One-glance verdict
Undervalued
$2.29 our estimate vs market $0.30
Wall Street consensus: $1.03 (-54.9% lower than our fair-value estimate)
87% below our estimate, below the bear case
Fundamentals snapshot
Xtant Medical Holdings, Inc.
XTNT · ASE · Healthcare · Medical Devices
Current price
$0.30
52-week range
$0.27 - $0.84
Market cap
$42.09M
Balance sheet
Stretched
1.98x Concerning
Net debt $16.14M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Free cash flow was positive in 2/10 years.
- Risk Return on equity was -25.2% last year — the company lost money on shareholders' equity.
- Risk Operating margin compressed from -11.7% to -18.1% over 3 years.
What this company does
Xtant Medical Holdings, Inc.
Xtant Medical Holdings makes specialized bone graft products and implants that help surgeons repair bones and spines. Most of their money comes from selling these medical devices to hospitals and surgeons. This business matters because it helps people recover from injuries and surgeries, and the success of these products directly impacts the company's financial results.
How the company got here
Xtant Medical Holdings, Inc. has a history rooted in providing specialized products for orthopedic and neurological procedures. The company has evolved through strategic offerings in regenerative medicine and medical devices, aiming to support surgeons in complex surgeries. Its journey has involved developing and refining a portfolio of products designed to aid in bone healing and spinal stabilization. The focus has been on leveraging biological materials and innovative device designs to improve patient outcomes in the operating room.
What it actually does
Xtant Medical Holdings, Inc. creates and sells medical products used by surgeons, primarily in bone-related surgeries. Think of them as providing advanced "building materials" and "tools" for the body's repair processes. These products help orthopedic and neurological surgeons fix bones, fuse vertebrae, and promote natural healing after injuries or during complex operations. The goal is to give surgeons reliable options that encourage the body to heal itself effectively.
Regenerative Medicine Products
This part of Xtant Medical focuses on products that help the body heal itself, particularly with bone. They offer materials like OsteoSponge, which acts as a natural framework for new bone cells to grow into, and OsteoSelect DBM Putty, a bone graft material that encourages bone formation. These are used in surgeries where bone needs to be repaired, fused, or augmented, like in spinal fusions or fracture repairs. This segment aims to harness the body's own regenerative capabilities to achieve better surgical results.
Spinal Products
Xtant Medical provides a range of devices designed to stabilize the spine and facilitate fusion, which is the process of joining two or more vertebrae together. This includes systems for cervical (neck) and thoracolumbar (mid to lower back) regions, such as plating systems and interbody devices that are placed between vertebrae. These products are used by surgeons to treat conditions like spinal stenosis or instability, helping to relieve pain and restore function. This business line is a significant part of the company's offerings, addressing a large area of orthopedic and neurosurgical intervention.
Sports Medicine and Traditional Allografts
This segment includes specialized bone grafts for sports-related injuries, such as repairs for ligaments like the ACL (anterior cruciate ligament), and general orthopedic and neurological applications. They provide processed human bone tissue (allografts) that surgeons can use to reconstruct or repair damaged areas. These grafts can be milled into specific shapes for precise surgical needs or used in various other medical specialties beyond just orthopedics and neurology. This demonstrates the versatility of their bone-grafting technology across different surgical fields.
What management is betting on now
Management at Xtant Medical is focused on expanding the reach and application of their regenerative medicine and spinal implant technologies. A key priority is likely to continue innovating and refining their product lines to offer surgeons more effective solutions for bone healing and spinal stabilization. They are also probably working to increase sales by educating more surgeons about the benefits of their products and potentially expanding into new geographic markets or surgical specialties. The underlying strategy is to be a go-to provider for advanced orthopedic and neurological surgical needs.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-3.82M
FY2024 Q4
$-7.00K
FY2025 Q1
$87.00K
FY2025 Q2
$910.00K
FY2025 Q3
$4.18M
FY2025 Q4
$4.99M
FY2026 Q1
$-2.31M
FY2026 Q2
$-7.55M
Revenue
$23.03M
Net income
$-9.41M
Diluted EPS
-0.07
Operating cash flow
$-7.31M
Free cash flow
$-7.55M
Fetching…
Sources
Revenue
$20.88M
Net income
$-3.09M
Diluted EPS
-0.02
Operating cash flow
$-2.11M
Free cash flow
$-2.31M
Fetching…
Sources
Revenue
$32.36M
Net income
$57.00K
Diluted EPS
0.00
Operating cash flow
$5.38M
Free cash flow
$4.99M
Fetching…
Sources
Revenue
$33.26M
Net income
$1.31M
Diluted EPS
0.01
Operating cash flow
$4.61M
Free cash flow
$4.18M
Fetching…
Sources
Revenue
$35.41M
Net income
$3.55M
Diluted EPS
0.02
Operating cash flow
$1.28M
Free cash flow
$910.00K
Fetching…
Sources
Revenue
$32.90M
Net income
$58.00K
Diluted EPS
0.00
Operating cash flow
$1.28M
Free cash flow
$87.00K
Fetching…
Sources
Revenue
$31.51M
Net income
$-3.16M
Diluted EPS
-0.02
Operating cash flow
$665.00K
Free cash flow
$-7.00K
Fetching…
Sources
Revenue
$27.94M
Net income
$-5.02M
Diluted EPS
-0.04
Operating cash flow
$-1.72M
Free cash flow
$-3.82M
Fetching…
Sources
Is it cheap or expensive?
Fair value $2.29 vs current price $0.30
Wall Street consensus is the average analyst price target: $1.03 (-54.9% lower than our fair-value estimate).
Our most-likely fair value is $2.29 a share — about 663.0% above today's price of $0.30, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $16.1M. Interest coverage 2.0x.
Net debt
$16.14M
Interest coverage
1.98x
Xtant Medical Holdings, Inc.'s profit covers its interest bill about 2.0 times over. which is stronger than every peer shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
XTNT
BASELINE
Xtant Medical Holdings, Inc.
Total debt $26.01M Interest coverage 1.98x This is the baseline the peer rows are being compared against.
Total debt $3.15M Interest coverage -206.17x -100% vs XTNT This peer has almost no interest-payment cushion compared with XTNT.
Total debt $57.92M Interest coverage -6.44x -100% vs XTNT This peer has almost no interest-payment cushion compared with XTNT.
Total debt $4.38M Interest coverage -20.46x -100% vs XTNT This peer has almost no interest-payment cushion compared with XTNT.
What you should know
The case for and against XTNT
1 Reward
2 Risks
Rewards
-
Free cash flow was positive in 2/10 years.
Risks
-
Return on equity was -25.2% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from -11.7% to -18.1% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-10.00x
P/B
1.05x
P/S
0.38x
EV/EBITDA
-39.15x
PEG ratio
1.74x
Profitability
How much profit each dollar creates
Gross margin
59.4%
Operating margin
-18.1%
Net margin
-10.2%
ROE
-25.2%
ROA
-3.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.65x
Current ratio
2.16x
Quick ratio
0.98x
Total debt
$26.01M
Total cash
$9.87M
Growth
How the business has been compounding
Revenue TTM
$109.53M
Revenue 5Y CAGR
24.8%
EPS TTM
-0.08
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$570.00K
Free CF TTM
$10.16M
FCF margin
9.3%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
—