Xtant Medical Holdings, Inc. (XTNT): Business Model Canvas [Dec-2025 Updated]

You're digging into how Xtant Medical Holdings, Inc. is reshaping its business, moving hard into those high-margin orthobiologics after shedding non-core assets. Honestly, seeing their Q3 2025 gross margin hit 66.1% thanks to that vertical integration in Montana tells a clear story about cost control, especially when they are projecting full-year revenue between $131 million and $135 million. This canvas breaks down exactly how their surgeon-centric hybrid sales force and focus on IP are driving that turnaround, which saw them post a $1.3 million net income in Q3. Let's look at the nine blocks that define their current strategy.

Xtant Medical Holdings, Inc. (XTNT) - Canvas Business Model: Key Partnerships

You're looking at the structure that supports Xtant Medical Holdings, Inc.'s operations as we close out 2025. The Key Partnerships block is critical, especially given the recent strategic divestiture and the strengthening of the investor base.

Companion Spine: Divestiture and Strategic Focus

The partnership with Companion Spine, LLC, marked a significant step in streamlining Xtant Medical Holdings, Inc.'s focus toward higher-margin orthobiologics. This relationship culminated in the completion of the sale of certain non-core Coflex® and CoFix® interlaminar stabilization implant assets and all OUS entities of Paradigm Spine GmbH on December 1, 2025.

The transaction's total consideration was approximately $19.2 million. Xtant Medical Holdings, Inc. plans to use these net proceeds to reduce long-term debt and enhance cash liquidity. The operating contributions from these divested assets were included in Xtant Medical Holdings, Inc.'s results only through that December 1, 2025 sale date.

Here's the quick math on the deal structure:

Component	Amount	Maturity/Note Detail
Total Consideration	$19.2 million	N/A
Cash at Closing	$11.0 million	N/A
Short-Term Seller Financing	$8.2 million	Unsecured promissory note due January 15, 2026

What this estimate hides is the immediate impact on the balance sheet; as of September 30, 2025, Xtant Medical Holdings, Inc. reported $10.6 million in cash and cash equivalents, which the proceeds from this sale are set to bolster further, supporting the goal of operating without the need for additional external capital.

Nantahala Capital Management LLC: Long-Term Investor Alignment

Nantahala Capital Management, LLC solidified its role as a key, long-term, healthcare-focused institutional investor through a major stock transaction completed on April 10, 2025. This involved the purchase of approximately 73.1 million shares from OrbiMed Advisors LLC affiliates at a price of $0.42 per share. Following this, Nantahala Capital Management, LLC held shares representing 49.1% of the issued and outstanding common stock, making it the largest shareholder. This transaction terminated the prior investor rights agreement with OrbiMed, granting Xtant Medical Holdings, Inc. greater strategic flexibility.

To be fair, Nantahala Capital Management, LLC's commitment is evident in their Q2 2025 13F filing, which showed their top buy for that quarter was +$45.2 million in XTANT MED HLDGS INC.

Independent Distributors/Sales Agents: U.S. Commercialization Backbone

Xtant Medical Holdings, Inc. utilizes a hybrid network to drive U.S. product commercialization, relying heavily on independent sales professionals and established purchasing organizations. This network is vital for reaching surgeons performing spine and orthopedic procedures.

The scale of this commercial reach as of the end of 2024 included:

• Over 670 independent sales agents and distributors.
• Contracts with 450 Integrated Delivery Networks (IDNs) and major Group Purchasing Organizations (GPOs).
• Key GPO contracts include Vizient, Premier, and HealthTrust Purchasing Group.

The company is also pursuing a national effort to present its products as a value proposition to hospital systems, listing agreements with entities like Banner Hospitals, Dignity Health, and Scripps among others.

Donor Tissue Procurement Organizations: Diversified Allograft Supply

For its orthobiologics portfolio, Xtant Medical Holdings, Inc. depends on a diversified supply chain of allograft materials, which requires strong relationships with Donor Procurement Organizations. The company maintains agreements with multiple recovery agencies and actively expands this network to anticipate increased demand.

This partnership element is governed by the company's mission of honoring the gift of donation. Xtant Medical Holdings, Inc. acknowledges that compliance with cGTP regulations for donor recovery, screening, and testing is dependent upon the actions of these independent entities. If suppliers fail to comply, Xtant Medical Holdings, Inc.'s products and business could be negatively affected.

