Yahoo Finance Xtant Medical Holdings, Inc. (AMEX:XTNT) Q4 2023 Earnings Call Transcript
Xtant Medical Holdings, Inc. (AMEX:XTNT) Q4 2023 Earnings Call Transcript April 1, 2024
Xtant Medical Holdings, Inc. misses on earnings expectations. Reported EPS is $-0.03 EPS, expectations were $-0.025. Xtant Medical Holdings, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings, and welcome to the Xtant Medical Fourth Quarter and Full-Year 2023 Financial Results Conference Call. A question-and-answer session will follow the formal presentation. Currently, everyone is in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Matt Steinberg of FINN Partners. Please go ahead.
Matt Steinberg: Thank you, operator, and welcome to Xtant Medical’s fourth quarter and full-year 2023 financial results call. Joining me today is Sean Browne, President and Chief Executive Officer; and Scott Neils, Chief Financial Officer. Today's call is being webcast and will be posted on the company's website for playback. During the course of this call, management may make certain forward-looking statements regarding future events and the company's expected future performance. These forward-looking statements reflect Xtant’s current perspective on existing trends and information and can be identified by such words as expect, plan, will, may, anticipate, believe, should, intends and other words with similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factors section of the company's annual report on Form 10-K filed with the SEC on April 1, 2024, and in subsequent SEC reports and press releases.
Actual results may differ materially. The company's financial results press release and today's discussion include certain non-GAAP financial measures. Please refer to the non-GAAP to GAAP reconciliations, which appear in our press release and are otherwise available on our website. Note that our Form 8-K filed with our financial results press release provides a detailed narrative that describes our use of such measures. For the benefit of those of you who may be listening to a replay this call was held and recorded on Monday, April 1 at approximately 9:00 a.m. Eastern Time. The company declines any obligation to update its forward-looking statements, except as required by applicable law. Now, I'd like to turn the call over to Sean Browne.
Sean Browne: Thank you, Matt, and good morning to everyone. 2023 was a transformative year for Xtant Medical. It was a culmination of a multi-year turnaround effort in which we establish what we believe is now a robust platform for future growth. Now with the foundation of exceptional market access and a nationwide distribution network established, we have created a scalable business model that resulted in record revenue in 2023 and has generated positive EBITDA -- adjusted EBITDA for the last three consecutive quarters. For the fourth quarter of 2023, we generated revenue of $28.1 million, an increase of 84% year-over-year. We're seeing positive returns of our business by achieving annual revenue growth of more than 58% in 2023 with our full year revenue of $91.3 million coming in ahead of our guidance range.
Our organic revenue growth for the fourth quarter of 2023 was 9%. This excludes the contributions from our 2023 acquisitions and as adjusted for a reclassification of our GPO fees, as Scott will explain later. Full year fiscal 2023 adjusted organic growth was 17% over full year of fiscal 2022. In summary, full year 2023 was transformative. As previously mentioned, we grew by over 58% with adjusted organic growth of 17%. In addition to our record revenues, we finished the year with three straight quarters of positive adjusted EBITDA. Secondly, we acquired three separate businesses. Third, operationally, we improved our clean room capacity by over 50%. Fourth, we dramatically improved our margins by 540 basis points through improved operational efficiencies and improved mix of product.
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