Xtant Medical

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Xtant™ Medical Reports Record Fourth Quarter Revenue of $24.5 million, 10% Growth Compared to Prior Year Period
See footnote about the use of pro forma financial information

Fourth Quarter 2016 Highlights:

  • Consolidated total revenue increased 9.9% to a record $24.5 million compared to fourth quarter 2015 revenue of $22.3 million
  • Consolidated gross profit increased 17.4% to $17.5 million compared to fourth quarter 2015 gross profit of $14.9 million
  • Consolidated gross margins improved to 71.6%, compared to 67.0% reported in the fourth quarter of 2015

Full-Year 2016 Highlights:

  • Consolidated gross profit increased 10.1% to $62.3 million compared to pro forma 2015 gross profit of $56.6 million
  • Consolidated gross margins for the year were 69.2%, compared to pro forma 2015 gross margin of 65.4%

BELGRADE, Mont., March 09, 2017 (GLOBE NEWSWIRE) -- Xtant™ Medical Holdings, Inc. (NYSE MKT:XTNT), a leader in the development of regenerative medicine products and medical devices, today reported its financial results for the period ended December 31st, 2016. The Company reported annual revenues of approximately $90.0 million and a net loss for the year of approximately $19.5 million.

Revenue

Consolidated fourth quarter 2016 revenue was approximately $24.5 million, an increase of 9.9% compared to revenue of approximately $22.3 million for the same period during 2015.

Consolidated revenue for the full year 2016 was approximately $90.0 million, compared to pro forma 2015 revenue of approximately $86.5 million, representing an increase of 4.0% over the prior year.

Gross Profit

Consolidated gross profit for the fourth quarter of 2016 was $17.5 million or 71.6% of revenues, compared to gross profit of $14.9 million or 67.0% of revenues for the fourth quarter of 2015.

For the year, gross profit was approximately $62.3 million, compared with pro forma 2015 gross profit of $56.6 million. Gross margin for the year was 69.2%, compared to 2015 pro forma gross margin of 65.4%

Sales and Marketing Expenses

Consolidated fourth quarter 2016 sales and marketing expenses increased to $11.9 million, as compared to sales and marketing expenses of $10.6 million during the same period in 2015. For the quarter, sales and marketing as a percentage of revenues increased slightly to 48.8%, compared to 47.6% in the fourth quarter of 2015.

For the year, sales and marketing expenses increased to $44.1 million for 2016, as compared to pro forma 2015 sales and marketing expenses of $39.3 million. As a percentage of revenues, sales and marketing expenses increased to 48.9% compared to 45.5% reported for the pro forma full year 2015.

General and Administrative Expenses

In the fourth quarter, consolidated general and administrative expenses remained flat at $4.5 million as compared to general and administrative expenses of $4.2 million reported for the same period last year. As a percentage of revenues, general and administrative expenses were 18.3% during the period as compared to 18.9% for the same period during 2015.

2016 general and administrative expenses decreased to $15.8 million as compared with $16.6 million reported for the pro forma period last year. As a percentage of revenues, general and administrative expenses were 17.5% as compared to 19.2% for 2015.

Net Income / Loss

The fourth quarter 2016 consolidated net loss was $4.5 million, compared to the same period a year-ago net income of $11.6 million. The decrease was primarily due to a one-time recording of a deferred tax benefit of $17.5 million that occurred during the fourth quarter 2015.

The fourth quarter 2016 consolidated loss per share of $0.31 compared to earnings per share of $0.97 in the fourth quarter of 2015.

For the full-year 2016, the Company had a net loss of $19.5 million compared to a pro forma net loss of $5.8 million for 2015. Net loss per share for the full-year 2016 was $1.54 a share compared to pro forma net loss per share of $0.65 for 2015.

EBITDA

The Company defines earnings before interest, taxes, depreciation and amortization ("EBITDA") as net income/loss from operations before depreciation, amortization, impairment charges, non-recurring expenses and non-cash stock-based compensation. Consolidated EBITDA for the fourth quarter of 2016 was a gain of $1.2 million compared to a loss of $350,000 for the same period during 2015.

Full year 2016 EBITDA was a gain of $2.0 million compared to a zero pro forma loss in the prior year.

