BELGRADE, Mont., Oct. 13, 2015 (GLOBE NEWSWIRE) — Xtant Medical Holdings, Inc. (OTCQX:BONE), a leader in the development of regenerative medicine products and medical devices, today announced preliminary unaudited revenue for the third quarter of 2015.
The Company is expecting pro forma total combined revenue for the third quarter of 2015 to be in the range of $20.7 million to $20.9 million, representing an increase of 5.5 % to 6.5 % when compared to pro forma combined revenue of $19.6 million reported for the third quarter of 2014. The third quarter 2014 and 2015 revenue figures include approximately $1.9 million and $0.7 million, respectively, of OEM revenues from a large orthopedic device manufacturer.
Excluding these OEM revenues, third quarter 2015 pro forma combined revenue is expected to increase between 12.7% and 13.8% compared to the same period last year.
The Company acquired X-spine during the third quarter on July 31, 2015, so for SEC reporting purposes, the Company is expected to report third quarter 2015 revenue in the range of $17.6 million and $17.8 million, which includes three months of Bacterin revenues and two months of X-spine revenues.
The quarterly financial results included in this release were calculated prior to the completion of a review by the Company’s external auditors and are therefore subject to adjustment.
| Xtant Medical Holdings Inc. | |||||||||||||||||||||||
| 3Q Pro Forma Combined Revenue Comparison | |||||||||||||||||||||||
| Third Quarter 2015 Revenue Guidance Range | |||||||||||||||||||||||
| Actual | Lower-End | Upper-End | |||||||||||||||||||||
| Y-Y | Y-Y Increase (Decrease) | ||||||||||||||||||||||
| 3Q 2014 | Revenue | Increase (Decrease) | % | Revenue | % | ||||||||||||||||||
| Bacterin revenues | $ | 8,454,000 | $ | 9,800,000 | $ | 1,346,000 | 15.9 | % | $ | 9,900,000 | $ | 1,446,000 | 17.1 | % | |||||||||
| X-spine revenues (ex OEM) | $ | 9,256,000 | $ | 10,155,000 | $ | 899,000 | 9.7 | % | $ | 10,255,000 | $ | 999,000 | 10.8 | % | |||||||||
| Total revenues (ex OEM) | $ | 17,710,000 | $ | 19,955,000 | $ | 2,245,000 | 12.7 | % | $ | 20,155,000 | $ | 2,445,000 | 13.8 | % | |||||||||
| X-spine OEM revenues | $ | 1,909,000 | $ | 745,000 | ($ | 1,164,000 | ) | -61.0 | % | $ | 745,000 | ($ | 1,164,000 | ) | -61.0 | % | |||||||
| Total revenues | $ | 19,619,000 | $ | 20,700,000 | $ | 1,081,000 | 5.5 | % | $ | 20,900,000 | $ | 1,281,000 | 6.5 | % | |||||||||
About Xtant Medical Holdings
Xtant Medical Holdings, Inc. (OTCQX:BONE) develops, manufactures and markets class-leading regenerative medicine products and medical devices for domestic and international markets. Xtant products serve the specialized needs of orthopedic and neurological surgeons, including orthobiologics for the promotion of bone healing, implants and instrumentation for the treatment of spinal disease, tissue grafts for the treatment of orthopedic disorders, and biologics to promote healing following cranial, and foot and ankle surgeries. With core competencies in both biologic and non-biologic surgical technologies, Xtant can leverage its resources to successfully compete in global neurological and orthopedic surgery markets. For further information, please visit www.xtantmedical.com.
