Xtant Medical Wins Auction for Surgalign’s Hardware and Biologics Business
28 Julio 2023 - 2:56PM
Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global
medical technology company focused on surgical solutions for the
treatment of spinal disorders, today announced that it was the
successful bidder for certain assets and liabilities related to the
domestic and international biologics and spinal fixation offerings
of Surgalign Holdings, Inc. Xtant’s initial bid, as set forth in
the Asset Purchase Agreement, dated June 18, 2023, between Xtant
and Surgalign, was the winning bid.
“We are pleased to add these attractive assets
that we anticipate will contribute to our growth,” said Sean
Browne, President and CEO of Xtant Medical. “Combined with the
Coflex acquisition that we completed earlier this year, we are
executing on our key growth drivers while scaling our
business.”
Pursuant to the Asset Purchase Agreement, and
pending the issuance of a Sale Order by the United States
Bankruptcy Court for the Southern District of Texas, Houston
Division (Bankruptcy Court), closing of the transaction is expected
to occur after the Bankruptcy Court sale hearing, scheduled for
August 8, 2023, but in no event later than September 1, 2023. For
additional information on the Asset Purchase Agreement, please
refer to Xtant’s Current Reports on Form 8-K filed with the
Securities and Exchange Commission (SEC) on June 20, 2023 and July
11, 2023. For additional information on Xtant’s status as the
winning bidder, please refer to Xtant’s Current Report on Form 8-K
to be filed with the SEC on or around July 28, 2023.
Xtant will release its financial results for the
second quarter ended June 30, 2023, before the open of the
financial markets on Tuesday, August 1, 2023. The Company will host
a conference call and webcast on the same day at 9:00 AM ET to
review results.
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 orthobiologics and spinal implant
systems to facilitate spinal fusion in complex spine, deformity and
degenerative procedures. Xtant people are dedicated and talented,
operating with the highest integrity to serve our customers.
The symbols ™ and ® denote trademarks and
registered trademarks of Xtant Medical Holdings, Inc. or its
affiliates, registered as indicated in the United States, and in
other countries. All other trademarks and trade names referred to
in this 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 upon or refer to future
events or conditions, or that include words such as “intends,”
”expects,” “anticipates,” “plans,” “believes,” “estimates,”
“continue,” “future,” “will,” “potential,” “going forward,” similar
expressions or the negative thereof, and the use of future dates.
Forward-looking statements in this release include the results of
the Bankruptcy sale order, the timing of closing of the purchase of
Surgalign assets and whether the acquired assets will contribute to
the Company’s growth. The Company cautions that its forward-looking
statements by their nature involve risks and uncertainties, and
actual results may differ materially depending on a variety of
important factors, including, among others: risks and uncertainties
surrounding the Surgalign transaction, including without
limitation, delays in completing the transaction and the risk that
the transaction may not be completed at all; the failure by the
Company to achieve anticipated revenue and any cost or revenue
synergies expected from the transaction or delays in the
realization thereof; delays and challenges in integrating the
businesses after the transaction is completed; business disruption
during the pendency of and following the transaction; loss of key
personnel; unanticipated liabilities or exposures for which the
Company will not been indemnified or may not recover; the Company’s
future operating results and financial performance; its ability to
increase or maintain revenue; risks associated with its recent
acquisition of the Coflex® product line; possible future impairment
charges to long-lived assets and goodwill and write-downs of excess
inventory if revenues continue to decrease; the ability to remain
competitive; the ability to innovate, develop and introduce new
products; the ability to engage 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
staffing shortages on the Company’s business, operating results and
financial condition, especially when they affect key markets; the
Company’s ability to implement successfully its future growth
initiatives and risks associated therewith; the effect of
inflation, increased interest rates and other recessionary factors
and supply chain disruptions; the effect of product sales mix
changes 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 effect of product liability claims and
other litigation to which the Company may be subject; the effect of
product recalls and defects; the ability to obtain and protect
Company intellectual property and proprietary rights and operate
without infringing the rights of others; the ability to service
Company debt, comply with its debt covenants and access additional
indebtedness; the ability to obtain additional financing on
favorable terms or at all; and other factors. Additional risk
factors are contained 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 its
Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2023 filed with the SEC on May 4, 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.
Investor Relations Contact
David CareyLazar FINNPh: 212-867-1762Email:
david.carey@finnpartners.com
Xtant Medical (AMEX:XTNT)
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