Xtant Medical saw shares tick up approximately 2% after releasing preliminary revenue figures for its 2nd quarter that saw and EBITDA up from its 1st quarter.
The company said it expects to report revenue between $21.45 million and $21.65 million for the 2nd quarter, which is close to the $21.66 million it reported last year during the same quarter, according to a press release.
EBITDA for the quarter is expected to be between $300,000 and $400,000, which is significantly up from the $144,749 loss Xtant reported during its 1st quarter but much lower than the $948,883 it reported in its 2nd quarter last year.
Shares in Xtant Medical lifted 2.2% to close at $1.80.
In March, Xtant Medical said its X-Spine Systems subsidiary won FDA 510(k) clearance for its Xspan laminoplasty fixation system designed for use in the lower cervical and upper thoracic spine.
Spinal laminoplasty is a surgical procedure designed to remove pressure from the spinal cord through the restructuring of the lamina through a window or opening to allow the spinal canal to increase in size without losing stability or movement.
Xtant Medical said its Xspan will be available to a “limited number of key surgeons” in the 2nd fiscal quarter of 2016 with a larger general release to follow later in 2016. The company said the worldwide market for laminoplasty is estimated to be $110 million “and growing”.
Earlier in March, Xtant Medical said it won CE Mark approval in the European Union for its Aranax cervical plating system and and Irix-A stand alone anterior lumbar fusion device.
The company’s Aranax cervical plating system is distributed as a pre-sterilized, ready-to-use implant. The Irix-A stand alone anterior lumbar fusion device consists of an integrated titanium ring in a PEEK shell.