Finance: draft 13-week cash view by Friday.

Xtant Medical Holdings, Inc. (XTNT) - Canvas Business Model: Key Activities

You're looking at the core engine driving Xtant Medical Holdings, Inc. as they push hard into late 2025, focusing on biologics after shedding some non-core assets. The key activities here are all about making, innovating, and selling their specialized orthopedic products.

Manufacturing and Processing: Vertical integration at the Montana facility to control costs and quality.

The company emphasizes its position as one of the few fully vertically integrated regenerative medicine firms, which is a big deal for controlling the supply chain. This integration seems to be paying off in the numbers we see. For the third quarter ended September 30, 2025, Xtant Medical reported a gross margin of 66.1%, a solid jump from 58.4% in the prior year quarter. That improvement is attributed to favorable sales mix and greater scale, suggesting the manufacturing control is helping the bottom line. The full-year 2025 revenue guidance remains firm at $131 million to $135 million, showing confidence in their production and sales capabilities moving through the end of the year.

Research and Development (R&D): Continuous innovation for new orthobiologics like CollagenX™.

Innovation is clearly a required activity, evidenced by recent product introductions. For the three months ended September 30, 2025, Research and Development expenses totaled $634,000, which was actually a decrease from $701,000 in the third quarter of 2024. Still, this spending supported the launch of CollagenX™, their bovine collagen particulate product for surgical wound closure, announced in November 2025. Plus, they launched OsteoFactor Pro™ and Trivium™ back in the second quarter of 2025, meaning R&D is actively feeding the commercial pipeline. They are now claiming to offer solutions across all 5 major orthobiologic categories.

Sales Force Expansion: Investment in commercial team to drive biologics revenue growth.

Management explicitly stated that measured investments in sales force expansion are expected to deliver accelerating biologics product revenue growth. While Q3 2025 operating expenses were down overall to $19.5 million from $20.1 million in Q3 2024, the allocation within that spend is key. For context, in Q2 2025, sales and marketing expenses were $11.6 million. The goal is clearly to convert this expanded commercial reach into higher-margin biologics sales, as hardware product revenue actually saw a year-over-year decline of 6% or $736,000 in Q3 2025.

Regulatory Compliance: Securing and maintaining FDA approvals for medical devices and biologics.

This is the gatekeeping activity for everything they sell. While specific compliance costs aren't broken out separately in the Q3 highlights, the entire business model hinges on the regulatory status of their portfolio. The successful launch of CollagenX™ in November 2025 confirms they are actively navigating the necessary clearances for new products in surgical wound closure, in addition to their existing spine and orthopedics biologics portfolio. Maintaining these approvals is non-negotiable for market access.

Here's a quick look at how the Q3 2025 performance stacks up against the prior year, showing the results of these activities:

Metric	Q3 2025 Amount	Q3 2024 Amount
Total Revenue	$33.3 million	$27.9 million
Gross Margin	66.1%	58.4%
Operating Expenses	$19.5 million	$20.1 million
Net Income (Loss)	$1.3 million	Net Loss of $5.0 million
Adjusted EBITDA	$4.5 million	Adjusted EBITDA Loss of $1.0 million

The company generated $4.6 million in cash from operations in Q3 2025, a significant turnaround from the $1.7 million used in operations in the prior year quarter. Finance: review the Q4 2025 cash flow projections based on the Companion Spine sale closing by year-end.

Xtant Medical Holdings, Inc. (XTNT) - Canvas Business Model: Key Resources

You're looking at the core assets Xtant Medical Holdings, Inc. uses to deliver its value proposition in the specialized medical device and regenerative medicine space. These aren't just line items; they are the physical, intellectual, and financial foundations supporting their operations as of late 2025.

Intellectual Property (IP) is a major barrier to entry here. Xtant Medical Holdings, Inc. protects its innovation through a significant patent portfolio focused on its fixation technologies. This is the moat around their specialized hardware business.

• Over 50 issued patents globally specifically for fixation products.
• The broader intellectual property portfolio includes over 100 issued patents globally.

The company maintains vertically integrated production capabilities, which is a key differentiator, especially in the biologics space where process control is critical. This integration helps them manage quality and supply chain risk.

