 |
|
|
| (15 | ) |
Legal settlements |
|
| - |
|
|
| 140 |
|
|
| - |
|
|
| 140 |
|
Non-cash compensation |
|
| 1,139 |
|
|
| 745 |
|
|
| 3,277 |
|
|
| 1,801 |
|
Acquisition-related expenses |
|
| - |
|
|
| 1,023 |
|
|
| 338 |
|
|
| 1,326 |
|
Acquisition-related fair value adjustments |
|
| 918 |
|
|
| 1,026 |
|
|
| 3,448 |
|
|
| 1,188 |
|
Gain on bargain purchase |
|
| - |
|
|
| (11,028 | ) |
|
| - |
|
|
| (11,028 | ) |
Unrealized foreign currency translation (gain) loss |
|
| (27 | ) |
|
| 8 |
|
|
| (106 | ) |
|
| 8 |
|
Non-GAAP Adjusted EBITDA |
| $ | (196 | ) |
| $ | 440 |
|
| $ | 431 |
|
| $ | 253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE: Xtant Medical Holdings, Inc.
View the original press release on accesswire.com
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