Major Estimate Revision • May 20
Consensus EPS estimates fall by 67%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$97.7m to US$102.4m. Forecast EPS reduced from -US$0.03 to -US$0.05 per share. Medical Equipment industry in the US expected to see average net income growth of 13% next year. Consensus price target of US$1.23 unchanged from last update. Share price fell 3.1% to US$0.47 over the past week. Buy Or Sell Opportunity • May 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to US$0.47. The fair value is estimated to be US$0.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 53% per annum over the same time period. Announcement • May 08
Xtant Medical Holdings Inc Expands Trivium Portfolio with Commercial Launch of Trivium Shaped Xtant Medical Holdings, Inc. announced the commercial launch of Trivium Shaped, an extension of its Trivium bone graft portfolio that is now available in pre-shaped configurations designed to support handling, preparation, and placement across a range of surgical applications. Trivium Shaped builds on the success of the Trivium sculptable format (launched in April 2025) by offering surgeons ready-to-use graft forms, including boats and strips, designed to enhance consistency and handling in the operating room. The introduction of pre-shaped configurations represents a significant advancement in graft convenience and clinical utility, allowing surgeons to optimize surgical workflow while maintaining the exceptional performance characteristics of the Trivium platform. Trivium is a composite allograft that combines cortical fibers, cancellous bone, and demineralized bone matrix (DBM) into a single, connected graft matrix. The Trivium Shaped launch highlights the use of PureLoc technology, a proprietary automated DBM milling process that produces elongated, uniform cortical fibers that form the structural foundation of the graft. Trivium Shaped is now available to Xtant Medical's nationwide distribution network of independent agents. Announcement • May 07
Xtant Medical Holdings, Inc. to Report Q1, 2026 Results on May 13, 2026 Xtant Medical Holdings, Inc. announced that they will report Q1, 2026 results Pre-Market on May 13, 2026 New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$74.5m market cap). Reported Earnings • Apr 02
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$0.036 (up from US$0.12 loss in FY 2024). Revenue: US$133.9m (up 14% from FY 2024). Net income: US$4.97m (up US$21.4m from FY 2024). Profit margin: 3.7% (up from net loss in FY 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Medical Equipment industry in the US are expected to grow by 8.1%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Mar 31
Xtant Medical Holdings, Inc. Provides Earnings Guidance for the Full Year 2026 Xtant Medical Holdings, Inc. provided earnings guidance for the full year 2026. for the year, the company expects revenue to be in the range of $95 million to $99 million. Announcement • Mar 25
Xtant Medical Holdings, Inc. to Report Q4, 2025 Results on Mar 31, 2026 Xtant Medical Holdings, Inc. announced that they will report Q4, 2025 results Pre-Market on Mar 31, 2026 Announcement • Dec 11
Xtant Medical Holdings, Inc. Announces Commercial Launch of its Next-Generation NanOss Strata™? Synthetic Bone Graft Xtant Medical Holdings, Inc. announced the commercial launch of its next-generation innovative synthetic bone graft in the nanOss line, Strata. nanOss Strata is manufactured from hydroxycarbonapatite (HCA), a material with higher solubility than traditional hydroxyapatite (HA), the most commonly used synthetic material. Increased solubility can enhance the bioactivity of the graft, which allows for better integration and remodeling with the surrounding bone tissue during the healing process. The nanocrystalline structure of HCA used in the nanOss Strata is designed to closely mimic human bone and increase the surface area for improved osteoconductivity and stimulation of the patient's cellular activity on the surface of the graft after implantation. Strata is available in compression-resistant preformed strips and prehydrated moldable grafts. Both options are sterile, highly moldable, and quickly absorb blood and other biologic fluids.nanOss Strata is now accessible through Xtant Medical's nationwide distribution network. Announcement • Dec 02
Companion Spine LLC completed the acquisition of Paradigm Spine GmbH from Xtant Medical Holdings, Inc. (NYSEAM:XTNT). Companion Spine LLC entered into Equity Purchase Agreement to acquire Paradigm Spine GmbH from Xtant Medical Holdings, Inc. (NYSEAM:XTNT) for $1.7 million on July 7, 2025. Xtant Medical Holdings agreed to sell to Companion all of its shares of equity securities of Paradigm, which constitute 100% of the issued and outstanding shares of equity securities of Paradigm for a total purchase price of $1.7 million. Up to two additional $2.5 million cash deposits may be paid to the Seller by the Buyer in the event the Buyer requires additional time to obtain financing. The transaction is subject to completion of separate transaction, contemplated by the International Purchase Agreement, Companion Spine obtaining financing and other customary closing conditions. The expected completion of the transaction is in the third quarter of 2025. Phil Martin of Fox Rothschild LLP acted as legal advisor for Xtant Medical Holdings. David Mack of Dorsey & Whitney LLP acted as legal advisor for Companion Spine LLC. McDermott Will & Emery LLP acted as legal advisor for Companion Spine LLC. Farber LLC acted as legal advisor for Companion Spine LLC. Natixis Partners acted as financial advisor for Companion Spine LLC. Deloitte Finance acted as due diligence provider for Companion Spine LLC. UHY LLP acted as accountant for Companion Spine LLC. Xtant Medical is advised by LifeSci Partners as investor relations advisor. Companion Spine is advised by FTI Consulting as strategic communications advisor and MCRA as regulatory, clinical and reimbursement advisor. Innovatus Capital Partners is the current senior lender to Companion Spine.
