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Xtant Medical Reports 4Q18 Revenue of $18.3MM, -5.4% vs. 4Q17 -

By Mike Evers, ORTHOWORLD

Xtant Medical reported 4Q18 revenue of USD $18.3MM, -5.4% vs. 4Q17, with 2018 full year revenue of $72.2MM, -12.6% vs. 2017. Lack of growth was attributed primarily to decreased sales in the spinal hardware implant line.

In February 2019, the company announced the appointment of five senior sales executives including Vice President of U.S. Sales and four regional Vice Presidents, in efforts to enhance its commercialization strategy. They are:

  • Dana Lyons, Vice President of U.S. Sales
  • Jamey Rottman, Regional Vice President, Mid Atlantic
  • Chris Cochran, Regional Vice President, South East
  • John Eekhof, Regional Vice President, North East
  • Luke Armand, Regional Vice President, West

 

In March 2019, OrbiMed, a longstanding investor in Xtant, amended its credit agreement for up to an additional $10 million. With increased capital flexibility and sales channel improvements, Xtant leadership believes it has made significant progress in repositioning the company.

ORTHOWORLD estimated segment sales and growth on an as-reported basis:

  4Q18 4Q17 $ Change % Change
Spine $6.2 $6.9 -$0.7 -10.6%
Orthobiologics $12.1 $12.4 -$0.3 -2.4%
Total  $18.3 $19.3 -$1.0 -5.4%
  FY18 FY17 $ Change % Change
Spine $25.3 $35.0 -$9.8 -27.9%
Orthobiologics $46.9 $47.5 -$0.6 -1.3%
Total  $72.2 $82.6 -$10.4 -12.6%

ORTHOWORLD estimated revenue by geographic region:

Geographic Region 4Q18 4Q17 $ Change % Change
US $17.35 $18.72 -$1.4 -7.3%
Ex-US $0.9 $0.6 $0.3 57.7%
Total $18.3 $19.3 -$1.0 -5.4%

Net earnings:

4Q18 Amount ($MM) % of Sales
Sales $18.3  
   Cost of Sales -$11.0 60.3%
   General and Admin -$3.3 18.1%
   Sales and Marketing -$7.3 40.1%
   R & D -$0.5 2.9%
   Other -$52.8 289.2%
Net Earnings  -$56.7 -310.4%

 

Sources: Xtant; ORTHOWORLD estimates.

Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.

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