• Headquarters and manufacturing facility are located in Belgrade, Montana.
• This Montana facility includes a state-of-the-art center for biologics processing.
• The facility is FDA registered and includes a Class 10,000 (ISO 7) cleanroom environment.

The Biologics Portfolio forms a core part of the Xtant Medical Holdings, Inc. offering, focusing on promoting bone healing. They have been actively refreshing this line-up, which is crucial for maintaining market relevance in orthobiologics.

Here's a look at some of the key products mentioned in their rejuvenated Demineralized Bone Matrix (DBM) offerings:

Product Category	Specific Product Name	Status/Description Context
Demineralized Bone Matrix (DBM)	Trivium™	Groundbreaking new DBM offering with three synergistic elements.
Demineralized Bone Matrix (DBM)	FibreX®	One of the two new innovative DBM products launched to rejuvenate core offerings.
Viable Bone Matrix	OsteoVive® Plus	Moldable, viable bone matrix manufactured in Belgrade, Montana.

Finally, the balance sheet provides the necessary working capital to support these operations and growth initiatives. You always need to know the cash on hand to gauge near-term operational flexibility.

The financial position as of the end of the third quarter of 2025 shows the immediate liquidity available to Xtant Medical Holdings, Inc.

• Cash, cash equivalents, and restricted cash totaled $10.6 million as of September 30, 2025.
• This was an increase from $6.2 million as of December 31, 2024.
• Net accounts receivable stood at $25.6 million on that same date.

Finance: draft 13-week cash view by Friday.

Xtant Medical Holdings, Inc. (XTNT) - Canvas Business Model: Value Propositions

You're looking at the core reasons surgeons and hospitals choose Xtant Medical Holdings, Inc. over the competition. It's not just about having a product; it's about the specific value those products deliver in the operating room and on the balance sheet.

Innovative Orthobiologics: Higher-margin products for bone healing and surgical wound care.

Xtant Medical Holdings, Inc. is clearly driving toward higher-margin, innovative biologics. They recently launched OsteoFactor Pro™, which is an allogeneic growth factor cocktail designed to improve bone healing and support surgical success across orthopedic and spine procedures. They state they are now the only vertically integrated company to develop and manufacture solutions across all 5 major orthobiologic categories. This focus is reflected in the financial performance; for instance, the Gross Margin hit 68.6% in the second quarter of 2025, though it settled at 66.1% in the third quarter of 2025. The company is also expanding this segment with products like Trivium™, a premium demineralized bone matrix (DBM) allograft, and CollagenX™, a bovine collagen particulate for surgical wound closure.

The financial performance highlights the increasing importance of these higher-value offerings:

Metric	Q2 2025 Result	Q3 2025 Result	FY 2025 Guidance (Range)
Total Revenue	$35.4 million	$33.3 million	$131 million to $135 million
Gross Margin	68.6%	66.1%	N/A
Net Income	$3.6 million	$1.3 million	N/A
Adjusted EBITDA	$6.9 million	$4.5 million	N/A

The full-year 2025 revenue guidance is set between $131 million and $135 million, representing growth of 11% to 15% over 2024.

Comprehensive Surgical Solutions: Portfolio for spinal, orthopedic, and woundcare disorders.

Xtant Medical Holdings, Inc. offers a comprehensive portfolio that spans multiple surgical disciplines. They are focused on providing solutions for spinal, orthopedic, and chronic/surgical wound care disorders. This breadth means a single provider group can source multiple necessary materials from one vendor. The portfolio is structured around these key areas:

• Biologics, including Allogeneic Proteins, DBM, and Amniotic Membrane.
• Spinal Implants covering Cervical and Thoracolumbar segments.
• Sports Medicine Allografts.

The strategic divestiture of non-core Coflex® and CoFix® spinal implants and all OUS businesses to Companion Spine for approximately $19.2 million is intended to sharpen this focus on the core biologics business.

Quality Control: Improved product quality via vertical integration of manufacturing.

The company views its manufacturing control as a key differentiator. Management has stated that becoming a vertically integrated biologics manufacturer gives them control over the supply chain, which ensures the highest product quality. This move, partly realized through the acquisition of Surgalign Holdings' hardware and biologics business, was intended to reduce supply chain risks and cut costs, projecting an annual operating expense reduction of $5 million starting in late 2024. Their facility in Belgrade, Montana, is an FDA registered facility with a Class 10,000 (ISO 7) environmentally controlled area, operating under cGMP and ISO 13485:2003 quality standards. This internal capability allows them to launch products like OsteoFactor Pro™ with confidence in their production process.

