Xtant™ Medical Holdings Reports Record Third Quarter 2016 Results

*See footnote about the use of pro forma financial information

Third Quarter 2016 Highlights:
  • Company revenue increased 10.5% to $23.1 million, as compared to pro forma revenue of $20.9 million in third quarter 2015
  • Gross profit increased to $16.0 million, as compared to pro forma third quarter 2015 gross profit of $13.7 million
  • Gross margins expanded to 69.2%, compared to 65.5% for the pro forma third quarter of 2015
  • The Company reported net loss of $4.9 million for the third quarter 2016, compared to a loss of $6.9 million in third quarter 2015
  • The Company reported an EBITDA gain of $768,000 for the third quarter 2016, compared to a loss of ($915,000) in third quarter 2015
  • Company raised full year 2016 revenue guidance to $89-91 million, as compared to previous guidance of $87-90 million
  • The Company also provided full year 2017 revenue guidance of $98.0 - 102.0 million with positive EBITDA of $7.7-9.2 million

BELGRADE, Mont., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Xtant™ Medical Holdings, Inc. (NYSE MKT:XTNT), a leader in the development of regenerative medical devices, today reported its financial results for the three months ended September 30th, 2016. The Company reported third quarter revenues of approximately $23.1 million and an EBITDA gain of $768,000.

"I am very pleased to have reported our strongest quarter in the history of the company," said Dan Goldberger, Chief Executive Officer of Xtant Medical, "we have rectified our inventory supply chain constraints from the first half of 2016, and have positioned the company to take full advantage of the increasing demand for our proprietary differentiated product offerings. As a result, we have raised our 2016 revenue guidance to $89 to $91 million from our previous revenue guidance of $87 to $90 million provided earlier this year."

Revenue

Third quarter 2016 revenue was approximately $23.1 million, compared to pro forma revenue of approximately $20.9 million for the same period during 2015.  This represents an increase of 10.5%, compared to pro forma third quarter 2015 revenue and a 7.6% sequential increase over second quarter 2016 revenue of $21.5 million. 

Gross Profit

Gross profit for the third quarter of 2016 was $16.0 million or 69.2% of revenue, compared to pro forma gross profit of $13.7 million or 65.5% of revenues for the third quarter of 2015.  On a sequential basis, third quarter 2016 gross margin increased 0.7% over second quarter 2016 gross margin of 68.5%.

Sales and Marketing Expenses

Third quarter 2016 sales and marketing expenses increased to $11.2 million, as compared to pro forma sales and marketing expenses of $9.8 million during the same period in 2015. For the quarter, sales and marketing as a percentage of revenues increased to 48.7%, compared to 47.0% for the pro forma third quarter of 2015. The increase was mainly due to the higher OEM revenue in the third quarter of 2015 which had no associated sales commissions. In addition, as part of its growth strategy, the Company increased its sales infrastructure to support the portfolio selling opportunity of the combined business.

General and Administrative Expenses

In the third quarter, general and administrative expenses decreased to $3.8 million, compared to pro forma general and administrative expenses of $4.5 million for the same period last year. As a percentage of revenue, general and administrative expenses were 16.3% during the period, as compared to pro forma 21.7% for the same period during 2015.

Loss from Operations and Net Income / Loss

Third quarter loss from operations improved to a loss of $1.9 million, compared to a pro forma loss from operations of $5.0 million in the third quarter of 2015. Third quarter 2016 consolidated net loss narrowed to $4.9 million, compared to pro forma net loss of $6.9 million during the year-ago period.

Adjusted EBITDA

The Company defines earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") as net income/loss from operations before depreciation, amortization, impairment charges, non-recurring expenses and non-cash stock-based compensation. Consolidated adjusted EBITDA for the third quarter of 2016 was a gain of $768,000, compared to a pro forma adjusted EBITDA loss of $915,000 for the third quarter of 2015.

Reconciliation of Adjusted EBITDA
Stated in 000's Three Months Ended September 30, 2016 Three Months Ended September 30, 2015*
Net Loss from Operations ($ 1,904 ) ($ 5,018 )
     
Impairment of Assets $ 0   $ 233  
Acquisition and Integration Related Expenses  $ 517   $ 3,857  
Gain from the Extinguishment of Debt $ 0   ($ 2,345 )
Non-cash compensation $ 252   $ 187  
Depreciation & Amortization $ 1,903   $ 2,170  
     
Adjusted EBITDA Gain (Loss) $ 768   ($ 915 )
*Pro Forma Results

Financial Liquidity

Cash on hand as of September 30, 2016, was $1.4 million, as compared to $6.4 million as of December 31, 2015. This figure excludes cash resources available to be drawn down by the Company through its accounts receivable revolver facility with Silicon Valley Bank and its equity facility with Aspire Capital.  The Company is in the process of completing a common stock rights offering to raise up to $13.5 million in additional equity capital.

