Xtant Medical Holdings, Inc., a medical technology company specializing in biologics and surgical solutions for spinal and orthopedic conditions, reported solid financial performance for the fourth quarter and full year 2025 on March 31, 2026.
The company achieved full-year 2025 revenue of $133.9 million, representing a robust 14% increase compared to 2024. In the fourth quarter, revenue reached $32.4 million, up 3% year-over-year and ahead of analyst estimates.
Xtant swung to positive net income of $5.0 million for the full year — a significant turnaround from a net loss in the prior year. The company also generated adjusted EBITDA of $16.3 million and positive operating cash flow of $12.5 million for 2025, underscoring improved operational efficiency and profitability.
Gross margin expanded nicely in the quarter to 54.9%, reflecting the benefits of focusing on its higher-margin core biologics business.
Financially, Xtant ended 2025 with $17.3 million in cash and cash equivalents. In early 2026, the company received an additional $10.7 million from the final payment related to the Companion Spine divestiture, further strengthening its balance sheet and liquidity.
Sean Browne, President and CEO, described 2025 as a “transformational year,” highlighting the successful portfolio optimization and the company’s sharpened focus on innovation and growth in its core biologics segment.
These results demonstrate Xtant’s progress toward sustainable profitability and long-term value creation in the spinal surgery market.
