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Product / Company Performance

Xtant Losses Continue in 2Q19 on Lumbar Implant Recall -

By Mike Evers, ORTHOWORLD

 

  • 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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