Exhibit 99.1

Xtant Medical Announces Second Quarter 2022 Financial Results

BELGRADE, MT, August 4, 2022 – Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today reported financial and operating results for the second quarter ended June 30, 2022.

“We are pleased to have achieved our highest revenue quarter since the start of the pandemic. Our second quarter revenue increased 2% over the same prior year period, including 8% year-over-year growth in our biologics business, which was fueled by strong demand for our new biologics products and expansion of our distributor network,” said Sean Browne, President and CEO of Xtant Medical. “On the strength of our four key growth pillars, our strategic initiatives are gaining traction, giving us greater confidence regarding our future prospects. Despite the impact on our business from the broader supply chain and macroeconomic challenges, our team continues to execute in bringing life changing orthobiologics and spinal implant systems to patients in need.”

Second Quarter 2022 Financial Results

Second quarter 2022 revenue was $15.3 million, compared to $14.9 million for the same quarter in 2021. The increase in revenue is attributed primarily to introductions of new products and increased private label and original equipment manufacturer (OEM) sales.

Gross margin for the second quarter of 2022 was 54.8%, compared to 63.5% for the same period in 2021. The decrease is primarily attributable higher product costs and increased charges for excess and obsolete inventory.

Operating expenses for the second quarter of 2022 totaled $9.7 million compared to $10.0 million for the second quarter of 2021. The decrease was primarily due to legal settlement expenses in 2021, partially offset by higher sales and marketing expenses in 2022.

Second quarter 2022 net loss totaled $1.7 million, or $0.02 per share, compared to the second quarter 2021 net loss of $0.7 million, or $0.01 per share.

Non-GAAP Adjusted EBITDA for the second quarter of 2022 totaled a loss of $0.4 million, compared to Non-GAAP Adjusted EBITDA of $0.9 million for the prior-year period. The Company defines Adjusted EBITDA as net income/loss from operations before depreciation, amortization and interest expense and provision for income taxes, and as further adjusted to add back in or exclude, as applicable, non-cash compensation, separation related expenses, and litigation settlement reserves. A calculation and reconciliation of Adjusted EBITDA to net loss can be found in the attached financial tables.

Conference Call

Xtant Medical will host a webcast and conference call to discuss the second quarter 2022 financial results on Thursday, August 4, 2022 at 9:00 AM ET. To access the webcast, Click Here. To access the conference call, dial 877-407-6184 within the U.S. or 201-389-0877 outside the U.S. A replay of the call will be available at www.xtantmedical.com under “Investor Info.”

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.

Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures in this release, including Adjusted EBITDA. Reconciliations of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the respective periods can be found in tables later in this release. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. Management uses the non-GAAP measures in this release internally for evaluation of the performance of the business, including the allocation of resources. Investors should consider non-GAAP financial measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.

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 future success of the Company’s four key growth pillars and strategic initiatives and its future prospects. 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: the Company’s future operating results and financial performance; the ability to increase or maintain revenue; 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 the COVID-19 pandemic 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 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, 2021 filed with the Securities and Exchange Commission (SEC) on March 8, 2022 and subsequent SEC filings by the Company, including without limitation its most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 anticipated to be filed with the SEC. 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 Carey

Lazar FINN

Ph: 212-867-1762

Email: david.carey@finnpartners.com

XTANT MEDICAL HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except number of shares and par value)

	As of June 30, 2022			As of December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents	$	16,495		$	18,243
Restricted Cash		352			144
Trade accounts receivable, net of allowance for credit losses and doubtful accounts of $510 and $552, respectively		8,600			7,154
Inventories		16,461			17,945
Prepaid and other current assets		424			844
Total current assets		42,332			44,330
Property and equipment, net		5,529			5,212
Right-of -use asset, net		1,033			1,258
Goodwill		3,205			3,205
Intangible assets, net		372			400
Other assets		242			287
Total Assets	$	52,713		$	54,692
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	3,043		$	2,615
Accrued liabilities		4,538			4,349
Current portion of lease liability		479			462
Current portion of finance lease obiligations		60			31
Line of credit		3,736			3,620
Total current liabilities		11,856			11,077
Long-term Liabilities:
Lease liability, less current portion		598			842
Finance lease obligations, less current portion		213			103
Long-term debt, plus premium and less issuance costs		11,902			11,787
Total Liabilities		24,569			23,809
Stockholders' Equity
Preferred stock, $0.000001 par value; 10,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, $0.000001 par value; 300,000,000 shares authorized; 87,313,701 shares issued and outstanding as of June 30, 2022 and 87,068,980 shares issued and outstanding as of December 31, 2021		-			-
Additional paid-in capital		267,252			266,068
Accumulated deficit		(239,108	)		(235,185	)
Total Stockholders’ Equity		28,144			30,883
Total Liabilities & Stockholders’ Equity	$	52,713		$	54,692