Outlook for Full Year 2016 & 2017

The Company increased its full year 2016 revenue guidance and issued 2017 revenue guidance based on the following:
  Full-Year 2016 Full-Year 2017
Stated in 000's Low   High Low   High
Revenue $   89,000   - $   91,000   $   98,000   - $ 102,000
Adjusted EBITDA $   2,000   - $   2,800   $   7,700   - $ 9,200
Cash Based Debt Service $   4,835   - $   4,835   $   8,430   - $ 8,430
Non-GAAP Profitability** $   (2,835 ) - $   (2,035 ) $   (700 ) - $ 800

**Non-GAAP profitability is defined as EBITDA less total cash based interest expense.

Conference Call to be Held November 8, 2016

An accompanying conference call will be hosted by Dan Goldberger, Chief Executive Officer, and John Gandolfo, Chief Financial Officer, to discuss the results. The call will be held at 10:00 AM ET, on November 8, 2016. Please refer to the information below for conference call dial-in information and webcast registration.

Conference date: Tuesday, November 8, 2016, 10:00 AM ET Conference dial-in: 877-269-7756 International dial-in: 201-689-7817 Conference Call Name: Xtant Medical's Third Quarter 2016 Results Call Webcast Registration: Click Here

Shortly after 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 and nine months ended September 30, 2016, the results presented 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-Q for the quarter ended September 30, 2016, which will be filed with the Securities and Exchange Commission on or about November 11, 2016 and will include the Company's unaudited consolidated financial statements as of and for the quarters ended September 30, 2016 and September 30, 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: our ability to integrate the acquisition of X-spine Systems, Inc. and any other business combinations or acquisitions successfully; our ability to remain listed on the NYSE MKT; our ability to obtain financing on reasonable terms; our ability to increase revenue; our ability to comply with the covenants in our credit facility; our ability to maintain sufficient liquidity to fund our operations; the ability of our sales force to achieve expected results; our ability to remain competitive; government regulations; our ability to innovate and develop new products; our ability to obtain donor cadavers for our products; our ability to engage and retain qualified technical personnel and members of our management team; the availability of our facilities; government and third-party coverage and reimbursement for our products; our ability to obtain regulatory approvals; our ability to successfully integrate recent and future business combinations or acquisitions; our ability to use our net operating loss carry-forwards to offset future taxable income; our ability to deduct all or a portion of the interest payments on the notes for U.S. federal income tax purposes; our ability to service our debt; product liability claims and other litigation to which we may be subjected; product recalls and defects; timing and results of clinical studies; our ability to obtain and protect our intellectual property and proprietary rights; infringement and ownership of intellectual property; our ability to remain accredited with the American Association of Tissue Banks; influence by our management; our ability to pay dividends; our ability to issue preferred stock; 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." You should carefully consider the trends, risks and uncertainties described in this document, the Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose all or part of your investment. 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. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

                                         
  XTANT MEDICAL HOLDINGS, INC.
  Condensed Consolidated Statements of Operations
  Unaudited Actual and Proforma Results
                               
    For the Three Months Ended September 30,   For the Nine Months Ended September 30,
    2016 Actual Unaudited   2015 Pro Forma   2016 Actual Unaudited   2015 Pro Forma
        % of       % of       % of       % of
    Amount   Revenue   Amount   Revenue   Amount   Revenue   Amount   Revenue
  Orthopedic Product Sales $   22,907,717       99.2 %   $   20,577,473       98.5 %   $   65,025,908       99.2 %   $   63,463,420       98.8 %
  Other     186,423       0.8 %       323,819       1.5 %       505,971       0.8 %       788,357       1.2 %
  Total Revenue     23,094,139       100.0 %       20,901,292       100.0 %       65,531,878       100.0 %       64,251,777       100.0 %
                                         
  Cost of sales     7,114,041       30.8 %       7,208,696       34.5 %       20,749,379       31.7 %       22,560,240       35.1 %
                                         
  Gross Profit     15,980,098       69.2 %       13,692,596       65.5 %       44,782,499       68.3 %       41,691,537       64.9 %
                                         
