Afternoon, everyone. Thank you for joining us at this year's Canaccord Genuity Musculoskeletal Conference. My name is Michaela Smith, and I'm on the med tech team here at Canaccord. I'm joined today by Xtant Medical, a medical device company developing regenerative products for orthopedic and spine procedures. With me today is Sean Browne, CEO. Thanks for joining me today, Sean. Before we begin, I wanna remind everyone of any relevant disclosures which can be found on our conference and our firm website. With that said, I'll hand it over to management. Great. Thanks, Michaela. Appreciate it. Welcome, everybody. Normal disclosure statements. Okay, let me talk about Xtant Medical. Xtant Medical is a global medical technology company focused on the design, manufacturing, and commercialization of regenerative biologics and spinal implant systems. I wanna underscore the regenerative biologics, 'cause as you hear the discussion today, a big part of what really our focus moving forward is what we do and what we do really, really well, and that's regenerative biologics. If you were to look at the business overall, what we've done this last year has been a really quite a wonderful year. We're gonna be coming out with our Q4 numbers here in the next two weeks, and so that's actually something that we'll. Everything you're gonna hear right now is through Q3. First of all, the market opportunity we chase after is very significant, both within the orthobiologic space that we address, as well as those other areas that we are now starting to touch based on some of the regenerative biologics that we're creating. One of the big things that we worked on over the last year and a half is becoming vertically integrated. Everything we make or everything we sell, we make ourselves. It starts with that and making sure that from a business perspective, where we once relied on others to manufacture our products, we now make ourselves, thereby not only securing a much, much, much better supply source, but also keeping the margins that the other guys were taking. You look at the growth and profitability that we've seen over the last year has been quite remarkable, up over 19% year-over-year based on these numbers. You look at the reach that we have from a relatively small company, today we have over 450 IDN agreements. We have, you know, over 500 independent agents that work for us today. From a commercial perspective, we have an extraordinary reach. You look at what we've been able to do from a balance sheet perspective, I'm really excited 'cause today I get to announce, or at least we announced earlier today that we finally closed the full divestiture of our Coflex and Paradigm OUS businesses to Companion Spine. That deal was finalized with all the dollars that were coming in, thereby helping us, and I wanna underscore this, the fact that from a balance sheet perspective, we'll have over $25 million in the bank, and then from a debt perspective, we'll be a little over $11 million. Basically cut our long-term debt in half. From an innovation perspective, when you look at the number of products and the number of new categories that we've added to our company literally in the last two years, we're a business that's about innovation and really taking this to the next level. Looking at what we do today. When you look at the focus of our business, it's really what we do on the left-hand side, or at least on the biologics side, the fact that we give a full offering within the orthobiologic space. We still have a fixation business. As I mentioned, we sold off about half of it to Companion Spine, which was really our the old Coflex business, if you remember it, as well as the Paradigm business based in Germany. That half of our business is gone. Today, we still have our domestic really bread-and-butter degenerative fixation business. When you look at the size of the market opportunity that we address today, it's a big one. Domestically, it's about $11.5 billion. When you look at the overall orthobiologic space, we do about $3 billion, or we can address about $3 billion of the $3.9 billion. In these various segments that we have right here, and these are segments that we're really the only guy out there today who's touching all five of these major segments. When you think about allograft, when you think about demineralized bone, cellular allograft, growth matrix, as well as synthetics, we're the only guy who's actually making our own and delivering it. When you look at the size of the growth that we have seen over the course of the last number of years, we've seen quite remarkable growth. When you look at it from an organic perspective, really since 2021, you're looking at, even on the organic side, we've been at a CAGR of about 14%, 13.8%. We've done the right things, at least in way of growing the business we need to. We've also had some inorganic growth, where in that timeframe in 2023, we acquired the assets of a couple of the Surgiline businesses. Those are things that are reflected in our business today, as well as some of the things that we'll be divesting of, roughly about $23.5 million of which will be divested or has been divested, and that will not reflect in our numbers moving forward. When you think about our focus areas, first you're gonna see that, one, biologics, it's our knitting, it's what we do, it's what we do really, really well. It's the things that we wake up in the morning. These are the things that we will continue to think about how we can advance where we are as a business. Second, the diversification of where our revenue is coming. When I first started, over 90% of our revenue came from the spine world. Today, it's in the high 60% range. That's gonna continue to be the case based on how we've been diversifying the products that we're manufacturing. Last but not least, profitability. One of the great things about what's happened this past year is becoming profitable and becoming cash flow positive, and the idea that quite frankly, not needing other people's money, quite frankly, you know, being self-sustainable is really a hell of a lot better than always having your you know, hat in hand. When you look at what we've been able to do, at least from a