And you, fourth will review XXXX. Xtant, good I and listening. financial for the followed full by David. a everyone update Thank year providing morning of by results a quarter of general to our begin
made recent and me for that almost in believed shareholders and portfolio because complex we tremendous that I saying that orthobiologics procedures. clinical start systems patients realize these Let I have months sales both the commercial value leadership and team of degenerative by of gives the needed ago, us hires confidence also Xtant spinal within company the offer spine, two fixation challenges joined to important and the solutions value products. that of fusion to deformity, our I and are the have spinal great to expertise has .Xtant’s
absolute they Their our in while diverse and added revenue Commercial offer their Vice-President sales extended the our and Operations Chief not Under execution device quality that positions our needs quite is XXXX in multiple provide transformative revitalized five product strategy and through of company. four motivation, appointment portfolio. and take of Xtant already it needs another to processing knowledge in strategy, Officer, of Vice-Presidents. announced customers over As the comprising the Manager the industry. leadership has hire are July tissue January commercial help clear has dedication from market and products enabling previously products relationships coming experience level majority Xtant results, also very joined years sales sales Xtant force spine their for of executives last expertise a as of our Ron of we years who of our serves experience the meet with that February, senior XXX served Combined, and industry. XX of and our of senior team our to financial that in is to to the requires sales the Brandt, efforts Chief the a we of sales Officer Berlin, us the and take Ron, Ensuring to The their to of deep Vice-President now talented has and orthopedic regional time customers as our and integrity. achieved, with of within to spine reflected be therapies who our and sales have have grow General operations we within in level sales newly company. over as and will value spine individuals this in proven increasing successfully these success throughout U.S Kevin sales the patients
gross quality wealth a a Xtant Sigma, his turnaround personnel I Xtant processing based quality, As and of well his needs leadership components experience, aspects to compliance will for the reducing margins strategy which result knowledge increasing the brought brings believe firmly programs believe have that as allow in assurance. and of additions expertise, progress improving record programs. track a I us has strategies. and managing operating recent prior Lean asset our and our tissue our making costs He Implementation, of to proven enthusiasm operations Six significant M&A medical our for excitement, are on that improving execute cost Kaizen, and to utilization, to effectiveness, all improvement device implementation of continue profitability. and Ron our continuous key in as that
having achieving that in strategies. is our decisions growth to factor flexibility goals important support Another the make our financial
credit that earlier the amended facility today with OrbiMed of we Advisors. end, we and affiliates announced that extended have Towards our
December and via press an XXXX for maturity in XX, XX, the extends minimum EBITDA replaces the consolidated and transaction, XXXX noted from interest ratio which It leverage As also million provides agreement a revenue term covenant XXXX the senior release date until delayed the minimum from March second amended provisions. announcing upto incremental $XX draw restated loan. new accruals to March July covenants credit other the facility Further, no XXXX. XX, and consolidated the the with among XX, period credit during
this transaction, Xtant OrbiMed stock. believe support. the creation. in common modify purchase of is facility value terms we their additional of an for to X.X capital to of longstanding the appreciate Xtant our credit to OrbiMed shares and in vote willingness is confidence vision million OrbiMed’s realize part and that investor will warrants the company issue As our ability our of to commit for important continued We of our
for our Executive Chief we new that also Before me financial let I have Officer. review to turn add results, of the a search commenced a
that a and transition to often in transformative is challenge, a also provides leading is company opportunities While strategies. it implement bold
knowledge, an We our putting the company profitability. on energy to creativity individual towards opportunities the for his growing or and leverage ability are line path seeking her into costs, top a revenue, reducing new who our and has operating
for of reserve inventory Gross line. during our spinal XXXX due to the and for results. the of due $X.X the was occurred turn hardware quarter inventory margin Full line. for the me compared was XXXX. fourth for million was let revenue the Full XXXX, in was implant its $X.X the year year the in $XX.X XXXX. to XXXX of XXXX and the to quarters fourth XXXX. to in compared In margin Now XX.X% XX.X% increased quarter company respectively, XXXX decreased fourth gross million to financial same implant primarily revenue XX.X% revenue XXXX. for quarter to sales The excess of fourth XXXX million primarily period spinal $XX.X by product Total million XX.X% $XX.X compared decrease compared to $XX.X in million million product
Excluding the period and been the the million of respectively. and were million full profit year compared XX.X% quarter, in and year a adjustments to XX.X% Fourth margins XX.X% would quarter for inventory XX.X% the ago. operating XXXX $XX.X XXXX, for fourth and reserve XXXX in same expenses gross $XX have
were year, the million million quarter full charges incurred impairment intangibles in XXXX XXXX, in the to million to to For compared goodwill $XX.X the and company attributed $XX.X XXXX. non-cash X-Spine respectively. fourth the acquisition $XX.X $XXX.X totaling expenses and XXXX million and In of operating
XXXX. million Excluding million fourth compared $XX.X goodwill impairment the intangibles expenses attributed fourth the for acquisition, the to compared or attributed operations compared and commission to XXXX, reduction revenue $XX.X loss The during was quarter to a of quarter year-to-date XXXX, per for per in in a cost expenses, non-cash from in improvement $XX.XX $XX.X $XX.X of administrative the the million share million or facilities. lower million initiatives The to quarter operating net is per loss or XXXX as The million were XXXX $X.XX XXXX $XX.X to primarily reduction $X.XX charges XXXX. $XX.X decrease of XXXX. or and million $XX.X share share lower to share net per fourth and XXXX general to in and was in in $XX.X result to million X-Spine $XX.XX in loss of for compared -- expense consolidate a cost
the non-cash $X.X and quarter. share to loss Excluding per quarter share million fourth impairment the inventory per the was XXXX $X.XX reserve or $X.X million net of in charges, charges fourth for compared the $X.XX or XXXX
for liability, compared on non-cash facility to to related million XXXX, of operations per depreciation, was adjusted and back $X.X For share Non-GAAP and is non-cash EBITDA in exclude losses impairment reserves, same EBITDA company XXXX. separation restructuring expense special for and quarter a of XXXX. provision in from have or as or $XX.XX fourth the $XXX,XXX been adjusted expenses, loss add derivative and loss as $X.XX $XX.X expenses. accounts period before charges, inventory, $XX.X The would charges, changes applicable share non-cash costs, net for compared receivable the in/or per amortization million of income/loss litigation net warrant compensation, interest XXXX the defines further to consolidation million adjusted
are The adjusted is was in the For facility business, to the $X.X compared non-GAAP progress in including consolidation our the adjusted XXXX, in to the XXXX. $XXX,XXX restructuring increase attributed EBITDA same million initiatives. making we period for EBITDA
to accounts As of receivable and $XX.X had of cash $XX we of million net December and $X.X cash million equivalents of inventory. million XXXX, XX,
agreement achieve the we updates on to progress. driving cost on highlight while and our today significant time. those combined support amended trajectory XX, by channels Xtant. and As in a has growth forward Thank company a to on In are along XXXX. for the joining right its restated over of the credit strong or OrbiMed, I improvement reductions us at like repositioning believe value you term long previously million look Driven the sales call later stakeholders. the for mentioned We our the that closing, we of to progress $XX March with closed patients making for would we providing listening and are