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Xtant Medical Holdings (XTNT) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · Xtant Medical Holdings (XTNT) Q2 2026 earnings results →
Q2 2026 Revenue down 35% year over year to $23.0M · 41¢ of every $1 of revenue lost · operating margin -39.8%
Xtant Medical Holdings made $23.0M in Q2 2026 (-35% Y/Y): Orthobiologics $17.4M, Spinal Implant $5.7M. Operating margin -39.8%, net loss $9.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
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What changed this quarter
Revenue was $23.0M in Q2 2026, down 35% year over year and up 10% from the previous quarter. Orthobiologics was the largest line at 75% of revenue. Spinal Implant lost $5.4M year over year (down 49%), 44% of the total change.
Gross margin was 57.9%, down 10.7 points from Q2 2025. Operating costs exceeded revenue by $9.2M, an operating margin of -39.8%. Operating expenses grew 14% against a revenue fall of 35%. The fastest-growing cost line was Research & development (+23%). The quarter ended with a net loss of $9.4M, wider than the previous quarter's $3.1M loss.
Operating cash flow was −$7.3M. Non-cash charges added back $508K of depreciation and amortization and $875K of share-based compensation. Working capital and other items added $722K. Capital expenditures of $247K exceeded it, leaving free cash flow of −$7.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $23.0M | -35% | -39.8% | −$9.4M | −$7.3M |
| Q1 2026 | 10-Q | May 13, 2026 | $20.9M | -36% | -14.0% | −$3.1M | −$2.1M |
| Q4 2025 | 10-K | Mar 31, 2026 | $32.4M | +3% | -2.9% | $57K | $5.4M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $33.3M | +19% | 7.6% | $1.3M | $4.6M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $35.4M | +18% | 13.1% | $3.5M | $1.3M |
| Q1 2025 | 10-Q | May 12, 2025 | $32.9M | +18% | 3.2% | $58K | $1.3M |
| Q4 2024 | 10-K | Mar 6, 2025 | $31.5M | +12% | -6.0% | −$3.2M | $665K |
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About Xtant Medical Holdings
Xtant Medical Holdings, Inc. is a global medical technology company focused on the design, development, and commercialization of a comprehensive portfolio of orthobiologics and spinal implant fixation systems to facilitate spinal fusion in complex spine, deformity, and degenerative procedures. Our products are used by orthopedic spine surgeons and neurosurgeons to treat a variety of spinal disorders in the cervical, thoracolumbar, and interbody spine. In addition, Xtant’s biologics are utilized in trauma, foot and ankle, sports medicine, total joint, along with several surgical repair and wound care applications.
In its own words, from its 10-K, filed Mar 31, 2026.
Xtant Medical Holdings against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -35% against the peers' median +5%. Operating margin: -39.8% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| XTNT Xtant Medical Holdings | Q2 2026 | $23.0M | -35% | -39.8% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: Xtant Medical Holdings 10-Q on SEC EDGAR · CIK 1453593 · Surgical & Medical Instruments & Apparatus
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- Xtant Medical Holdings gross margin by quarter
- Xtant Medical Holdings operating margin by quarter
- Xtant Medical Holdings net income by quarter
- Xtant Medical Holdings free cash flow by quarter
- Xtant Medical Holdings R&D spending by quarter
- Xtant Medical Holdings capital expenditures by quarter
- Xtant Medical Holdings Orthobiologics revenue by quarter
- Xtant Medical Holdings Spinal Implant revenue by quarter