Xtant Medical Holdings, Inc.

Good morning, everyone, and thank you, and welcome to the Extant Medical First Quarter 2026 Financial Results. At this time, all participants are in a listen-only mode. The floor will be open for questions and comments following the presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Kevin Gardner of LifeSci Advisors.

Thank you, Operator, and welcome to Extant Medical's first quarter 2026 financial results call. Joining me today are Sean Brown, President and Chief Executive Officer, and Scott Neals, Chief Financial Officer. Today's call is being webcast and will be posted on the company's website for playback. During the course of this call, management may make certain forward-looking statements regarding future events, and the company's expected future performance. These forward-looking statements reflect XTAN's current perspective on existing trends and information and can be identified by such words as expect, plan, will, may, anticipate, believe, should, intends, and other words with similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. including those noted in the risk factor section of the company's annual report on the Form 10-K filed with the SEC and in subsequent SEC reports and press releases. Actual results may differ materially. The company's financial results press release and today's discussion include certain non-GAAP financial measures. Please refer to the non-GAAP to GAAP reconciliations, which appear in our press release and are otherwise available on our website. Note that the Form 8Ks that we file with our financial results press releases provide detailed narratives that describe our use of such measures. For the benefit of those of you who may be listening to a replay, this call was held and recorded on May 13, 2026, at approximately 8.30 a.m. Eastern Time. The company declines any obligation to update its forward-looking statements except as required by applicable law. Now, I'd like to turn the call over to Sean Brown, CEO. Sean?

Thank you, Kevin, and good morning, everyone. Thank you for joining our first quarter update call. As has been our practice, I'll begin with a few prepared remarks about our operations, and then Scott will provide a deeper dive into the financials. We will then open the call to your questions. Since our last quarterly update, Extant Medical has achieved multiple significant milestones that position us for sustained growth. We strengthened our balance sheet with proceeds from the companion spine transaction, secured transformational license agreement with Dillon Technologies that moves us into the multi-billion dollar hemostatic agent market, and advanced our innovation track record with the commercial launch of Trivium Shaped. With that as a backdrop, we are raising our full year, 2026 revenue guidance to 101 million to 105 million. First, I'd like to begin this morning with a recap of the Dillon Technologies Distribution Agreement that we announced in April. Through this agreement, we acquired exclusive U.S. distribution rights to Dillon's Hemoblast Bellows product for high-performance hemostasis following certain surgical procedures. This agreement adds a highly complementary hemostatic technology to our portfolio and gives us entry into an estimated $2 billion global addressable market for hemostatic products. Hemoblasts are highly differentiated as the only hemostat containing collagen, human-derived thrombin, and bovine-derived chondroitin sulfate, which provides cohesion between the wound and surrounding tissue. It is indicated across a range of bleeding types, minimal, mild, and moderate, and requires no preparation prior to use. The addition of Hemoblast Bellows, together with our recent product launches, further broaden and differentiate our biologics portfolio, positioning us to better address the needs of surgeons and patients alike. As part of the agreement, we have hired Dylan's team of 21 sales professional. This is an addition to our own investments that we've been making in our commercial organization, including doubling the number of regional sales reps in the field in 2026. We still plan to add significant resources to our national accounts team, which will expand our ability to drive institutional adoption and scale across hospital systems and large practice groups. Together, this combined team will further extend the reach of not only Hemoblast Fellows, but our entire line of biologic solutions. There is significant opportunity to leverage each team's call points and drive our entire portfolio to its full commercial potential. To reflect the addition of Hemoblasts along with the growth of our base business, we are raising our full-year revenue guidance to be in the range of $101 million to $105 million. Moving over to our Companion Spine transaction, we were pleased to announce that in March that we received the final $10.7 million from the Companion Spine related to its purchase of our non-core COFLEX assets and Paradigm OUS businesses in December 2025. The total purchase price for the two divestitures was $21.4 million. The transactions have now been finalized. As mentioned previously, we use those proceeds to reduce our borrowings and strengthen our cash position. We reduced total indebtedness by $13.3 million in the first quarter of 2026, including a $10.4 million reduction in amounts outstanding under the company's revolving line of credit and a $2.8 million reduction in our term loan balance. More strategically, this transaction allows us to further sharpen our focus on our core high-margin biologics business, which is where our competitive differentiation and where our future growth lies. In terms of innovation, just a few weeks ago, we announced the commercial launch of Trivium Shaped, an extension of our Trivium Bone graph portfolio that comes in pre-shaped configurations designed to support handling, preparation, and placement across a range of surgical applications. Trivium is a composite allograft that combines cortical fibers, cancellous bone, and demineralized bone matrix into a single connected graft matrix. Trivium shape builds on the success of the Trivium sculptable format, which we launched in April 2025 by offering surgeons ready-to-use graft forms, including boats and strips, designed to enhance consistency and handling in the operating room. The introduction of the pre-shaped configurations represents a significant advancement in graft convenience and clinical utility, allowing surgeons to optimize surgical workflow while maintaining the exceptional performance characteristics of the Trivium platform. As we've noted previously, we internally produce solutions across all five major orthopedic categories, demineralized bone matrix, cellular allografts, synthetics, structural allografts, and growth factors. This is a key point of differentiation for us relative to our peers. Additionally, with our amnio and collagen product lines, we're also well positioned to grow in the surgical repair and wound care markets. Now with the addition of a hemostatic biologic, we're giving hospital systems a single partner who can meet most of their needs. This breath position is as a partner of choice in regenerative medicine, a position that has been further reinforced by the positive feedback we continue to receive from surgeons on these recent innovations. Building on these milestones, Accent Medical delivered solid first quarter results with revenue of $20.9 million. Strong prior year bolstered by royalties from our amnio business and proceeds from the CoFlex paradigm divestiture enabled us to significantly strengthen our balance sheet by reducing debt and strategically investing in our commercial enterprise. Now with recent and planned addition to our sales organization and an expanded product portfolio, we are well positioned to drive top line growth throughout 2026 and beyond. With that, I will turn the call over to Scott for a more detailed review of our financial results. Scott?