Full Press Release Details
Announces Preliminary Third Quarter 2015 Revenue
Xtant Medical Holdings, Inc. (OTCQX:
BONE), a leader in the development of regenerative medicine products and medical devices, today announced preliminary unaudited
revenue for the third quarter of 2015.
The Company is expecting pro forma
total combined revenue for the third quarter of 2015 to be in the range of $20.7 million to $20.9 million, representing an increase
of 5.5 % to 6.5 % when compared to pro forma combined revenue of $19.6 million reported for the third quarter of 2014. The third
quarter 2014 and 2015 revenue figures include approximately $1.9 million and $0.7 million, respectively, of OEM revenues from a
large orthopedic device manufacturer. Excluding these OEM revenues, third quarter 2015 pro forma combined revenue is expected to
increase between 12.7% and 13.8% compared to the same period last year.
The Company acquired X-spine during
the third quarter on July 31, 2015, so for SEC reporting purposes, the Company is expected to report third quarter 2015 revenue
in the range of $17.6 million and $17.8 million, which includes three months of Bacterin revenues and two months of X-spine revenues.
The quarterly financial results included
in this release were calculated prior to the completion of a review by the Company's external auditors and are therefore
subject to adjustment.
| Xtant Medical Holdings Inc. | ||||||||||||||||||||||||||||
| 3Q Pro Forma Combined Revenue Comparison | ||||||||||||||||||||||||||||
| Third Quarter 2015 Revenue Guidance Range | ||||||||||||||||||||||||||||
| Actual | Lower-End | Upper-End | ||||||||||||||||||||||||||
| 3Q 2014 | Revenue | Y-Y Increase (Decrease) | % | Revenue | Y-Y Increase (Decrease) | % | ||||||||||||||||||||||
| Bacterin revenues | $ | 8,454,000 | $ | 9,800,000 | $ | 1,346,000 | 15.9 | % | $ | 9,900,000 | $ | 1,446,000 | 17.1 | % | ||||||||||||||
| X-spine revenues (ex OEM) | $ | 9,256,000 | $ | 10,155,000 | $ | 899,000 | 9.7 | % | $ | 10,255,000 | $ | 999,000 | 10.8 | % | ||||||||||||||
| Total revenues (ex OEM) | $ | 17,710,000 | $ | 19,955,000 | $ | 2,245,000 | 12.7 | % | $ | 20,155,000 | $ | 2,445,000 | 13.8 | % | ||||||||||||||
| X-spine OEM revenues | $ | 1,909,000 | $ | 745,000 | $ | (1,164,000 | ) | -61.0 | % | $ | 745,000 | $ | (1,164,000 | ) | -61.0 | % | ||||||||||||
| Total revenues | $ | 19,619,000 | $ | 20,700,000 | $ | 1,081,000 | 5.5 | % | $ | 20,900,000 | $ | 1,281,000 | 6.5 | % |
About Xtant Medical Holdings
Xtant Medical Holdings, Inc. (OTCQX:BONE)
develops, manufactures and markets class-leading regenerative medicine products and medical devices for domestic and international
markets. Xtant 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, and foot and ankle surgeries. With core competencies
in both biologic and non-biologic surgical technologies, Xtant 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
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: the Company's ability to successfully integrate the acquisition of X-spine; the ability
of the Company's sales force to achieve expected results; the Company's ability to meet its existing and anticipated contractual
obligations, including financial covenant and other obligations contained in the Company's secured lending facility; the Company's
ability to manage cash flow; the Company's ability to develop, market, sell and distribute desirable applications, products and
services and to protect its intellectual property; the ability of the Company's customers to pay and the timeliness of such payments;
the Company's ability to obtain financing as and when needed; changes in consumer demands and preferences; the Company's ability
to attract and retain management and employees with appropriate skills and expertise; the impact of changes in market, legal and
regulatory conditions and in the applicable business environment, including actions of competitors; and other factors. 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." 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.
Annualized, pro forma, projected and
estimated numbers used in this press release are used only for illustrative purposes and are not forecasts and may not reflect
The unaudited pro forma financial information
contained in this press release is included for informational purposes only and does not purport to reflect the results of operations
or financial position that would have occurred had Xtant and X-spine operated on a combined basis during the periods presented.
The unaudited pro forma financial information should not be relied upon as being indicative of our financial condition or results
of operations had the X-spine transaction occurred on the date assumed nor as a projection of our results of operations or financial
position for any future period or date.