In the second quarter of 2019, Xtant Medical reported a net loss of $1.9 million, a 62 percent decrease year-over-year.
Five things to know:
1. Second quarter revenues decreased 18 percent to $15.3 million for the same period last year.
2. Xtant Medical reported $10.5 million in second quarter operating expenses, down 29 percent year-over-year.
The company attributed the decrease in revenue to a drop in demand for hardware products, which was impacted by the recall of its Calix lumbar spine implant system, the canceling of an advisory agreement and independent sales agent transitions.
3. Second quarter gross profit decreased to 64.9 percent, down from 66.6 percent for the same period last year. The company attributed the drop to inventory reserving and manufacturing overhead absorption.
4. Non-GAAP adjusted EBITDA rose 50 percent to $1.2 million for the same period in 2018.
5. Greg Jensen, vice president, finance and CFO, said the company is committed to designing new products, expanding marketing programs and operational advancement to "assist us in our overall commercial performance."