Xtant Medical Holdings reported second quarter 2026 revenue of $23.0 million, a decline from $35.4 million in the prior year period, driven by the December 2025 sale of its Coflex/CoFix assets and international hardware business to Companion Spine, as well as the cessation of high-margin license revenue due to reimbursement changes. The company posted a net loss of $9.4 million compared to net income of $3.6 million in Q2 2025, with non-GAAP adjusted EBITDA turning negative at -$2.7 million from positive $6.9 million previously. Operating expenses increased to $22.5 million, largely due to a $5.0 million exclusivity fee paid to Dilon Technologies for U.S. distribution rights to the HEMOBLAST® Bellows product and the hiring of its sales team. Xtant reduced its full-year 2026 revenue guidance to $99–$103 million from $101–$105 million, citing lower-than-expected biologics revenue and headwinds in the advanced wound care market. The company operates in the medical technology industry, designing and commercializing orthobiologics and spinal implant systems.