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XTANT MEDICAL HOLDINGS, INC. 2024 ANNUAL REPORT FORM 10-K
664 Cruiser Lane Belgrade, Montana 59714 (406) 388-0480 Dear Shareholders, I would like to begin this letter by expressing my sincere gratitude for your ongoing support. Xtant Medical sits in a much stronger position today than in the past, and with the steps we have taken and expect to take, we intend to continue our progress towards delivering long-term, sustained value for our shareholders. Our mission, honoring the gift of donation so that our patients can live as full and complete a life as possible, continues to guide our strategic direction, serving as the touchstone for all major decisions we make. Self-Sustainability and New Products: Last year, we indicated that we would be focused on self-sustainability and that our goal was to be self-sustaining in our supply chain and less reliant on production outside our control. The rationale behind this self-reliance initiative was to become a larger and more diverse producer of biologics, improve our margin profile, and bring additional transformative treatment options to a large and growing patient population. This strategic decision that all sourced biologics products would be made in-house by Xtant Medical would require building out four product categories, three of which would require extensive research and development. To this end, we produced four significant new products in just 18 months: x In April 2024, we rolled out our new Amnio line, which is now our fastest-growing product line and extends well beyond orthobiologics. We believe our Amnio products will become a cornerstone technology in our biologics portfolio, helping us become a comprehensive regenerative biologics company. x In September 2024, we released our Viable Bone Matrix product called OsteoVive Plus. This product is a significantly improved product compared to the one we were previously sourcing, with improved gross margins and almost no supply constraints. x In April 2025, we released our own growth factor product called OsteoFactor Pro, replacing OsteoFactor, which was being discontinued by our supplier. Our new OsteoFactor Pro has substantially better handling and significantly improved gross margins. x Lastly, in May 2025, we rolled out a new premium Demineralized Bone Matrix (DBM) product called Trivium. Our DBM products account for approximately 60% of our biologics sales, and Trivium provides a premium-priced product for this segment.
Our focus on self-sustainability, beginning last year, and becoming less reliant on production outside our control, has paid o . During the first quarter of 2025, we achieved a significant milestone by becoming the first fully vertically integrated biologics company to manufacture all of our biologics products in-house. This gives us control over our supply chain, ensuring the highest product quality while also driving improved gross margins and delivering an enhanced customer experience. Self-Sustainability and Profitability and Cash Generation: Part of being self-sustainable is being profitable and generating cash. With the launch of new products, targeted growth opportunities in front of us, and cost-cutting measures we implemented at the beginning of this year, we are on a path to restoring our business to a sustainably cash-flowing position. As part of this, we continue to focus on and invest in our biologics business while rationalizing our hardware product lines to streamline our o erings and optimize cash management. To this end, in July 2025, we announced definitive agreements to divest our non-core Coflex/CoFix spinal implant and international hardware businesses, also known as Paradigm. While these divestitures are still subject to closing, they are important as we believe they will accomplish two things for our company: 1) They will help us focus on our core domestic business since although our Coflex/CoFix and Paradigm businesses accounted for only 16% of our 2024 revenue, they consume significantly more resources and time from our core business, including our biologics business. 2) The cash proceeds from these divestitures will reduce our long-term debt and strengthen our cash position, reducing future interest expense and our need to raise capital to fund our operations. Once completed, these divestitures will represent another step toward realizing our strategic vision for the company. Moving Forward: We believe Xtant occupies a strong strategic position, with all of our biologics products vertically integrated and a robust pipeline of innovative new products that serve our core orthobiologics and adjacent markets. While we continue to face challenges in our business and the industry as a whole, we remain confident in the value and future success of our core biologics products, the team we have assembled, and the numerous opportunities that lie ahead. We remain committed to continuing on our path to restore our business to a sustainably profitable and cash-generating position, and we thank our shareholders for their ongoing support. Respectfully, Sean E. Browne President and Chief Executive O icer
 • shareholder letter icon 9/15/2025 Letter Continued (Full PDF)
 • stockholder letter icon 6/7/2023 XTNT Stockholder Letter
 • stockholder letter icon 6/10/2024 XTNT Stockholder Letter
 • stockholder letter icon More "Medical Instruments & Supplies" Category Stockholder Letters
 • Benford's Law Stocks icon XTNT Benford's Law Stock Score = 99


