Xtant Medical Holdings, Inc. reported significant financial developments in its 10-Q filing for the third quarter of 2024, highlighting both revenue growth and increased losses compared to the previous fiscal period. As of September 30, 2024, the company recorded total revenue of $27.9 million, a 12% increase from $25.0 million in Q3 2023. For the nine months ended September 30, 2024, revenue reached $85.8 million, marking a 36% increase from $63.2 million in the same period last year. This growth was driven by strong sales in both the U.S. and international markets, with U.S. revenue for Q3 2024 at $25.3 million, up from $23.4 million in Q3 2023.

Despite the revenue increase, Xtant reported a net loss of $5.0 million for Q3 2024, compared to a net income of $9.2 million in Q3 2023. For the nine-month period, the net loss was $13.3 million, a stark contrast to the net income of $5.0 million reported for the same period in 2023. The losses were attributed to rising operating expenses, which included a 35% increase in general and administrative expenses and a 40% increase in sales and marketing expenses.

The company’s total assets grew to $98.9 million as of September 30, 2024, up from $92.6 million at the end of 2023, while total liabilities increased to $53.2 million from $41.3 million. The current portion of long-term debt was reported at $2.8 million, a new entry as there was no long-term debt reported at the end of 2023. The accumulated deficit also widened to $(256.3 million) from $(243.0 million) at the end of 2023.

Strategically, Xtant has been active in acquisitions, having completed the purchase of Surgalign SPV for $17.0 million in cash in February 2023, and acquiring additional assets from Surgalign Holdings for $5.0 million in August 2023. More recently, on October 23, 2023, the company acquired nanOss production operations from RTI Surgical for $2.2 million. These acquisitions are expected to enhance Xtant's product offerings in orthobiologics and spinal fusion devices.

The company also amended its credit agreements in March 2024, extending the maturity dates and increasing borrowing capacities, which reflects a proactive approach to managing its financial obligations. As of September 30, 2024, Xtant had $6.6 million in cash and cash equivalents, with expectations that its cash flows and credit facilities will meet operational needs through at least November 2025.