Xtant Medical Holdings, Inc. (XTNT) Stock

Xtant Medical Holdings, Inc. (XTNT) is a Healthcare stock trading at $0.43 (as of 2026-07-24), with a market capitalization of $60.13M and a trailing P/E of 32.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Xtant Medical Holdings, Inc. develops, manufactures, and markets regenerative medicine products and medical devices, including biomaterial products such as OsteoSponge and OsteoSelect DBM putties, as well as OsteoFactor, OsteoWrap, and OsteoVive Plus. It also offers 3Demin allografts and processes sports and milled spinal allografts for orthopedic uses, serving orthopedic and neurological surgeons in the United States and internationally.

Understand Xtant Medical Holdings, Inc.: how it makes money

Xtant Medical develops, manufactures, and markets regenerative medicine products and medical devices for orthopedic and neurological surgeons, selling biomaterial products (including OsteoSponge and OsteoSelect) and also earning licensing revenue.

The profit engine appears to be selling orthopedic and neurological biomaterial products, then layering additional cash flows through licensing, while growth depends on expanding distribution via signed distributors and awarded internal distributor network contracts.

Revenue by segment (latest quarter)
Products	$0.0B
Licensing	$0.0B

Business quality (Weak): Gross margin is reported as solid, but the operating margin is negative, and the reported revenue scale in the latest quarter appears very small.

Valuation: At 47× earnings, XTNT trades 44% above the Medical Equipment average (32×). Note: one-time items can distort reported P/E.

Bull case

Product gross margin is reported at 57.3% in the latest quarter, suggesting product economics are not the main issue: If product margin holds, incremental distribution and commercial traction could improve operating results.
The company tracks distributor expansion through metrics like internal distributor network contracts awarded and new distributors signed: This indicates management is actively building a go-to-market channel for surgeons and the therapies it sells.

Bear case

Operating margin is reported as -14.0% in the latest quarter: Costs and expenses are outweighing gross profit, which can limit cash generation even if product gross margin looks strong.
Latest-quarter revenue is reported as 0.0B, and the provided segment candidates are small: With a small revenue base, progress in distribution or product uptake may be hard to translate into meaningful operating leverage.
Distributor growth metrics matter for growth, but they do not guarantee that contracts or distributor additions convert into durable sales: Execution risk remains if distributor channel expansion does not lead to sustained demand from surgeons.

Valuation — source: SEC EDGAR (first-party)
Price	$0.43
Market Cap	$60.13M
P/E Ratio	32.9
EV / EBITDA	7.1
Price / Book	1.24
Price / Sales	0.49
FCF Yield	6.6%
DCF Value (model)	$0.76
DCF Upside vs Price	77.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$133.93M
Net Margin	3.7%
Revenue Growth (YoY)	14.2%
EPS Growth (YoY)	-133.3%
FCF Growth (YoY)	-163.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	-0.65 (distress)
Piotroski F-Score	8/9 (strong)

Valuation vs Sector & Industry
Stock P/E	32.9
Sector P/E (Healthcare)	21.2
Industry P/E (Medical Equipment)	29.7
vs Sector	55.0%
vs Industry	10.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Nantahala Capital Management, LLC ($38.16M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Sean E. Browne
Employees	217
Country	US
IPO Date	2010-07-01

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.