Xtant Medical

What Xtant Medical does

Xtant Medical Holdings, Inc. is a publicly traded medical technology company (NYSE American: XTNT) headquartered in Belgrade, Montana, that develops and commercializes orthobiologics and spinal implant systems for spinal, orthopedic, and wound care surgical procedures. The biologics portfolio includes demineralized bone matrix (DBM) products (OsteoSelect, OsteoSponge, OsteoMax, OsteoWrap, 3Demin, FibreX, Trivium), synthetic bone grafts (nanOss, nanOss Strata), viable bone matrix (OsteoVive Plus), allogeneic growth factors (OsteoFactor Pro), bovine collagen (CollagenX), amniotic membranes (CuraMatrix, Instagraft), sports medicine allografts, and the HEMOBLAST Bellows hemostatic product distributed under exclusive U.S. rights from Dilon Technologies. The spinal implant portfolio spans cervical plates and interbody systems (CervAlign, InTice-C, Atrix-C, Irix-C, Spider), thoracolumbar fixation (Cortera, Streamline TL/MIS/OCT, Xpress, Xspan), interbody fusion (Fortilink-TS with TETRAfuse), interspinous fusion (Axle), and sacroiliac joint fusion (Silex) devices.

Underlying processing technologies include the proprietary PureLoc automated DBM milling system for fiber geometry consistency, 3Demin cortical bone fiber entanglement technology, nanOss nano-structured hydroxyapatite granules in collagen carriers, and licensed OsteoSync Ti porous titanium scaffold technology. Revenue is generated through hardware sales of biologics and implant products sold to hospitals and surgical centers via approximately 600 independent U.S. distribution agents, supplemented by a direct sales organization (now including the integrated Dilon team) and channel partnerships such as Healthcare International Partners for Latin America. The company operates a vertically integrated model from donor recovery through tissue processing and manufacturing to distribution.

In recent years Xtant has executed a notable portfolio reshape: acquiring the Coflex product line and additional hardware/biologics assets from Surgalign in 2023, acquiring nanOss production from RTI Surgical in 2023, then divesting Coflex and Paradigm OUS businesses to Companion Spine for approximately $21.4M in December 2025 to refocus on biologics. Full-year 2025 revenue was $134M (+14% YoY), achieving profitability with a 13.8% CAGR since 2021. FY2026 guidance of $101-$105M reflects the divestiture impact rather than underlying biologics weakness.

Name

Xtant Medical

Legal name

Xtant Medical Holdings, Inc.

Website

https://xtantmedical.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Xtant Medical is a publicly traded medical technology company that develops and commercializes orthobiologics and spinal implant systems for spine, orthopedic, and wound care surgeons, distributing through approximately 600 U.S. independent agents and a direct sales organization.

Ownership category

akta.pro rank

Product category

Orthobiologics and Spinal Implants

NAICS

Surgical Appliance and Supplies Manufacturing (339113), Surgical and Medical Instrument Manufacturing (339112)

SIC

Orthopedic, Prosthetic & Surgical Appliances & Supplies (3842)

akta.pro primary industry

Bone Graft Substitutes & Orthobiologics (Synthetic/Allograft/DBM) (HLAHAEAG)

akta.pro secondary industry

3D-Printed & Patient-Specific Implants (Custom Ortho/Spine/Cranial) (HLAHAEAJ)

Keywords

• Orthobiologics products
• Spinal implant systems
• Demineralized bone matrix
• Regenerative medicine devices
• Surgical bone grafts

Headquarters

HQ city

Belgrade

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Biologics Products: Sale of regenerative medicine products including demineralized bone matrix (DBM), synthetic bone grafts, viable bone matrix, allogeneic proteins, and amniotic membrane products for spinal and orthopedic surgical applications.
2. Spinal Implant Systems: Sale of cervical, thoracolumbar, and interbody spinal implant systems including plates, screws, spacers, and fixation devices for complex, deformity, and degenerative spinal procedures.
3. HEMOBLAST Bellows Distribution: Distribution of hemostatic product through exclusive U.S. distribution rights acquired from Dilon Technologies, targeting an estimated $2.0 billion global addressable market.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels8 records

Core offering

Xtant Medical develops, manufactures, and commercializes regenerative medicine biologics (demineralized bone matrix, synthetic bone grafts, viable bone matrix, allogeneic growth factors, amniotic membranes, collagen, hemostatic products, and sports medicine allografts) and complementary spinal implant systems (cervical plates, interbody devices, pedicle screw systems, fixation systems, sacroiliac fusion devices) for use by spine and orthopedic surgeons in hospitals and surgical centers. Products are sold through a network of approximately 600 independent U.S. distribution agents, a direct enterprise sales organization, and select international distribution partners.

