Full Press Release Details
XTNT Announces Preliminary Fourth Quarter and Full Year 2016 Revenue & Adjusted EBITDA
BELGRADE, Mont., Jan. 11, 2017 (GLOBE NEWSWIRE) --
Xtant Medical Holdings, Inc. (NYSE MKT:XTNT), a leader in the development, manufacturing and marketing of orthopedic products
for domestic and international markets, today has pre-announced that its Fourth Quarter 2016 record revenue is estimated to
be at least $24.5 million, an increase of at least 10.0% as compared to revenues of $22.3 million reported in the fourth
quarter of 2015. For the full year 2016, the Company has estimated that its sales will be at least $90.0 million, an increase
of at least 4.1% as compared to pro-forma revenue of $86.5 million for the full year 2015.
The Company has also pre-announced that its Fourth Quarter
Adjusted EBITDA* is estimated to be at least $1.25 million as compared to the prior year Fourth Quarter Adjusted EBITDA* Loss
of $350,000. For the full year 2016, the Company estimates that Adjusted EBITDA* will be more than $2.2 million versus a full
year 2015 pro forma Adjusted EBITDA* loss of $33,000. The Company defines earnings before interest, taxes, depreciation and
amortization ("Adjusted EBITDA") as net income/loss from operations before depreciation, amortization, impairment
charges, non-recurring expenses and non-cash stock-based compensation.
Both Revenue and Adjusted EBITDA* will be new records for the Company.
The fourth quarter of 2016 is the fourth consecutive quarter of increasing Revenue and the third consecutive quarter of accelerating
positive Adjusted EBITDA*.
Additionally, management reiterated 2017 guidance according to the
| Full-Year 2017 | ||||||||
| ($000's) | Low | High | ||||||
| Revenue | $ | 98,000 | $ | 102,000 | ||||
| Adjusted EBITDA* | $ | 7,700 | $ | 9,200 |
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.
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.
About Xtant Medical Holdings
Xtant Medical Holdings, Inc. (NYSE MKT:XTNT) 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 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 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." 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.
Xtant Medical Holdings, Inc.