Xtant Medical (XTNT) PT Lowered to $1 at BTIG

BTIG analyst Ryan Zimmerman lowered the price target on Xtant Medical (NYSE: XTNT) to $1.00 (from $1.50) while maintaining a Buy rating.

The analyst commented: "We maintain our Buy but trim our PT to $1.00 from $1.50 following 4Q25 results. XTNT reported rev. of $32.4M (2.7% Y/Y) and EPS of $0.00, slightly ahead of BTIG/Consensus estimates of $31.9M/$30.7M as license rev. boosted results. Orthobiologics grew 2.7% Y/Y as Spinal Implants declined 22.8% Y/Y consistent with XTNT's goals to focus on its Orthobiologics segment. GMs of ~54.9% (410bps Y/Y) were below expectations as XTNT generated adj. EBITDA of $1.9M and improved its cash flow from operations. FY26 guidance was set at $95M - $99M (-29% Y/Y to -26% Y/Y organic) reflective of the changing business mix and the asset sale in March. XTNT's cash position coupled with the proceeds from its recent asset sale position the company to be self-sustainable on a forward basis. As we look ahead to FY26, we expect Orthobiologics to perform at a LDD growth rate. At current share price, we see risk/reward as favorable especially given the pro-forma cash position. We give XTNT credit for the clean-up process that occurred over FY25 but now focus turns to top-line acceleration in Orthobiologics."

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