Here are 1-3 brief analogies to describe Xtant Medical (XTNT):

• A specialized medical technology company focused on spinal implants and orthobiologics (bone grafts), similar to the offerings from dedicated divisions within larger companies like Medtronic or Stryker.
• Think of it as an independent provider of surgical solutions for spine and orthopedics, much like the product lines you'd find within Johnson & Johnson's DePuy Synthes.

• Spinal Implants: Devices used in spinal fusion surgeries to stabilize the spine and promote bone growth.
• Orthobiologics: Biologically active materials, often derived from human tissue, used to enhance bone healing and regeneration in orthopedic and spinal procedures.

Xtant Medical (symbol: XTNT) primarily sells its products to other companies within the healthcare industry, rather than directly to individuals. Its customers include hospitals, ambulatory surgical centers (ASCs), and independent distributors/sales agencies.

While Xtant Medical does not typically disclose specific individual hospitals or distributors as major customers in its public filings, it actively engages with Group Purchasing Organizations (GPOs) to facilitate access to a broad network of healthcare providers. These GPOs can be considered major strategic partners that significantly influence sales volumes.

Based on publicly available information, a major customer company that Xtant Medical has a significant business relationship with, and which is a public company, is:

• Premier Inc. (Symbol: PINC)

Xtant Medical has entered into agreements with Premier Inc., a leading healthcare improvement company, to offer its spinal implant and biologic products to Premier's extensive alliance of member hospitals and health systems. While Premier Inc. itself does not directly purchase and stock Xtant Medical's inventory for resale, its GPO contracts significantly facilitate product sales to its network of member facilities, making it a critical strategic partner and a major "customer" in terms of market access and sales enablement.

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Sean Browne, Chief Executive Officer

Mr. Browne has over three decades of expertise in the medical device and healthcare industry. He previously served as Chief Revenue Officer of CCS Medical, Inc., a provider of home delivery medical supplies. Mr. Browne was also the Chief Operating Officer of The Kini Group, an integrated cloud-based software analytics and advisory firm. He served as President and Chief Executive Officer and a director of Neuro Resource Group, a venture start-up medical device company that was sold to a strategic buyer. His experience also includes serving as President of the Miltex Surgical Instrument Division for Integra LifeSciences Corporation, a publicly held medical device company that acquired Miltex Holdings, Inc. Additionally, he held roles as Vice President of Sales and Marketing of Esurg.com and Senior Vice President of the Health Systems Division of McKesson Corporation, as well as various positions of increasing responsibility at Baxter Healthcare.

Scott Neils, Chief Financial Officer

Mr. Neils has 15 years of experience focused on public accounting and corporate finance. Prior to his appointment as Chief Financial Officer, he served as Xtant Medical's Controller starting in August 2019, gaining extensive experience managing the Company's finance and accounting functions. Before joining Xtant Medical, Mr. Neils was an Audit Senior Manager at Baker Tilly US, LLP, an advisory, tax, and assurance firm, from November 2015 to August 2019. He also served as an Audit Manager at Grant Thornton LLP, an accounting and advisory organization, from September 2007 to November 2015. Mr. Neils is a Certified Public Accountant.

Mark Schallenberger, Chief Operations Officer

Mr. Schallenberger possesses deep experience in orthobiologics. Before joining Xtant Medical, he served as Chief Operations Officer of Surgenex LLC, a medical technology manufacturer, from June 2019 to January 2023. Prior to Surgenex, Mr. Schallenberger was the Senior Director of Marketing & Product Development of DCI Donor Services Tissue Bank from February 2016 to June 2019. He also held various roles with increasing responsibility at Xtant Medical Holdings, Inc. (formerly Bacterin International Holdings, Inc.) from September 2010 to February 2016, culminating with his role as Director of Scientific Affairs.

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Xtant Medical (symbol: XTNT) operates in the addressable markets for orthobiologics and spinal implant systems, which are substantial both globally and within the U.S., where the company generates a majority of its revenue.

• The global orthobiologics market was valued at approximately USD 6.99 billion in 2024 and is projected to reach around USD 11.95 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.51% from 2025 to 2034. North America held the largest share of this market, accounting for 47% in 2024. The U.S. orthobiologics market alone was estimated at USD 1.54 billion in 2024 and is projected to grow to approximately USD 2.70 billion by 2034, with a CAGR of 5.78% from 2025 to 2034.

• The global spinal implants and devices market was valued at USD 14.16 billion in 2024 and is expected to reach around USD 24.50 billion by 2034, expanding at a CAGR of 5.64% from 2025 to 2034. North America dominated this market with a 48.5% revenue share in 2024. The U.S. spinal implants and devices market size was USD 5.49 billion in 2024 and is projected to reach approximately USD 9.53 billion by 2034, growing at a CAGR of 5.67% from 2025 to 2034.

• More specifically, within orthobiologics, the global spinal allografts market was valued at USD 3.84 billion in 2024 and is expected to reach USD 5.32 billion by 2032, with a CAGR of 4.15%. The U.S. spinal allografts market held a significant 83% revenue share within North America in 2024. The broader global spine biologics market was estimated at USD 3.25 billion in 2024 and is projected to grow at a CAGR of 4.9% from 2025 to 2030, with North America holding a 48.2% revenue share in 2024.

1. Launch and Growth of New Orthobiologics Products: Xtant Medical is heavily focused on expanding its orthobiologics portfolio with new, high-margin products. Recent launches, such as Collagen X, a bovine collagen particulate product for surgical wound closure, are designed to enhance healing and mitigate surgical site infections, and are expected to be applicable across various surgical disciplines beyond just spine applications. The company also mentioned new growth factor products and an advanced DBM product, Trivium, as future innovations. Xtant Medical anticipates low double-digit growth in its orthobiologics segment for 2026. The company now offers internally produced solutions across all five major orthobiologic categories, positioning itself for growth in surgical repair and wound care markets.
2. Expansion of the Commercial Sales Team: To directly accelerate sales, Xtant Medical is investing in significantly expanding its commercial team. Management announced plans to double its sales representatives from four to eight by the end of 2025 and to add an additional four in 2026. This expansion is a strategic initiative aimed at enhancing profitability and driving increased sales within the orthobiologics business.
3. Strategic Focus on Higher-Margin Biologics and Licensing Revenue: The company is sharpening its focus on its core, higher-margin biologics business. This strategy includes leveraging licensing revenue, which significantly contributed to Q3 2025 revenue, and the pending divestiture of non-core spinal implant assets and international operations to Companion Spine. This divestiture is expected to reduce long-term debt and allow Xtant Medical to concentrate resources and investment more intensively on its profitable biologics sector, thereby improving overall revenue quality and profitability.
4. Market Penetration in Surgical Repair and Wound Care Markets: With its expanded portfolio, particularly the Collagen X and amnion product lines, Xtant Medical is strategically positioned to increase its market share and attract new customers in the broader surgical repair and wound care markets. Collagen X, for example, is seen as a potential addition to a wide range of case types, indicating an intent to grow beyond its traditional spinal applications and penetrate new verticals.

Share Issuance

• In November 2020, Xtant Medical announced a proposed rights offering of up to $15 million of its common stock, with each whole subscription right entitling the holder to purchase one share for $1.07 in cash.
• The company closed a $20 million private placement in February 2021.
• In November 2025, shareholders approved an amendment to the 2023 Equity Incentive Plan, increasing the number of shares available under the plan by 12.3 million shares.

Inbound Investments

• Xtant Medical closed a $20 million private placement in February 2021.
• In April 2025, a secondary private sale of 73.1 million shares held by OrbiMed Advisors LLC to other investors, led by Nantahala Capital Management LLC, was completed, with Nantahala becoming a significant investor in the company.

Outbound Investments

• In August 2023, Xtant Medical acquired nanOss distribution rights and intellectual property as part of the acquisition of Surgalign's biologics and spinal fixation business assets.
• Xtant Medical acquired the nanOss production operations from RTI Surgical, Inc. for $2 million in cash, plus contingent payments, in October 2023, expanding its manufacturing capabilities.
• In July 2025, Xtant Medical entered into an agreement to sell its non-core Coflex® and CoFix® spinal implant assets and all OUS (Outside U.S.) businesses to Companion Spine, LLC for approximately $19.2 million. This transaction is expected to close in the third quarter of 2025 and is intended to reduce long-term debt and improve liquidity.

Capital Expenditures

• The acquisition of nanOss production operations from RTI Surgical, Inc. in October 2023 for $2 million in cash included equipment and inventory, contributing to the expansion of Xtant's manufacturing capabilities.
• By the first quarter of 2025, Xtant Medical completed the full vertical integration of its previously outsourced biologics products, bringing all major biologics product categories in-house, following an 18-month endeavor to invest in manufacturing infrastructure.