Xtant Medical Holdings, Inc.

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

Thank you, Operator, and welcome to Extant Medical's second quarter 2026 financial results call. Joining me today are Sean Browne, President and Chief Executive Officer, and Scott Neils, 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 Extant'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 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 in today's discussion includes 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 of this call, it was held and recorded on August 11th, 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 Browne, CEO. Sean?

Thank you, Kevin, and good morning, everyone. Thank you for joining our second quarter update call. As has been our practice, I will 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. Okay, during the second quarter, we achieved meaningful progress across several aspects of our business. We integrated the new Dillon sales reps into our own commercial organization, and we addressed a significant unmet need among surgeons with the launch of Trivium Shaped. While our reported revenue continues to face challenging year-over-year comps due to the sale of certain assets and businesses to companion spine last year, as well as the cessation of certain licensed revenue due to changes and reimbursements that took effect January 1st, we are building a solid, resilient foundation that we believe will support sustained, predictable, and profitable growth in the future. Now, turning to the Dillon Technologies Distribution Agreement that we announced in April. Recall that through this agreement, we acquired exclusive U.S. distribution rights to Dillon's Hemoblast Fellows 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 $1 billion global addressable market for hemostatic products. As part of that agreement, we hired Dylan's U.S. team of 17 salespeople and two of their regional managers that have been integrated into our own commercial organization and are being trained on our entire portfolio. This is in addition to our own investments that we have been making in our commercial organization, including, as we stated previously, doubling the number of regional sales reps in the field, In 2026, we've been adding significant resources to our marketing and national accounts teams, and these professionals have had an immediate impact driving institutional adoption of our portfolio at scale across hospital systems and large practice groups. Now, as a side note, the training integration of these new reps consumed a significant amount of our time and resources. and played a role in our soft Q2 sales. However, I'm more than excited than ever about Extant's future with this significantly larger commercial team. Now as for Hemoblast, Hemoblast orders during the quarter were in line with our expectations, but our recognition since we didn't transition purchase orders for Hemoblast to Extant until after the end of the second quarter. And our transition of certain customers to Extant contracts remains ongoing. Accordingly, we were unable to fully recognize the revenue on orders submitted to Dillon during the quarter. As we look out into the remainder of the year, we see significant sales synergies as our legacy commercial organization and the new specialty reps share very few overlapping call points in the field. as the specialty reps continue to get comfortable selling our other product lines, we anticipate that this will translate into accelerating biologics growth in Q3 and beyond. But at this point, while we are very pleased with the speed with which they are coming up the learning curve, we see significant untapped potential that we expect to penetrate once these additional sales resources are fully deployed. We view the newly integrated Salesforce as a foundational part of our future commercial strategy. Now, turning to Trivium Shaped, we are seeing strong early sales traction since the product's launch in May, joining Collagen X and OsteoFactor Pro as recent product launches that are key drivers to our overall biologics growth. Trivium Shaped is an extension of our Trivium bone graft portfolio, available 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, cancels bone, and demineralized bone matrix into a single connected graft matrix. Trivium shaped builds on the Trivium sculptable format, which we launched in 2025 by offering surgeons ready-to-use graft forms, including boats and strips, that are designed to improve consistency and handling in the operating room. surgeons tell us that these pre-shaped formats reduce preparation time and support more predictable placement, and that feedback is translating directly into the sales momentum we are seeing since launch. Innovations such as Trigium-Shaped, a demineralized bone matrix, together with our amnio and collagen product lines also position us to move into adjacent high-value markets, including chronic wound care and surgical repair, a combined TAM of approximately $6.5 billion. now with the addition of hemostatic biologic we gain access to an additional one billion dollars of TAM and we are uniquely positioned to be a partner of choice that can address a very broad range of surgeon and hospital needs in regenerative medicine. We believe that breadth of our portfolio together with the quality control that comes in with in-house manufacturing sets us apart from nearly everyone else in the field. Now from a guidance perspective Reflecting lower than expected biologics revenue in the second quarter, as well as the ongoing headwinds related to our amnio product line directly tied to the advanced wound care market that are expected to persist through the back half of the year, we are today modestly reducing our full year revenue guidance to a range of $99 million to $103 million. And that was from $101 million to $105 million previously. Notwithstanding this change, however, we continue to believe that our enhanced commercial presence and expanded product portfolio position as well to drive top-line growth throughout 2026 and beyond. With that, I'll turn the call over to Scott for a more detailed review of our financial results. Scott?