Companion Spine LLC completed the acquisition of Paradigm Spine GmbH from Xtant Medical Holdings, Inc. (NYSEAM:XTNT) on December 1, 2025. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.009 (up from US$0.037 loss in 3Q 2024). Revenue: US$33.3m (up 19% from 3Q 2024). Net income: US$1.31m (up US$6.33m from 3Q 2024). Profit margin: 3.9% (up from net loss in 3Q 2024). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Medical Equipment industry in the US are expected to grow by 8.4%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Nov 11
Xtant Medical Holdings, Inc. Reiterates Revenue Guidance for the Full Year 2025 Xtant Medical Holdings, Inc. reiterated revenue guidance for the full year 2025. The company is reiterating its full-year 2025 revenue guidance of $131 million to $135 million, which represents approximately 11% to 15% growth over the Company's full-year 2024 revenue. Announcement • Nov 07
Xtant Medical Holdings, Inc. Announces Commercial Launch of CollagenX Xtant Medical Holdings, Inc. announced the commercial launch of CollagenX, its bovine collagen particulate product for surgical wound closure designed to promote healing, prevent dehiscence, and help mitigate concerns related to surgical site infections. CollagenX is a potential addition to every case type currently addressed by Xtant's biologics portfolio, as well as procedures performed in other surgical disciplines. Announcement • Nov 04
Xtant Medical Holdings, Inc. to Report Q3, 2025 Results on Nov 11, 2025 Xtant Medical Holdings, Inc. announced that they will report Q3, 2025 results at 9:30 AM, US Eastern Standard Time on Nov 11, 2025 Announcement • Sep 16
Xtant Medical Holdings, Inc., Annual General Meeting, Nov 07, 2025 Xtant Medical Holdings, Inc., Annual General Meeting, Nov 07, 2025. Location: 101 park avenue, 17th floor, new york 10178, new york United States Reported Earnings • Aug 13
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.025 (up from US$0.03 loss in 2Q 2024). Revenue: US$35.4m (up 18% from 2Q 2024). Net income: US$3.55m (up US$7.41m from 2Q 2024). Profit margin: 10.0% (up from net loss in 2Q 2024). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 8.2% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 11% per year. Board Change • Aug 12
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Jonn Beeson was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 12
Xtant Medical Holdings, Inc. Raises Revenue Guidance for the Full Year 2025 Xtant Medical Holdings, Inc. raised revenue guidance for the full year 2025. For the year, the company raised revenue guidance to a range of $131 million to $135 million, which represents approximately 11% to 15% growth over the Company's 2024 revenue. This compares to its prior revenue guidance of $127 million to $131 million. Announcement • Aug 05
Xtant Medical Holdings, Inc. to Report Q2, 2025 Results on Aug 12, 2025 Xtant Medical Holdings, Inc. announced that they will report Q2, 2025 results at 9:30 AM, US Eastern Standard Time on Aug 12, 2025 Announcement • Jul 09
Companion Spine LLC entered into Equity Purchase Agreement to acquire Paradigm Spine GmbH from Xtant Medical Holdings, Inc. (NYSEAM:XTNT) for $1.7 million. Companion Spine LLC entered into Equity Purchase Agreement to acquire Paradigm Spine GmbH from Xtant Medical Holdings, Inc. (NYSEAM:XTNT) for $1.7 million on July 7, 2025. Xtant Medical Holdings agreed to sell to Companion all of its shares of equity securities of Paradigm, which constitute 100% of the issued and outstanding shares of equity securities of Paradigm for a total purchase price of $1.7 million. Up to two additional $2.5 million cash deposits may be paid to the Seller by the Buyer in the event the Buyer requires additional time to obtain financing. The transaction is subject to completion of separate transaction, contemplated by the International Purchase Agreement, Companion Spine obtaining financing and other customary closing conditions. The expected completion of the transaction is in the third quarter of 2025. Phil Martin of Fox Rothschild LLP acted as legal advisor for Xtant Medical Holdings. David Mack of Dorsey & Whitney LLP acted as legal advisor for Companion Spine LLC. McDermott Will & Emery LLP acted as legal advisor for Companion Spine LLC. Farber LLC acted as legal advisor for Companion Spine LLC. Natixis Partners acted as financial advisor for Companion Spine LLC. Deloitte Finance acted as due diligence provider for Companion Spine LLC. UHY LLP acted as accountant for Companion Spine LLC. Xtant Medical is advised by LifeSci Partners as investor relations advisor. Companion Spine is advised by FTI Consulting as strategic communications advisor and MCRA as regulatory, clinical and reimbursement advisor. Innovatus Capital Partners is the current senior lender to Companion Spine. Announcement • May 28