vertical integration perspective, when I and our team started back in 2019 with this business, this was a business that was really struggling. At the time, as primarily a biologics business that, oh, by the way, had a spine business or a fixation business, we only sold two of the five major categories, and that was DBM and the allograft segments. Quickly in 2021 and 2022, we added the other four segments that we and our customers use today, which are things viable bone matrix, a synthetic, our amnion product lines, as well as our growth factor product lines. All these product lines we are our fastest-growing product lines and quite frankly, the ones that had the highest ASP. Not long into our journey, we realized that, one, we couldn't rely on the guys that we were getting our products from, and then B, they're keeping a hell of a lot of margin. Over the course of the last 1.5 years, we have successfully brought all of these products in-house. Today, we enjoy our fastest-growing product lines are ones that are both high ASP and very nice margin product lines for us. Moreover, in that really core element, which still makes up almost 60% of our business, our biologics business, was our demineralized bone portfolio. With our latest introduction of our enhanced DBM, of our Trivium product lines, we now again are finding a way to have a much, much better, much higher, ASP product line that we've released, and we are now just starting to get some traction on that product line as well. Moving forward, or at least as you think about the innovation that we've done, and this is a big part of what I think you've heard me speak quite a bit about, is that literally over the last year, this is what we rolled out. You know, we had, as I mentioned, there were three new categories altogether when we look at what we did with our amnion product lines, what we did with our growth factor product lines, and what we did with our stem cell product lines. Added to that, on top of that, we also added two upgrades to our demineralized bone world. A lot has been happening. Again, when you look at where this business was the last time Xtant, which at the time was Bacterin, rolled out its own new product line was actually 2013. Over the course of really what was two years, we've rolled out not just new products, but new categories altogether. When we look at where we're gonna be going this year, when we think about our new E-Matrix, which is a collagen-based bone graft, great, great product line. Was the core of our Nanos product line in and of itself, has its own, its own 510(k). Again, a product line that we're really, really excited about where that can take us. Moreover, that same product line, this E-Matrix, is the basis of our Collagen X Pro product line that we'll be rolling out as well. More to follow on both of these, but these are things that we're super excited about. Last but not least, one of the areas within our expanded DBM or enhanced DBM products is this idea of our Trivium-shaped products. One of the things that Bacterin was known for is its Bacterin boats or the 3Demin products. Within our new Trivium product line, this will be something we'll be rolling out as well. You know, to give you the scale of how, first of all, clinically far superior, but more importantly, when you look at what the pricing of this product line, when you look at a typical DBM product that goes for, say, $90 to $100 per cc, this is something that goes over $250 per cc. Even if we were to cannibalize all of our business, we would see significant growth, never mind profitability. With that said, the second part of our strategy is the diversification into other markets. From our side, you know, here we have this wonderful tissue bank, which by the way, we're also a 13485 facility, a MDSAP facility that not all tissue banks are that way. Today we already have one of our products is a 510(k) putty that we create, for instance. When you look at some of these other areas that we are beginning to touch and/or serve today, for instance, with our amnion product, we already deal in the surgical repair product line with our own brand, which is something, again, used in spine procedures. Also that same amnion product lines can be used and are being used as an OEM into the chronic wound care world. Moreover, when you look at what we're doing on the hemostatic biologics and even on the antimicrobial down the path, these are some opportunities for us that start to expand the many things that we can do. From a product development and a pipeline, this is one of the more exciting things about the business that we're creating, is not only can we do really, really well in the core elements of what we do in the tissue banking side, but how these then start to expand into other markets as well. When you think about profitability really gets into generating... First of all, one of the things that if you were to look at our financials over the course of the last few years, one of the things that we've done extraordinarily well is really leverage our operating expenses. If there's one thing that any business can control, it's your expenses. This is something that we sweat every nickel that we spend. That starts with making sure we're watching our own nickels. Two, we have today, actually, the number is actually closer to 600 distributors that we have today. Some of these guys just pick a product here or there, but we have a significant opportunity that we have not taken advantage of since acquiring the Surgiline businesses. When they came in, we had about 300 independent agents. We picked up almost 300 more, and we have not done a good job of getting greater penetration. That's a big focus for our business today because as you know, the most profitable customer is the customer you already have versus trying to win the next new one. The biggest thing that we can do for our business is really drive that Xtant sales where we can, the Xtant branded products. These are products that when you look at the kind of actual gross profit dollars that we bring in are significantly higher, of course, than what you're gonna see on your OEM side. Strategically, OEM does make sense for us in a number of ways. One, it can