Xtant Medical Holdings, Inc. (NYSE MKT:XTNT) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 09:00 am ET

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Xtant Medical Holdings, Inc. (NYSE MKT:XTNT) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Xtant Medical First Quarter 2020 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to David Carey of Lazar FINN Partners. Please go ahead.

Executive
David Carey

Thank you, operator, and welcome to Xtant Medical's first quarter 2020 financial results call. Joining me today is Sean Browne, President and Chief Executive Officer and Greg Jensen, Vice President, Finance and 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 Xtant'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. Any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, including those noted in the Risk Factors section of the Company's annual report on Form 10-K filed with the SEC on March 5, 2020, and as supplemented by the Company's subsequent SEC filings. 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 the tables of our press release and are otherwise available on our website. Note that our Form 8-K filed with our financial results press release provides a detailed narrative that describes our use of such measures. For the benefit of those of you who may be listening to the replay, this call was held and recorded on Thursday, May 7, at approximately 9 AM Eastern Daylight Time. The Company declines any obligation to update its forward-looking statements, except as required by applicable law.

Now, I'll turn the call over to Sean Browne.

Executive
Sean Browne

Thank you, David, and good morning to everyone listening.

Before I begin, on behalf of Xtant Medical, I'd like to extend our deepest gratitude to the healthcare professionals, including many of our customers, our friends and family members, who are tirelessly caring for patients on the front lines of the COVID-19 pandemic. They are an inspiration to us all as they do the impossible work of taking care of those most in need while putting their own lives and safety at risk.

In reviewing Xtant Medical's first quarter results, we began the year motivated and optimistic that the strategic and operational initiatives implemented in late 2019 were gaining traction. Sales were tracking in line with our expectations, and our actions to streamline the business overall were showing signs of progress. However, as the scope of the COVID-19 pandemic became apparent in early March and restrictions were placed on elective procedures, our sales began to trail off as the majority of spinal procedures were put on hold. In response to this crisis, we had to go back to our mission of honoring the gift