Xtant Medical Holdings, Inc. Announces the Launch of OsteoFactor Pro Xtant Medical Holdings, Inc. announced the commercial launch of OsteoFactor Pro, a naturally occurring cocktail of allogeneic growth factors engineered to improve bone healing and support surgical success across orthopedic and spinal procedures. OsteoFactor Pro is a naturally derived, growth factor-rich formulation that enhances the biologic activity and regenerative potential of any orthobiologic scaffold. Its biphasic release profile--delivering an immediate bolus followed by sustained growth factor release--is designed to drive and stimulate the body's key natural bone regeneration pathways including targeted angiogenesis, chemotaxis, and osteogenesis throughout the healing process. OsteoFactor Pro™? is an off-the-shelf, ready-to-use solution that integrates seamlessly with synthetic, allograft, or autograft scaffolds. It provides surgeons with exceptional versatility and biologic performance to support a wide range of bone regeneration approaches. OsteoFactor Pro®? is now available to Xtant Medical's nationwide distribution network. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: US$0 (vs US$0.034 loss in 1Q 2024) First quarter 2025 results: EPS: US$0 (improved from US$0.034 loss in 1Q 2024). Revenue: US$32.9m (up 18% from 1Q 2024). Net income: US$58.0k (up US$4.46m from 1Q 2024). Profit margin: 0.2% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Announcement • May 13
Xtant Medical Holdings, Inc. Revises Revenue Guidance for the Full Year 2025 Xtant Medical Holdings, Inc. revised revenue guidance for the full year 2025. For the year, the company increased revenue guidance to $127 million to $131 million, representing growth of 8% to 12%, up from up prior guidance of $126 million to $130 million. Announcement • May 06
Xtant Medical Holdings, Inc. to Report Q1, 2025 Results on May 12, 2025 Xtant Medical Holdings, Inc. announced that they will report Q1, 2025 results After-Market on May 12, 2025 Announcement • Apr 23
Xtant Medical Launches Trivium Advanced Bone Graft for Superior Performance Xtant Medical Holdings, Inc. announced the launch of Trivium™?, a premium, next-generation demineralized bone matrix (DBM) allograft designed to elevate the standard of care in bone grafting procedures. Engineered with advanced PureLoc™? Fiber Technology, Trivium combines three synergistic elements intended to deliver exceptional performance in structure, handling, and biological activity. Trivium is uniquely designed, featuring intertwined structures and interconnected porosity that support theachment and proliferation of a variety of cell types, and designed to promote robust tissue ingrowth. This advanced composition creates an ideal environment for healing and regeneration. Trivium is processed using Xtant's proprietary BacteRinse®? method, clinically proven over two decades to preserve native bone morphogenetic proteins (BMPs). This ensures Trivium delivers a complete suite of bioavailable growth factors critical to initiating and supporting bone repair. Trivium represents Xtant Medical's ongoing commitment to innovation in regenerative medicine, providing surgeons with a high-performance graft that supports optimal outcomes. Trivium is now available to the company's nationwide distribution network of independent agents. Announcement • Apr 16
Xtant Medical Holdings, Inc. Provides Earnings Guidance for the First Quarter of 2025 Xtant Medical Holdings, Inc. provided earnings guidance for the first quarter of 2025. for the quarter, the company expects to report revenue ranging between $32.8 million and $33.1 million, representing 18% to 19% growth compared to first quarter 2024 revenue. The strong growth experienced in the first quarter of 2025 was driven by orthobiologics and licensing revenue. New Risk • Mar 10
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$16m Forecast net loss in 2 years: US$100k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$16m). Currently unprofitable and not forecast to become profitable over next 2 years (US$100k net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (US$64.1m market cap). Announcement • Mar 08
Xtant Medical Holdings, Inc. Provides Revenue Guidance for the Fiscal Year 2025 Xtant Medical Holdings, Inc. provided revenue guidance for the fiscal year 2025. For the year, the company initiated revenue guidance of $126 million to $130 million, representing organic growth of 7% to 11%. Reported Earnings • Mar 07
