Full Press Release Details
Xtant Medical Pre-Announces Record
Third Quarter 2016 Revenue
*See footnote about the use of pro forma financial
BELGRADE, Mont., Oct. 11, 2016 (GLOBE NEWSWIRE) -- Xtant
Medical Holdings, Inc. (NYSE MKT:XTNT), a leader in the development of regenerative medicine products and medical devices, has
pre-announced that its record Third Quarter 2016 revenue is expected to be in the range of $23.0 million to $23.3 million, a 10.0%-11.5%
increase compared to pro forma third quarter of 2015 revenue and a 7.2%-8.6% sequential increase compared to the second quarter
| ($000's) | Q3 2016 | Q2 2016 | Q3 2015* | |||||||||||||
| Low | High | Actual Results | Pro Forma Results | |||||||||||||
| Revenue | $ | 23,000 | $ | 23,300 | $ | 21,462 | $ | 20,902 | * | |||||||
| Q-Q Growth | 7.2 | % | 8.6 | % | ||||||||||||
| Y-Y Growth | 10.0 | % | 11.5 | % |
*Use of Pro Forma Financial Information
On July 31, 2015, Bacterin International Holdings,
Inc. acquired all of the issued and outstanding stock of X- Spine Systems, Inc. and the combined company was renamed Xtant Medical
Holdings, Inc. Except for the financial results for the three months ended June 30, 2016, the results presented are on a pro forma
basis as if the two companies were combined for the periods shown. Certain pro forma adjustments have been made to reflect the
impact of the purchase transaction, primarily consisting of amortization of intangible assets with determinable lives and interest
expense on long-term debt. In addition, certain historical expenses, such as warrant expense and interest expense associated with
debt that was immediately repaid, were eliminated from these pro forma results. The pro forma information does not necessarily
reflect the actual results of operations had the acquisition been consummated at the beginning of the fiscal reporting period indicated
nor is it indicative of future operating results. The pro forma information does not include any adjustment for potential revenue
enhancements, cost synergies or other operating efficiencies that could result from the acquisition.
Additional information regarding the business combination
and its impact on the Company's financial position will be set forth in the Company's Form 10-Q for the quarter ended
September 30, 2016, which will be filed with the Securities and Exchange Commission November, 2016 and will include the Company's
audited consolidated financial statements as of and for the quarters ended September 30, 2016 and September 30, 2015.
About Xtant Medical Holdings
Xtant Medical develops, manufactures and markets
class-leading regenerative medicine products and medical devices for domestic and international markets. Xtant Medical products
serve the specialized needs of orthopedic and neurological surgeons, including orthobiologics for the promotion of bone healing,
implants and instrumentation for the treatment of spinal disease, tissue grafts for the treatment of orthopedic disorders, and
biologics to promote healing following cranial, foot, and ankle surgeries. With core competencies in both biologic and non-biologic
surgical technologies, Xtant Medical can leverage its resources to successfully compete in global neurological and orthopedic surgery
markets. For further information, please visit www.xtantmedical.com
Important Cautions Regarding Forward-looking Statements
This press release contains certain disclosures that
may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject
to significant risks and uncertainties. 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 "continue," "efforts," "expects,"
"anticipates," "intends," "plans," "believes," "estimates," "projects,"
"forecasts," "strategy," "will," "goal," "target," "prospects," "potential,"
"optimistic," "confident," "likely," "probable" or similar expressions or the negative
thereof. Statements of historical fact also may be deemed to be forward-looking statements. We caution that these statements by
their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors,
including, among others: our ability to integrate the acquisition of X-spine Systems, Inc. and any other business combinations
or acquisitions successfully; our ability to remain listed on the NYSE MKT; our ability to obtain financing on reasonable terms;
our ability to increase revenue; our ability to comply with the covenants in our credit facility; our ability to maintain sufficient
liquidity to fund our operations; the ability of our sales force to achieve expected results; our ability to remain competitive;
government regulations; our ability to innovate and develop new products; our ability to obtain donor cadavers for our products;
our ability to engage and retain qualified technical personnel and members of our management team; the availability of our facilities;
government and third- party coverage and reimbursement for our products; our ability to obtain regulatory approvals; our ability
to successfully integrate recent and future business combinations or acquisitions; our ability to use our net operating loss carry-forwards
to offset future taxable income; our ability to deduct all or a portion of the interest payments on the notes for U.S. federal
income tax purposes; our ability to service our debt; product liability claims and other litigation to which we may be subjected;
product recalls and defects; timing and results of clinical studies; our ability to obtain and protect our intellectual property
and proprietary rights; infringement and ownership of intellectual property; our ability to remain accredited with the American
Association of Tissue Banks; influence by our management; our ability to pay dividends; our ability to issue preferred stock; and
Additional risk factors are listed in the Company's
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading "Risk Factors." You should carefully
consider the trends, risks and uncertainties described in this document, the Form 10-K and other reports filed with or furnished
to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties
actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the
trading prices of our securities could decline, and you could lose all or part of your investment. 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 us
or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.