Announcement • Nov 14
Surgalign Holdings, Inc. Files Form 15 Surgalign Holdings, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.001 per share. 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. Announcement • Jun 23
Surgalign Holdings, Inc.(NasdaqGS:SRGA) dropped from S&P TMI Index Surgalign Holdings, Inc.(NasdaqGS:SRGA) dropped from S&P TMI Index Announcement • Jun 12
Surgalign Holdings Receives Deficiency Letter from the Nasdaq Stock Market LLC Due to Non-Compliance with Minimum Market Value of Publicly Held Shares On June 5, 2023 Surgalign Holdings, Inc. (the ‘Company’) received a deficiency letter from the Nasdaq Listing Qualifications Department (the ‘Staff’) of the Nasdaq Stock Market LLC (the ‘Nasdaq’) notifying the Company that it did not comply with Listing Rule 5450(b)(3)(C) that requires listed securities to maintain a minimum Market Value of Publicly Held Shares (‘MVPHS’) of $15,000,000 for 30 consecutive business days. The Nasdaq deficiency letter has no immediate effect on the listing of the Company’s common stock. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has been given 180 calendar days, or until December 4, 2023, to regain compliance with the MVPHS requirement. If at any time during this compliance period the Company’s MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days, the Staff will provide the Company written confirmation that it has achieved compliance. In the event the Company does not regain compliance with the MVPHS requirement prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. At that time, the Company may apply to transfer the Company’s securities to The Nasdaq Capital Market. Price Target Changed • May 18
Price target decreased by 19% to US$2.22 Down from US$2.75, the current price target is an average from 2 analysts. New target price is 139% above last closing price of US$0.93. Stock is down 84% over the past year. The company is forecast to post a net loss per share of US$0.90 next year compared to a net loss per share of US$8.33 last year. Major Estimate Revision • May 18
Consensus estimates of losses per share improve by 87% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$51.6m to US$56.1m. EPS estimate increased from -US$7.15 per share to -US$0.90 per share. Medical Equipment industry in the US expected to see average net income growth of 18% next year. Consensus price target broadly unchanged at US$2.72. Share price fell 16% to US$1.00 over the past week. Reported Earnings • May 13
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: US$0.51 (up from US$0.005 in 1Q 2022). Revenue: US$16.7m (down 19% from 1Q 2022). Net income: US$4.15m (up US$4.12m from 1Q 2022). Profit margin: 25% (up from 0.1% in 1Q 2022). Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Medical Equipment industry in the US. Announcement • May 09
Surgalign Holdings, Inc. Announces Release of HOLO AI Insights for Neurovascular Research Surgalign Holdings, Inc. announced the release of HOLO AI Insights for use in neurovascular research. HOLO AI Insights, initially launched in March 2023 for spine imaging, enables customers, partners, and clinical researchers to take advantage of the Company’s HOLO artificial intelligence (AI) portfolio through a secure, highly scalable cloud platform for automated analysis of medical images. HOLO AI, Surgalign’s portfolio of AI technology, utilizes convolutional neural network technology to automatically segment medical images, measure anatomic structures, automate pedicle screw planning, and perform other tasks. With this latest release, HOLO AI Insights has evolved to now address neurovascular research. This latest addition to the Company’s portfolio, can analyze large sets of cranial MRI images, automatically identify 16 different structures, and aggregate the data for the user into configurable graphical and file formats. The insights generated by these results are believed to have multiple applications in population health, clinical research, and in the future, patient care. Surgalign has partnered with Dr. Brian Jankowitz, a fellowship trained cerebrovascular neurosurgeon, for neurovascular research with HOLO AI Insights. HOLO AI also powers Surgalign’s HOLO Portal™ surgical guidance system and HOLO AI Insights for Spine. The addition of HOLO AI Insights for neuroanatomy is a further step in Surgalign’s mission to transform patient care with artificial intelligence. Announcement • May 05
Surgalign Holdings, Inc. to Report Q1, 2023 Results on May 11, 2023 Surgalign Holdings, Inc. announced that they will report Q1, 2023 results at 4:00 PM, US Eastern Standard Time on May 11, 2023 Major Estimate Revision • Apr 06
Consensus revenue estimates fall by 38% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$83.8m to US$51.6m. Forecast losses increased from -US$4.60 to -US$7.15 per share. Medical Equipment industry in the US expected to see average net income growth of 16% next year. Consensus price target down from US$4.25 to US$2.75. Share price fell 24% to US$1.26 over the past week. Reported Earnings • Apr 01
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: US$8.33 loss per share (improved from US$19.82 loss in FY 2021). Revenue: US$82.0m (down 9.4% from FY 2021). Net loss: US$54.6m (loss narrowed 33% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 105%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Medical Equipment industry in the US. Price Target Changed • Nov 17
Price target decreased to US$5.00 Down from US$11.00, the current price target is an average from 2 analysts. New target price is 107% above last closing price of US$2.42. Stock is down 90% over the past year. The company is forecast to post a net loss per share of US$4.18 next year compared to a net loss per share of US$19.82 last year. Major Estimate Revision • Nov 09
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$86.0m to US$82.1m. Losses expected to increase from US$3.91 per share to US$4.47. Medical Equipment industry in the US expected to see average net income growth of 13% next year. Consensus price target of US$11.00 unchanged from last update. Share price fell 46% to US$1.65 over the past week. Reported Earnings • Nov 04
