Xtant Medical’s 2025 Revenue Grows 14% to $133.9M, Net Income of $5M
Xtant Medical reported 2025 revenue of $133.9 million, a 14% increase year-over-year, with Q4 revenue of $32.4 million up 3% and above estimates. The company swung to net income of $5.0 million, generated $16.3 million adjusted EBITDA, $12.5 million operating cash flow and ended 2025 with $17.3 million in cash.
1. Strong Full-Year Revenue Growth
Xtant delivered full-year 2025 revenue of $133.9 million, a 14% increase over 2024, and reported fourth-quarter revenue of $32.4 million, up 3% year-over-year and exceeding analyst expectations.
2. Return to Profitability and Improved EBITDA
The company swung to a net income of $5.0 million for 2025, reversing a prior-year loss, and achieved adjusted EBITDA of $16.3 million, underscoring improved profitability.
3. Operational Efficiency and Cash Generation
Gross margin expanded to 54.9% in the fourth quarter, reflecting a focus on higher-margin biologics, while operating cash flow reached $12.5 million for the full year.
4. Strengthened Balance Sheet and Liquidity
Xtant ended 2025 with $17.3 million in cash and cash equivalents and received an additional $10.7 million final payment from the Companion Spine divestiture, boosting liquidity.