Financial Liquidity

Cash on hand as of December 31, 2016, was $2.6 million, as compared to $6.4 million as of December 31, 2015. Net working capital as of December 31, 2016 decreased $5.7 million to $17.9 million, as compared to $23.6 million as of December 31, 2015.

Outlook for Full Year 2017

The Company plans to have an immediate focus on operational and cash flow efficiencies throughout 2017. As a result, we have reduced revenue guidance while expanding projected EBITDA margins as we get to the latter part of 2017. The Company's revised full year 2017 revenue and EBITDA guidance is based on the following: 

         
  Stated in 000's FY '15* FY '16 2017 Guidance
  Revenue $ 86,518   $ 90,003   $96,000 - $98,000
  Growth     4 % 6.7% - 8.9%
  EBITDA $ (33 ) $ 2,050   $6,900 - $7,700
  *Pro forma results


Conference Call to be Held March 10, 2017

An accompanying listen-only conference call will be hosted by Carl O'Connell, Chief Executive Officer, and John Gandolfo, Chief Financial Officer, to discuss the results. The call will be held at 10:00 AM ET, on March 10, 2017. Please refer to the information below for conference call dial-in information and webcast registration.

Conference date: March 10, 2017, 10:00 AM ET
Conference dial-in: 877-269-7756
International dial-in: 201-689-7817
Conference Call Name: Xtant Medical's Fourth Quarter 2016 Results Call Webcast Registration: Click Here

Following the live call, a replay will be available on the Company's website, www.xtantmedical.com, under "Investor Info."

Use of Pro Forma Financial Information
On July 31,2015, Bacterin International Holdings, Inc. acquired all of the issued and outstanding stock of X-Spine Systems, Inc. and the combined company was renamed Xtant Medical Holdings, Inc. Except for the financial results for the three months ended December 31, 2015, the results presented for the full 2015 year are on a pro forma basis as if the two companies were combined for the periods shown. Certain pro forma adjustments have been made to reflect the impact of the purchase transaction, primarily consisting of amortization of intangible assets with determinable lives and interest expense on long-term debt. In addition, certain historical expenses, such as warrant expense and interest expense associated with debt that was immediately repaid, were eliminated from these pro-forma results. The pro forma information does not necessarily reflect the actual results of operations had the acquisition been consummated at the beginning of the fiscal reporting period indicated nor is it indicative of future operating results. The pro forma information does not include any adjustment for potential revenue enhancements, cost synergies or other operating efficiencies that could result from the acquisition.

Additional information regarding the business combination and its impact on the Company’s financial position will be set forth in the Company’s Form 10-K for the fiscal year ended December 31, 2016, which will be filed with the Securities and Exchange Commission on or about March 30, 2017 and will include the Company’s audited consolidated financial statements as of and for the years ended December 31, 2016 and December 31, 2015

About Xtant™ Medical Holdings, Inc.

Xtant Medical Holdings, Inc. (NYSE MKT:XTNT) develops, manufactures and markets class-leading regenerative medicine products and medical devices for domestic and international markets. Xtant products serve the specialized needs of orthopedic and neurological surgeons, including orthobiologics for the promotion of bone healing, implants and instrumentation for the treatment of spinal disease, tissue grafts for the treatment of orthopedic disorders, and biologics to promote healing following cranial, and foot and ankle surgeries. With core competencies in both biologic and non-biologic surgical technologies, Xtant can leverage its resources to successfully compete in global neurological and orthopedic surgery markets. For further information, please visit www.xtantmedical.com.

Important Cautions Regarding Forward-looking Statements

This press release contains certain disclosures that may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to significant risks and uncertainties. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "continue," "efforts," "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "strategy," "will," "goal," "target," "prospects," "potential," "optimistic," "confident," "likely," "probable" or similar expressions or the negative thereof. Statements of historical fact also may be deemed to be forward-looking statements. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the Company's ability to successfully integrate the acquisition of X-spine; the ability of the Company's sales force to achieve expected results; the Company's ability to meet its existing and anticipated contractual obligations, including financial covenant and other obligations contained in the Company's secured lending facility; the Company's ability to manage cash flow; the Company's ability to develop, market, sell and distribute desirable applications, products and services and to protect its intellectual property; the ability of the Company's customers to pay and the timeliness of such payments; the Company's ability to obtain financing as and when needed; changes in consumer demands and preferences; the Company's ability to attract and retain management and employees with appropriate skills and expertise; the impact of changes in market, legal and regulatory conditions and in the applicable business environment, including actions of competitors; and other factors. Additional risk factors are listed in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading "Risk Factors." The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.


