Xtant Medical Holdings, Inc. (NYSE: XTNT)

Sector: Healthcare Industry: Medical Devices CIK: 0001453593
Market Cap 51.65 Mn
P/B 1.03
P/E 29.50
P/S 0.39
ROIC (Qtr) 6.30
Div Yield % 0.00
Rev 1y % (Qtr) 19.04
Total Debt (Qtr) 32.49 Mn
Debt/Equity (Qtr) 0.64
Add ratio to table...

About

Xtant Medical Holdings, Inc. (XTNT) is a global company operating in the medical technology industry. Its focus is on the design, development, and commercialization of orthobiologics and spinal implant fixation systems, which facilitate spinal fusion in complex spine, deformity, and degenerative procedures. The company's products are used by orthopedic spine surgeons and neurosurgeons to treat a variety of spinal disorders in different parts of the spine. Xtant's primary products include OsteoSponge, OsteoSelect DBM putty, OsteoSelect Plus DBM...

Read more

Investment thesis

Bull case

  • Strong tangible asset base of 91.96M provides 2.83x coverage of total debt 32.49M, indicating robust asset backing and low credit risk.
  • Robust free cash flow of 5.48M exceeds capital expenditure of 2.35M by 2.34x, indicating strong organic growth funding capability.
  • Operating cash flow of 7.83M fully covers other non-current liabilities 60000 by 130.52x, showing strong long-term stability.
  • Tangible assets of 91.96M provide robust 5.56x coverage of other current liabilities 16.54M, indicating strong asset backing.
  • Cash reserves of 10.64M provide solid 177.35x coverage of other non-current liabilities 60000, indicating strong liquidity.

Bear case

  • With cash reserves of 10.64M against inventory of 40.71M, the 0.26 cash-to-inventory ratio suggests potential liquidity risks if inventory turnover slows, particularly concerning given current supply chain volatilities.
  • Investment activities of 2.65M provide weak support for R&D spending of 2.17M, which is 1.22x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of 7.83M shows concerning coverage of stock compensation expenses of 3M, with a 2.61 ratio indicating potential earnings quality issues.
  • Operating earnings of 6.35M show weak coverage of depreciation charges of 4.55M, with a 1.39 ratio indicating high capital intensity and potential reinvestment needs.
  • Retained earnings of (254.54M) provide limited buffer against comprehensive income items of 139000, which is -1831.24x, indicating elevated exposure to market risks.

Product and Service Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Medical Devices
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ABT Abbott Laboratories 173.80 Bn 32.73 5.47 12.94 Bn
2 SYK Stryker Corp 141.15 Bn 43.48 5.62 15.86 Bn
3 MDT Medtronic plc 123.47 Bn 25.92 3.55 29.10 Bn
4 BSX Boston Scientific Corp 112.80 Bn 38.92 5.62 11.44 Bn
5 EW Edwards Lifesciences Corp 45.66 Bn 33.38 7.76 0.70 Bn
6 DXCM Dexcom Inc 27.52 Bn 32.91 5.90 1.34 Bn
7 STE STERIS plc 24.13 Bn 34.08 4.14 2.05 Bn
8 PODD Insulet Corp 17.33 Bn 70.38 6.87 1.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.77 2.13
EV to Cash from Ops. EV/CFO 10.43 2.75
EV to Debt EV to Debt 2.51 17.25
EV to EBIT EV/EBIT 12.87 2.89
EV to EBITDA EV/EBITDA 7.50 4.53
EV to Free Cash Flow [EV/FCF] EV/FCF 14.90 29.36
EV to Market Cap EV to Market Cap 1.58 25.09
EV to Revenue EV/Rev 0.61 32.80
Price to Book Value [P/B] P/B 1.03 4.73
Price to Earnings [P/E] P/E 29.50 -2.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 40.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.59
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.37
Interest Coverage Int. cover (Qtr) 1.55 196.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 31.37 -152.08
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 50.17 8,476.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.44
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 136.24 -792.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 210.01 3.79
EBIT Growth (1y) % EBIT 1y % (Qtr) 148.81 -301.80
EBT Growth (1y) % EBT 1y % (Qtr) 113.41 -121.44
EPS Growth (1y) % EPS 1y % (Qtr) 115.38 -87.51
FCF Growth (1y) % FCF 1y % (Qtr) 132.45 10.43
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 19.06 38.21
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.25 0.55
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 0.30 1.80
Current Ratio Curr Ratio (Qtr) 2.21 4.18
Debt to Equity Ratio Debt/Equity (Qtr) 0.64 1.20
Interest Cover Ratio Int Coverage (Qtr) 1.55 196.93
Times Interest Earned Times Interest Earned (Qtr) 1.55 196.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 8.20 -2,396.63
EBIT Margin % EBIT Margin % (Qtr) 4.77 -2,478.60
EBT Margin % EBT Margin % (Qtr) 1.70 -2,690.42
Gross Margin % Gross Margin % (Qtr) 62.00 30.80
Net Profit Margin % Net Margin % (Qtr) 1.30 -2,821.53