Overview

• U.S. spinal surgical solutions firm's Q1 revenue fell yr/yr but beat analyst expectations

• Adjusted EPS for Q1 met analyst expectations

• Company raised 2026 revenue guidance on new hemostatic product distribution agreement

Outlook

• Xtant Medical raises 2026 revenue guidance to $101-$105 mln from $95-$99 mln

• Company expects incremental revenue from Dilon's HEMOBLAST Bellows product in 2026

• Company anticipates topline growth and margin expansion in 2026 and beyond

Result Drivers

• ASSET SALE IMPACT - Revenue and operating expenses declined due to the sale of Coflex/CoFix assets and international hardware business to Companion Spine in December 2025

• LOSS OF LICENSE REVENUE - Gross margin decreased mainly due to the cessation of high-margin Q-code and amniotic membrane license revenue at the end of 2025

Company press release: ID:nPn6ggQMHa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$20.9 mln	$20.16 mln (3 Analysts)
Q1 EPS	Meet	-$0.02	-$0.02 (3 Analysts)
Q1 Net Income	Miss	-$3.10 mln	-$1.81 mln (3 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy"

• Wall Street's median 12-month price target for Xtant Medical Holdings Inc is $1.20, about 137.9% above its May 12 closing price of $0.50

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