                                           
  XTANT MEDICAL HOLDINGS, INC.  
  Condensed Consolidated Statements of Operations  
  Unaudited Actual and Proforma Results  
                                 
    For the Three Months Ended December 31,   For the Year Ended December 31,  
    2016 Unaudited   2015 Unaudited   2016 Unaudited   2015 Pro Forma  
        % of       % of       % of       % of  
    Amount   Revenue   Amount   Revenue   Amount   Revenue   Amount   Revenue  
  Orthopedic Product Sales $   24,362,237     99.6 %   $   21,771,750     97.8 %   $   89,388,145     99.3 %   $   85,235,170     98.5 %  
  Other     108,621     0.4 %       494,072     2.2 %       614,591     0.7 %       1,282,429     1.5 %  
  Total Revenue     24,470,858     100.0 %       22,265,822     100.0 %       90,002,736     100.0 %       86,517,599     100.0 %  
                                           
  Cost of sales     6,960,634     28.4 %       7,353,446     33.0 %       27,710,014     30.8 %       29,913,686     34.6 %  
                                           
  Gross Profit     17,510,223     71.6 %       14,912,376     67.0 %       62,292,722     69.2 %       56,603,913     65.4 %  
                                           
  Operating Expenses                                        
  General and administrative     4,484,419     18.3 %       4,201,394     18.9 %       15,762,531     17.5 %       16,612,883     19.2 %  
  Sales and marketing     11,940,049     48.8 %       10,607,475     47.6 %       44,055,813     48.9 %       39,334,250     45.5 %  
  Research and development     798,198     3.3 %       1,027,166     4.6 %       3,410,600     3.8 %       3,840,958     4.4 %  
  Depreciation and amortization     1,250,436     5.1 %       2,019,258     9.1 %       4,940,955     5.5 %       6,220,316     7.2 %  
  Acquisition and Integration related expenses     131,755     0.5 %       1,079,236     4.8 %       1,401,367     1.6 %       4,935,755     5.7 %  
  Gain from the Extinguishment of Debt     0     0.0 %       0     0.0 %       0     0.0 %       (2,345,019 )   -2.7 %  
  Impairment of Assets     0     0.0 %       0     0.0 %       0     0.0 %       233,748     0.3 %  
  Non-cash consulting     0     0.0 %       55,296     0.2 %       266,721     0.3 %       246,165     0.3 %  
  Total Operating Expenses     18,604,856     76.0 %       18,989,824     85.3 %       69,837,986     77.6 %       69,079,056     79.8 %  
                                           
  Net Gain (Loss) from Operations     (1,094,633 )   -4.5 %       (4,077,448 )   -18.3 %       (7,545,264 )   -8.4 %       (12,475,142 )   -14.4 %  
                                           
  Other Income (Expense)                                        
  Interest expense     (3,287,855 )   -13.4 %       (2,802,807 )   -12.6 %       (12,262,750 )   -13.6 %       (10,948,845 )   -12.7 %  
  Change in warrant derivative liability     0     0.0 %       348,943     1.6 %       716,738     0.8 %       270,020     0.3 %  
  Non-cash consideration associated with stock purchase agreement     0     0.0 %       0     0.0 %       0     0.0 %       (558,185 )   -0.6 %  
  Other income (expense)     (103,990 )   -0.4 %       582,123     2.6 %       (351,914 )   -0.4 %       395,006     0.5 %  
                                           
  Total Other Income (Expense)     (3,391,845 )   -13.9 %       (1,871,740 )   -8.4 %       (11,897,926 )   -13.2 %       (10,842,004 )   -12.5 %  
                                           
  Net Gain (Loss) from Operations Before Benefit (Provision) for Income Taxes     (4,486,478 )   -18.3 %       (5,949,188 )   -26.7 %       (19,443,190 )   -21.6 %       (23,317,146 )   -27.0 %  
                                           
