- Sales decline primarily due to December 2018 recall of the PLX lumbar spine implant and termination of advisory agreement with a company that provided services to some Xtant customers
- Continuing to cut costs by streamlining manufacturing operations and the sales channel
- Hired additional sales personnel during the first half to bolster revenue stream
Performance by Segment
ORTHOWORLD estimates segment sales and growth on an as-reported basis, as follows ($MM):
| 2Q19 | 2Q18 | $ Chg | % Chg |
| Spine | $5.2 | $6.7 | -$1.6 | -23.0% |
| Orthobiologics | $10.1 | $12.0 | -$1.9 | -16.0% |
| Total | $15.3 | $18.7 | -$3.5 | -18.5% |
| 1H19 | 1H18 | $ Chg | % Chg |
| Spine | $10.9 | $13.2 | -$2.3 | -17.7% |
| Orthobiologics | $21.1 | $23.5 | -$2.4 | -10.1% |
| Total | $32.0 | $36.7 | -$4.7 | -12.9% |
Sales by Geographic Region
ORTHOWORLD estimates geographic sales and growth as follows ($MM):
| 2Q19 | 2Q18 | $ Chg | % Chg |
| US | $14.6 | $17.3 | -$2.7 | -15.8% |
| Ex-US | $0.7 | $1.4 | -$0.7 | -51.8% |
| Total | $15.3 | $18.7 | -$3.5 | -18.5% |
Net Earnings Data
Net earnings, inclusive of all revenue, are as follows.
| Amt | % of Sales |
| Sales | $15.3 | |
| Cost of Sales | -$5.4 | 35.1% |
| General and Admin | -$4.0 | 26.5% |
| Sales and Marketing | -$6.1 | 39.8% |
| R & D | -$0.2 | 1.4% |
| Other | -$1.5 | 9.8% |
| Net Earnings | -$1.9 | -12.6% |
Sources: Xtant; ORTHOWORLD estimates.
Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.
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