  Operating Expenses                                      
  General and administrative     3,773,236       16.3 %       4,532,981       21.7 %       11,216,112       17.1 %       12,411,489       19.3 %
  Sales and marketing     11,242,820       48.7 %       9,832,446       47.0 %       32,115,763       49.0 %       28,726,775       44.7 %
  Research and development     928,930       4.0 %       987,433       4.7 %       2,612,402       4.0 %       2,813,792       4.4 %
  Depreciation and amortization     1,265,490       5.5 %       1,562,220       7.5 %       3,690,519       5.6 %       4,201,058       6.5 %
  Acquisition and Integration related expenses     517,083       2.2 %       3,856,519       18.5 %       1,269,613       1.9 %       3,856,519       6.0 %
  Gain from the Extinguishment of Debt     0       0.0 %       (2,345,019 )     0.0 %       -       0.0 %       (2,345,019 )     0.0 %
  Impairment of Assets     0       1.1 %       233,748       0.0 %       0       0.4 %       233,748       0.0 %
  Non-cash consulting     156,129       0.2 %       50,000       0.2 %       266,721       0.3 %       190,869       0.1 %
  Total Operating Expenses     17,883,688       77.4 %       18,710,329       89.5 %       51,171,130       78.1 %       50,089,232       78.0 %
                                         
  Net Gain (Loss) from Operations     (1,903,590 )     -8.2 %       (5,017,733 )     -24.0 %       (6,388,631 )     -9.7 %       (8,397,695 )     -13.1 %
                                         
  Other Income (Expense)                                      
  Interest expense     (3,163,534 )     -13.7 %       (2,153,985 )     -10.3 %       (8,974,895 )     -13.7 %       (8,146,038 )     -12.7 %
  Change in warrant derivative liability     220,409       1.0 %       397,366       1.9 %       716,738       1.1 %       (78,923 )     -0.1 %
  Non-cash consideration associated with stock purchase agreement     0       0.0 %       0       0.0 %       0       0.0 %       (558,185 )     -0.9 %
  Other income (expense)     (51,350 )     -0.2 %       (83,097 )     -0.4 %       (309,924 )     -0.5 %       (187,118 )     -0.3 %
                                         
  Total Other Income (Expense)     (2,994,475 )     -13.0 %       (1,839,716 )     -8.8 %       (8,568,081 )     -13.1 %       (8,970,263 )     -14.0 %
                                         
  Net Gain (Loss) from Operations Before Benefit (Provision) for Income Taxes     (4,898,065 )     -21.2 %       (6,857,449 )     -32.8 %       (14,956,712 )     -22.8 %       (17,367,958 )     -27.0 %
                                         
  Benefit (Provision) for Income Taxes                                      
  Current     0       0.0 %       11,143       0.1 %       0       0.0 %       65,387       0.1 %
  Deferred     0       0.0 %       0       0.0 %       0       0.0 %       0       0.0 %
                                         
  Net Income (Loss) $   (4,898,065 )     -21.2 %   $   (6,868,591 )     -32.9 %   $   (14,956,712 )     -22.8 %   $   (17,433,345 )     -27.1 %
                                         
  Net Income (loss) per share:                                
  Basic   ($ 0.40 )         ($ 0.66 )         ($ 1.23 )         ($ 2.15 )    
  Dilutive   ($ 0.40 )       ($ 0.66 )       ($ 1.23 )       ($ 2.15 )    
                                         
  Shares used in the computation:                                
  Basic     12,193,970             10,432,622             12,147,916             8,100,226      
  Dilutive     12,193,970             10,432,622             12,147,916             8,100,226      

 
  XTANT MEDICAL HOLDINGS, INC.
  Condensed Consolidated Statements of Operations
  Unaudited Actual Results
                               
    For the Three Months Ended September 30,   For the Nine Months Ended September 30,
    2016 Actual Unaudited   2015 Actual Unaudited   2016 Actual Unaudited   2015 Actual Unaudited
        % of       % of       % of       % of
    Amount   Revenue   Amount   Revenue   Amount   Revenue   Amount   Revenue
  Orthopedic Product Sales $   22,907,717       99.2 %   $   17,421,397       98.5 %   $   65,025,908       99.2 %   $   36,431,354       98.2 %
  Other     186,423       0.8 %       271,623       1.5 %       505,971       0.8 %       657,396       1.8 %
  Total Revenue     23,094,139       100.0 %       17,693,020       100.0 %       65,531,878       100.0 %       37,088,749       100.0 %
                                         
  Cost of sales     7,114,041       30.8 %       6,035,673       34.1 %       20,749,379       31.7 %       12,883,439       34.7 %
                                         
  Gross Profit     15,980,098       69.2 %       11,657,347       65.9 %       44,782,499       68.3 %       24,205,310       65.3 %
                                         
