The guidance cut and accelerating cash burn are the primary negatives. With only $9.9M cash and $0.7M revolver availability, the company may need to raise capital within the next 12 months. Monitor the upcoming Q3 results for any stabilization in biologics revenue and progress on HEMOBLAST Bellows ramp.
Price Chart
Executive Summary
Xtant Medical reported Q2 2026 revenue of $23.0M, a 35% YoY decline from $35.4M, and a net loss of $9.4M vs net income of $3.6M a year ago. The company lowered its full-year 2026 revenue guidance to $99M-$103M from $101M-$105M, citing lower-than-expected biologics revenue and ongoing headwinds in its amnio product line. The quarter included a $5.0M non-cash write-off of a distribution agreement deposit, and cash burn continues with operating cash flow of -$9.4M in the first half of 2026.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $23.0M vs $35.4M YoY (-35%)
- Q2 2026 net loss $9.4M vs net income $3.6M YoY
- GAAP EPS -$0.07 vs consensus -$0.02 (250% miss)
- Full-year 2026 guidance lowered to $99M-$103M from $101M-$105M
- Gross margin fell to 57.9% from 68.6% YoY
- Non-GAAP adjusted EBITDA loss of $2.7M vs positive $6.9M YoY
- Cash and equivalents declined to $9.9M from $17.3M at Dec 2025
- Revolver availability nearly exhausted at $0.7M
- Operating cash flow -$9.4M in H1 2026 vs +$2.6M in H1 2025
- Revenue decline driven by sale of Coflex/CoFix assets and cessation of license revenue
Financial Impact
Revenue decline of $12.4M YoY in Q2; net loss swing of $13.0M YoY; guidance cut of $2M at midpoint
Risk Factors
- Cash burn rate may require dilutive capital raise within 12 months
- Lowered guidance signals ongoing demand weakness in core biologics and amnio product lines
- Revolver nearly maxed out at $11.985M drawn vs $12.7M facility limit
- Dilon exclusivity fee of $5.0M may not be recoverable if distribution agreement underperforms
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-036979 |
| Document: form8-k.htm | 0001493152-26-036979 |
| Document: 0001493152-26-036979-index-headers.html | 0001493152-26-036979 |
| Document: 0001493152-26-036979-index.html | 0001493152-26-036979 |
| Document: 0001493152-26-036979.txt | 0001493152-26-036979 |
| 8-K Data (Synthetic) | 0001493152-26-036979 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 11w ago | 8-K | $0.3200 $0.3380 | ▼ −5.63% | ▼ −6.68% | $0.2808 (+12.25%) |
Apr 13, 2026 28w ago | 8-K | $0.4800 $0.5200 | ▲ +8.33% | ▲ +0.61% | $0.2808 (−41.50%) |
Mar 31, 2026 30w ago | 8-K | $0.5600 $0.5390 | ▼ −3.75% | ▼ −13.17% | $0.2808 (−49.86%) |
US Market Status
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