Xtant Medical (XTNT) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase summary

Market opportunity and growth

• Addressing a $10B+ spine market and expanding into additional orthobiologic verticals worth tens of billions.

• Achieved 58% growth last year and expects over 30% growth this year, with guidance reaffirmed at 27%-31% for the full year.

• Distribution network covers 90% of U.S. hospital beds and includes over 650 domestic distributors and a growing international presence.

• Recent acquisitions (Coflex, Surgalign, Nanoss) have been instrumental in driving growth and expanding product offerings.

• International business is positioned for upside due to MDR-certified products and reduced competition in the EU.

Product and operational strategy

• Transitioned from low-margin, distributed products to internally produced, high-margin products such as Amnio and synthetics.

• Amnio and synthetics now deliver 80%-90%+ margins, with viable bone matrix production underway and a proprietary growth factor product in development.

• Full line of orthobiologics enables penetration with existing and new distributors, offering unique products not widely available elsewhere.

• Platform for growth is built on contract access, distribution reach, expanding capabilities, and M&A.

• Motion preservation technologies and minimally invasive solutions are expected to differentiate offerings and drive future growth.

Financial performance and outlook

• Five consecutive quarters of Adjusted EBITDA growth, with a target to be operating cash flow positive in Q4.

• Gross margins expected to rise from low 60s% in 2025 to nearly 70% in 2026 as more products are produced internally.

• Infrastructure is scalable, supporting growth without significant additional investment.

• Private placement proceeds will strengthen the balance sheet and support reaching an inflection point.

• Management expects mid double-digit growth and improved margins through 2026 and beyond.