Cost-Effective Care: Regenerative solutions addressing growing demand for value-based care.

While the search results detail the industry-wide push toward value-based care (VBC) in 2025-where providers are rewarded for better outcomes and cost containment-Xtant Medical Holdings, Inc. supports this by focusing on high-value, high-margin products. The emphasis on biologics, which are often premium-priced and designed to improve healing, aligns with the VBC goal of achieving better patient outcomes, which is central to financial viability under risk-based contracts. The improved gross margins, reaching 68.6% in Q2 2025, suggest that the company is successfully commanding a price premium for its differentiated, internally manufactured regenerative solutions. The expected net income of $3.6 million in Q2 2025 and positive Adjusted EBITDA of $6.9 million in the same quarter show a clear path to financial sustainability, which is a prerequisite for any long-term partner in a cost-conscious healthcare system.

Finance: draft 13-week cash flow view by Friday.

Xtant Medical Holdings, Inc. (XTNT) - Canvas Business Model: Customer Relationships

You're looking at how Xtant Medical Holdings, Inc. engages with the surgeons and hospitals that use their spinal and orthopedic solutions. This part of the model is all about direct interaction and value delivery to the clinical user base.

Dedicated Sales Support

Xtant Medical Holdings, Inc. management stated they are making strategic investments in expanding its sales force to accelerate revenue growth in its core biologics segment. This direct support is crucial for technical product adoption.

The company's Q3 2025 revenue was $33.3 million, up 19% year-over-year, which reflects the effectiveness of their commercial efforts, though the core biologics product family grew 4% over the third quarter of last year.

Surgeon-Centric Focus

The focus is clearly on providing solutions tailored to orthopedic and neuro surgeons, evidenced by the launch of new, internally produced products. For example, CollagenX™, a bovine collagen particulate product, was launched to address surgical wound closure.

Feedback from surgeons on prior growth factor products like Trivium™ has been described as encouraging. The company aims to have solutions spanning all five major orthobiologic categories.

The biologics product family demonstrated stronger growth in Q2 2025, growing more than 20% over the second quarter of 2024, indicating strong initial surgeon adoption for those specific offerings.

Strategic Account Management

The customer relationship strategy involves streamlining operations to focus on the core business, which impacts the value proposition to larger entities. Xtant Medical Holdings, Inc. is finalizing the sale of non-core assets, including international entities of Paradigm Spine, to Companion Spine, with anticipated proceeds of approximately $19.2 million.

This strategic pivot is intended to sharpen focus on the core biologics business, which management sees as key to long-term value creation for shareholders. The company achieved a positive net income of $1.3 million in Q3 2025, compared to a net loss in the prior year quarter.

Here's a quick look at the financial context supporting these customer-facing efforts as of Q3 2025:

Metric	Value (Q3 2025)	Comparison/Context
Total Revenue	$33.3 million	Up 19% year-over-year
Gross Margin	66.1%	Up from 58.4% in Q3 2024
Adjusted EBITDA	$4.5 million	Up from loss of $1.0 million in Q3 2024
Cash from Operations	$4.6 million	Compared to cash used of $1.7 million in Q3 2024
FY 2025 Revenue Guidance	$131 million to $135 million	Represents growth of 11% to 15% over FY 2024

The company reported $10.6 million of cash and cash equivalents as of September 30, 2025.

Xtant Medical Holdings, Inc. (XTNT) - Canvas Business Model: Channels

You're looking at how Xtant Medical Holdings, Inc. gets its products-spinal implants and orthobiologics-into the hands of surgeons and into operating rooms. The channel strategy is built on a multi-pronged approach designed to maximize reach across the complex U.S. healthcare system.

U.S. Hybrid Distribution Network

Xtant Medical Holdings, Inc. uses a hybrid distribution network within the United States. This means they don't rely on just one method; they blend internal resources with external partners for market penetration. This structure helps them manage the specialized nature of selling medical devices.

The U.S. channel mix includes:

• Direct employees for specialized product lines.
• Sales agents for targeted market coverage.
• Independent distributors for broader reach.

Internationally, the approach shifts to stocking distribution partners. Honestly, this dual focus is key to managing diverse regulatory and sales environments.