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: US$0.12 loss per share (down from US$0.006 profit in FY 2023). Revenue: US$117.3m (up 28% from FY 2023). Net loss: US$16.4m (down US$17.1m from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.3%. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Xtant Medical Holdings, Inc. to Report Q4, 2024 Results on Mar 06, 2025 Xtant Medical Holdings, Inc. announced that they will report Q4, 2024 results After-Market on Mar 06, 2025 New Risk • Jan 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$17m). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$74.0m market cap). Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.10 to -US$0.115 per share. Revenue forecast unchanged at US$117.5m. Medical Equipment industry in the US expected to see average net income growth of 21% next year. Consensus price target of US$2.25 unchanged from last update. Share price fell 20% to US$0.43 over the past week. Reported Earnings • Nov 14
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: US$0.037 loss per share (down from US$0.072 profit in 3Q 2023). Revenue: US$27.9m (up 12% from 3Q 2023). Net loss: US$5.02m (down 154% from profit in 3Q 2023). Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 60%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Nov 14
Xtant Medical Holdings, Inc. Reaffirms Earnings Guidance for the Year 2024 Xtant Medical Holdings, Inc. reaffirmed earnings guidance for the year 2024. The company reaffirmed its full year 2024 revenue guidance of $116 million to $120 million. Revenue guidance for 2024 represents annual growth of 27% to 31%. Announcement • Nov 07
Xtant Medical Holdings, Inc. to Report Q3, 2024 Results on Nov 12, 2024 Xtant Medical Holdings, Inc. announced that they will report Q3, 2024 results After-Market on Nov 12, 2024 Major Estimate Revision • Oct 20
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 losses of -US$0.10 per share expected, vs -US$0.09 per share profit forecast previously. Revenue forecast reaffirmed at US$118.4m. Medical Equipment industry in the US expected to see average net income growth of 19% next year. Consensus price target down from US$2.35 to US$2.25. Share price fell 8.4% to US$0.55 over the past week. New Risk • Oct 18
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$3.3m Forecast net loss in 2 years: US$18k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$18k net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Market cap is less than US$100m (US$81.0m market cap). Announcement • Sep 24
Xtant Medical Holdings, Inc. Expands Product Portfolio with the Launch of the Cortera(R) Posterior Fixation System Xtant Medical Holdings, Inc. announced the launch of the Cortera Posterior Fixation System, a comprehensive solution designed to streamline thoracolumbar fixation surgeries. Now available to surgeons across the United States through Xtant's commercial channels., Cortera enhances surgical workflows while delivering value across a wide spectrum of complex spinal procedures. The launch of Cortera marks Xtant's second major product introduction this month, highlighting the company's commitment to expanding its portfolio with cutting-edge technologies. Key Features of the Cortera Posterior Fixation System: - Simplifies both straightforward and complex posterior fixation procedures - Dual Lead and Dual-to-Quad Lead screw thread options for greater versatility - 5.5/6.0mm Ti/CoCr Rod System to enhance strength and stability - Helical Flange design for secure fixation - Universal S27 Hexalobe Drive for ease of use The Cortera system addresses a broad range of patient needs, offering surgeons a reliable and efficient tool for managing spinal deformities, fractures, and degenerative conditions. By improving workflow and minimizing operative challenges, the system enables more predictable surgical outcomes. Xtant Medical will showcase the Cortera Posterior Fixation System at the NASS 2024 Annual Meeting, taking place from September 25-28, 2024, at McCormick Place in Chicago, IL. Attendees are invited to visit Booth #4402 to learn more about Cortera and Xtant Medical's Elevated Procedural Solutions. Announcement • Sep 18
Xtant Medical Holdings, Inc. Expands Product Portfolio with Launch of its Own Viable Bone Matrix, OsteoVive(R) Plus Xtant Medical Holdings, Inc. announced it has launched a new addition to its robust product portfolio, OsteoVive Plus, a moldable, viable bone matrix that can be used in a variety of grafting procedures. The graft is now available, to the company's nationwide distribution network of independent agents as well as original equipment manufacturer relationships. OsteoVive Plus is manufactured at Xtant's center for biologics processing in Belgrade, Montana. The company will attend and showcase OsteoVive Plus along with its other products at the North American Spine Society (NASS) 2024 annual meeting. Announcement • Aug 13
Xtant Medical Holdings, Inc. announced that it has received $5 million in funding On August 12, 2024, bioAffinity Technologies, Inc. closed the transaction. The transaction included participation from five investors. The company paid $350,000 as sales commissions in the transaction. New Risk • Aug 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (7.2% increase in shares outstanding). Market cap is less than US$100m (US$85.8m market cap). Reported Earnings • Aug 09