Product overview

Xtant Medical is a medical technology company that develops and commercializes regenerative medicine products and medical devices for spinal, orthopedic, and wound care disorders. The company operates two main product categories: Biologics and Spinal Implants. The Biologics portfolio includes demineralized bone matrix (DBM) products (OsteoSelect®, OsteoSponge®, OsteoMax®, OsteoWrap®, 3Demin®, FibreX®), synthetic bone grafts (nanOss®, nanOss Strata™), allogeneic growth factors (OsteoFactor Pro™), viable bone matrix (OsteoVive® Plus), collagen products (CollagenX™), amniotic membrane products (Dual Layer Amniotic Membrane, CuraMatrix®, Instagraft®), sports medicine allografts (SportsMed), and the HEMOBLAST hemostatic product. The Spinal Implants portfolio includes cervical solutions (CervAlign®, InTice®-C, Atrix-C®, Atrix-C Union®, Spider®, Irix®-C), thoracolumbar interbody and PEEK systems (Fortilink®, Calix®, Irix®-A), pedicle screw systems (Cortera®, Streamline® TL, Streamline® MIS, Xpress®), cervico-thoracic solutions (Streamline® OCT, Xspan®), interspinous solutions (Axle®), and sacroiliac solutions (Silex®). The company also offers OEM (original equipment manufacturer) services and maintains vertical integration from donor recovery to distribution.

