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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 1, 2023
XTANT
MEDICAL HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-34951 |
|
20-5313323 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
664
Cruiser Lane
Belgrade,
Montana |
|
59714 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(406)
388-0480
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
stock, par value $0.000001 per share |
|
XTNT |
|
NYSE
American LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item
2.02 |
Results
of Operations and Financial Condition. |
On
August 1, 2023, Xtant Medical Holdings, Inc. (the “Company”) announced its financial results for the three and six months
ended June 30, 2023. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this
Current Report on Form 8-K.
The
information in Item 2.02 of this report (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as expressly provided by specific reference in such a filing.
To
supplement its consolidated financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”),
the Company uses certain non-GAAP financial measures, such as non-GAAP adjusted EBITDA and organic revenue growth, which are included
in the press release furnished as Exhibit 99.1 to this report. The Company’s non-GAAP adjusted EBITDA is calculated by adding back
to net loss the charges for depreciation and amortization expense, interest expense, and tax expense and further adjusted by adding back
in or excluding, as appropriate, non-cash compensation and acquisition-related expenses. Organic revenue growth is calculated by subtracting
the revenue growth attributable from the Company’s recent acquisition of the Coflex and CoFix product lines from the Company’s
total revenue growth.
The
Company uses adjusted EBITDA, organic revenue growth and the other non-GAAP measures in making operating decisions because it believes
these measures provide meaningful supplemental information regarding its core operational performance. Additionally, these measures give
the Company a better understanding of how it should invest in sales and marketing and research and development activities and how it
should allocate resources to both ongoing and prospective business initiatives. The Company also uses these measures to help make budgeting
and spending decisions, for example, among sales and marketing expenses, general and administrative expenses, and research and development
expenses. Additionally, the Company believes its use of non-GAAP adjusted EBITDA, organic revenue growth and other non-GAAP measures
facilitates management’s internal comparisons to historical operating results by factoring out potential differences caused by
charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and unpredictable
charges.
As
described above, the Company excludes the following items from its non-GAAP financial measures for the following reasons:
Non-cash
compensation. The Company excludes non-cash compensation, which is a non-cash charge related to equity awards granted by the Company.
Although non-cash compensation is a recurring charge to the Company’s operations, management has excluded it because it relies
on valuations based on future events, such as the market price of the Company’s common stock, that are difficult to predict and
are affected by market factors that are largely not within the control of the Company. Thus, management believes that excluding non-cash
compensation facilitates comparisons of the Company’s operational performance in different periods, as well as with similarly determined
non-GAAP financial measures of comparable companies.
Acquisition-related
expenses. The Company excludes expenses directly related to the Company’s recent acquisition of the Coflex and CoFix product
lines and integration into the Company and other acquisition-related activity from non-GAAP adjusted EBITDA primarily because such expenses
are not reflective of the Company’s ongoing operating results and are not used by management to assess the core profitability of
the Company’s business operations. These expenses include legal and accounting fees, transition related services and amortization
of fair value adjustments to acquired inventory and are not considered normal, recurring, cash operating expenses necessary to operate
the Company’s business. The Company further believes that excluding this item from its non-GAAP results is useful to investors
in that it allows for period-over-period comparability.
Revenue
growth from recent acquisitions. The Company uses the non-GAAP financial measure, organic revenue growth, which excludes revenue
growth attributable to the Company’s recent acquisition of the Coflex and CoFix product lines from the Company’s total revenue
growth, to allow for period-over-period comparability of the Company’s legacy business.
Non-GAAP
adjusted EBITDA is reconciled to net loss, the most directly comparable GAAP measure, and non-GAAP organic revenue growth is reconciled
to GAAP revenue growth in the press release.
Non-GAAP
financial measures are not in accordance with, or an alternative for, GAAP measures and may be different from non-GAAP financial measures
used by other companies. In addition, non-GAAP financial measures are not based on any comprehensive or standard set of accounting rules
or principles. Accordingly, the calculation of the Company’s non-GAAP financial measures may differ from the definitions of other
companies using the same or similar names, limiting, to some extent, the usefulness of such measures for comparison purposes. Non-GAAP
financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s financial results
as determined in accordance with GAAP. Non-GAAP financial measures should only be used to evaluate the Company’s financial results
in conjunction with the corresponding GAAP measures. Accordingly, the Company qualifies its use of non-GAAP financial information in
a statement when non-GAAP financial information is presented.
| Item
9.01 |
Financial
Statements and Exhibits. |
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
XTANT
MEDICAL HOLDINGS, INC. |
| |
|
|
| |
By: |
/s/
Scott Neils |
| |
|
Scott
Neils |
| |
|
Chief
Financial Officer |
Date:
August 1, 2023
Exhibit
99.1
Xtant
Medical Announces Second Quarter Revenue Growth of 32%
Raises
2023 Annual Revenue Guidance to $75 Million - $77 Million
BELGRADE,
MT, August 1, 2023 – Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on surgical
solutions for the treatment of spinal disorders, today reported financial and operating results for the second quarter ended June 30,
2023.
