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- **$19.2M Asset Sale**: Proceeds to reduce debt and enhance liquidity, with $7.5M already received.
- **19% Revenue Growth**: Q3 2025 revenue of $33.3M, driven by licensing and core biologics expansion.
- **New Products**: Collagen X and Trivium launched, with Trivium showing strong early adoption.
- **Commercial Expansion**: Doubling the sales team to 8 reps by year-end, targeting 2026 growth.
- **Financial Health**: 66.1% gross margin, $1.3M net income, and $4.5M adjusted EBITDA.
- **Future Focus**: Low double-digit biologics growth, disciplined cost management, and innovation in collagen-based solutions.

**【CEO Summary Section】**
- **Asset Sale Update**: Proceeds of $19.2 million from the sale of non-core Coflex and Cofix assets, with $7.5 million already received. Expected closure by end of 2025.
- **Revenue Growth**: Q3 2025 revenue of $33.3 million, up 19% YoY, driven by $5.5 million in licensing revenue and 4% growth in core biologics.
- **New Product Launches**: Collagen X (surgical wound closure) and Trivium (advanced DBM) launched in Q3, with Trivium showing strong early adoption.
- **Commercial Expansion**: Doubling the commercial team to 8 reps by year-end, with plans to add 4 more in 2026.

**【CFO Financial Commentary】**
- **Gross Margin**: 66.1% in Q3 2025 (vs. 58.4% YoY), driven by favorable sales mix and scale.
- **Operating Expenses**: $19.5 million, down 3% YoY due to reduced compensation and commissions.
- **Net Income**: $1.3 million (vs. $5 million loss YoY), with adjusted EBITDA of $4.5 million.
- **Liquidity**: $10.6 million cash on hand, plus expected asset sale proceeds.

**【Q&A Key Highlights】**
- **Commercial Strategy**: Adding 8 reps in 2025 and 4 more in 2026 to drive biologics growth, targeting low double-digit expansion.
- **Product Performance**: Trivium and Collagen X showing strong traction; legacy DBM products declining but offset by new product launches.
- **Amnion Market**: Positive outlook for acute care contracts post-PFS changes; collagen-based products (e.g., Collagen X) targeting broader surgical markets.
- **2026 Outlook**: Management expects orthobiologics growth in low double digits, with focus on high-margin biologics and cost control.

Xtant Medical Holdings, Inc. (XTNT) Q3 2025 Earnings Call Transcript

Revenue

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XTNT

XTNT fundamentals

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