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: US$0.03 loss per share (further deteriorated from US$0.02 loss in 2Q 2023). Revenue: US$29.9m (up 48% from 2Q 2023). Net loss: US$3.86m (loss widened 76% from 2Q 2023). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 50%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Aug 09
Xtant Medical Holdings, Inc. Reaffirms Earnings Guidance for the Full Year 2024 Xtant Medical Holdings, Inc. reaffirmed earnings guidance for the full year 2024. For the year, the company expects revenue of $116 million to $120 million, which represents annual revenue growth of approximately 27% to 31% compared to full year 2023 revenue. Announcement • Jun 13
Xtant Medical Holdings, Inc., Annual General Meeting, Jul 23, 2024 Xtant Medical Holdings, Inc., Annual General Meeting, Jul 23, 2024. Location: fox rothschild llp, at 101 park avenue, 17th floor, new york 10178, new york United States New Risk • Jun 07
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$1.7m Forecast net loss in 2 years: US$144k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$15m). Currently unprofitable and not forecast to become profitable over next 2 years (US$144k net loss in 2 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (US$92.8m market cap). Price Target Changed • May 30
Price target increased by 27% to US$2.35 Up from US$1.85, the current price target is an average from 2 analysts. New target price is 215% above last closing price of US$0.75. Stock is up 21% over the past year. The company is forecast to post a net loss per share of US$0.08 compared to earnings per share of US$0.0055 last year. Major Estimate Revision • May 22
Consensus EPS estimates fall by 33% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.06 to -US$0.08 per share. Revenue forecast unchanged at US$116.0m. Medical Equipment industry in the US expected to see average net income growth of 19% next year. Consensus price target down from US$1.93 to US$1.85. Share price was steady at US$0.78 over the past week. Reported Earnings • May 17
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: US$0.034 loss per share (further deteriorated from US$0.019 loss in 1Q 2023). Revenue: US$27.9m (up 55% from 1Q 2023). Net loss: US$4.40m (loss widened 112% from 1Q 2023). Revenue exceeded analyst estimates by 8.2%. Earnings per share (EPS) missed analyst estimates by 100%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Announcement • May 17
Xtant Medical Holdings, Inc. Raises Revenue Guidance for the Full Year 2024 Xtant Medical Holdings, Inc. raised revenue guidance for the full year 2024. The company raises its expectation for full year 2024 revenue to $116 million to $120 million, up from the Company's prior guidance of $112 million to $116 million. The revised guidance range represents annual revenue growth of approximately 27% to 31% compared to full year 2023 revenue. Announcement • May 10
Xtant Medical Holdings, Inc. to Report Q1, 2024 Results on May 15, 2024 Xtant Medical Holdings, Inc. announced that they will report Q1, 2024 results After-Market on May 15, 2024 Announcement • May 01
Xtant Medical Holdings, Inc. Announces Launch of SimpliGraft and SimpliMax for Chronic and Acute Wounds Xtant Medical Holdings, Inc. announced the full commercial launch of two amniotic membrane allografts, SimpliGraft and SimpliMax. SimpliGraft and SimpliMax are dehydrated, terminally irradiated, single and dual-layer amniotic membrane sheets intended to serve as a barrier and provide protective coverage from the surrounding environment when topically applied to chronic and acute wounds. The products are manufactured at Xtant's center for biologics processing in Belgrade, Montana. Xtant intends to market these two new products through its nationwide distribution network of independent agents as well as adjacent market segments through original equipment manufacturer relationships. This launch is a testament to Xtant's advancements in bio-manufacturing and marks its entry into the wound care market. Announcement • Apr 03
Xtant Medical Holdings, Inc. Provides Earnings Guidance for the Full Year 2024 Xtant Medical Holdings, Inc. provided earnings guidance for the full year 2024. For the year, the company expects revenue of $112 million to $116 million. Reported Earnings • Apr 02
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$0.006 (up from US$0.09 loss in FY 2022). Revenue: US$91.3m (up 57% from FY 2022). Net income: US$660.0k (up US$9.15m from FY 2022). Profit margin: 0.7% (up from net loss in FY 2022). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Mar 22
