Xtant Medical Holdings appoints two new board members as two directors resign

Xtant Medical (TASE:BLWV) Holdings (NYSE:XTNT), Inc. (NYSE American:XTNT), a $78 million market cap medical technology company, announced Monday that its board of directors has elected Abhinav (Abi) Jain and Tyler Lipschultz as new directors, effective immediately. The company’s stock has seen significant volatility recently, with InvestingPro data showing an 11% decline in the past week, though maintaining a 26% gain year-to-date. The appointments follow the resignations of Robert McNamara and Lori Mitchell-Keller from the board, also effective immediately.

According to a statement based on an SEC filing, Mr. Jain has been an analyst at Nantahala Capital Management, LLC since July 2019. Nantahala is the beneficial owner of 49.1% of Xtant Medical’s outstanding common stock. Mr. Jain also serves on the boards of Aytu Biopharma, Inc. (NASDAQ:AYTU) and Talphera, Inc. (NASDAQ:TLPH).

Mr. Lipschultz is currently president of LocateBio, Inc., a U.S. subsidiary of a biotechnology company based in England. He previously served as president, Global Biologics at Orthofix (NASDAQ:OFIX) Medical Inc. and held leadership roles at SeaSpine Holdings (NASDAQ:SPNE) Corporation and NuVasive (NASDAQ:NUVA), Inc.

Mr. Jain has been appointed to the Compensation Committee and the Nominating and Corporate Governance Committee, while Mr. Lipschultz will serve on the Audit Committee and Compensation Committee.

The company stated that both appointments were made at the request of Nantahala Capital Management and determined by the board to be in the best interests of the company and its stockholders. While the company maintains strong gross margins of 58%, InvestingPro analysis indicates potential for improvement, with multiple additional insights available in the comprehensive Pro Research Report, which provides detailed analysis of Xtant’s financial health and market position among 1,400+ top US stocks. There are no other arrangements or understandings between the new directors and any other persons regarding their selection, and there are no agreements between the company and Nantahala concerning board composition or governance rights.

Xtant Medical also noted that each new director will receive standard non-employee director compensation and participate in company plans and policies on the same basis as other non-employee directors. The company entered into standard indemnification agreements with both Mr. Jain and Mr. Lipschultz.

The company reiterated that the resignations of Mr. McNamara and Ms. Mitchell-Keller were not the result of any disagreement with the company on its operations, policies, or practices.

This information is based on a press release statement and the company’s filing with the Securities and Exchange Commission.

In other recent news, Xtant Medical Holdings Inc. reported strong financial results for the first quarter of 2025, with revenue reaching $32.9 million, marking an 18% increase from the previous year. The company also achieved a net income of $58,000, a significant turnaround from a $4.4 million net loss in the same quarter of 2024. Additionally, Xtant Medical announced the launch of OsteoFactor Pro™, a new product designed to enhance bone healing by supporting surgical procedures through improved bone regeneration processes. In a strategic move, Xtant Medical has entered into agreements to sell certain spinal implant assets and international entities of Paradigm Spine to Companion Spine LLC for approximately $19.2 million. This transaction includes $11 million in cash at closing and $8.2 million in short-term seller financing, with the proceeds intended to reduce long-term debt and improve cash liquidity. Companion Spine also announced a definitive agreement to acquire Paradigm Spine’s product portfolio from Xtant Medical, aiming to strengthen its position in spine stabilization technologies. The acquisition includes the Coflex Interlaminar Stabilization device and the CoFix Posterior MIS Fusion System, which have been used in over 265,000 patients globally. Both transactions are expected to close in the third quarter of 2025.

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