Differentiator

Problem solved

Functional benefit

Products and services

• OsteoFactor Pro™ A naturally occurring cocktail of allogenic growth factors, stabilized by native human proteins, designed to accelerate bone repair. Targeted at spine and orthopedic surgeons for bone repair procedures.
• Trivium™ A premium advanced bone graft featuring pre-shaped configurations (boats and strips) designed for enhanced surgical handling and placement. Utilizes PureLoc™ automated DBM milling technology to produce uniform cortical fibers.
• OsteoVive® Plus A viable bone matrix allograft representing the latest advancement in cellular bone allograft technology for spinal and orthopedic procedures.
• OsteoSelect® A demineralized bone matrix (DBM) putty engineered for superior performance. Does not adhere to gloves yet maintains placement in the surgical environment, with osteoinductivity assessed in vivo.
• OsteoSponge® A patented form of demineralized bone matrix (DBM) made from 100% cancellous bone, providing a natural scaffold for cellular ingrowth with malleable properties that conform to irregular bony defects.
• OsteoMax® A formable DBM putty that does not contain any extrinsic carriers and is entirely derived from allograft bone. Provided in a ready-to-use syringe for precise graft placement.
• OsteoWrap® 100% human cortical bone demineralized through a proprietary process that makes the graft flexible while maintaining allograft integrity. Can be sized with a scalpel or scissors and may be sutured in place.
• 3Demin® Utilizes demineralized cortical bone fibers entangled and shaped into sizes engineered for specific surgical applications. Creates an interconnected graft material containing BMPs and growth factors necessary for new bone formation.
• FibreX® Cortical bone fibers designed with exceptional handling characteristics using advanced PureLoc Technology that creates fibers with consistent cross-sectional geometry for a moldable and cohesive allograft.
• nanOss® Advanced nano-structured HA granules within an engineered collagen carrier. Pre-filled mixing syringe provides a closed, sterile system for consistent, controlled delivery ideal for minimally invasive procedures.
• nanOss Strata™ Strip & Moldable Advanced synthetic bone graft with nanocrystalline surface and interconnected structure designed to closely resemble natural bone, providing strong support for new bone formation with flexible, durable design.
• CollagenX™ 100% Type I bovine collagen powder designed to support natural wound healing across surgical and chronic wound types. Forms a protective gel that promotes angiogenesis and supports tissue regeneration.
• Dual Layer Amniotic Membrane Amniotic membrane extracted from placental tissue and dehydrated into a sheet-like product for homologous use spinal applications.
• CuraMatrix® Textured Dual Layer Amniotic Membrane Dual-layer amniotic membrane with textured finish that may support improved handling and placement, preserved through proprietary processing methods.
• Instagraft® Textured Single Layer Amniotic Membrane Single-layer amniotic membrane produced with proprietary processing methods extracting only the amniotic membrane layer, dehydrated into a sheet-like product with textured finish for improved handling.
• SportsMed Sports medicine allografts for deficient or torn cruciate ligament reconstructions and revisions, offering consistent superior quality and precise measurements distributed sterile via low-dose gamma irradiation.
• Cortera® Open Posterior Fixation System Open posterior fixation system designed to streamline thoracolumbar fixation surgeries with comprehensive implant and instrument offerings.
• CervAlign® Anterior Cervical Plate System Anterior cervical plate system designed for cervical spinal procedures with integrated solutions for use with biologics.
• InTice®-C Porous Titanium Cervical Interbody System Commercially pure titanium cervical interbody implant with superior wicking capabilities, bony ingrowth, and predictable structural consistency using a modulus of elasticity consistent with natural bone. Uses OsteoSync Ti porous titanium scaffold technology.
• Fortilink®-TS IBF System with TETRAfuse® 3D Technology Interbody fusion devices with TETRAfuse 3D technology featuring an open mesh structure designed to allow bone ingrowth and facilitate fusion.
• Irix®-C Cervical Integrated Fusion System Standalone low-profile anterior cervical integrated fusion system featuring titanium plasma-coated teeth and two locking screws for spinal fusion at one level (C3–T1).
• Atrix-C Union® Allograft cervical interbody spacer providing an osteoconductive matrix for bone growth and fusion with precision-milled 7° lordosis and anti-migratory ridges.
• Atrix-C® Precision-milled cortical bone cervical allograft interbody spacer providing structural integrity, load-bearing scaffold maintaining vertical height and promoting natural fusion.
• Spider® Anterior Cervical Plate and Screws Anterior cervical plate with integrated resilient locking arms allowing zero-step locking with tactile, visual and audible feedback and serrated bottom surface for greater grip.
• Axle® Interspinous Fusion System Interspinous fusion system for posterior cervical procedures providing stabilization between spinous processes.
• Silex® Sacroiliac Joint Fusion System Distinctive sacroiliac joint fusion system promoting fusion using titanium plasma-coated single or dual lead anchor implants fenestrated for bone graft introduction.
• Streamline® TL Spinal Fixation System Thoracolumbar spinal fixation system using pedicle screws, set screws, rods and crosslinks for creating a rigid construct with broad range of implants and instruments.
• Streamline® MIS Spinal Fixation System Minimally invasive spinal fixation system for thoracolumbar spine via percutaneous or mini-open approach using cannulated pedicle screws.
• Streamline® OCT Occipito-Cervico-Thoracic System System allowing rigid construct creation in the occipito-cervico-thoracic spine with broad range of implants for efficient, streamlined surgical experience.
• Xpress® Minimally Invasive Pedicle Screw System Minimally invasive pedicle screw system with specialized instrumentation supporting both minimally invasive and percutaneous surgical approaches.