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: US$1.46 loss per share. Revenue: US$20.2m (down 1.8% from 3Q 2021). Net loss: US$9.83m (loss widened 19% from 3Q 2021). Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) exceeded analyst estimates by 3.3%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Medical Equipment industry in the US. Price Target Changed • Nov 03
Price target decreased to US$11.00 Down from US$30.00, the current price target is an average from 2 analysts. New target price is 450% above last closing price of US$2.00. Stock is down 94% over the past year. The company is forecast to post a net loss per share of US$3.91 next year compared to a net loss per share of US$19.82 last year. Recent Insider Transactions • May 20
Chief Financial Officer recently bought US$100k worth of stock On the 18th of May, David Lyle bought around 19k shares on-market at roughly US$5.26 per share. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Reported Earnings • May 12
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0 (up from US$0.15 loss in 1Q 2021). Revenue: US$20.6m (down 12% from 1Q 2021). Net income: US$27.0k (up US$15.2m from 1Q 2021). Profit margin: 0.1% (up from net loss in 1Q 2021). The move to profitability was driven by lower expenses. Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is expected to shrink by 1.3% compared to a 8.8% growth forecast for the industry in the US. Price Target Changed • Apr 27
Price target decreased to US$1.00 Down from US$2.85, the current price target is an average from 2 analysts. New target price is 412% above last closing price of US$0.20. Stock is down 89% over the past year. The company is forecast to post a net loss per share of US$0.34 next year compared to a net loss per share of US$0.66 last year. Major Estimate Revision • Mar 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$88.1m to US$83.5m. 2022 losses expected to reduce from -US$0.40 to -US$0.34 per share. Medical Equipment industry in the US expected to see average net income growth of 20% next year. Consensus price target of US$1.00 unchanged from last update. Share price rose 12% to US$0.35 over the past week. Reported Earnings • Mar 18
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$0.66 loss per share (up from US$2.61 loss in FY 2020). Revenue: US$90.5m (down 11% from FY 2020). Net loss: US$81.0m (loss narrowed 58% from FY 2020). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 70%. Over the next year, revenue is expected to shrink by 7.7% compared to a 10% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 61% per year, which means it is performing significantly worse than earnings. Price Target Changed • Nov 25
Price target decreased to US$2.85 Down from US$3.14, the current price target is an average from 5 analysts. New target price is 244% above last closing price of US$0.83. Stock is down 62% over the past year. The company is forecast to post a net loss per share of US$0.40 next year compared to a net loss per share of US$2.61 last year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: US$0.06 loss per share (vs US$0.36 loss in 3Q 2020) The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2021 results: Revenue: US$20.5m (down 26% from 3Q 2020). Net loss: US$8.26m (loss narrowed 69% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 38% per year whereas the company’s share price has fallen by 41% per year. Executive Departure • Sep 17
Independent Director Jeffrey Lightcap has left the company On the 10th of September, Jeffrey Lightcap's tenure as Independent Director ended after 2.2 years in the role. We don't have any record of a personal shareholding under Jeffrey's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.21 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 17
Chairman Stuart Simpson has left the company On the 10th of September, Stuart Simpson's tenure as Chairman ended after 1.2 years in the role. As of June 2021, Stuart still personally held 613.88k shares (US$853k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.21 years, which is considered inexperienced in the Simply Wall St Risk Model. Recent Insider Transactions • Aug 14
President recently bought US$1.0m worth of stock On the 13th of August, Terry Rich bought around 1m shares on-market at roughly US$0.93 per share. This was the largest purchase by an insider in the last 3 months. This was Terry's only on-market trade for the last 12 months. Reported Earnings • Aug 08
Second quarter 2021 earnings released: US$0.086 loss per share (vs US$0.30 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$24.8m (up 21% from 2Q 2020). Net loss: US$9.88m (loss narrowed 54% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 41% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 07
Price target decreased to US$4.21 Down from US$4.71, the current price target is an average from 7 analysts. New target price is 356% above last closing price of US$0.92. Stock is down 68% over the past year. Reported Earnings • May 11
First quarter 2021 earnings released: US$0.15 loss per share (vs US$0.24 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: US$23.3m (down 68% from 1Q 2020). Net loss: US$15.2m (loss narrowed 15% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Executive Departure • May 08
Independent Director has left the company On the 4th of May, Shirley Weis' tenure as Independent Director ended after 6.6 years in the role. As of December 2020, Shirley personally held 121.53k shares (US$266k worth at the time). A total of 4 executives have left over the last 12 months. Executive Departure • May 08
VP, Chief Accounting Officer & Corporate Controller has left the company On the 7th of May, Ryan Bartolucci's tenure in the role of VP, Chief Accounting Officer & Corporate Controller ended. As of December 2020, Ryan personally held 77.64k shares (US$170k worth at the time). A total of 4 executives have left over the last 12 months. Reported Earnings • Mar 18
Full year 2020 earnings released: US$2.61 loss per share (vs US$2.91 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: US$101.7m (down 67% from FY 2019). Net loss: US$194.2m (loss narrowed 8.2% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 08
Price target lowered to US$5.00 Down from US$5.60, the current price target is an average from 7 analysts. The new target price is 119% above the current share price of US$2.28. As of last close, the stock is down 34% over the past year.