  Benefit (Provision) for Income Taxes                                        
  Current     (50,362 )   -0.2 %       0     0.0 %       (50,362 )   -0.1 %       (65,387 )   -0.1 %  
  Deferred     0     0.0 %       17,537,408     78.8 %       0     0.0 %       17,537,408     20.3 %  
                                           
  Net Income (Loss) $   (4,536,840 )   -18.5 %   $   11,588,220     52.0 %   $   (19,493,552 )   -21.7 %   $   (5,845,125 )   -6.8 %  
                                           
  Net Income (loss) per share:                                  
  Basic $   (0.31 )       $   0.97         $   (1.54 )       $   (0.65 )      
  Dilutive $   (0.31 )       $   0.97         $   (1.54 )       $   (0.65 )      
                                           
  Shares used in the computation:                                  
  Basic     14,479,201             11,890,104             12,671,685             9,055,483        
  Dilutive     14,479,201             11,890,104             12,671,685             9,055,483        
                                 

 

                                           
  XTANT MEDICAL HOLDINGS, INC.  
  Condensed Consolidated Statements of Operations  
  Audited and Unaudited Actual Results  
                                 
    For the Three Months Ended December 31,   For the Year Ended December 31,  
    2016 Actual Unaudited   2015 Actual Unaudited   2016 Actual Unaudited   2015 Actual Audited  
        % of       % of       % of       % of  
    Amount   Revenue   Amount   Revenue   Amount   Revenue   Amount   Revenue  
  Orthopedic Product Sales $   24,362,237     99.6 %   $   21,771,750     97.8 %   $   89,388,145     99.3 %   $   58,194,249     98.1 %  
  Other     108,621     0.4 %       494,072     2.2 %       614,591     0.7 %       1,151,468     1.9 %  
  Total Revenue     24,470,858     100.0 %       22,265,822     100.0 %       90,002,736     100.0 %       59,345,717     100.0 %  
                                           
  Cost of sales     6,960,634     28.4 %       7,353,446     33.0 %       27,710,014     30.8 %       20,262,728     34.1 %  
                                           
  Gross Profit     17,510,223     71.6 %       14,912,376     67.0 %       62,292,722     69.2 %       39,082,989     65.9 %  
                                           
  Operating Expenses                                        
  General and administrative     4,484,419     18.3 %       4,201,394     18.9 %       15,762,531     17.5 %       12,993,307     21.9 %  
  Sales and marketing     11,940,049     48.8 %       10,607,475     47.6 %       44,055,813     48.9 %       28,731,184     48.4 %  
  Research and development     798,198     3.3 %       1,027,166     4.6 %       3,410,600     3.8 %       2,546,362     4.3 %  
  Depreciation and amortization     1,250,436     5.1 %       2,019,258     9.1 %       4,940,955     5.5 %       3,819,588     6.4 %  
  Acquisition and Integration related expenses     131,755     21.8 %       1,079,236     4.8 %       1,401,367     1.6 %       4,935,755     8.3 %  
  Gain from the Extinguishment of Debt     0     0.0 %       0     0.0 %       0     0.0 %       (2,345,019 )   -4.0 %  
  Impairment of Assets     0     0.0 %       0     0.0 %       0     0.0 %       233,748     0.4 %  
  Non-cash consulting     0     0.0 %       55,296     0.2 %       266,721     0.3 %       246,165     0.4 %  
  Total Operating Expenses     18,604,856     76.0 %       18,989,824     85.3 %       69,837,986     77.6 %       51,161,091     86.2 %  
                                           
  Net Gain (Loss) from Operations     (1,094,633 )   -4.5 %       (4,077,448 )   -18.3 %       (7,545,264 )   -8.4 %       (12,078,101 )   -20.4 %  
                                           
  Other Income (Expense)                                        
  Interest expense     (3,287,855 )   -13.4 %       (2,802,807 )   -12.6 %       (12,262,750 )   -13.6 %       (7,733,748 )   -13.0 %  
  Change in warrant derivative liability     0     0.0 %       348,943     1.6 %       716,738     0.8 %       270,020     0.5 %  
  Non-cash consideration associated with stock purchase agreement     0     0.0 %       0     0.0 %       0     0.0 %       (558,185 )   -0.9 %  
  Other income (expense)     (103,990 )   -0.4 %       582,123     2.6 %       (351,914 )   -0.4 %       388,177     0.7 %  
                                           