Here's a quick look at the geographic reach based on their structure:

Channel Type	Geographic Focus	Key Access Points Mentioned
Hybrid Network	United States	Direct Employees, Sales Agents, Independent Distributors
Distribution Partners	International	Canada, Mexico, South America, Europe, Middle East, Australia, South Korea, and Taiwan

Hospital and Ambulatory Surgical Center (ASC) Sales

The primary points of product utilization are the hospitals and Ambulatory Surgical Centers (ASCs) where spinal and orthopedic procedures occur. Gaining access to these facilities is crucial for driving product adoption.

Xtant Medical Holdings, Inc. leverages established relationships to place its products:

• Contracts with major GPOs (group purchasing organizations) for favorable purchasing terms.
• Extensive access to IDNs (integrated delivery network hospitals) for both biologics and spine hardware systems.

The company's focus on its core domestic business, especially following the planned divestiture of non-core assets, means these direct-to-facility channels are defintely where the near-term action is.

Licensing Agreements

Beyond direct product sales, Xtant Medical Holdings, Inc. generates non-product revenue through licensing agreements. This provides a valuable, often high-margin, revenue stream that diversifies the top line away from pure device sales volume.

The financial impact of these agreements was quite clear in the latest reporting period:

For the third quarter ended September 30, 2025, licensing revenue contributed $5.5 million to the total revenue of $33.3 million for Xtant Medical Holdings, Inc.. This non-product revenue stream helped drive the quarter's total revenue up 19% year-over-year.

Also supporting the financial position is the expected cash inflow from the strategic asset sale. The pending sale of certain non-core assets to Companion Spine is anticipated to bring in proceeds of $19.2 million by the end of 2025.

Finance: draft 13-week cash view by Friday.

Xtant Medical Holdings, Inc. (XTNT) - Canvas Business Model: Customer Segments

Orthopedic and Neuro Surgeons

• Primary users of spinal and orthopedic products, including orthobiologics for bone healing and spinal implant systems.
• Products used to treat disorders in the cervical, thoracolumbar, and interbody spine.
• The company launched OsteoFactor Pro™, a growth factor cocktail for orthopedic and spine procedures.
• The company launched Trivium™, a demineralized bone matrix (DBM) allograft.

U.S. Hospitals and Purchasing Organizations

• Key decision-makers for product adoption and volume.
• The company generates a majority of its revenue from the U.S. market.
• In 2023, 94% of Xtant Medical Holdings, Inc. revenue was generated in the United States.
• The company has 232 total employees as of late 2025.

Patients

• Individuals with degenerative spine, orthopedic, and chronic wound conditions.
• Products are designed to facilitate spinal fusion and promote healing following spine, cranial, and foot surgeries.
• The company launched CollagenX™, a bovine collagen particulate product for surgical wound closure.

Scale of Business Interacting with Customer Segments (Based on 2025 Financials)

Metric	Value (as of late 2025)
Trailing Twelve Month Revenue (as of September 30, 2025)	$133 million
FY25 Revenue Guidance (Low End)	$131 million
FY25 Revenue Guidance (High End)	$135 million
Q3 2025 Revenue	$33.3 million
Q3 2025 Net Income	$1.3 million
Q3 2025 Adjusted EBITDA	$4.5 million

Xtant Medical Holdings, Inc. (XTNT) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Xtant Medical Holdings, Inc. (XTNT) as of late 2025, you see a company actively managing its expenses while investing in its core. The focus is clearly on margin improvement and operational discipline, which is showing up in the bottom line.

Cost of Goods Sold (COGS)

The management of COGS is a key lever for Xtant Medical Holdings, Inc. The company emphasizes its vertical integration strategy for its biologics, which helps control costs and improve profitability. This approach directly contributed to the reported 66.1% gross margin for the third quarter of 2025. This is a significant jump from the 58.4% gross margin seen in the third quarter of 2024. That margin improvement is what happens when you get better scale and a favorable sales mix, especially with the growth in higher-margin licensing revenue.

Operating Expenses (OpEx)

You saw a concerted effort to streamline overhead. Total Operating Expenses (OpEx) for the third quarter of 2025 were $19.5 million. Honestly, that's a solid reduction from the $20.1 million reported in the third quarter of 2024. The company achieved this reduction through efficiency gains and the divestiture of certain non-core assets, though the primary driver mentioned was reduced compensation and commission expenses.