XTNT Shareholder/Stockholder Letter Transcript:

XTANT MEDICAL HOLDINGS, INC.
2024 ANNUAL REPORT
FORM 10-K

664 Cruiser Lane
Belgrade, Montana 59714
(406) 388-0480
Dear Shareholders,
I would like to begin this letter by expressing my sincere gratitude for your ongoing support. Xtant
Medical sits in a much stronger position today than in the past, and with the steps we have taken and
expect to take, we intend to continue our progress towards delivering long-term, sustained value for
our shareholders.
Our mission, honoring the gift of donation so that our patients can live as full and complete a life
as possible, continues to guide our strategic direction, serving as the touchstone for all major
decisions we make.
Self-Sustainability and New Products:
Last year, we indicated that we would be focused on self-sustainability and that our goal was to be
self-sustaining in our supply chain and less reliant on production outside our control. The rationale
behind this self-reliance initiative was to become a larger and more diverse producer of biologics,
improve our margin profile, and bring additional transformative treatment options to a large and
growing patient population.
This strategic decision that all sourced biologics products would be made in-house by Xtant Medical
would require building out four product categories, three of which would require extensive research
and development.
To this end, we produced four significant new products in just 18 months:
x
In April 2024, we rolled out our new Amnio line, which is now our fastest-growing product line
and extends well beyond orthobiologics. We believe our Amnio products will become a
cornerstone technology in our biologics portfolio, helping us become a comprehensive
regenerative biologics company.
x
In September 2024, we released our Viable Bone Matrix product called OsteoVive Plus. This
product is a significantly improved product compared to the one we were previously sourcing,
with improved gross margins and almost no supply constraints.
x
In April 2025, we released our own growth factor product called OsteoFactor Pro, replacing
OsteoFactor, which was being discontinued by our supplier. Our new OsteoFactor Pro has
substantially better handling and significantly improved gross margins.
x
Lastly, in May 2025, we rolled out a new premium Demineralized Bone Matrix (DBM) product
called Trivium. Our DBM products account for approximately 60% of our biologics sales, and
Trivium provides a premium-priced product for this segment.

Our focus on self-sustainability, beginning last year, and becoming less reliant on production outside
our control, has paid o  . During the first quarter of 2025, we achieved a significant milestone by
becoming the first fully vertically integrated biologics company to manufacture all of our biologics
products in-house. This gives us control over our supply chain, ensuring the highest product quality
while also driving improved gross margins and delivering an enhanced customer experience.
Self-Sustainability and Profitability and Cash Generation:
Part of being self-sustainable is being profitable and generating cash. With the launch of new
products, targeted growth opportunities in front of us, and cost-cutting measures we implemented at
the beginning of this year, we are on a path to restoring our business to a sustainably cash-flowing
position. As part of this, we continue to focus on and invest in our biologics business while
rationalizing our hardware product lines to streamline our o  erings and optimize cash management.
To this end, in July 2025, we announced definitive agreements to divest our non-core Coflex/CoFix
spinal implant and international hardware businesses, also known as Paradigm. While these
divestitures are still subject to closing, they are important as we believe they will accomplish two
things for our company:
1) They will help us focus on our core domestic business since although our Coflex/CoFix and
Paradigm businesses accounted for only 16% of our 2024 revenue, they consume significantly
more resources and time from our core business, including our biologics business.
2) The cash proceeds from these divestitures will reduce our long-term debt and strengthen our
cash position, reducing future interest expense and our need to raise capital to fund our
operations.
Once completed, these divestitures will represent another step toward realizing our strategic vision for
the company.
Moving Forward:
We believe Xtant occupies a strong strategic position, with all of our biologics products vertically
integrated and a robust pipeline of innovative new products that serve our core orthobiologics and
adjacent markets.
While we continue to face challenges in our business and the industry as a whole, we remain
confident in the value and future success of our core biologics products, the team we have
assembled, and the numerous opportunities that lie ahead. We remain committed to continuing on
our path to restore our business to a sustainably profitable and cash-generating position, and we
thank our shareholders for their ongoing support.
Respectfully,
Sean E. Browne
President and Chief Executive O  icer


shareholder letter icon 9/15/2025 Letter Continued (Full PDF)
 

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