Xtant Medical Holdings, Inc. (NYSE: XTNT)

Xtant Medical Holdings, Inc. is a global medical technology company focused on the design, development, and commercialization of a comprehensive portfolio of orthobiologics and spinal implant fixation systems to facilitate spinal fusion in complex spine, deformity, and degenerative procedures. Its products are used by orthopedic spine surgeons and neurosurgeons to treat a variety of spinal disorders in the cervical, thoracolumbar, and interbody spine. In addition, the company’s biologics are applied in trauma, foot and ankle, sports medicine, total joint, and several surgical repair and wound care indications.

The company generates revenue primarily from the sale of its orthobiologics products and spinal implant fixation systems to hospitals, surgery centers, and other healthcare facilities. Revenue is also derived from license agreements, such as the one time payments and royalties received for the distribution of its synthetic and biologic grafts under partner brands. Xtant sells its products in the United States through a network of independent commissioned sales agents and stocking distributors, supported by a national accounts program that provides access to integrated delivery networks and group purchasing organizations. Internationally, the company relies on distribution partners in Europe, Canada, Mexico, South America, and select Pacific region countries to market its offerings.

The company operates through the following segments.

• Orthobiologics: This segment designs, develops, and commercializes a range of biologics including demineralized bone matrix, synthetic bone grafts, viable bone allografts, amniotic membrane products, and collagen powders for use in spinal fusion, trauma, sports medicine, and wound care applications.

• Spinal Implant: This segment designs, develops, and commercializes spinal fixation systems such as cervical plating, thoracolumbar pedicle screw systems, interbody spacers, and sacroiliac joint devices for use in degenerative, deformity, trauma, and tumor related spinal procedures.

Xtant Medical Holdings, Inc. competes in the orthobiologics and spinal implant markets against large medical device corporations and specialized biologics firms. Key competitors include Medtronic plc, Johnson & Johnson, Bioventus Inc., Globus Medical, Inc., OrthoFix Medical Inc., Alphatec Holdings, Inc., Highridge Inc., SI-Bone Inc., as well as tissue banks such as AlloSource International, Inc., LifeNet Health, and MTF Biologics. The company’s competitive advantages stem from its broad product portfolio, extensive patent coverage, established relationships with group purchasing organizations, and a dedicated sales force that reaches both independent surgeons and integrated delivery networks.

Xtant serves orthopedic spine surgeons, neurosurgeons, and other physicians who perform spinal, trauma, and wound care procedures. Its customers include hospitals, ambulatory surgery centers, and integrated delivery networks that purchase products through group purchasing organizations. Specific group purchasing organization names disclosed in the filing are Vizient, Premier, and HealthTrust Purchasing Group. Internationally, the company distributes its products via partners in Europe, Canada, Mexico, South America, and selected Pacific region countries.