Xtant Medical - Public Comps and Valuation Multiples

Xtant Medical Overview

About Xtant Medical

Xtant Medical Holdings Inc is a 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. Its products are used by orthopedic spine surgeons and neurosurgeons to treat a variety of spinal disorders in the cervical, thoracolumbar, and interbody spine. The company's biomaterial products include OsteoSponge, OsteoSponge SC, OsteoSelect Plus DBM putty, OsteoWrap, and the line of 3Demin products, as well as other allografts. It generates a majority of its revenue from the U.S.

Founded

2006

HQ

Employees

232

Website

xtantmedical.com

Sectors

Medical Devices
DeepTech
HealthTech

Financials

LTM Revenue $128M

LTM EBITDA $12.9M

EV

$142M

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Xtant Medical Financials

As of September 2025, Xtant Medical reported last 12-month revenue of $128M and EBITDA of $12.9M.

In the same period, Xtant Medical generated $80.2M in LTM gross profit and -$1.5M in net income.

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Xtant Medical P&L

In the most recent fiscal year, Xtant Medical reported revenue of $117M and EBITDA of -$7.9M.

Xtant Medical expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$128M	XXX	$117M	XXX	XXX	XXX
Gross Profit	$80.2M	XXX	$68.2M	XXX	XXX	XXX
Gross Margin	63%	XXX	58%	XXX	XXX	XXX
EBITDA	$12.9M	XXX	-$7.9M	XXX	XXX	XXX
EBITDA Margin	10%	XXX	-7%	XXX	XXX	XXX
EBIT	$2.6M	XXX	-$12.1M	XXX	XXX	XXX
EBIT Margin	2%	XXX	-10%	XXX	XXX	XXX
Net Profit	-$1.5M	XXX	-$16.4M	XXX	XXX	XXX
Net Margin	-1%	XXX	-14%	XXX	XXX	XXX
Net Debt	XXX	XXX	$28.0M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Xtant Medical including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $128M. EBITDA for the last twelve months was $12.9M. In the most recent fiscal year, Xtant Medical achieved $117M in revenue and -$7.9M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$128M	Analyst estimates available to subscribers	$117M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$80.2M	Analyst estimates available to subscribers	$68.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	62.8% gross margin	Analyst estimates available to subscribers	58.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$12.9M	Analyst estimates available to subscribers	-$7.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	10.1% EBITDA margin	Analyst estimates available to subscribers	-6.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.6M	Analyst estimates available to subscribers	-$12.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	2.0% EBIT margin	Analyst estimates available to subscribers	-10.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$1.5M	Analyst estimates available to subscribers	-$16.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-1.2% net profit margin	Analyst estimates available to subscribers	-14.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$28.0M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Xtant Medical

This financial data table provides comprehensive performance metrics for Xtant Medical, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Xtant Medical generated $128M in revenue over the last twelve months.
The company achieved $12.9M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $80.2M.
Net income over the last twelve months reached -$1.5M.

Fiscal Year Performance

In the most recent fiscal year, Xtant Medical reported $117M in total revenue.
Fiscal year EBITDA was -$7.9M.
The company maintained a gross profit margin of 58.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was -6.7%.
Net profit margin reached -14.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Xtant Medical. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Xtant Medical Stock Performance

Xtant Medical has current market cap of $112M, and EV of $142M.

Market Cap Evolution

Xtant Medical Stock Data

As of October 28, 2025, Xtant Medical's stock price is $1.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$142M	$112M	XXX	XXX	XXX	XXX	$-0.01

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Xtant Medical Valuation Multiples

Xtant Medical's trades at 1.2x EV/Revenue multiple, and -18.1x EV/EBITDA.

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Xtant Medical Financial Valuation Multiples

As of October 28, 2025, Xtant Medical has market cap of $112M and EV of $142M.

Equity research analysts estimate Xtant Medical's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Xtant Medical has a P/E ratio of -73.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$112M	XXX	$112M	XXX	XXX	XXX
EV (current)	$142M	XXX	$142M	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	1.2x	XXX	XXX	XXX
EV/EBITDA	11.0x	XXX	-18.1x	XXX	XXX	XXX
EV/EBIT	55.2x	XXX	-11.8x	XXX	XXX	XXX
EV/Gross Profit	1.8x	XXX	n/a	XXX	XXX	XXX
P/E	-73.6x	XXX	-6.8x	XXX	XXX	XXX
EV/FCF	45.6x	XXX	-8.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Xtant Medical Margins & Growth Rates

Xtant Medical's last 12 month revenue growth is -6%

Xtant Medical's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.3M for the same period.

Xtant Medical's rule of 40 is 0% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Xtant Medical's rule of X is -4% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Xtant Medical Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-6%	XXX	0%	XXX	XXX	XXX
EBITDA Margin	10%	XXX	-7%	XXX	XXX	XXX
EBITDA Growth	-3%	XXX	75%	XXX	XXX	XXX
Rule of 40	0%	XXX	-12%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-4%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	42%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	68%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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