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Product / Company Performance

Xtant Taps New CEO to Lead Turnaround Effort -

Xtant reported 3Q19 revenue of USD $15.7MM, -8.9% vs. 3Q18.

 

  • In October 2019, Xtant selected Sean Browne to be the new President and CEO of the company
  • The company is focused on launching new products and reengaging with its distributor network
  • Spinal hardware sales declines driven, in part, by reduced demand stemming from the termination of an advisory agreement as well as the continuing termination of distributors that did not meet internal margin contribution parameters
  • To offset hardware sales declines, Xtant recently launched three new products: the Intice-C Titanium cervical interbody spacer, Atrix-C Union cervical interbody spacer and the Calix-C PC plasma coated PEEK implant
  • The company is seeking to improve operational efficiency through upgrading their existing enterprise resource planning platform, and expects to complete the first and second phases of the upgrade by 1H20
  • Xtant has been granted a planning period through October 4, 2020 to regain compliance and maintain their listing on the New York Stock Exchange
  • ORTHOWORLD projects Xtant full year 2019 revenue of $65.4MM, -9.5% vs. 2018

 

ORTHOWORLD estimates segment sales and growth on an as-reported basis, as follows ($MM).

  3Q19 3Q18 $ Chg % Chg
Spine $5.2 $5.9 -$0.7 -11.6%
Orthobiologics $10.5 $11.4 -$0.9 -7.6%
Total $15.7 $17.3 -$1.5 -8.9%
  9Mo 19 9Mo 18 $ Chg % Chg
Spine $16.1 $19.1 -$3.0 -15.8%
Orthobiologics $31.6 $34.9 -$3.2 -9.3%
Total $47.7 $53.9 -$6.3 -11.6%

 

ORTHOWORLD estimates sales by geographic region as follows ($MM).

  3Q19 3Q18 $ Chg % Chg
US $15.1 $16.5 -$1.4 -8.5%
Ex-US $0.6 $0.8 -$0.1 -19.0%
Total $15.7 $17.3 -$1.5 -8.9%

 

Net earnings are as follows ($MM).

  Amt % of Sales
Sales $15.7  
   Cost of Sales -$5.2 33.4%
   General and Admin -$4.2 26.4%
   Sales and Marketing -$6.7 42.5%
   R & D -$0.2 1.3%
   Other -$1.3 8.3%
Net Earnings -$1.9 -12.0%

 

Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.

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