Revenue volatility remains a primary concern, with top-line figures falling to $20.9M in 2026Q1 alongside a gross margin compression to 57.3%.
Xtant Medical Holdings, Inc. (XTNT) annual income statement — 18-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 109.53M | 133.93M | 117.27M | 91.3M | 57.97M | 55.26M | 53.34M | 64.68M | 72.2M | 82.61M | 90M | 59.35M | 35.33M | 33.07M | 32.98M | 30.15M | 15.42M | 7.39M | 459.23K |
| Revenue Growth % | -14.27% | 14.21% | 28.44% | 57.5% | 4.9% | 3.61% | -17.54% | -10.42% | -12.6% | -8.21% | 51.66% | 67.97% | 6.83% | 0.28% | 9.39% | 95.55% | 108.53% | 1509.98% | - |
| Cost of Goods Sold | 44.48M | 49.65M | 49.05M | 35.84M | 25.83M | 22.77M | 18.95M | 22.17M | 28.72M | 32.51M | 27.71M | 20.26M | 13.03M | 14.19M | 10.34M | 9.11M | 3.36M | 2.32M | 386.48K |
| COGS % of Revenue | - | 37.08% | 41.83% | 39.25% | 44.56% | 41.21% | 35.52% | 34.27% | 39.77% | 39.35% | 30.79% | 34.14% | 36.89% | 42.89% | 31.34% | 30.21% | 21.82% | 31.35% | 84.16% |
| Gross Profit | 65.05M | 84.27M | 68.22M | 55.47M | 32.14M | 32.49M | 34.39M | 42.52M | 43.49M | 50.1M | 62.29M | 39.08M | 22.3M | 18.89M | 22.64M | 21.04M | 12.05M | 5.08M | 72.75K |
| Gross Margin % | 59.39% | 62.92% | 58.17% | 60.75% | 55.44% | 58.79% | 64.48% | 65.73% | 60.23% | 60.65% | 69.21% | 65.86% | 63.11% | 57.11% | 68.66% | 69.79% | 78.18% | 68.65% | 15.84% |
| Gross Profit Growth % | - | 23.54% | 22.98% | 72.6% | -1.09% | -5.53% | -19.11% | -2.23% | -13.2% | -19.57% | 59.39% | 75.28% | 18.05% | -16.58% | 7.62% | 74.55% | 137.5% | 6876.81% | - |
| Operating Expenses | 75.54M | 76.99M | 80.29M | 65.63M | 38.89M | 36.34M | 35.14M | 44.77M | 50.88M | 63.77M | 68.44M | 48.34M | 27.65M | 27.17M | 27.59M | 27.49M | 20.67M | 8.7M | 88.59K |
| OpEx % of Revenue | - | 57.49% | 68.47% | 71.88% | 67.09% | 65.77% | 65.89% | 69.21% | 70.47% | 77.19% | 76.04% | 81.45% | 78.26% | 82.14% | 83.65% | 91.18% | 134.05% | 117.64% | 19.29% |
| Selling, General & Admin | 68.32M | 74.89M | 77.91M | 64.29M | 37.98M | 35.47M | 34.49M | 43.78M | 45.06M | 55.84M | 60.09M | 41.97M | 25.93M | 26.79M | 27.18M | 26.74M | 20.03M | 4.16M | 88.59K |
| SG&A % of Revenue | - | 55.92% | 66.43% | 70.41% | 65.51% | 64.19% | 64.66% | 67.68% | 62.41% | 67.6% | 66.76% | 70.72% | 73.4% | 81% | 82.41% | 88.68% | 129.94% | 56.29% | 19.29% |
| Research & Development | 2.22M | 2.1M | 2.38M | 1.34M | 915K | 870K | 657K | 932K | 1.7M | 2.44M | 3.41M | 2.55M | 1.44M | 572.36K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.57% | 2.03% | 1.46% | 1.58% | 1.57% | 1.23% | 1.44% | 2.36% | 2.95% | 3.79% | 4.29% | 4.08% | 1.73% | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 58K | 3K | -74.71K | -351.91K | 388.18K | 0 | 0 | -1.56M | 755.39K | 633.83K | 72.3K | 0 |
| Operating Income | -10.49M | 7.28M | -12.07M | -10.16M | -6.75M | -3.85M | -751K | -2.35M | -60.08M | -37.83M | -7.55M | -12.08M | -6.26M | -9.01M | -4.94M | -6.45M | -8.61M | -3.62M | -15.85K |
| Operating Margin % | -9.58% | 5.44% | -10.3% | -11.13% | -11.65% | -6.97% | -1.41% | -3.64% | -83.21% | -45.8% | -8.38% | -20.35% | -17.73% | -27.24% | -14.99% | -21.39% | -55.87% | -49% | -3.45% |
| Operating Income Growth % | - | 160.33% | -18.86% | -50.38% | -75.27% | -413.18% | 68.1% | 96.08% | -58.79% | -401.43% | 37.53% | -92.8% | 30.45% | -82.17% | 23.35% | 25.12% | -137.79% | -22762.44% | - |
| EBITDA | -6.47M | 12.51M | -7.85M | -6.98M | -5.46M | -2.51M | 1.33M | 847K | -54.34M | -29.44M | -303.39K | -7.19M | -5.31M | -8.63M | -4.16M | -5.7M | -7.93M | -2.91M | -15.85K |
| EBITDA Margin % | -5.91% | 9.34% | -6.69% | -7.65% | -9.42% | -4.55% | 2.49% | 1.31% | -75.26% | -35.64% | -0.34% | -12.11% | -15.04% | -26.09% | -12.62% | -18.89% | -51.44% | -39.42% | -3.45% |