Quantifiable outcome

• 14% year-over-year revenue growth to $134 million in FY 2025
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Dilon TechnologiescoreChannel Partner/ Reseller/ Distributor · 13 April 2026Xtant Medical acquired exclusive U.S. distribution rights to Dilon Technologies' HEMOBLAST Bellows hemostatic product for use in surgical procedures where conventional hemostasis is ineffective or impractical. As part of the agreement, Xtant hired Dilon's approximately 20-person U.S. sales team and integrated them into its commercial organization. The deal expands Xtant's surgical portfolio and provides access to an estimated $2.0 billion global addressable market for hemostatic products.
• Companion SpinecoreStrategic or Co-development Partner · 1 December 2025Companion Spine acquired Xtant Medical's Coflex spinal implant assets and Paradigm OUS businesses for approximately $21.4 million total purchase price. This transaction enabled Xtant to reduce long-term debt and focus on its core biologics business. Final payment of $10.7 million received in March 2026.
• RTI SurgicalminorOthers · 23 October 2023Xtant Medical acquired nanOss production operations from RTI Surgical, expanding manufacturing capabilities and capacity to drive growth.
• SurgaligncoreOthers · 1 March 2023Xtant Medical acquired the Coflex product line from Surgalign for $17 million. Surgalign filed for Chapter 11 bankruptcy and Xtant later acquired additional hardware and biologics business assets from Surgalign for approximately $8 million in August 2023.
• Healthcare International Partners (HIP)minorChannel Partner/ Reseller/ Distributor · 18 April 2018Three-year agreement with Healthcare International Partners for expanding distribution in Latin American markets. HIP focuses on executing global strategy, supporting current distribution partners, recruiting partners for new markets, and assisting with country-specific product registration and commercialization endeavors.
• curasan, Inc.minorChannel Partner/ Reseller/ Distributor · 1 November 2017Distribution agreement adding Matriform premium line of synthetic scaffolds to biologics portfolio, consisting of pure phase Beta-Tricalcium Phosphate and porcine collagen with interconnected porosity. This marked Xtant's entrance into the US orthopedic Bone Graft Scaffold market.
• Sites Medical LLCcoreOEM/ Whitelabel/ Licensing Partner · 16 May 2017Licensing agreement for Sites Medical's proprietary OsteoSync Ti technology, a best-in-class porous titanium scaffold for cervical interbody implants. The technology provides a bioscaffold similar to cancellous bone and is used in InTice-C and other products.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Orthofix Medical: Orthofix Medical is a direct competitor in spinal hardware and orthobiologics, with overlapping DBM, synthetic bone graft, and spinal implant product portfolios. Most comparable to Xtant in size, product breadth, and surgeon customer base across hospitals and ambulatory surgery centers.
• Alphatec Holdings: Alphatec is a pure-play spine surgery company developing and commercializing cervical and thoracolumbar fixation and interbody systems. Directly comparable to Xtant's spinal implant portfolio in target customers (spine surgeons) and procedural focus.
• RTI Surgical: RTI Surgical (now part of CONMED) is a direct orthobiologics peer — Xtant specifically acquired nanOss production operations from RTI in 2023. RTI's allograft and synthetic bone graft portfolio historically competed head-to-head with Xtant's biologics lines.
• SI-BONE: SI-BONE is a medical device company specializing in sacroiliac joint fusion, directly comparable to Xtant's Silex Sacroiliac Joint Fusion System. Targets similar surgical call points and is of comparable small-cap scale in the spine device space.
• SeaSpine: SeaSpine (now part of Globus Medical following 2023 merger) was a direct peer in spinal implants and orthobiologics with a comparable small/mid-cap scale and product mix including DBM, synthetic bone grafts, and spinal hardware.

Broad incumbents

• Globus Medical: Globus Medical is a major spine-focused medical device incumbent with broad cervical, thoracolumbar, interbody, and biologics portfolios (now including the merged SeaSpine and NuVasive franchises). Competes with Xtant across spinal hardware and increasingly in biologics but at vastly greater scale.
• Medtronic: Medtronic's Spine and Biologics division is the largest spine hardware and orthobiologics franchise globally, including INFUSE bone graft and a comprehensive spinal implant portfolio. A broad incumbent against which Xtant competes in hospital accounts and surgeon mind-share.
• Stryker: Stryker's Spine division offers spinal implants and supporting biologics through its wholly-owned subsidiary. Competes with Xtant across spinal hardware categories and increasingly in regenerative medicine adjacencies as Stryker expands its biologics presence.
• Integra LifeSciences: Integra LifeSciences operates across orthopedics, neurosurgery, and spine with both hardware and regenerative tissue products. A broad incumbent with adjacent rather than directly competing biologics lines (notably dural repair and regenerative wound care), but competes for hospital budgets and surgeon relationships with Xtant.

Emerging players

• Bioventus: Bioventus is an orthobiologics-focused company developing bone graft substitutes, allograft, and regenerative therapies for spine and orthopedic surgery. Most directly comparable as a biologics-only/specialty peer targeting similar spine and orthopedic surgical customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights8 records

Customer concentration

• Facebookfacebook.com/Xtant-Medical-183705962377770
• LinkedInlinkedin.com/company/xtant-medical
• Instagraminstagram.com/xtantmedical
• Xx.com/xtantmedical

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds11 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xtant Medical