Xtant Medical Holdings, Inc. (NYSE MKT:XTNT) Q1 2020 Earnings Conference Call - Final Transcript
May 07, 2020 • 09:00 am ET
in first quarter 2019.
General and administrative expenses decreased to $4.3 million in first quarter 2020 compared to $4.5 million for the same period in 2019. The decrease was primarily due to lower legal expenses and consulting fees, partially offset by severance-related expenses from the workforce reductions we enacted due to COVID-19. Sales and marketing expenses were $6.4 million for the first quarter of 2020, a decrease of 5% compared to $6.7 million in the same period in 2019. The decrease was primarily attributable to lower sales commissions due to the lower sales number. Research and development expenses were approximately $250,000 for the first quarter of 2020 compared to $262,000 for the same period in 2019.
The net loss was $2.5 million or $0.19 per share for the first quarter in 2020 compared to a net loss of $2.8 million or $0.21 per share in the comparable 2019 period. Non-GAAP adjusted EBITDA for the first quarter of 2020 was $500,000 compared to $1.0 million for the same period of 2019. As of March 31, 2020, we had $3.2 million of cash and cash equivalents, $9.7 million of net accounts receivable, $18 million of inventory and approximately $12 million available under our credit facility.
Now, I'll turn the call back to Sean for additional comments.
Thank you, Greg.
In closing, this is an unprecedented and challenging time for our business and the customers that we serve. While we expect near-term challenges to persist due to the restrictions on elective procedures, we believe our cost-savings actions in response to the pandemic will enable us to navigate through this period of uncertainty. Through our newly implemented operational and marketing initiatives, we believe that our business will emerge in a position of strength as conditions begin to normalize and as elective procedures are allowed to resume. I look forward to providing updates on our progress on future calls. We wish all of those listening on today's call, good health. Thank you for your continued support.
[Operator Closing Remarks]