  Total Other Income (Expense)     (3,391,845 )   -13.9 %       (1,871,740 )   -8.4 %       (11,897,926 )   -13.2 %       (7,633,736 )   -12.9 %  
                                           
  Net Gain (Loss) from Operations Before Benefit (Provision) for Income Taxes     (4,486,478 )   -18.3 %       (5,949,188 )   -26.7 %       (19,443,190 )   -21.6 %       (19,711,838 )   -33.2 %  
                                           
  Benefit (Provision) for Income Taxes                                        
  Current     (50,362 )   -0.2 %       0     0.0 %       (50,362 )   -0.1 %       0     0.0 %  
  Deferred     0     0.0 %       17,537,408     78.8 %       0     0.0 %       17,537,408     29.6 %  
                                           
  Net Income (Loss) $   (4,536,840 )   -18.5 %   $   11,588,220     52.0 %   $   (19,493,552 )   -21.7 %   $   (2,174,430 )   -3.7 %  
                                           
  Net Income (loss) per share:                                  
  Basic $   (0.31 )       $   0.97         $   (1.54 )       $   (0.24 )      
  Dilutive $   (0.31 )       $   0.97         $   (1.54 )       $   (0.24 )      
                                           
  Shares used in the computation:                                  
  Basic     14,479,201             11,890,104             12,671,685             9,055,483        
  Dilutive     14,479,201             11,890,104             12,671,685             9,055,483        
                                 

 

               
  XTANT MEDICAL HOLDINGS, INC.  
  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
     
    For the twelve months ended December 31,  
    2016 Unaudited   2015 Audited  
  Operating activities:            
  Net loss $ (19,493,552 )   $ (2,174,430 )  
  Adjustments to reconcile net loss to net cash used in operating activities:            
  Depreciation and amortization   7,241,870       4,889,272    
  Purchase accounting valuation allowance   0       (17,537,408 )  
  Non-Cash Interest   6,784,785       4,814,506    
  Impairment of Assets   0       956,395    
  Gain (Loss) on sale of fixed assets   25,458       (596,883 )  
  Non-cash consulting expense/stock option expense   522,987       836,741    
  Provision for losses on accounts receivable and inventory   223,538       700,234    
  Change in derivative warrant liability   (716,738 )     (270,020 )  
  Non-cash consideration associated with stock purchase agreement   0       558,185    
  Extinguishment of debt   0       (2,345,019 )  
  Changes in operating assets and liabilities:            
  Accounts receivable   (2,680,405 )     (5,512,429 )  
  Inventories   (4,074,086 )     (545,713 )  
  Prepaid and other assets   (484,061 )     (1,044,962 )  
  Accounts payable   319,091       644,149    
  Accrued liabilities   (2,076,183 )     7,527,514    
  Net cash used in operating activities   (14,407,296 )     (9,099,868 )  
           
  Investing activities:            
  Acquisition of X-spine Systems, Inc.   0       (72,975,200 )  
  Purchases of property and equipment and intangible assets   (5,832,690 )     (2,263,033 )  
  Proceeds from sale of fixed assets   16,400       1,667,195    
  Net cash used in investing activities   (5,816,290 )     (73,571,038 )  
           
  Financing activities:          
  Proceeds from long-term and convertible debt, net of deferred and financing costs   3,238,166       83,897,361    
  Net proceeds from equity private placement   0       515,395    
  Payment on royalty obligation   0       (542,905 )  
  Payments on Long-term debt   0       (1,325,814 )  
  Payments on capital leases   (144,600 )     (101,760 )  
  Net proceeds from the issuance of stock   3,087,462       2,116,937    
  Net Proceeds from the revolving line of credit   10,252,809       0    
  Proceeds from exercise of options   0       11,500    
  Net cash provided by financing activities   16,433,837       84,570,714    
               
