Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Xtant Medical Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
90
82.6
72.2
64.7
53.3
55.3
58
91.3
117
134
Cost of revenue
27.7
32.5
28.7
22.2
18.9
22.8
25.8
35.8
49.1
49.7
Gross profit
62.3
50.1
43.5
42.5
34.4
32.5
32.1
55.5
68.2
84.3
Research and development
3.41
2.44
1.7
0.93
0.66
0.87
0.92
1.34
2.39
2.1
Selling and marketing
44.1
40.5
31.5
26.5
21
21
22.5
38.4
49.2
45.5
General and administrative
15.8
15.2
14.3
17.3
13.5
14.4
15.5
25.9
28.7
29.4
Operating expenses
69.8
87.9
104
44.8
35.1
36.3
38.9
65.6
80.3
77
Operating income
-7.55
-37.8
-60.1
-2.25
-0.75
-3.85
-6.76
-10.2
-12.1
7.28
Interest expense
12.3
14.7
10.1
5.77
5.98
1
1.69
2.94
4.16
3.67
Interest income
0.03
0.15
0.09
Other non-operating income
-11.9
-14.6
-10
-5.87
-5.98
-1
-1.66
9.12
-4.19
-0.28
Pre-tax income
-19.4
-52.4
-70.1
-8.12
-6.73
-4.85
-8.42
-1.04
-16.3
7
Income tax
0.05
0
0.1
0.3
0.07
-1.7
0.19
2.03
Net income
-19.5
-52.4
-70.1
-8.22
-7.02
-4.85
-8.49
0.66
-16.4
4.97
EBITDA
-0.3
-29.4
-53.5
0.89
1.33
-2.52
-5.46
-6.98
-7.85
12.5
EPS, basic
-18.46
-34.76
-5.97
-0.63
-0.25
-0.06
-0.09
0.01
-0.12
0.04
EPS, diluted
-18.46
-34.76
-5.97
-0.63
-0.25
-0.06
-0.09
0.01
-0.12
0.03
Shares, basic (weighted)
1.06
1.51
11.7
13.2
28.5
85.5
94.1
119
134
140
Shares, diluted (weighted)
1.06
1.51
11.7
13.2
28.5
85.5
94.1
127
134
150
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
2.58
2.86
6.8
5.24
2.34
18.2
20.3
5.72
6.2
17.1
Receivables
19
12.7
9.99
10.1
6.88
7.15
10.9
21.7
20.7
17.8
Inventory
26.3
22.4
17.3
16.1
21.4
17.9
17.3
36.9
38.6
30.3
Other current assets
1.15
1.71
0.59
0.78
0.74
0.84
0.67
1.33
1.6
2.39
Total current assets
49
39.7
34.7
32.2
31.4
44.3
49.3
64.9
67.1
78.2
Property, plant and equipment
15.8
9.91
7.17
4.7
4.35
5.21
5.79
8.69
10.1
6.2
Lease right-of-use assets
3
2.1
1.69
1.26
1.38
1.52
0.83
3.19
Goodwill
41.5
41.5
3.21
3.21
3.21
3.21
3.21
7.3
7.3
6.07
Intangible assets
35.9
13.8
0.57
0.52
0.46
0.4
0.34
10.1
8.36
0.3
Other non-current assets
0.83
0.73
0.79
0.39
0.4
0.29
0.2
0.14
0.1
0.13
Total assets
144
106
46.4
43.2
41.5
54.7
60.2
92.6
93.8
94.1
Accounts payable
10.5
9.32
6.47
2.19
2.95
2.62
3.49
7.05
7.92
3.84
Accrued liabilities
8.98
15.8
5.15
6.63
5.46
4.35
5.5
10.4
7.77
10.6
Short-term debt
0
16.8
2.33
3.5
Total current liabilities
31.1
25.8
12.1
9.39
25.6
11.1
15.2
23
28.6
29.5
Long-term debt
67.1
77.9
76.2
11.8
9.69
17.2
22
11
Lease liabilities
1.73
1.3
0.84
0.97
0.76
0.17
2.67
Other non-current liabilities
0.23
0.01
Total liabilities
151
164
90.2
87.4
27
23.8
26.1
41.3
50.9
43.2
Total debt
119
138
77.9
76.2
16.8
11.8
9.69
17.2
22
11
Paid-in capital
85.5
86.2
171
179
245
266
278
294
303
305
Retained earnings
-92.5
-145
-215
-223
-230
-235
-244
-243
-259
-254
Other comprehensive income
0.03
-0.32
Shareholders' equity
-7.07
-58.7
-43.8
-44.2
14.5
30.9
34.2
51.3
43
51
Total equity
-7.07
-58.7
-43.8
-44.2
14.5
30.9
34.2
51.3
43
51
Total liabilities and equity
144
106
46.4
43.2
41.5
54.7
60.2
92.6
93.8
94.1
Shares outstanding
1.44
1.51
13.2
13.2
77.6
87.1
109
130
139
140
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-19.5
-52.4
-70.1
-8.22
-7.02
-4.85
-8.49
0.66
-16.4
4.97
Depreciation and amortization
7.24
8.41
6.59
3.14
2.08
1.33
1.29
3.17
4.22
5.22
Stock-based compensation
0.52
0.21
0.69
0.52
1.08
2.21
2.46
2.74
4.12
2.89
Deferred income tax
0
0
-1.9
0.02
-0.04
Change in receivables
-2.68
4.75
2.54
-0.65
2.89
-0.32
-3.94
-8.74
-0.76
-0.59
Change in inventory
-4.07
2.12
0.04
0.69
-5.79
2.62
-1.15
-1.89
-2.49
-2
Change in payables
0.32
-1.64
-3.01
-4.28
0.1
-0.33
0.88
2.98
1.03
-3.12
Cash from operations
-14.4
-0.54
1.21
-0.41
-0.73
0.44
-5.34
-9.52
-11.9
12.5
Capital expenditures
-5.83
-1.64
-0.62
-0.88
-1.55
-2.12
-1.76
-1.46
-4.11
-2.38
Acquisitions
-4.5
Purchases of investments
-17
Cash from investing
-5.82
-1.61
-0.37
-0.54
-1.3
-1.89
