Xtant Medical Holdings, Inc. Expands Financing Options to Fuel Growth
BELGRADE, Mont. March 07, 2024 - Xtant Medical Holdings, Inc. (NYSE American: XTNT) has made significant moves to strengthen its financial position and support its growth strategy in the spinal surgery solutions market. The company recently announced amendments to its revolving credit agreement and term loan with MidCap Financial Trust, increasing its borrowing capacity and extending maturity dates.
The amended revolving credit agreement now provides for a commitment of $17.0 million, up from $8.0 million, giving Xtant Medical more flexibility to fund its operations and pursue strategic opportunities. In addition, a new $10.0 million tranche will be available for acquisitions at MidCap’s discretion, further enhancing Xtant Medical’s ability to expand its product offerings and market presence.
These changes come on the heels of Xtant Medical Holdings Inc’s impressive performance in the third quarter of 2023, where the company managed to reduce its Leverage Ratio to a new low of 0.68. This improvement, despite a net increase in borrowings, showcases Xtant Medical’s commitment to financial health and efficiency.
Compared to its industry peers, Xtant Medical Holdings Inc now ranks higher in terms of Leverage Ratio, reflecting the company’s strong performance and strategic financial management. With a focus on reducing liabilities and optimizing capital allocation, Xtant Medical is well-positioned for continued success in the competitive medical technology sector.
In conclusion, Xtant Medical’s decision to increase its revolving credit facility with MidCap Financial signals a vote of confidence in the company’s growth potential and strategic vision. By leveraging these enhanced financing options, Xtant Medical is poised to capitalize on new opportunities and drive value for shareholders.
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