  Operating Expenses                                      
  General and administrative     3,773,236       16.3 %       3,980,804       22.5 %       11,216,112       17.1 %       8,805,104       23.7 %
  Sales and marketing     11,242,820       48.7 %       8,430,303       47.6 %       32,115,763       49.0 %       18,179,552       49.0 %
  Research and development     928,930       4.0 %       794,464       4.5 %       2,612,402       4.0 %       1,519,196       4.1 %
  Depreciation and amortization     1,265,490       5.5 %       1,541,220       8.7 %       3,690,519       5.6 %       1,765,994       4.8 %
  Acquisition and Integration related expenses     517,083       21.8 %       3,856,519       0.0 %       3,856,519       10.4 %       3,856,519       0.0 %
  Gain from the Extinguishment of Debt     0       -13.3 %       (2,345,019 )     0.0 %       (2,345,019 )     -6.3 %       (2,345,019 )     0.0 %
  Impairment of Assets     0       1.3 %       233,748       0.0 %       233,748       0.6 %       233,748       0.0 %
  Non-cash consulting     156,129       0.7 %       50,000       0.3 %       266,721       0.4 %       190,869       0.5 %
  Total Operating Expenses     17,883,688       77.4 %       16,542,040       93.5 %       51,646,766       78.8 %       32,205,964       86.8 %
                                         
  Net Gain (Loss) from Operations     (1,903,590 )     -8.2 %       (4,884,693 )     -27.6 %       (6,864,267 )     -10.5 %       (8,000,654 )     -21.6 %
                                         
  Other Income (Expense)                                      
  Interest expense     (3,163,534 )     -13.7 %       (2,111,721 )     -11.9 %       (8,974,895 )     -13.7 %       (4,930,941 )     -13.3 %
  Change in warrant derivative liability     220,409       1.0 %       397,366       2.2 %       716,738       1.1 %       (78,923 )     -0.2 %
  Non-cash consideration associated with stock purchase agreement     0       0.0 %       0       0.0 %       0       0.0 %       (558,185 )     -1.5 %
  Other income (expense)     (51,350 )     -0.2 %       (89,926 )     -0.5 %       (309,924 )     -0.5 %       (193,052 )     -0.5 %
                                         
  Total Other Income (Expense)     (2,994,475 )     -13.0 %       (1,804,281 )     -10.2 %       (8,568,081 )     -13.1 %       (5,761,101 )     -15.5 %
                                         
  Net Gain (Loss) from Operations Before Benefit (Provision) for Income Taxes     (4,898,065 )     -21.2 %       (6,688,974 )     -37.8 %       (15,432,348 )     -23.5 %       (13,761,754 )     -37.1 %
                                         
  Benefit (Provision) for Income Taxes                                      
  Current     0       0.0 %       0       0.0 %       0       0.0 %       0       0.0 %
  Deferred     0       0.0 %       0       0.0 %       0       0.0 %       0       0.0 %
                                         
  Net Income (Loss) $   (4,898,065 )     -21.2 %   $   (6,688,974 )     -37.8 %   $   (15,432,348 )     -23.5 %   $   (13,761,754 )     -37.1 %
                                         
  Net Income (loss) per share:                                
  Basic   ($ 0.40 )         ($ 0.64 )         ($ 1.27 )         ($ 1.70 )    
  Dilutive   ($ 0.40 )       ($ 0.64 )       ($ 1.27 )       ($ 1.70 )    
                                         
  Shares used in the computation:                                
  Basic     12,193,970             10,432,622             12,147,916             8,100,226      
  Dilutive     12,193,970             10,432,622             12,147,916             8,100,226      

 
  XTANT MEDICAL HOLDINGS, INC.
  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  Unaudited
    For the Nine months ended September 30,
    2016   2015
  Operating activities:          
  Net loss $ (14,956,712 )   $ (13,761,754 )
  Adjustments to reconcile net loss to net cash used in operating activities:          
  Depreciation and amortization   5,551,851       2,403,934  
  Non-Cash Interest   4,477,148       1,665,172  
  Extinguishment of Debt   0       (2,345,019 )
  Non-cash consideration associated with stock purchase agreement   0       558,185  
  Impairment of Assets   0       233,748  
  Amortization of debt discount   0       707,281  
  Loss on sale of fixed assets   (14,149 )     11,377  
  Non-cash consulting expense/stock option expense   522,987       881,681  
  Provision for losses on accounts receivable and inventory   898,285       805,684  
  Change in derivative warrant liability   (716,738 )     78,923  
  Changes in operating assets and liabilities:          
  Accounts receivable   (859,026 )     (2,801,124 )
  Inventories   (3,958,050 )     477,818  
  Prepaid and other assets   (1,482,561 )     (325,976 )
  Accounts payable   3,155,962       694,326  
  Accrued liabilities   (3,813,998 )     1,688,664  
  Net cash used in operating activities   (11,195,001 )     (9,027,080 )
             