Xtant Medical Holdings, Inc. to Report Q4, 2023 Results on Apr 01, 2024 Xtant Medical Holdings, Inc. announced that they will report Q4, 2023 results at 9:30 AM, US Eastern Standard Time on Apr 01, 2024 Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$1.18, the stock trades at a trailing P/E ratio of 55.7x. Average trailing P/E is 36x in the Medical Equipment industry in the US. Total loss to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$0.60 per share. New Risk • Feb 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 81% per year for the foreseeable future. High level of non-cash earnings (32% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$1.08, the stock trades at a trailing P/E ratio of 51x. Average trailing P/E is 35x in the Medical Equipment industry in the US. Total loss to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$0.56 per share. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$1.37, the stock trades at a trailing P/E ratio of 64.7x. Average forward P/E is 28x in the Medical Equipment industry in the US. Total returns to shareholders of 8.7% over the past three years. Major Estimate Revision • Nov 16
Consensus revenue estimates increase by 17% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from US$77.0m to US$90.0m. Now expected to report a profit of US$0.02 instead of losses of -US$0.07 per share. Medical Equipment industry in the US expected to see average net income growth of 25% next year. Consensus price target up from US$1.35 to US$1.85. Share price fell 2.5% to US$1.15 over the past week. Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$0.072 (up from US$0.025 loss in 3Q 2022). Revenue: US$25.0m (up 73% from 3Q 2022). Net income: US$9.23m (up US$11.6m from 3Q 2022). Profit margin: 37% (up from net loss in 3Q 2022). Revenue exceeded analyst estimates by 32%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Nov 10
Xtant Medical Holdings, Inc. Revises Earnings Guidance for the Year 2023 Xtant Medical Holdings, Inc. revised earnings guidance for the year 2023. For the year, the company raises its expectation for full year 2023 revenue to $88 million to $91 million, up from the Company’s prior guidance of $75 million to $77 million. The revised guidance range represents annual revenue growth of approximately 52% to 57% compared to full year 2022 revenue, and includes contributions from the Surgalign transaction. Announcement • Nov 03
Xtant Medical Holdings, Inc. to Report Q3, 2023 Results on Nov 09, 2023 Xtant Medical Holdings, Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 09, 2023 Announcement • Oct 24
Xtant Medical Holdings, Inc. (NYSEAM:XTNT) acquired NanOss Production Operations of RTI Surgical, Inc. for $2 million. Xtant Medical Holdings, Inc. (NYSEAM:XTNT) acquired NanOss Production Operations of RTI Surgical, Inc. for $2 million on October 23, 2023. Under the terms of the purchase agreement, Xtant acquired certain assets, including equipment and inventory, used in RTI’s synthetic bone graft business, and assumed from RTI the lease for the nanOss production facility located in Greenville, NC. The purchase price for the assets was $2 million in cash plus contingent payments based on future sales of next generation nanOss products.Xtant Medical Holdings, Inc. (NYSEAM:XTNT) completed the acquisition of NanOss Production Operations of RTI Surgical, Inc. on October 23, 2023. Announcement • Aug 12
Xtant Medical Holdings, Inc. (NYSEAM:XTNT) completed the acquisition of Certain assets from Surgalign Holdings, Inc. (NasdaqGS:SRGA). Xtant Medical Holdings, Inc. (NYSEAM:XTNT) entered into asset purchase agreement to acquire Certain assets from Surgalign Holdings, Inc. (NasdaqGS:SRGA) for $5 million on June 18, 2023. Under the terms of the transaction, Xtant Medical will pay $5 million in cash. If the transaction does not consummate then Surgalign will be obliged to pay termination fee of $150,000 plus up to an additional $150,000 in Expense Reimbursements. Surgalign selected Xtant Medical Holdings, Inc. as the successful bidder for its hardware and biologics assets. As on June 19, 2023, Bankruptcy court approved the transaction. Gregory F. Pesce and Adam Cieply of White & Case LLP acted as legal advisor to Surgalign Holdings, Inc. Fox Rothschild LLP acted as legal advisor to Xtant Medical Holdings, Inc. Alvarez & Marsal Securities, LLC and Alvarez & Marsal North America, LLC acted as financial advisor to Surgalign Holdings, Inc. on August 8, 2023, presiding Judge Christopher M. Lopez stated on the record that the Transaction is approved, and the parties anticipate that Judge Lopez will enter a formal written order shortly. Pursuant to the terms of the Asset Purchase Agreement, closing of the Transaction is expected to occur no later than September 1, 2023.Xtant Medical Holdings, Inc. (NYSEAM:XTNT) completed the acquisition of Certain assets from Surgalign Holdings, Inc. (NasdaqGS:SRGA) on August 10, 2023. The acquisition includes certain assets and liabilities related to the domestic and international biologics and spinal fixation offerings of Surgalign Holdings, Inc. under a Bankruptcy Court supervised process for $5 million, plus assumed liabilities, in an all-cash transaction. The Bankruptcy Court issued a Sale Order on August 9, 2023 approving and authorizing the Transaction. Xtant Medical Holdings funded the purchase price of $5 million, plus Liabilities, with cash on hand. Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 17%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$75.0m to US$77.0m. Forecast EPS reduced from -US$0.06 to -US$0.07 per share. Medical Equipment industry in the US expected to see average net income growth of 23% next year. Consensus price target up from US$1.20 to US$1.35. Share price rose 21% to US$1.12 over the past week. Announcement • Aug 03