“In
the second quarter, we achieved strong revenue growth on both a sequential and annual basis driven by our core biologics and fixation
businesses,” said Sean Browne, President & CEO of Xtant Medical. “I am particularly pleased that we closed the quarter
with positive adjusted EBITDA, which is ahead of our expectations. We are driving growth across all channels of our business, and with
solid contributions from our newly acquired Coflex interlaminar stabilization device and the addition of new Coflex distributors, we
are encouraged regarding our longer-term expansion opportunities. By leveraging and advancing our platform, we now expect to generate
full year annual revenue growth of approximately 29% to 33%.”
Second
Quarter 2023 Financial Results
Second
quarter 2023 revenue grew 32%, representing organic growth of 14% plus an 18% increase from products added in the acquisition of the
Coflex and CoFix lines, to $20.2 million, compared to $15.3 million for the same period in 2022. These revenue increases are attributed
primarily to greater independent agent and private label sales, and sales from the acquired Coflex and CoFix product lines.
Gross
margin for the second quarter of 2023 was 61.6%, compared to 54.8% for the same period in 2022. The increase was primarily attributable
to the contribution of Coflex and CoFix products, partially offset by higher production costs.
Operating
expenses for the second quarter of 2023 totaled $13.9 million, compared to $9.7 million for the second quarter of 2022. The increase
was primarily due to additional independent agent sales commissions, higher employee compensation expenses and amortization of intangible
assets associated with the Coflex and CoFix product lines.
Second
quarter 2023 net loss totaled $2.2 million, or $0.02 per share, compared to the second quarter 2022 net loss of $1.7 million, or $0.02
per share.
Non-GAAP
Adjusted EBITDA for the second quarter of 2023 was $0.1 million, compared to a Non-GAAP Adjusted EBITDA loss of $0.4 million for the
prior-year period. The Company defines Adjusted EBITDA as net income/loss from operations before depreciation, amortization and interest
expense and provision for income taxes, and as further adjusted to add back in or exclude, as applicable, non-cash compensation and acquisition-related
expenses. A calculation and reconciliation of Adjusted EBITDA to net loss can be found in the attached financial tables.
2023
Financial Guidance
Xtant
Medical raises its expectation for full year 2023 revenue to $75 million to $77 million, up from the Company’s prior guidance of
$73 million to $75 million. The revised guidance range represents annual revenue growth of approximately 29% to 33% compared to full
year 2022 revenue, and excludes any potential contributions from the Surgalign transaction, if and when that transaction closes.
Conference
Call
Xtant
Medical will host a webcast and conference call to discuss the second quarter 2023 financial results on Tuesday, August 1, 2023 at 9:00
AM ET. To access the webcast, Click Here. To access the conference call, dial 877-407-6184 within the U.S. or 201-389-0877 outside
the U.S. A replay of the call will be available at www.xtantmedical.com under “Investor Info.”
About
Xtant Medical Holdings, Inc.
Xtant
Medical Holdings, Inc. (www.xtantmedical.com) is a global medical technology company focused on the design, development, and commercialization
of a comprehensive portfolio of orthobiologics and spinal implant systems to facilitate spinal fusion in complex spine, deformity and
degenerative procedures. Xtant people are dedicated and talented, operating with the highest integrity to serve our customers.
The
symbols ™ and ® denote trademarks and registered trademarks of Xtant Medical Holdings, Inc. or its affiliates, registered as
indicated in the United States, and in other countries. All other trademarks and trade names referred to in this release are the property
of their respective owners.
Non-GAAP
Financial Measures
To
supplement the Company’s consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles
(GAAP), the Company uses certain non-GAAP financial measures in this release, including Adjusted EBITDA and organic revenue growth. Reconciliations
of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the respective periods can be found
in tables later in this release. The Company’s management believes that the presentation of these measures provides useful information
to investors. These measures may assist investors in evaluating the Company’s operations, period over period. Management uses the
non-GAAP measures in this release internally for evaluation of the performance of the business, including the allocation of resources.
Investors should consider non-GAAP financial measures only as a supplement to, not as a substitute for or as superior to, measures of
financial performance prepared in accordance with GAAP.
Cautionary
Statement Regarding Forward-Looking Statements
This
press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include
words such as “intends,” ‘‘expects,’’ ‘‘anticipates,’’ ‘‘plans,’’
‘‘believes,’’ ‘‘estimates,’’ “continue,” “future,” ‘‘will,’’
“potential,” “going forward,” similar expressions or the negative thereof, and the use of future dates. Forward-looking
statements in this release include the Company’s financial guidance for 2023. The Company cautions that its forward-looking statements
by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors,
including, among others: the Company’s future operating results and financial performance; its ability to increase or maintain
revenue; risks associated with its recent acquisition of the Coflex product line and its pending acquisition of certain assets and liabilities
related to the domestic and international biologics and spinal fixation offerings of Surgalign Holdings, Inc.; possible future impairment
charges to long-lived assets and goodwill and write-downs of excess inventory if revenues decrease; the ability to remain competitive;
the ability to innovate, develop and introduce new products; the ability to engage and retain new and existing independent distributors
and agents and qualified personnel and the Company’s dependence on key independent agents for a significant portion of its revenue;
the effect of COVID-19, labor and hospital staffing shortages on the Company’s business, operating results and financial condition,
especially when they affect key markets; the Company’s ability to implement successfully its future growth initiatives and risks
associated therewith; the effect of inflation, increased interest rates and other recessionary factors and supply chain disruptions;
the effect of product sales mix changes on the Company’s financial results; government and third-party coverage and reimbursement
for Company products; the ability to obtain and maintain regulatory approvals and comply with government regulations; the effect of product
liability claims and other litigation to which the Company may be subject; the effect of product recalls and defects; the ability to
obtain and protect Company intellectual property and proprietary rights and operate without infringing the rights of others; the ability
to service Company debt, comply with its debt covenants and access additional indebtedness; the ability to obtain additional financing
on favorable terms or at all; and other factors. Additional risk factors are contained in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022 filed with the Securities and Exchange Commission (SEC) on March 8, 2023 and subsequent SEC filings
by the Company, including without limitation its most recent Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023
anticipated to be filed with the SEC. Investors are encouraged to read the Company’s filings with the SEC, available at www.sec.gov,
for a discussion of these and other risks and uncertainties. The Company undertakes no obligation to release publicly any revisions to
any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated
events, except as required by law. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by this cautionary statement.
Investor
Relations Contact
David
Carey
Lazar
FINN
Ph:
212-867-1762
Email:
david.carey@finnpartners.com
XTANT
MEDICAL HOLDINGS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands, except number of shares and par value)
| | |
As of
June 30, 2023 | | |
As of
December 31, 2022 | |
| | |
| | |
| |
| ASSETS | |
| | | |
| | |
| Current Assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 4,138 | | |
$ | 20,298 | |
| Restricted Cash | |
| 310 | | |
| 209 | |
| Trade accounts receivable, net of allowance for credit losses and doubtful accounts of $740 and $515, respectively | |
| 13,744 | | |
| 10,853 | |
| Inventories | |
| 20,364 | | |
| 17,285 | |
| Prepaid and other current assets | |
| 1,015 | | |
| 673 | |
| Total current assets | |
| 39,571 | | |
| 49,318 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 6,875 | | |
| 5,785 | |
| Right-of -use asset, net | |
| 1,155 | | |
| 1,380 | |
| Goodwill | |
| 6,514 | | |
| 3,205 | |
| Intangible assets, net | |
| 10,920 | | |
| 344 | |
| Other assets | |
| 183 | | |
| 197 | |
| Total Assets | |
$ | 65,218 | | |
$ | 60,229 | |
| | |
| | | |
| | |
| LIABILITIES & STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| Current Liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 4,444 | | |
$ | 3,490 | |
| Accrued liabilities | |
| 6,255 | | |
| 5,496 | |
| Current portion of lease liability | |
| 488 | | |
| 458 | |
| Current portion of finance lease obligations | |
| 63 | | |
| 62 | |
| Line of credit | |
| 5,031 | | |
| 3,379 | |
| Current portion of long-term debt | |
| 708 | | |
| 2,333 | |
| Total current liabilities | |
| 16,989 | | |
| 15,218 | |
| Long-term Liabilities: | |
| | | |
| | |
| Lease liability, less current portion | |
| 720 | | |
| 972 | |
| Finance lease obligations, less current portion | |
| 149 | | |
| 181 | |
| Long-term debt, plus premium and less issuance costs | |
| 16,401 | | |
| 9,687 | |
| Total Liabilities | |
| 34,259 | | |
| 26,058 | |
| | |
| | | |
| | |
| Stockholders’ Equity | |
| | | |
| | |
| Preferred stock, $0.000001 par value; 10,000,000 shares authorized; no shares issued and outstanding | |
| - | | |
| - | |
| Common stock, $0.000001 par value; 300,000,000 shares authorized; 108,897,048 shares issued and outstanding as of June 30, 2023 and 108,874,803 shares issued and outstanding as of December 31, 2022 | |
| - | | |
| - | |
| Additional paid-in capital | |
| 278,897 | | |
| 277,841 | |
| Accumulated deficit | |
| (247,938 | ) | |
| (243,670 | ) |
| Total Stockholders’ Equity | |
| 30,959 | | |
| 34,171 | |
| | |
| | | |
| | |
| Total Liabilities & Stockholders’ Equity | |
$ | 65,218 | | |
$ | 60,229 | |
XTANT
MEDICAL HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited,
in thousands, except number of shares and per share amounts)
| | |
Three Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| | |
| | |
| | |
| | |
| |
| | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| Revenue | |
| | | |
| | | |
| | | |
| | |
| Orthopedic product sales | |
$ | 20,232 | | |
$ | 15,277 | | |
$ | 38,175 | | |
$ | 28,227 | |
| Other revenue | |
| - | | |
| - | | |
| 1 | | |
| 9 | |
| Total Revenue | |
| 20,232 | | |
| 15,277 | | |
| 38,176 | | |
| 28,236 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cost of sales | |
| 7,773 | | |
| 6,903 | | |
| 15,180 | | |
| 12,302 | |
| Gross Profit | |
| 12,459 | | |
| 8,374 | | |
| 22,996 | | |
| 15,934 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross Profit % | |
| 61.6 | % | |
| 54.8 | % | |
| 60.2 | % | |
| 56.4 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses | |
| | | |
| | | |
| | | |
| | |
| General and administrative | |
| 4,954 | | |
| 3,797 | | |
| 9,839 | | |
| 7,766 | |
| Sales and marketing | |
| 8,716 | | |
| 5,636 | | |
| 15,770 | | |
| 10,845 | |
| Research and development | |
| 180 | | |
| 241 | | |
| 354 | | |
| 454 | |
| Total Operating Expenses | |
| 13,850 | | |
| 9,674 | | |
| 25,963 | | |
| 19,065 | |
| | |
| | | |
| | | |
| | | |
| | |
| Loss from Operations | |
| (1,391 | ) | |
| (1,300 | ) | |
| (2,967 | ) | |
| (3,131 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other Expense | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| (786 | ) | |
| (397 | ) | |
| (1,360 | ) | |
| (757 | ) |
| Interest income | |
| - | | |
| - | | |
| 85 | | |
| - | |
| Total Other Expense | |
| (786 | ) | |
| (397 | ) | |
| (1,275 | ) | |
| (757 | ) |
| Net Loss from Operations Before Provision for Income Taxes | |
| (2,177 | ) | |
| (1,697 | ) | |
| (4,242 | ) | |
| (3,888 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Provision for Income Taxes | |
| (13 | ) | |
| (13 | ) | |
| (26 | ) | |
| (35 | ) |
| Net Loss | |
$ | (2,190 | ) | |
$ | (1,710 | ) | |
$ | (4,268 | ) | |
$ | (3,923 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net Loss Per Share: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | (0.02 | ) | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.04 | ) |
| Dilutive | |
