Xtant Medical (XTNT) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase summary

Market opportunity and growth

• Addressing a $10B+ spine market, with additional orthobiologic verticals in the tens of billions.

• Achieved 58% growth last year and expects over 30% growth this year, reaffirming 27%-31% full-year guidance.

• Distribution network covers 90% of U.S. hospital beds and includes 650+ distributors.

• International expansion supported by MDR-certified products and a German-based distribution business.

• Three recent acquisitions (Coflex, Surgalign, Nanoss) have been instrumental in driving growth.

Product and operational strategy

• Transitioned from low-margin, distributed products to high-margin, internally produced lines like Amnio and synthetics.

• Full orthobiologics portfolio covers five key categories, enhancing distributor penetration.

• New product launches (Amnio, Cortera) expected to drive significant Q4 and 2025 growth.

• Motion preservation systems and minimally invasive solutions positioned as future differentiators.

• Platform for growth built on contract access, distribution reach, expanding capabilities, and M&A.

Financial performance and outlook

• Five consecutive quarters of Adjusted EBITDA growth; targeting operating cash flow positivity in Q4.

• Gross margins expected to rise from low 60s% in 2025 to nearly 70% in 2026 as more products are produced internally.

• Infrastructure is scalable, supporting margin expansion without significant additional investment.

• Private placement proceeds will strengthen the balance sheet and support reaching an inflection point.

• Management expects mid double-digit growth and improved margins through 2026 and beyond.