Xtant Medical Holdings, Inc. Raises Revenue Guidance for the Year 2023 Xtant Medical Holdings, Inc. raised revenue guidance for the year 2023. The company raises its expectation for full year 2023 revenue to $75 million to $77 million, up from the Company’s prior guidance of $73 million to $75 million. The revised guidance range represents annual revenue growth of approximately 29% to 33% compared to full year 2022 revenue, and excludes any potential contributions from the Surgalign transaction, if and when that transaction closes. Reported Earnings • Aug 02
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: US$0.02 loss per share (in line with 2Q 2022). Revenue: US$20.2m (up 32% from 2Q 2022). Net loss: US$2.19m (loss widened 28% from 2Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jul 26
Xtant Medical Holdings, Inc. to Report Q2, 2023 Results on Aug 01, 2023 Xtant Medical Holdings, Inc. announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Aug 01, 2023 Major Estimate Revision • Jul 12
Consensus EPS estimates upgraded to US$0.06 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -US$0.07 to -US$0.06 per share. Revenue forecast unchanged from US$75.0m at last update. Medical Equipment industry in the US expected to see average net income growth of 18% next year. Consensus price target up from US$1.00 to US$1.20. Share price was steady at US$0.81 over the past week. Announcement • Jul 04
Xtant Medical Holdings, Inc. announced that it expects to receive $15 million in funding Xtant Medical Holdings, Inc. announced that it has entered into a securities purchase agreement to issue an aggregate of 20,000,000 shares at a per share purchase price of $0.75 for the gross proceeds of $15 million on July 3, 2023. The transaction is expected to close on or about July 6, 2023, subject to the satisfaction of customary closing conditions. The private placement is being made pursuant to the exemption from securities registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D as promulgated by the United States Securities and Exchange Commission (SEC), and the shares being sold in the private placement may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. Announcement • Jun 21
Xtant Medical Holdings, Inc. (NYSEAM:XTNT) entered into asset purchase agreement to acquire Certain assets from Surgalign Holdings, Inc. (NasdaqGS:SRGA) for $5 million. Xtant Medical Holdings, Inc. (NYSEAM:XTNT) entered into asset purchase agreement to acquire Certain assets from Surgalign Holdings, Inc. (NasdaqGS:SRGA) for $5 million on June 18, 2023. Under the terms of the transaction, Xtant Medical will pay $5 million in cash. If the transaction does not consummate then Surgalign will be obliged to pay termination fee of $150,000 plus up to an additional $150,000 in Expense Reimbursements. As on June 19, 2023, Bankruptcy court approved the transaction. Gregory F. Pesce and Adam Cieply of White & Case LLP acted as legal advisor to Surgalign Holdings, Inc. Fox Rothschild LLP acted as legal advisor to Xtant Medical Holdings, Inc. Alvarez & Marsal Securities, LLC and Alvarez & Marsal North America, LLC acted as financial advisor to Surgalign Holdings, Inc. Announcement • May 19
Xtant Medical Holdings, Inc. Appoints Lori Mitchell-Keller to Board of Directors Xtant Medical Holdings, Inc. announced the appointment of Lori Mitchell-Keller to the Company's Board of Directors effective May 16, 2023. Ms. Mitchell-Keller will serve as a member of the Compensation and Audit Committees of the Board of Directors. Reported Earnings • May 06
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: US$0.019 loss per share (improved from US$0.025 loss in 1Q 2022). Revenue: US$17.9m (up 39% from 1Q 2022). Net loss: US$2.08m (loss narrowed 6.1% from 1Q 2022). Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • May 06
