Wed, May 15, 8:31 PM (232 days ago)
Xtant Medical Holdings, Inc. reported a significant increase in revenue for Q1 2024, reaching $27.9 million, a 55% rise from $17.9 million in Q1 2023. This growth is primarily attributed to the acquisition of Surgalign Holdings’ hardware and biologics business, increased sales from independent agents, and additional Coflex and CoFix product sales. Cost of sales also increased to $10.6 million from $7.4 million, but gross profit margins improved to 62.1%. Operating expenses rose sharply, with general and administrative expenses up by 59% to $7.8 million and sales and marketing expenses by 77% to $12.5 million. The company reported a net loss of $4.4 million for Q1 2024, compared to a $2.1 million loss in Q1 2023, driven by higher operating expenses and interest costs. Cash and cash equivalents stood at $4.6 million, with a net working capital of $38.1 million. The company anticipates that its cash on hand, operating cash flows, and credit facilities will meet its cash requirements through at least May 2025. However, additional capital may be sought if needed.