Guidance Moves Higher from Dilon Technologies Contribution and Balance Sheet Improves; Maintain Buy and $1 PT

Research evidence excerpt

Guidance Moves Higher from Dilon Technologies Contribution and Balance Sheet Improves; Maintain Buy and $1 PT

Investment Thesis

Xtant Medical has been an active (albeit a smaller) player in the global spine and orthobiologics markets for 20+ years. Through

various iterations Xtant never achieved a level of scale that resulted in meaningful investor attention. Xtant's playbook is to continue

to add smaller assets and steadily grow into a $150M - $200M revenue global orthobiologics company in a capital-efficient andMEDICAL profitable manner. These efforts, coupled with the spine market undergoing a period of significant change from consolidation and

healthy patient demand presents investors with an opportunity in small-cap orthobiologics that can capitalize on these dynamics.

Upcoming Catalysts Price Performance

■ FY26 - Higher growth orthobiologics products eclipse lower growth products $1

■ FY26 - Addition of more reps selling Xtant branded products

$0.88 ■ FY26 - Benefits realized from sale of Coflex, CoFix and OUS assetsTECHNOLOGY ■ 2H26 - HEMOBLAST begins to contribute $0.76

■ Throughout - Cadence of new product launches

■ Throughout - Strategic M&A $0.64

$0.52EQUITY Base Case Assumptions: $1 Price Target

$0.4

Our base case assumes revenue for FY26 of $103.1M, in-line with XTNT's guidance of Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 $101M - $105M (-24.6% to -21.6% Y/Y) for FY26 (reflective of an asset sale). Guidance

for FY26 now includes a contribution from Dilon Technologies for the HEMOBLAST XTNTS&P 500 (rebased)

Bellows product. Source: FactSetRESEARCH

Company Description

Upside Scenario Xtant Medical Holdings is focused