Here's a quick look at how the major OpEx components stacked up for Q3 2025 compared to the prior year's third quarter:

Expense Category	Q3 2025 Amount (in millions)	Q3 2024 Amount (in millions)
Total Operating Expenses	$19.451	$20.1
Sales and Marketing	$11.746	$11.890
Research and Development	$0.634	$0.701

Sales and Marketing Costs

The Sales and Marketing line item is where you see the direct costs associated with getting the product into the operating room. For the third quarter of 2025, these costs totaled $11.746 million. This spending covers the commissions and compensation tied to the hybrid sales force structure Xtant Medical Holdings, Inc. uses. You can see a slight year-over-year decrease to $11.746 million in Q3 2025 from $11.890 million in Q3 2024, which was part of the overall OpEx reduction, though it was partially offset by an increase in professional fees related to sales and marketing.

R&D Investment

To keep the pipeline fresh, Xtant Medical Holdings, Inc. continues to fund Research and Development. For the three months ended September 30, 2025, R&D expenses were $634,000. This investment is crucial for generating the clinical data needed to support the portfolio and fund the development of new orthobiologic solutions, like the recently launched CollagenX™. While this number was slightly lower than the $701,000 spent in Q3 2024, management indicated a renewed focus on maximizing the reach of the existing portfolio while continuing to innovate.

You're looking at a cost structure that is flexing toward profitability, but still earmarking capital for future growth drivers.

Xtant Medical Holdings, Inc. (XTNT) - Canvas Business Model: Revenue Streams

You're looking at how Xtant Medical Holdings, Inc. is bringing in money as we close out 2025. The story here is a clear shift toward profitability, heavily supported by non-product revenue streams in the short term.

The core of Xtant Medical Holdings, Inc.'s revenue still comes from Product Sales, which include their orthobiologics and spinal implant systems. However, the Q3 2025 results show a mixed picture within this segment. The Spinal Implants line actually saw a 6.5% year-over-year decline. Still, the overall product revenue picture was helped by the Biologics segment, which posted a 3.4% year-over-year growth in Q3 2025. This indicates a strategic pivot, or at least a current reality, where the biologics side is outperforming the hardware side.

What really drove the top line in the third quarter was Licensing Revenue. This non-product revenue stream contributed $5.5 million in Q3 2025. Honestly, this licensing income is acting as a significant bridge, helping Xtant Medical Holdings, Inc. achieve profitability while they manage the performance of their physical product lines. It's a crucial, non-recurring or at least non-core, element boosting current financials.

Here's a quick look at the key revenue and profitability metrics from that strong third quarter and the outlook:

Revenue Stream Detail	Q3 2025 Financial Data	Context/Driver
Total Revenue	$33.3 million	19% increase year-over-year
Licensing Revenue	$5.5 million	Major contributor to Q3 revenue surge
Hardware Product Revenue	Declined by $736,000	6% year-over-year decline
Biologics Revenue	Increased by $576,000	3.4% year-over-year growth in segment
Full-Year 2025 Guidance	$131 million to $135 million	Reiterated guidance, 11%-15% growth over FY24
Q3 2025 Net Income	$1.3 million	Turnaround from $5.0 million net loss in prior year

The company is projecting continued growth for the full year. Xtant Medical Holdings, Inc. has reiterated its Full-Year 2025 Guidance, projecting total revenue to fall between $131 million and $135 million. That range represents an anticipated growth of 11% to 15% over the full-year 2024 revenue. This guidance was maintained even with the pending sale of non-core assets, suggesting confidence in the underlying operational growth.

The most significant financial marker for the quarter is the achievement of Net Income. Xtant Medical Holdings, Inc. reported a Q3 2025 net income of $1.3 million. This is a defintely significant turnaround when you compare it to the net loss of $5.0 million recorded in the comparable quarter of 2024. This profitability, coupled with generating $4.6 million in cash from operations, shows the revenue mix is working to improve the bottom line right now.

You can see the key drivers of the Q3 performance broken down like this:

• Total revenue growth was 19% year-over-year.
• Gross margin improved substantially to 66.1%.
• Adjusted EBITDA was positive at $4.5 million.
• The company is focusing on its core biologics business.

Finance: draft 13-week cash view by Friday.