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Xtant Medical Holdings (XTNT) Q2 2025 earnings results (second quarter 2025)

10-Q filed Aug 12, 2025

Xtant Medical Holdings (XTNT) reported revenue of $35.4M for the second quarter 2025 (Q2 2025), +18% from a year earlier and +8% from the quarter before. Operating margin was 13.1%, net earnings $3.5M (10.0% of revenue).

Revenue$35.4M
Year over year+18%
Quarter over quarter+8%
Operating margin13.1%
Net earnings$3.5M

Xtant Medical Holdings, Q2 2025: revenue $35.4M (+18% year over year), operating margin 13.1%, net earnings $3.5M, operating cash flow $1.3M. The chart follows the revenue to costs, profit and cash.

Q2 2025AmountQ/QY/Y
Revenue$35.4M+8%+18%
Gross profit$24.3M+20%+31%
Operating profit$4.6M+335%—
Net earnings$3.5M61×—
Operating cash flow$1.3M-0.2%—
Free cash flow$910K+946%—

What changed

Revenue was $35.4M in Q2 2025, up 18% year over year and up 8% from the previous quarter. Orthobiologics was the largest line at 55% of revenue. Orthobiologics added $3.2M year over year (up 20%), 59% of the total change. Spinal Implant declined 20%.

Gross margin was 68.6%, up 6.5 points from a year earlier. Operating profit was $4.6M, a 13.1% margin (up 22.9 points year over year). Operating expenses fell 9% while revenue rose 18%. Net earnings were $3.5M. The effective tax rate was 6.7%.

Operating cash flow was $1.3M, 36% of net earnings. Non-cash charges added back $1.2M of depreciation and amortization and $800K of share-based compensation. Working capital and other items used $4.2M. Capital expenditures of $366K left free cash flow of $910K.

Questions

What was Xtant Medical Holdings' revenue in the second quarter 2025?

Xtant Medical Holdings (XTNT) reported revenue of $35.4M for the second quarter 2025 (Q2 2025), +18% from a year earlier and +8% from the quarter before.

Was Xtant Medical Holdings profitable in the second quarter 2025?

Operating profit was $4.6M (13.1% of revenue) and net earnings $3.5M.

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Source: Xtant Medical Holdings 10-Q on SEC EDGAR.