Xtant Medical Finalizes $21.4M Spine Business Sale with $10.7M Payment
Xtant Medical received a final $10.7 million payment for its Coflex assets and Paradigm OUS businesses, completing the $21.4 million divestiture to Companion Spine. The funds consist of $8.2 million in promissory note satisfaction plus $2.2 million in working capital adjustments, boosting cash liquidity and enabling long-term debt reduction.
1. Transaction Completion
Xtant Medical received a final $10.7 million payment for its Coflex assets and Paradigm OUS businesses, completing the $21.4 million divestiture to Companion Spine.
2. Payment Components
Of the $10.7 million, $8.2 million satisfied the unsecured promissory note and accrued interest, while $2.2 million settled working capital and purchase price adjustments.
3. Financial Impact
The influx of cash will strengthen liquidity and facilitate reduction of long-term debt on Xtant's balance sheet.
4. Strategic Focus
Post-divestiture, Xtant will sharpen its strategic focus on higher-margin orthobiologics, reallocating resources to its core biologics business.