| EBITDA Growth % | -244.1% | 259.32% | -12.4% | -27.94% | -117.23% | -289.23% | 56.79% | 101.56% | -84.57% | -9603.7% | 95.78% | -35.32% | 38.44% | -107.37% | 26.93% | 28.2% | -172.13% | -18294.62% | - |
| D&A (Non-Cash Add-back) | 4.02M | 5.22M | 4.22M | 3.17M | 1.3M | 1.34M | 2.08M | 3.2M | 5.74M | 8.39M | 7.24M | 4.89M | 952.32K | 377.52K | 782.89K | 755.39K | 682.54K | 707.93K | 0 |
| EBIT | -6.48M | 10.67M | -12.1M | 1.9M | -6.72M | -3.85M | -751K | -2.35M | -59.95M | -37.71M | -7.18M | -11.98M | -4.85M | -8.04M | -5.85M | -1.84M | -17.82M | -3.61M | -15.85K |
| Net Interest Income | -2.45M | -3.58M | -4.16M | -2.79M | -1.66M | -995K | -5.98M | -5.77M | -10.14M | -14.71M | -12.26M | -7.73M | -5.66M | -4.65M | -1.86M | -1.16M | -1.65M | -500.95K | 0 |
| Interest Income | 314K | 94K | 0 | 149K | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.04K | 12.99K | 0 |
| Interest Expense | 2.76M | 3.67M | 4.16M | 2.94M | 1.69M | 995K | 5.98M | 5.77M | 10.14M | 14.7M | 12.26M | 7.73M | 5.66M | 4.65M | 1.86M | 1.16M | 1.65M | 513.93K | 0 |
| Other Income/Expense | 1.26M | -283K | -4.19M | 9.12M | -1.66M | -995K | -5.98M | -5.87M | -10.02M | -14.58M | -11.9M | -7.63M | -4.24M | -3.69M | -2.77M | 3.44M | -10.85M | 3.63M | 0 |
| Pretax Income | -9.24M | 7M | -16.26M | -1.04M | -8.42M | -4.85M | -6.73M | -8.12M | -70.1M | -52.41M | -19.44M | -19.71M | -10.51M | -12.69M | -7.71M | -3.01M | -19.47M | -4.13M | -15.85K |
| Pretax Margin % | -8.44% | 5.23% | -13.87% | -1.14% | -14.52% | -8.77% | -12.61% | -12.56% | -97.09% | -63.44% | -21.6% | -33.22% | -29.74% | -38.38% | -23.39% | -9.97% | -126.27% | -55.8% | -3.45% |
| Income Tax | 1.9M | 2.03M | 187K | -1.7M | 69K | 0 | 296K | 98K | 124K | 0 | 50.36K | -17.54M | 0 | 0 | 0 | 0 | 0 | 1.83K | 0 |
| Effective Tax Rate % | -20.54% | 28.97% | -1.15% | 163.65% | -0.82% | 0% | -4.4% | -1.21% | -0.18% | 0% | -0.26% | 88.97% | 0% | 0% | 0% | 0% | 0% | -0.04% | 0% |
| Net Income | -11.14M | 4.97M | -16.45M | 660K | -8.48M | -4.85M | -7.02M | -8.22M | -70.1M | -52.41M | -19.49M | -2.17M | -10.51M | -12.69M | -7.71M | -3.01M | -19.47M | -4.13M | -15.85K |
| Net Margin % | -10.17% | 3.71% | -14.03% | 0.72% | -14.64% | -8.77% | -13.17% | -12.71% | -97.09% | -63.44% | -21.66% | -3.66% | -29.74% | -38.38% | -23.39% | -9.97% | -126.27% | -55.8% | -3.45% |
| Net Income Growth % | -143.11% | 130.23% | -2592.27% | 107.78% | -74.98% | 30.96% | 14.57% | 88.27% | -33.75% | -168.86% | -796.49% | 79.31% | 17.22% | -64.55% | -156.57% | 84.56% | -371.86% | -25938.13% | - |
| Net Income (Continuing) | -11.14M | 4.97M | -16.45M | 660K | -8.48M | -4.85M | -7.02M | -8.22M | -70.1M | -52.41M | -19.49M | -2.17M | -10.51M | -12.69M | -7.71M | -3.01M | -19.47M | -4.13M | -15.85K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.08 | 0.03 | -0.12 | 0.01 | -0.09 | -0.06 | -0.25 | -0.62 | -5.93 | -34.51 | -18.32 | -2.62 | -19.26 | -29.15 | -19.83 | -8.43 | -66.03 | -17.02 | -0.07 |
| EPS Growth % | -127.73% | 125% | - | 105.77% | -59.08% | 77.32% | 59.68% | 89.54% | 82.82% | -88.37% | -599.24% | 86.4% | 33.93% | -47% | -135.23% | 87.23% | -287.96% | -25924.46% | - |
| EPS (Basic) | - | 0.04 | -0.12 | 0.01 | -0.09 | -0.06 | -0.25 | -0.62 | -5.97 | -34.76 | -18.46 | -2.62 | -19.26 | -29.15 | -19.83 | -8.43 | -66.03 | -17.02 | -0.07 |
| Diluted Shares Outstanding | 140.26M | 150.04M | 133.67M | 126.79M | 94.09M | 85.46M | 28.5M | 13.16M | 11.83M | 1.52M | 1.06M | 829.71K | 545.55K | 435.49K | 388.91K | 356.83K | 294.83K | 242.4K | 242.4K |