-1.56
-24.8
-3.73
7.9
Debt issued
12.8
5
5
Debt repaid
0
-0.32
-0.41
-8
Stock issued
0
0.62
18.4
9.31
14
0.01
Cash from financing
16.4
2.43
3.1
-0.6
-0.86
17.5
9.02
19.7
16.1
-9.57
Net change in cash
-3.79
0.28
3.94
-1.56
-2.9
16
2.12
-14.6
0.3
11.1
Free cash flow
-20.2
-2.18
0.59
-1.29
-2.28
-1.68
-7.11
-11
-16
10.2
Interest paid
5.48
0.63
0.19
0.05
0.01
0.85
1.45
2.55
3.64
3.13
Income taxes paid
0.07
0.12
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.38 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
59.4%
Gross profit / revenue.
Operating margin
-9.6%
Operating income / revenue.
EBITDA margin
-6.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-8.4%
Pre-tax income / revenue.
Net margin
-10.2%
Net income / revenue.
FCF margin
-0.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
0.5%
Cash from operations / revenue.
Return on equity (ROE)
-27.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-14.0%
Net income / average total assets.
Return on invested capital (ROIC)
-22.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
2.0%
Research and development expense / revenue.
Stock-based pay / revenue
2.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.2%
Capital expenditures / revenue.
D&A / revenue
3.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
14.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
32.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
20.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
23.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
37.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
19.6%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y
56.6%
Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
18.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
14.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
28.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
0.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
16.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
17.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
12.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
16.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
39.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.16x
Current assets / current liabilities.
Quick ratio
0.98x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.33x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.18x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
9.1%
Total debt / total assets.
Liabilities / assets
49.8%
Total liabilities / total assets.
Net debt
-$2.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Capex / operating cash flow
222.1%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.08
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.78
Revenue / diluted weighted shares.
FCF per share
-$0.00
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.00
Cash from operations / diluted weighted shares.
Book value per share
$0.29
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.48x
Market cap / revenue.
P/B
1.32x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.56x
Market cap / tangible book value, when positive.
P/OCF
92.5x
Market cap / cash from operations, when positive.
EV/Sales
0.46x
Enterprise value / revenue.
FCF yield
-1.3%
Free cash flow / market cap.
Earnings yield
-21.1%
Net income / market cap (the inverse of P/E).
What was Xtant Medical Holdings, Inc.'s revenue in fiscal 2025?
Xtant Medical Holdings, Inc. reported revenue of $133.9M for fiscal 2025, 14.2% higher than the year before.
Was Xtant Medical Holdings, Inc. profitable in fiscal 2025?
Yes. Net income was $5.0M, a net margin of 3.7%.
How much free cash flow did Xtant Medical Holdings, Inc. generate in fiscal 2025?
Cash from operations of $12.5M minus capital expenditures of $2.4M left free cash flow of $10.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.