Xtant Medical (XTNT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $23.0 million, down from $35.4 million in Q2 2025, mainly due to asset sales, loss of license revenue, and reimbursement changes; net loss was $9.4 million versus net income of $3.6 million in Q2 2025.

• Integrated Dilon's U.S. sales team, launched Trivium Shaped, and secured exclusive U.S. rights to HEMOBLAST Bellows, targeting a $1 billion hemostatic market.

• A $5.0 million charge was recognized in Q2 2026 for the Dilon Technologies HEMOBLAST Bellows exclusivity fee.

Financial highlights

• Gross margin declined to 57.9% from 68.6% year-over-year, mainly due to loss of license revenue and increased inventory charges.

• Operating expenses rose to $22.5 million from $19.7 million, driven by the $5.0 million Dilon exclusivity fee.

• Adjusted EBITDA loss was $2.7 million, compared to positive $6.9 million in Q2 2025.

• Cash and cash equivalents at June 30, 2026: $9.9 million, down from $17.3 million at year-end 2025.

Outlook and guidance

• Full-year 2026 revenue guidance reduced to $99–$103 million from $101–$105 million, reflecting lower Q2 biologics revenue and ongoing amnio headwinds.

• Management expects accelerating biologics growth in Q3 and beyond as the expanded sales force becomes fully productive.

• HEMOBLAST sales expected to exceed $1 million per month on a gross basis as transition to Xtant contracts completes.

• Management believes current liquidity is sufficient to fund operations for at least the next 12 months.