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Xtant Medical Holdings Inc. (XTNT+1.25%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total revenue to $117.3 million from $91.3 million in the previous year. This increase is attributed primarily to additional sales from the acquisition of Surgalign Holdings' hardware and biologics business.
Cost of sales for the year was $49.1 million, representing 41.8% of revenue, compared to 39.2% in the previous year. The increase in cost ratio is due to product mix and charges related to inventory write-offs.
The company reported a gross profit of $68.2 million for the year, compared to $55.5 million in the previous year, with the gross margin decreasing to 58.2% from 60.8%.
General and administrative expenses increased to $28.7 million from $25.9 million, primarily due to additional stock-based compensation and severance expenses.
Sales and marketing expenses rose to $49.2 million from $38.4 million, driven by higher sales commissions and increased professional service fees.
Research and development expenses increased to $2.4 million from $1.3 million, reflecting increased headcount and expenses associated with new product development.
Interest expense increased to $4.2 million from $2.9 million, primarily due to additional borrowings under the company's credit agreements.
Net loss for the year was $16.4 million, compared to net income of $660,000 in the previous year, primarily due to the absence of a gain on bargain purchase recognized in the prior year.
Cash and cash equivalents as of December 31, 2024, were $6.2 million, with net cash used in operating activities totaling $11.9 million for the year.
The company completed several acquisitions during the year, including the nanOss production operations from RTI Surgical, Inc., and entered into licensing agreements for its SimpliMax and SimpliGraft products.
Xtant Medical Holdings Inc. continues to focus on its key growth initiatives, including new product introductions, expanding its distribution network, and pursuing strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Xtant Medical Holdings Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.