for the of will listening. results first providing update, corporate XXXX. and a you, by review everyone David, to of morning our begin followed Thank I by good financial general a quarter
investing I and in We our call Xtant’s commercial both last fusion objective our important the have strong that requires pleased growth. we recognize to procedures I and which are needed products portfolio. personnel foundation includes the we to execution to a technologies our report and achieving provide noted that for realizing turnaround progress. meet spinal in strategy, made of product of future clinical As committed value successful needs in am important the that
progress and improve have to is our While evident improve not capabilities, we progress results, the financial overall our made operational financial our this activities, sales our impact of results. in yet expand
completed we sales example, Commercial For the and have sales distributors by over hiring signed Brandt, Chief Kevin XX The previous quarter, productivity level improved compared to an achieved team in of four is led months. the first team we new Our our the four past of the months, which Officer.
Before respect providing put like I strategy. would rebuilding to financial take our with a context to to detailed overview of moment results results, in our our first a quarter
to sufficient of capital cash resources of demonstrated business, make long-term EBITDA requires simply generate working want success. support long-term necessary position We the operations. accomplish can achieve fund costs. continued we growth for generated to the investments financial $X of have which a from the positive XXXX, million, in first ability Xtant we we our we that to which strategy quarter During believe cutting position our our know Therefore, and strategic needed strength. we We to by a profitability
corporate aspects turnaround important Now of our comment on strategy. two me let
and on capital our capital enables which million strengthened and a during strong to growth First, an has Xtant strategies. as remains value OrbiMed our financial our for enhanced structure, build call, further our noted recent $XX creation in a dedicated investor in foundation last commitment Its Xtant. debt to additional pursue flexibility,
will we to our platform. We company's existing this our Second, includes enterprise upgrade processes, upgrade the which infrastructure, integrate efficiencies. our to believe resource planning making streamline are teams enhance better and operational investments improve an our
will which during in future be our our phases, is employees it phase serve will increase expected the in half to the sales to customers, More first phase of better and second necessary project occur quarter fourth XXXX. with first enable periods. importantly, in completed two to This completed XXXX, the
within a the plan been and from listing exchange would and with be to exchange. X American Based Exchange, priority deadline. American to in the with for the requirements, top we the notice plan. our received a NYSE, regarding that prior Maintaining back requirements the of the submitted the continued we're we Regarding May compliance listing exchange Xtant compliance our on plan compliance that will NYSE hopeful remains the by required timeframe accept has the listing Xtant, submitted
same due the me for revenue our Now period in The implant continued primarily in let XXXX. spinal million sales. to turn quarter $XX.X was of compared XX.X% the XX.X% to XXXX Gross results. a to during quarter first quarter the first compared was XXXX. Total hardware first $XX.X financial the in for XXXX for decrease million, to revenue margin was decline of of
During the absorption, its and or of $XXX,XXX the net first an reserve of overhead adjustment XXXX, totaling company for sales. increased inventory quarter X.X% manufacturing
gross for items, of XXXX. the profit have margin XX.X% these first been would Excluding quarter
the were expenses million XXXX period compared same quarter ago. operating $XX.X in $XX.X year million a to First
lower, expenses, expenses amortization First quarter travel XXXX primarily and operating to expense. commissions, sales due lower lower were
and development down increase of of period XX% first in to expanding by the note sales commissions, approximately Consistent product expect our that as I'd is our with our expense development our outreach. research sales that expenses, will $XXX,XXX expenses our marketing Going increase new we forward, and we sales future in second spend same like expected performance improving quarter including XXXX. travel commitment the focus compared XXXX the for to to on marketing of and in and also sales was XXXX. half our with and invest
for XXXX. $X.X million loss was XXXX XXXX The to remainder the per was of million approximately Non-GAAP a or We to $X.XX period the $X XXXX. share to are comparable for or in XXXX $X.XX $X.X quarter compared EBITDA the spend first of same projecting adjusted loss net million per for period. for million $X million the the quarter in share of first of $X.X compared
of listening Xtant, closing $XX.X improvements achieve making have long-term March to growth under million strong As trajectory facility. $X.X availability of accounts and million day. XX, highlight XXXX $XX.X and we equivalents, of cash had that would Thank $X.X of progress of receivable we our inventory forward and to credit in the to repositioning over right and the our and progress providing on like cash on our In driven operational support look I we believe and in nice we channel you are the by million along net with sales calls. of a are updates future for OrbiMed million