| Basic Shares Outstanding | 140.26M | 139.53M | 133.67M | 119.09M | 94.09M | 85.46M | 28.5M | 13.16M | 11.74M | 1.51M | 1.06M | 829.71K | 545.55K | 435.49K | 388.91K | 356.83K | 294.83K | 242.4K | 242.4K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying XTNT stock.
For fiscal year 2025, Xtant Medical Holdings, Inc. (XTNT) reported total revenue of $133.9M. This represents a 29063.4% increase compared to $0.5M in 2008.
Xtant Medical Holdings, Inc. (XTNT) is profitable, generating $5.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.7%.
Xtant Medical Holdings, Inc. (XTNT) reported an operating income of $7.3M, resulting in an operating profit margin of 5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Xtant Medical Holdings, Inc. (XTNT) generated $84.3M in gross profit for the year, representing a gross profit margin of 62.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High operating leverage sensitivity
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Trends
According to the provided quarterly financial data, XTNT experienced a significant revenue contraction in 2026Q1, with top-line figures falling to $20.9M, representing a sharp reversal from the growth observed in previous periods and highlighting the inherent instability in the company's current transactional revenue model.
The sharp decline in 2026Q1 revenue suggests that the company's reliance on elective spinal procedures may be more susceptible to market fluctuations than previously anticipated. Investors should monitor whether this contraction reflects a structural loss of market share or merely a temporary disruption in the distributor-led sales channel.
Gross Margin Sensitivity to Mix
Based on reported figures, XTNT's gross margin has demonstrated significant volatility, peaking at 68.6% in 2025Q2 before compressing to 57.3% in 2026Q1, which suggests that the company's profitability is highly sensitive to shifts in product mix and the underlying costs of tissue procurement.
The fluctuation in gross margins indicates that the company lacks the pricing power to fully offset variable cost increases in its biologics segment. This instability warrants further investigation into whether the current product mix is shifting toward lower-margin hardware, which would fundamentally alter the company's long-term margin profile.
Operating Leverage Remains Elusive
As reported in financial statements, XTNT's operating income remains inconsistent, swinging from a positive $4.6M in 2025Q2 to a loss of $2.9M in 2026Q1, indicating that the company has yet to achieve the necessary scale to effectively leverage its high fixed SG&A expenses.
The persistent reliance on independent distributor commissions appears to be a primary drag on operating profitability, preventing the company from scaling efficiently despite revenue growth in prior quarters. Without a clear path to reducing these variable costs, the company may continue to struggle with achieving sustained GAAP profitability.
Sustainability of Current Cost Structure
Analysis of the income statement reveals that SG&A expenses frequently exceed gross profit, as seen in 2026Q1 where SG&A of $14.5M eclipsed the $12.0M gross profit, suggesting that the current business model may be fundamentally unsustainable without significant improvements in operational efficiency or revenue scale.
Short-sellers would likely focus on the company's inability to maintain positive operating margins during periods of revenue contraction, which highlights the high risk of the current cost structure. The reliance on external sales agencies appears to create a rigid expense base that does not adjust downward in proportion to revenue declines.