  Net change in cash and cash equivalents   (3,789,749 )     1,899,808    
  Cash and cash equivalents at beginning of period   6,368,016       4,468,208    
  Cash and cash equivalents at end of period $ 2,578,267     $ 6,368,016    
         

 

               
  XTANT MEDICAL HOLDINGS, INC.  
  CONDENSED CONSOLIDATED BALANCE SHEETS  
  As of December 31, 2015 and 2016  
           
    As of Dec. 31,   As of Dec. 31,  
    2016  Unaudited   2015 Audited  
  ASSETS            
  Current Assets:            
  Cash and cash equivalents $ 2,578,267     $ 6,368,016    
  Trade accounts receivable, net of allowance for doubtful accounts of $1,635,385 and $2,579,634, respectively   18,991,872       15,385,218    
  Inventories, net   26,266,457       22,684,716    
  Prepaid and other current assets   1,149,616       601,697    
  Total current assets   48,986,211       45,039,647    
               
  Non-current inventories   971,854       1,607,915    
  Property and equipment, net   15,840,730       11,816,629    
  Goodwill   41,534,626       41,534,626    
  Intangible assets, net   35,940,810       40,237,289    
  Other assets   827,372       791,221    
  Total Assets $ 144,101,605     $ 141,027,327    
               
  LIABILITIES & STOCKHOLDERS' (DEFICIT) EQUITY            
  Current Liabilities:            
  Accounts payable $ 10,471,944     $ 9,386,531    
  Accounts payable - related party   640,441       1,406,763    
  Accrued liabilities   8,982,187       9,595,851    
  Revolving Line of Credit   10,448,283       0    
  Warrant derivative liability   333,613       1,050,351    
  Current portion of capital lease obligations   244,847       35,139    
  Total current liabilities   31,121,316       21,474,635    
  Long-term Liabilities:            
  Capital lease obligation, less current portion   832,152       7,800    
  Long term convertible debt, less current portion   68,937,247       66,436,647    
  Long-term debt, less current portion   50,284,187       44,231,718    
  Total Liabilities   151,174,902       132,150,800    
               
  Commitments and Contingencies            
  Stockholders' Equity            
  Preferred stock   -       -    
  Common stock   17       11    
  Additional paid-in capital   85,461,210       81,917,488    
  Accumulated deficit   (92,534,524 )     (73,040,973 )  
  Total Stockholders’ Equity (Deficit)   (7,073,297 )     8,876,527    
               
  Total Liabilities & Stockholders’ Equity $ 144,101,605     $ 141,027,327    
             

 

           
  XTANT MEDICAL HOLDINGS, INC.
  Calculation of Consolidated EBITDA for the Three and Twelve Months Ended December 31, 2016
   and for the Three and Pro Forma Twelve Months Ended December 31, 2015
  Unaudited
   
  For the three months ended December 31, For the twelve months ended December 31,
     
  2016   2015   2016   2015  
  Net Loss (4,536,840 ) 11,588,220   (19,493,552 ) (5,845,125 )
         
  (Benefit) Provision 50,362   (17,537,408 ) 50,362   (17,472,021 )
  Other (Income) Expense 103,990   (582,123 ) 351,914   (395,006 )
  Change in warrant derivative liability 0   (348,943 ) (716,738 ) (270,020 )
  Non-cash consideration associated with stock purchase agreement 0   0   0   558,185  
  Interest expense 3,287,855   2,802,807   12,262,750   10,948,845  
  Acquisition and Integration related expenses 131,755   0   1,401,367   233,748  
  Extinguishment of Debt 0   1,079,236   0   4,935,755  
  Impairment of Assets 0   0   0   (2,345,019 )
  Non-Cash Compensation 0   163,124   522,987   794,358  
  Depreciation & Amortization 1,690,020   2,485,321   7,241,870   8,822,994  
  One Time Inventory Reserves and Accounts Receivables Allowances 426,355   0   426,355   0  
  EBITDA Gain (Loss) 1,153,497   (349,767 ) 2,047,315   (33,306 )
         

 

Investor Contact
CG CAPITAL
Rich Cockrell
877.889.1972
investorrelations@cg.capital

Company Contact
Xtant Medical
Molly Mason
mmason@xtantmedical.com

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Xtant Medical Holdings, Inc.