eat up additional manufacturing capacity that we have. From a capacity perspective, we run at about 50-ish%. If we can get the plant humming to 80% or 90% with the OEM world, that's great. That's all gravy for the business overall. More importantly, these are also strategic in the fact that we can start pulling ourselves into some other markets. One of the markets in particular that we've been pulled into has been in the chronic wound care space. Now, quite frankly, it's not a world that I dream of, and I sure as hell don't wanna get into any of that reimbursement side of things. We are a low-cost manufacturer of these products, and we do really, really well and make a great product. More importantly, because of what's happened from a reimbursement perspective, more and more of these procedures are being pulled into the hospital, in the hospital where we have outstanding contracts. Many of the many wound care companies that are out there today own outside the hospital, don't have any kind of play at all inside the hospital. It's an area that we're starting to see some nice traction or beginning to see traction. There are opportunities where strategically OEM opportunities can pull us into opportunities that'll be much more profitable as an Xtant branded product. As I mentioned, one of the things that we just did is that we just finished the sale, and we finally got the last check from the Companion team. It's actually one of the reasons why our earnings will be taking place later this month versus having already released them. Just wanted to get these dollars in-house, so we didn't have to reflect it in the 10-K and other things. Happily, all of that is completed. This says a purchase price of $19.2 million. It ended up being closer to $21.4 is what the total price and total what we are paid for. Happily, when you see what we have in way of our balance sheet today, at least from a cash perspective, we'll have over $25 million or have over $25 million now as we speak. We'll have our long-term debt now reduced basically in half from where we were a year ago down to $11.1. Something very, very manageable. Moreover, it also, when you look at the amount of time and energy our business and our team spent on managing this product line, this Coflex product line in particular, we did some really nice things, helped stabilize that business. You know, just to give you a sense, this was three times the number of sales guys on this group just within the Coflex domestic side, never mind what was going on in the OUS business. From an organization perspective, this relatively small business took probably 40% of our team's time. We get that back. From a focus perspective, I can't tell you how happy I am that these product lines are in the right hands. When you look at our improving financial profile, as I mentioned, this is only through Q3 of this past year, and we will be having full Q4 and full year results here in the next two weeks. So, this will at least give you a sense as to what you'll be looking at from a financial profile. As I mentioned, just to reiterate, you know, we're a compelling investment opportunity, maybe the best investment opportunity you have here today. If you take a look at our stock price and our market cap, it is clearly not reflecting the business that we have built. With that said, I'll open it up to you for any questions you might have. Thank you. Appreciate it. Yes, sir. How are you? Good. You doing all right? Good. Good. I haven't seen you. Haven't seen you in a while. I love your presentation. I love this company. Thanks. I think you guys, you and my buddy Stavros are great management. Here's my question: How do I tell my grandson, Aiko, why I'm holding on to this stock for a decade? The- Why does the stock move sideways? Yeah. Everything else is moving north. Yeah. Craig, Is anybody here Joe? Okay. Why don't you talk to Joe about buying his $500 million of sales? Okay. His buddy Brad is right there ready to execute. Excellent. Excellent. Why is it moving sideways? You know, I can tell you we had an overhang for a number of years with our OrbiMed ownership just because, again, when you're the debt holder, you become your largest equity owner, that's not good, right? That's a business that had to be fixed, and we fixed it. OrbiMed left us. At the time, because they had to convert so much debt to equity, they wanted certain rights. They had an investor rights agreement that I believe really held back the business in a number of ways. It just, everything and anything we wanted to do, we had to check with them. Quite frankly, this was just not a great investment for them when they finally got out. We now have a new group. Nantahala is our largest shareholder, fantastic group, have a long perspective on how they're looking at things. I still think we're the best value company that you have at this place today. Have faith, okay? Good things are happening. We will have, I don't know what more you gotta do in way of putting up big numbers that we've been putting up. Yeah. Give me another year. Thank you. Give me another year. Yes. Tough crowd. It is. Tough crowd, but it's okay. You gotta know that's coming. Yes. Yes, sir. Well-positioned on the bone side, what are you doing on the soft tissue repair side? On the soft tissue side, more of... I guess when you say soft tissue, you know, there's things as I think about on the wound care side, and I think about surgical repair. What else are you talking about? Are you talking about like anything having to do with- You have amniotics. Yes. What are you doing with those? Are you going to do anything else? Yeah. No, there is Even on the amniotic side, when you look at some of the things that we've already created in way of triple and quadruple layered amniotic products, we think are gonna be nice OEM opportunities within the sports medicine side. That is something that we're really excited. Matter of fact, we just got Q Codes, for instance, for a textured single layer and double layer, which is a really nice product. Again, if you think about trying to put anchors into something, would really be able to hold. So, yeah, we're very, very optimistic about where that entire segment could go for us.