Xtant Medical Holdings, Inc. Announces Executive Changes On May 1, 2023, the Board of Directors (the “Board”) of Xtant Medical Holdings, Inc. (the “Company”) elected Jonn R. Beeson to the Board, effective immediately. Mr. Beeson will serve as Chair of a newly formed Nominating and Corporate Governance Committee of the Board. Mr. Beeson is a partner with Jones Day, a global law firm, and has been practicing corporate law since 1996. His practice focuses on mergers and acquisitions, divestitures, takeovers, capital raising, securities transactions, corporate governance and stockholder activism matters. Mr. Beeson represents a variety of corporate clients and is most active in the life sciences, technology and software industries, with significant experience working with a wide range of medical device companies. Mr. Beeson holds a Bachelor of Science degree from the University of California, Irvine, and a Juris Doctor from the University of Pennsylvania. Also, on May 1, 2023, Michael Eggenberg and Matthew Rizzo resigned as directors of the Company, effective immediately upon the date in which the Board elected Jonn R. Beeson as a director. Neither Mr. Eggenberg’s nor Mr. Rizzo’s decision to resign was the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Announcement • May 05
Xtant Medical Holdings, Inc. Provides Revenue Guidance for the Full Year 2023 Xtant Medical Holdings, Inc. provided revenue guidance for the full year 2023. For the year the company expects revenue of $73 million to $75 million, representing annual growth of approximately 26% to 29% compared to full year 2022. Reported Earnings • Mar 09
Full year 2022 earnings released: US$0.09 loss per share (vs US$0.057 loss in FY 2021) Full year 2022 results: US$0.09 loss per share (further deteriorated from US$0.057 loss in FY 2021). Revenue: US$58.0m (up 4.9% from FY 2021). Net loss: US$8.49m (loss widened 75% from FY 2021). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 02
Xtant Medical Holdings, Inc., Annual General Meeting, Jul 26, 2023 Xtant Medical Holdings, Inc., Annual General Meeting, Jul 26, 2023. Announcement • Jan 10
Xtant Medical Holdings, Inc. Appoints Mark Schallenberger as Chief Operations Officer, Effective January 16, 2023 Xtant Medical Holdings, Inc. announced the appointment of Mark Schallenberger as Chief Operations Officer, effective January 16, 2023. Mr. Schallenberger has more than 12 years of orthobiologics experience focused on product development and scientific affairs, having most recently served as Chief Operations Officer at Surgenex, a medical technology manufacturer, since June 2019. Previously, he served as Senior Director of Marketing and Product Development at DCI Donor Services Tissue Bank, beginning in February 2016. Before that, Mr. Schallenberger served in various roles with increasing responsibility from September 2010 to February 2016 culminating with Director of Scientific Affairs with Xtant Medical, formerly Bacterin International Holdings. Mr. Schallenberger holds a Master of Science in Chemical Biology from The Scripps Research Institute and a Bachelor of Science degree in Chemistry from the University of Montana. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director John Bakewell was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
Third quarter 2022 earnings released: US$0.025 loss per share (vs US$0.021 loss in 3Q 2021) Third quarter 2022 results: US$0.025 loss per share (further deteriorated from US$0.021 loss in 3Q 2021). Revenue: US$14.5m (up 5.0% from 3Q 2021). Net loss: US$2.35m (loss widened 30% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 129% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 05
Second quarter 2022 earnings released: US$0.02 loss per share (vs US$0.008 loss in 2Q 2021) Second quarter 2022 results: US$0.02 loss per share (down from US$0.008 loss in 2Q 2021). Revenue: US$15.3m (up 2.0% from 2Q 2021). Net loss: US$1.71m (loss widened 133% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 130% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Reported Earnings • May 06
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: US$0.025 loss per share (down from US$0 in 1Q 2021). Revenue: US$13.0m (up 3.3% from 1Q 2021). Net loss: US$2.21m (loss widened US$2.18m from 1Q 2021). Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director John Bakewell was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 10
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: US$0.057 loss per share (up from US$0.25 loss in FY 2020). Revenue: US$55.3m (up 3.6% from FY 2020). Net loss: US$4.85m (loss narrowed 31% from FY 2020). Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 9.1%. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 14
Third quarter 2021 earnings released: US$0.021 loss per share (vs US$0.10 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: US$13.8m (down 1.7% from 3Q 2020). Net loss: US$1.80m (loss widened 33% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 10
Second quarter 2021 earnings released: US$0.008 loss per share (vs US$0.19 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$15.0m (up 42% from 2Q 2020). Net loss: US$733.0k (loss narrowed 70% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings.