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Xtant Medical (XTNT) - 2024 Q3 - Quarterly Results
XTNTXtant Medical (XTNT)2024-11-12 21:10

Revenue Performance - Third quarter 2024 revenue was 27.9million,representinga1227.9 million, representing a 12% increase compared to 25.0 million in the prior year quarter[2] - Year-to-date revenue reached 85.8million,up3685.8 million, up 36% compared to the prior year period[2] - Full year 2024 revenue guidance is reaffirmed at 116 million to 120million,indicatingannualgrowthof27120 million, indicating annual growth of 27% to 31%[10] - Revenue for the three months ended September 30, 2024, was 27,937,000, a 11.5% increase from 25,019,000inthesameperiodof2023[17]ProfitabilityandLoss−Grossmarginforthethirdquarterof2024was58.425,019,000 in the same period of 2023[17] Profitability and Loss - Gross margin for the third quarter of 2024 was 58.4%, down from 61.3% in the prior year quarter[5] - Net loss for the third quarter of 2024 was 5.0 million, compared to net income of 9.2millionintheprioryearquarter[7]−AdjustedEBITDAforthethirdquarterof2024wasalossof9.2 million in the prior year quarter[7] - Adjusted EBITDA for the third quarter of 2024 was a loss of 196,000, compared to a gain of 440,000intheprioryear[8]−Grossprofitmargindecreasedto58.4440,000 in the prior year[8] - Gross profit margin decreased to 58.4% in Q3 2024 from 61.3% in Q3 2023[17] - Net loss for the three months ended September 30, 2024, was (5,024,000), compared to a net income of 9,231,000inthesameperiodof2023[17]−Non−GAAPAdjustedEBITDAforthethreemonthsendedSeptember30,2024,was9,231,000 in the same period of 2023[17] - Non-GAAP Adjusted EBITDA for the three months ended September 30, 2024, was (196,000), a decrease from 440,000inthesameperiodof2023[19]OperatingExpenses−Operatingexpensesforthethirdquarterof2024totaled440,000 in the same period of 2023[19] Operating Expenses - Operating expenses for the third quarter of 2024 totaled 20.1 million, an increase of 7.3% compared to 18.7millionforthethirdquarterof2023[6]−Totaloperatingexpensesincreasedto18.7 million for the third quarter of 2023[6] - Total operating expenses increased to 20,084,000 in Q3 2024, up from 18,719,000inQ32023,representinga7.318,719,000 in Q3 2023, representing a 7.3% increase[17] - Research and development expenses increased to 701,000 in Q3 2024 from 490,000inQ32023,reflectingafocusoninnovation[17]−Thecompanyincurredinterestexpensesof490,000 in Q3 2023, reflecting a focus on innovation[17] - The company incurred interest expenses of 1,199,000 in Q3 2024, compared to 760,000inQ32023,indicatingincreasedborrowingcosts[17]CashPosition−CashandcashequivalentsasofSeptember30,2024,were760,000 in Q3 2023, indicating increased borrowing costs[17] Cash Position - Cash and cash equivalents as of September 30, 2024, were 6.6 million, up from 5.7millionasofDecember31,2023[9]−CashusedinoperatingactivitiesfortheninemonthsendedSeptember30,2024,was5.7 million as of December 31, 2023[9] - Cash used in operating activities for the nine months ended September 30, 2024, was (12,561,000), compared to (8,600,000)inthesameperiodof2023[18]−Netcashusedininvestingactivitieswas(8,600,000) in the same period of 2023[18] - Net cash used in investing activities was (3,163,000) for the three months ended September 30, 2024, compared to (22,471,000)inQ32023[18]−Thecompanyreportedatotalcashandrestrictedcashof(22,471,000) in Q3 2023[18] - The company reported a total cash and restricted cash of 7,086,000 at the end of the period, down from 8,749,000attheendofQ32023[18]ProductDevelopment−Thecompanylaunchedtwonewproducts:OsteoVive+andCorteraPosteriorFixationSystemduringthethirdquarter[2]−AlicenseagreementforQ−CodesandSimpliMaxDualLayerAmnioticMembraneisexpectedtogenerateaminimumof8,749,000 at the end of Q3 2023[18] Product Development - The company launched two new products: OsteoVive+ and Cortera Posterior Fixation System during the third quarter[2] - A license agreement for Q-Codes and SimpliMax Dual Layer Amniotic Membrane is expected to generate a minimum of 5.25 million in licensing and royalty fees[2]