XTNT Xtant Medical Holdings, Inc.

Overview and Growth

In fiscal 2025, Xtant Medical Holdings, Inc. recorded $133.93M of revenue, net income of $4.97M, and an operating cash inflow of $12.55M. At $133.93M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $117.27M in fiscal 2024, revenue recorded a 14.2% year-over-year increase. On a per-share basis, diluted EPS was $0.03, which connects the reported earnings outcome with the company’s diluted share count. Asset turnover was 1.42x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $84.27M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 62.9% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $7.28M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 5.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $4.97M, after the operating, financing, tax, and other items recognized for the period. Net margin was 3.7%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $7.00M of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 5.2% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $2.03M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 29.0% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

At period end, the $94.14M asset base was financed through $43.19M of liabilities and $50.95M of equity. Current assets were $78.25M against $29.48M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 2.65x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $17.05M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 57.8% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $14.53M of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.29x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 15.4%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 45.9%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 18.1% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $93.84M in fiscal 2024, the current asset base moved 0.3% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $12.55M, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 2.52x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $2.38M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 19.0% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $10.16M, leaving a positive amount after capital expenditures. Free cash flow represented 7.6% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 10.8%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.