  Investing activities:          
  Acquisition of X-spine Systems, Inc.   0       (73,033,049 )
  Purchases of property and equipment and intangible assets   (5,566,572 )     (444,312 )
  Proceeds from sale of fixed assets   16,400       102,587  
  Net cash used in investing activities   (5,550,172 )     (73,374,774 )
  Financing activities:          
  Payments on Long-term debt   0       (38,668 )
  Net proceeds from equity private placement   0       515,395  
  Payment on royalty obligation   0       (542,905 )
  Proceeds from the issuance of capital leases   0       70,921  
  Payments on capital leases   (80,070 )     (78,490 )
  Net proceeds from the issuance of long-term debt   1,000,000       17,479,159  
  Net proceeds from the issuance of convertible debt   2,212,718       66,322,366  
  Proceeds from the revolving line of credit   8,353,117       0  
  Net proceeds from the issuance of stock   300,000       2,118,483  
  Net cash provided by financing activities   11,785,765       85,846,261  
             
  Net change in cash and cash equivalents   (4,959,408 )     3,444,407  
  Cash and cash equivalents at beginning of period   6,368,016       4,468,208  
  Cash and cash equivalents at end of period $ 1,408,608     $ 7,912,615  

 
XTANT MEDICAL HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of September 30, 2016 (Unaudited) and As of December 31, 2015 (Audited)
       
  As of September 30,   As of Dec. 31,
  2016   2015
ASSETS          
Current Assets:          
Cash and cash equivalents $ 1,408,608     $ 6,368,016  
Trade accounts receivable, net of allowance for doubtful accounts of $2,997,747 and $2,579,634, respectively   15,826,130       15,385,218  
Inventories, net   26,499,085       22,684,716  
Prepaid and other current assets   2,034,127       601,697  
Total current assets   45,767,950       45,039,647  
           
Non-current inventories   1,271,425       1,607,915  
Property and equipment, net   16,012,138       11,816,629  
Goodwill   41,534,626       41,534,626  
Intangible assets, net   37,021,472       40,237,289  
Other assets   841,354       791,221  
Total Assets $ 142,448,965     $ 141,027,327  
           
LIABILITIES & STOCKHOLDERS' (DEFICIT) EQUITY          
Current Liabilities:          
Accounts payable $ 12,889,056     $ 9,386,531  
Accounts payable - related party   1,060,200       1,406,763  
Accrued liabilities   5,623,574       9,595,851  
Revolving Line of Credit   8,353,117       0  
Warrant derivative liability   333,613       1,050,351  
Current portion of capital lease obligations   209,826       35,139  
Total current liabilities   28,469,386       21,474,635  
Long-term Liabilities:          
Capital lease obligation, less current portion   720,265       7,800  
Long term convertible debt, less current portion   68,864,974       66,436,647  
Long-term debt, less current portion   49,493,259       44,231,718  
Total Liabilities   147,547,884       132,150,800  
           
Commitments and Contingencies          
Stockholders' Equity           
Preferred stock   -       -  
Common stock   11       11  
Additional paid-in capital   82,898,754       81,917,488  
Accumulated deficit   (87,997,684 )     (73,040,973 )
Total Stockholders' Equity (Deficit)   (5,098,919 )     8,876,527  
           
Total Liabilities & Stockholders' Equity $ 142,448,965     $ 141,027,327  

 
XTANT MEDICAL HOLDINGS, INC.
Calculation of Consolidated EBITDA for the Three and Nine Months Ended September 30, 2016
  and for the Pro Forma Three and Nine Months Ended September 30, 2015
Unaudited
  For the three months ended September 30,   For the Nine months ended September 30,
    2016     2015       2016     2015  
Loss from Operations    (1,903,590 )   (5,017,733 )     (6,388,631 )   (8,397,695 )
           
Acquisition and Integration related expenses   517,083     3,856,519       1,269,613     3,856,519  
Extinguishment of Debt   0     (2,345,019 )     0     (2,345,019 )
Impairment of Assets   0     233,748       0     233,748  
Non-Cash Compensation   251,611     186,882       522,987     631,234  
Depreciation & Amortization   1,902,490     2,170,824       5,551,851     6,337,673  
           
EBITDA Gain   767,594     (914,779 )     955,819     316,460  
Investor ContactCG CAPITALRich Cockrell 877.889.1972xtant@cg.capitalCompany Contact Xtant Medical Molly Masonmmason@xtantmedical.com 

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