Xtant Medical announces acquisition of nanoOss manufacturing operations from RTI Surgical
Expands Xtant’s manufacturing capabilities and capacity to drive growth
BELGRADE, Mont., Oct. 23, 2023 (GLOBE NEWSWIRE) — Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on surgical solutions for the treatment of spinal conditions, today announced that it has acquired the nanoOss manufacturing operations of RTI Surgical, Inc., a leading CDMO in the field of regenerative medicine.
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 manufacturing facility 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 previously acquired nanOss’ distribution rights and nanOss intellectual property with the acquisition of Surgalign’s assets related to its biologics and spinal fixation businesses in August 2023.
“nanOss is an important part of our overall orthobiology offering, and having full control of this product line will allow us to continue the process of reinvigorating and growing it,” said Sean Browne, Chief Executive Officer of Xtant Medical. “This deal meets every element of our acquisition criteria and positions us to improve our production capabilities, capacity and cash flows.”
About Xtant Medical Holdings, Inc.
Xtant Medical Holdings, Inc. (www.xtantmedical.com) is a global medical technology company focused on the design, development and commercialization of a comprehensive portfolio of orthobiology spinal products and implant systems to facilitate spinal fusion in complex spine, deformity and degenerative procedures. ease . Xtant’s people are dedicated and talented and work with the highest integrity to serve our customers.
The symbols ™ and ® indicate trademarks and registered trademarks of Xtant Medical Holdings, Inc. or its affiliates, registered as indicated in the United States and other countries. All other trademarks and trade names referred to in this press release are the property of their respective owners.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, that depend on or refer to future events or circumstances, or that contain words such as “intends” , “expects,” “anticipates,” “plans,” “believes,” “estimates,” “continues,” “future,” “will,” “potential,” similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this press release include the company’s expectations regarding the revival and growth of the nanoOss product line and the improvement of manufacturing capabilities, capacity and cash flows. The Company cautions that its forward-looking statements, by their nature, involve risks and uncertainties, and actual results may differ materially depending on a number of important factors, including, among others: the Company’s inability to achieve expected revenues and any costs or revenues expected from the RTI transaction or delays in its realization; delays and challenges in integrating the nanoOss product line and manufacturing operations with the Company’s operations; the company’s future operating results and financial performance; its ability to increase or maintain revenues; risks associated with the acquisition of nanoss’ manufacturing activities and prior acquisitions; possible future impairments of long-lived assets and goodwill and write-downs of excess inventories if revenues decline; the ability to remain competitive; the ability to innovate, develop and introduce new products; the ability to attract and retain new and existing independent distributors and agents and qualified personnel and the Company’s dependence on key independent agents for a significant portion of its revenue; the effect of COVID-19, labor and hospital staff shortages on the Company’s business, results of operations and financial condition, particularly as they impact key markets; the company’s ability to successfully implement its future growth initiatives and the risks associated therewith; the effect of inflation, higher interest rates and other recessionary factors and supply chain disruptions; the effect of changes in product sales mix on the company’s financial results; government and third party coverage and reimbursement for company products; the ability to obtain and maintain regulatory approvals and comply with government regulations; the effects of product liability claims and other legal proceedings to which the Company may be subject; the effect of product recalls and defects; the ability to obtain and protect the Company’s intellectual property and proprietary rights and operate without violating the rights of others; the ability to service the company’s debt, comply with debt covenants and access additional debt; the ability to obtain additional financing on favorable terms or at all; and other factors. Additional risk factors are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 7, 2023 and subsequent SEC filings by the Company, including the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, filed with the SEC on August 1, 2023. Investors are encouraged to read the Company’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties . The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this cautionary statement.
Contact person for Investor Relations
David Carey
FINN Partners
Phone: 212-867-1762
Email: david.carey@finnpartners.com
