Xtant Medical Holdings Inc 2025年度报告

Dear Fellow Stockholders, 2025 was a transformational year for Xtant Medical as we leveraged certain opportunities and exited theyear as a leaner, stronger, and more focused company. In 2016, we believe we are well positioned tomanage the challenges we are facing and capitalize on the many opportunities we have and whichunderpin our strategic initiatives for the year. 2025: A Transformational Year Fiscal year 2025 delivered full-year revenue of $134 million, representing growth of 14% over 2024. Moreimportantly, we achieved net income of $5 million and non-GAAP adjusted EBITDA of $16 million — adramatic turnaround from a net loss of $16 million and a non-GAAP adjusted EBITDA loss ofapproximately $2 million in 2024. Financial Highlights The most meaningful milestone of 2025 was achieving positive cash flow and positive net earnings for thefull year — goals we have been working toward through disciplined financial management. Starting from adifficult liquidity position at the end of 2024, we made steady progress each quarter during 2025, resultingin us entering into 2026 in a solid financial position. Specifically, in 2025, we: xAchieved positive net income of $5 million, compared to a net loss of $16 million in 2024.xGenerated adjusted EBITDA of $16 million, compared to an adjusted EBITDA loss of $2 million inthe prior year.xStrengthened our balance sheet, ending the year with over $17 million in cash and cashequivalents.xCompleted the divestiture of our non-core Coflex® and CoFix assets and international hardwarebusiness to Companion Spine for over $21 million in total consideration. Operational Achievements On the operational front, 2025 was a year of significant transformation as we made bold, but sometimesdifficult, decisions that we believe will pay off for years to come: xCompleted the vertical integration of our biologics business, giving us greater control over productquality, cost structure, and supply chain reliability, and becoming a meaningful competitivedifferentiator and key driver to improving our margins.xSuccessfully divested our underperforming non-core Coflex® and CoFix assets and internationalhardware business, sharpening our focus on our core, high-margin biologics business.xClosed our Greenville, NC facility and are in the process of moving the production of our nanOssproducts to our Belgrade, MT facility.xDiscontinued our Millstone third-party logistics arrangement which our Surgalign spine fixationproducts were managed and distributed, which we believe will dramatically improve our service ofthese products and reduce costs. xLaunched five new products, including OsteoFactor Pro, Trivium, FibreX, nanOss Strata, andCollagenX, expanding our biologics portfolio and addressable market. Commercial Performance Our commercial results in 2025 were mixed: xOur private label channel stood out, growing by approximately $10 million by taking advantage ofcertain opportunities to utilize our expanded processing capabilities, and representing asignificant and underutilized opportunity for us.xWe made meaningful progress re-focusing our commercial organization around growing our corebiologics business, a realignment that we believe positions us well for 2026 and future years.xWe added four new regional sales representatives toward year-end and the beginning of 2026,which we believe was necessary to help build the commercial infrastructure we need to drivefuture growth.xAlthough we lost share with our Independent Agent (IA) channel during 2025, rebuilding andgrowing this channel is a top priority for 2026, and we have taken and continue to take deliberatesteps to address this need. 2026: The Year of Execution We view 2026 as a year of execution, including the following strategic initiatives: 1. Grow Our Independent Agent Business Re-energizing and growing our IA channel is our most important near-term commercial priority. We areinvesting across all revenue-generating levers necessary to make this happen, including growing oursales management personnel, building greater regional presence and depth with National Accounts todrive institutional adoption at scale across hospital systems and large practice groups, and providingstronger marketing support. In April 2026, we obtained the exclusive distribution rights from Dilon Technologies, Inc. to import, market,distribute and sell the HEMOBLAST® Bellows product in the United States, which is an FDA-approvedpowder-based, topical, surgical hemostatic agent used to control bleeding during surgical procedures. Aspart of this arrangement, we hired approximately 20 former Dilon sales personnel. We believe theaddition of these sales personnel, who have call points in areas outside of our normal spine andorthopedic areas, and eventually will be selling all of our Xtant biologics products, will prove to beinstrumental in our ability to diversify into high-value adjacent markets and drive significant growth withinour IA channel. 2. Focus on our Biol