$ | (0.02 | ) | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.04 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Shares used in the computation: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 108,897,048 | | |
| 87,313,701 | | |
| 108,895,327 | | |
| 87,252,521 | |
| Dilutive | |
| 108,897,048 | | |
| 87,313,701 | | |
| 108,895,327 | | |
| 87,252,521 | |
XTANT
MEDICAL HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited,
in thousands)
| | |
Six Months Ended
June 30, | |
| | |
2023 | | |
2022 | |
| Operating activities: | |
| | | |
| | |
| Net loss | |
$ | (4,268 | ) | |
$ | (3,923 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 1,274 | | |
| 599 | |
| Gain on disposal of fixed assets | |
| (21 | ) | |
| (84 | ) |
| Non-cash interest | |
| 189 | | |
| 116 | |
| Non-cash rent expense | |
| 3 | | |
| (1 | ) |
| Stock-based compensation | |
| 1,056 | | |
| 1,184 | |
| Provision for reserve on accounts receivable | |
| 225 | | |
| 143 | |
| Provision for excess and obsolete inventory | |
| 243 | | |
| 825 | |
| | |
| | | |
| | |
| Changes in operating assets and liabilities, net of the effects of the acquisition: | |
| | | |
| | |
| Accounts receivable | |
| (3,116 | ) | |
| (1,589 | ) |
| Inventories | |
| (1,733 | ) | |
| 659 | |
| Prepaid and other assets | |
| (330 | ) | |
| 465 | |
| Accounts payable | |
| 954 | | |
| 428 | |
| Accrued liabilities | |
| 758 | | |
| 189 | |
| Net cash used in by operating activities | |
| (4,766 | ) | |
| (989 | ) |
| | |
| | | |
| | |
| Investing activities: | |
| | | |
| | |
| Purchases of property and equipment | |
| (870 | ) | |
| (810 | ) |
| Proceeds from sale of fixed assets | |
| 55 | | |
| 165 | |
| Acquisition of Surgalign SPV, Inc. | |
| (17,000 | ) | |
| - | |
| Net cash used in investing activities | |
| (17,815 | ) | |
| (645 | ) |
| | |
| | | |
| | |
| Financing activities: | |
| | | |
| | |
| Payments on financing leases | |
| (30 | ) | |
| (22 | ) |
| Borrowings on line of credit | |
| 36,256 | | |
| 26,567 | |
| Repayments of line of credit | |
| (34,603 | ) | |
| (26,451 | ) |
| Net proceeds from issuance of long-term debt, net of issuance costs | |
| 4,899 | | |
| - | |
| Net cash provided by financing activities | |
| 6,522 | | |
| 94 | |
| | |
| | | |
| | |
| Net change in cash and cash equivalents and restricted cash | |
| (16,059 | ) | |
| (1,540 | ) |
| Cash and cash equivalents and restricted cash at beginning of period | |
| 20,507 | | |
| 18,387 | |
| Cash and cash equivalents and restricted cash at end of period | |
$ | 4,448 | | |
$ | 16,847 | |
| | |
| | | |
| | |
| | |
| | | |
| | |
| Reconciliation of cash and restricted cash reported in the condensed consolidated balance sheets | |
| | | |
| | |
| Cash and cash equivalants | |
$ | 4,138 | | |
$ | 16,495 | |
| Restricted cash | |
| 310 | | |
| 352 | |
| Total cash and restricted cash reported in the condensed consolidated balance sheets | |
$ | 4,448 | | |
$ | 16,847 | |
XTANT
MEDICAL HOLDINGS, INC.
CALCULATION
OF NON-GAAP CONSOLIDATED EBITDA AND ADJUSTED EBITDA
(Unaudited,
in thousands)
| | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
| | |
| | |
| | |
| |
| Net Loss | |
$ | (2,190 | ) | |
$ | (1,710 | ) | |
$ | (4,268 | ) | |
$ | (3,923 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Depreciation and amortization | |
| 800 | | |
| 317 | | |
| | | |
| 599 | |
| Interest expense | |
| 786 | | |
| 397 | | |
| 1,275 | | |
| 757 | |
| Tax expense | |
| 13 | | |
| 13 | | |
| 26 | | |
| 35 | |
| Non-GAAP EBITDA | |
| (591 | ) | |
| (983 | ) | |
| (2,967 | ) | |
| (2,532 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP EBITDA/Total revenue | |
| -2.9 | % | |
| -6.4 | % | |
| -7.8 | % | |
| -9.0 | % |
| | |
| | | |
| | | |
| | | |
| | |
| NON-GAAP ADJUSTED EBITDA CALCULATION | |
| | | |
| | | |
| | | |
| | |
| Non-cash compensation | |
| 438 | | |
| 571 | | |
| 1,055 | | |
| 1,185 | |
| Acquisition-related expenses | |
| 254 | | |
| - | | |
| 465 | | |
| - | |
| Non-GAAP Adjusted EBITDA | |
$ | 101 | | |
$ | (412 | ) | |
$ | (1,447 | ) | |
$ | (1,347 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP Adjusted EBITDA/Total revenue | |
| 0.5 | % | |
| -2.7 | % | |
| -3.8 | % | |
| -4.8 | % |
v3.23.2
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Xtant Medical (AMEX:XTNT)
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