XTANT MEDICAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except number of shares and per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Revenue
Orthopedic product sales	$	15,277		$	14,942		$	28,227		$	27,451
Other revenue		-			33			9			66
Total Revenue		15,277			14,975			28,236			27,517
Cost of sales		6,903			5,460			12,302			9,911
Gross Profit		8,374			9,515			15,934			17,606
Gross Profit %		54.8	%		63.5	%		56.4	%		64.0	%
Operating Expenses
General and administrative		3,797			4,173			7,766			7,200
Sales and marketing		5,636			5,590			10,845			10,445
Research and development		241			243			454			458
Total Operating Expenses		9,674			10,006			19,065			18,103
Loss from Operations		(1,300	)		(491	)		(3,131	)		(497	)
Other Expense
Interest expense		(397	)		(199	)		(757	)		(201	)
Total Other Expense		(397	)		(199	)		(757	)		(201	)
Net Loss Before Provision for Income Taxes		(1,697	)		(690	)		(3,888	)		(698	)
Provision for Income Taxes		(13	)		(43	)		(35	)		(64	)
Net Loss	$	(1,710	)	$	(733	)	$	(3,923	)	$	(762	)
Net Loss Per Share:
Basic	$	(0.02	)	$	(0.01	)	$	(0.04	)	$	(0.01	)
Dilutive	$	(0.02	)	$	(0.01	)	$	(0.04	)	$	(0.01	)
Shares used in the computation:
Basic		87,313,701			86,707,286			87,252,521			83,993,159
Dilutive		87,313,701			86,707,286			87,252,521			83,993,159

XTANT MEDICAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

	Six Months Ended
	June 30,
	2022			2021
Operating activities:
Net loss	$	(3,923	)	$	(762	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		599			731
Gain on disposal of fixed assets		(84	)		(108	)
Non-cash interest		116			16
Non-cash rent expense		(1	)		5
Stock-based compensation		1,184			921
Provision for reserve on accounts receivable		143			(143	)
Provision for excess and obsolete inventory		825			211
Changes in operating assets and liabilities:
Accounts receivable		(1,589	)		38
Inventories		659			104
Prepaid and other assets		465			(29	)
Accounts payable		428			(308	)
Accrued liabilities		189			266
Net cash (used in) provided by operating activities		(989	)		942
Investing activities:
Purchases of property and equipment		(810	)		(1,079	)
Proceeds from sale of fixed assets		165			125
Net cash used in investing activities		(645	)		(954	)
Financing activities:
Payments on financing leases		(22	)		(34	)
Costs associated with refinancing		-			(32	)
Payments on long-term debt		-			(484	)
Borrowings on line of credit		26,567			9,331
Repayments of line of credit		(26,451	)		(9,009	)
Proceeds from private placement, net of cash issuance costs		-			18,426
Net cash used in financing activities		94			18,198
Net change in cash and cash equivalents and restricted cash		(1,540	)		18,186
Cash and cash equivalents and restricted cash at beginning of period		18,387			2,341
Cash and cash equivalents and restricted cash at end of period	$	16,847		$	20,527
Reconciliation of cash and restricted cash reported in the condensed consolidated balance sheets
Cash and cash equivelants	$	16,495		$	20,312
Restricted cash		352			215
Total cash and restricted cash reported in the condensed consolidated balance sheets	$	16,847		$	20,527

XTANT MEDICAL HOLDINGS, INC.

CALCULATION OF NON-GAAP CONSOLIDATED EBITDA AND ADJUSTED EBITDA

(Unaudited, in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net Loss	$	(1,710	)	$	(733	)	$	(3,923	)	$	(762	)
Depreciation and amortization		317			357			599			731
Interest expense		397			199			757			201
Tax expense		13			43			35			64
Non-GAAP EBITDA		(983	)		(134	)		(2,532	)		234
Non-GAAP EBITDA/Total revenue		-6.4	%		-0.9	%		-9.0	%		0.9	%
NON-GAAP ADJUSTED EBITDA CALCULATION
Non-cash compensation		571			465			1,185			921
Separation-related expenses		-			-			3			-
Litigation reserve		-			550			-			550
Non-GAAP Adjusted EBITDA	$	(412	)	$	881		$	(1,344	)	$	1,705
Non-GAAP Adjusted EBITDA/Total revenue		-2.7	%		5.9	%		-4.8	%		6.2	%