Full Press Release Details
Medical Completes Acquisition of Surgalign's Hardware and Biologics Business
MT, August 10, 2023 - Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on surgical
solutions for the treatment of spinal disorders, today announced that it completed the acquisition of certain assets and liabilities
related to the domestic and international biologics and spinal fixation offerings of Surgalign Holdings, Inc. under a Bankruptcy Court
supervised process for $5 million, plus assumed liabilities, in an all-cash transaction.
are thrilled to add to our growing orthobiologics and spinal fusion device portfolio, while expanding our commercial footprint with new
contracts and distributors with the completion of this acquisition," said Sean Browne, President and Chief Executive Officer of
Xtant Medical. "Looking ahead, our focus will be integrating this business with our current offerings with the goal of maximizing
the full potential of these assets."
previously announced on August 1, 2023, Xtant Medical raised its expectation for full year 2023 revenue range to $75 million to $77 million,
up from the Company's prior guidance of $73 million to $75 million. The Company expects to provide updated full year guidance incorporating
the acquisition upon the announcement of third quarter 2023 financial results.
Xtant Medical Holdings, Inc.
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.
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.
Statement Regarding Forward-Looking Statements
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 growth of the Company's
orthobiologics and spinal fusion device portfolio, expansion of the Company's commercial footprint, integration of the acquired
business with the Company's current offerings, and 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 failure by the Company to achieve anticipated revenue and any cost or revenue synergies
expected from the Surgalign transaction or delays in the realization thereof; delays and challenges in integrating the businesses after
the transaction is completed; business disruption during the pendency of and following the transaction; loss of key personnel; unanticipated
liabilities or exposures for which the Company will not been indemnified or may not recover; 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; possible future impairment charges to long-lived assets and goodwill and write-downs of excess inventory if revenues continue
to 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 SEC on March 7, 2023
and subsequent SEC filings by the Company, including its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 filed
with the SEC on August 1, 2023. 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.