Xtant Medical 1Q17 Revenue

Xtant Medical posted 1Q17 revenue of US $22.1MM, +5.3% vs. 1Q16.

ORTHOWORLD estimates segment revenue and as-reported growth as follows.

• Three priorities for 2017: revise strategic position/goals, optimize the sales channel and improve inventory utilization
• Majority of YoY growth derived from increase in revenue from biologics: 3Demin 1Q17 revenue $1.6MM, +71% vs. 1Q16; OsteoVive is fastest-growing revenue category company’s biologic portfolio; OsteoSponge showing double-digit growth vs. 1Q16
• Will address portfolio gaps via licensing agreements (in final stages for a few of them, presently)
• Revenue from top 10 distributors grew +44% vs. 1Q16, generating 60% of commissioned revenue
• Guidance update: withdrew previously-provided 2017 guidance (in a range from $96.0MM to $98.0MM) in light of ongoing review of its capital structure with Orbimed, its principle debt holder; update to come after review is complete

Sources: Xtant Medical, Inc.; ORTHOWORLD estimates