Xtant Medical is a small medical device company focused on orthobiologics and spinal implant hardware used in spine surgery and orthopedic procedures. Orthobiologics is the core business — Xtant makes and sells biological and synthetic materials that help bone heal and fuse, serving as alternatives to harvesting bone from the patient's own body. Products include demineralized bone matrix (DBM), viable bone allografts, synthetic bone graft substitutes, cellular allografts, and growth factors, with DBM products representing over 60% of biologics revenue. Spinal hardware (plates, screws, rods, interbody devices) is the secondary and shrinking business; Xtant divested its Coflex/CoFix and international hardware assets to Companion Spine in December 2025 for ~$21M. Xtant sells primarily through a network of over 670 independent commissioned sales agents in the U.S., supplemented by a small direct rep team, with access to large hospital networks through GPO agreements with Vizient, Premier, and HealthTrust. A key strategic priority has been bringing biologics manufacturing fully in-house at Xtant's Belgrade, Montana facility, which Xtant completed in early 2025, improving gross margins and supply chain control. Xtant also manufactures biologics for third-party OEM partners and licenses products to distributors. Growth strategy centers on new biologics product launches — including Trivium, OsteoFactor Pro, and nanOss Strata — expanding into adjacent markets like wound care, trauma, and foot and ankle, and growing its distribution network.