Companies · Healthtech

Xtant Medical Holdings, Inc.

BELGRADE · Healthtech · refined from filed group “Other Health Care

Diligence memoA one-page analyst read on Xtant Medical Holdings, Inc. — recommendation, valuation, rhythm, risks.
$170.2M
Total raised · real
9
Rounds
0.3×
Latest step-up
Top 3%
Sector rank · raised
Series C
Latest stage · inferred · Fri Aug 09 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

Xtant Medical Holdings, Inc. looks under-valued against its niche peers and is quiet on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the healthtech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.08× the median modeled value of Series C Healthtech companies in 2022–2024 (39 peers) — value vs value, same stage and era.
Quiet
  • Last raise 23 mo ago; this sector typically re-raises about every 14 months.
  • Slightly overdue versus sector cadence.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Xtant Medical Holdings, Inc. behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
16.0 yr record
Peak capital year was 2020 with $62.9M across 1 filings.
Market position
ahead of 98% of Healthtech peers
Capital scale is ahead of 98% of Healthtech peers; modeled value is above 59% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2020: $62.9M across 1 filings.
  • Largest single filing was $62.9M on 2020-10-01.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Healthtech

Xtant Medical Holdings, Inc. is one of 2138 Healthtech companies tracked from BELGRADE. By capital raised it ranks among the largest (ahead of 98% of sector peers), and mid-pack by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
5
Investors (latest)
2024-08-09
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$500M$1.0B$1.5B$2.0BSeries C · 2010-06-30 Raised $45M (real) Modeled valuation $1.2B (est)Series C2010Series A · 2010-06-30 Raised $7.5M (real) Modeled valuation $169M (est)Series A2010Seed · 2011-04-19 Raised $1.9M (real) Modeled valuation $52M (est)Seed2011Series C · 2011-04-19 Raised $3.0M (real) Modeled valuation $77M (est)Series C2011Series C · 2013-06-10 Raised $4.9M (real) Modeled valuation $124M (est)Series C2013Series C · 2020-10-01 Raised $63M (real) Modeled valuation $1.5B (est)Series C2020Series C · 2021-02-24 Raised $20M (real) Modeled valuation $427M (est)Series C2021Series C · 2022-08-25 Raised $6.7M (real) Modeled valuation $95M (est)Series C2022Series C · 2023-07-06 Raised $15M (real) Modeled valuation $167M (est)Series C2023Series C · 2024-08-09 Raised $5.0M (real) Modeled valuation $41M (est)Series C2024+$7.5M+$1.9M+$3.0M+$4.9M+$63M+$20M+$6.7M+$15M+$5.0MCumulative $172M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series C$45.2M · 2010
Bridge · Series C-stage$7.5M · 2010smaller follow-on
Bridge · Series C-stage$1.9M · 2011smaller follow-on
Series C extension$3.0M · 2011
Series C extension$4.9M · 2013
Series C extension$62.9M · 2020
Series C extension$20.0M · 2021
Series C extension$6.7M · 2022
Series C extension$15.0M · 2023
Series C extension$5.0M · 2024

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 60%.

Modeled valuation trajectory
$41.2M
Base estimate est.
$18.2M
Conservative case
$61.7M
Upside case
$33.3M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the healthtech sector profile. Directional, not a quoted figure.

Series C · modeled $1.2B · 2010-06-302010Series A · modeled $169.5M · 2010-06-30Seed · modeled $52.0M · 2011-04-19Series C · modeled $77.4M · 2011-04-19Series C · modeled $124.0M · 2013-06-10Series C · modeled $1.5B · 2020-10-01Series C · modeled $427.2M · 2021-02-24Series C · modeled $95.4M · 2022-08-25Series C · modeled $167.1M · 2023-07-06Series C · modeled $41.2M · 2024-08-092024
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
73%
Survival probability
55% low · 85% high
1.32×/yr
Annual markup
1.51×/yr upside case
1.9 yr
Elapsed time used
1.9 yr actual, capped for stale marks
healthtech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
19 mo
Avg between rounds
$12.1M/yr
Capital velocity
16.0 yr
On record since
2010
First round
10
Rounds on file
How it compares to the market

Benchmarked against 2138 companies in Healthtech. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 38× above median
This company$170.2M
Sector median$4.5M
Latest round — vs other Series C rounds in sector (real $, this stage) 0.1× of median
This company$5.0M
Sector median$46.5M
Modeled value — vs sector median (estimate, all stages) 1.2× above median
This company$41.2M
Sector median$33.8M

Raised more than 98% of sector peers (real $). Modeled value above 59% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #38 of 39.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Freedom Dental Funding, LLC · Series C Raised $100.0M · modeled $1.1B (est)Elevate Care International Topco LP · Series C Raised $98.4M · modeled $1.0B (est)Athelas Inc. · Series C Raised $54.4M · modeled $902.7M (est)Hazel Health, Inc. · Series C Raised $86.0M · modeled $817.0M (est)Health Gorilla, Inc. · Series C Raised $58.7M · modeled $815.7M (est)Employee Health Holdings, LP · Series C Raised $78.8M · modeled $779.1M (est)Magnolia Medical Technologies, Inc. · Series C Raised $94.2M · modeled $727.7M (est)Allied Health MSO Holdco, LLC · Series C Raised $62.8M · modeled $724.3M (est)Pearl Health, Inc. · Series C Raised $55.5M · modeled $721.3M (est)Veridian Healthcare Holdings LLC · Series C Raised $63.0M · modeled $692.0M (est)Accompany Health, Inc. · Series C Raised $56.3M · modeled $680.1M (est)Alleviant Medical, Inc. · Series C Raised $148.8M · modeled $676.9M (est)Xtant Medical Holdings, Inc. (this company) Raised $170.2M · modeled $41.2M (est)Xtant Medical Holdings, Inc.
CompanyStageRaised · realValue · estvs peer med.
Freedom Dental Funding, LLCSeries C$100.0M$1.1B2.33×
Elevate Care International Topco LPSeries C$98.4M$1.0B2.07×
Athelas Inc.Series C$54.4M$902.7M1.86×
Hazel Health, Inc.Series C$86.0M$817.0M1.68×
Health Gorilla, Inc.Series C$58.7M$815.7M1.68×
Employee Health Holdings, LPSeries C$78.8M$779.1M1.60×
Magnolia Medical Technologies, Inc.Series C$94.2M$727.7M1.50×
Allied Health MSO Holdco, LLCSeries C$62.8M$724.3M1.49×
Pearl Health, Inc.Series C$55.5M$721.3M1.48×
Veridian Healthcare Holdings LLCSeries C$63.0M$692.0M1.42×
Accompany Health, Inc.Series C$56.3M$680.1M1.40×
Alleviant Medical, Inc.Series C$148.8M$676.9M1.39×
Xtant Medical Holdings, Inc. this companySeries C$170.2M$41.2M0.08×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series C$45.2M2010-06-30$301.4M$1.2B85%
Series A$7.5M2010-06-30$34.1M$169.5M85%
Seed$1.9M2011-04-19$9.4M$52.0M85%
Series C$3.0M2011-04-19$20.2M$77.4M85%
Series C$4.9M2013-06-10$32.3M$124.0M85%
Series C$62.9M2020-10-01$419.2M$1.5B90%
Series C$20.0M2021-02-24$133.3M$427.2M90%
Series C$6.7M2022-08-25$45.0M$95.4M90%
Series C$15.0M2023-07-06$100.0M$167.1M90%
Series C$5.0M2024-08-09$33.3M$41.2M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series C$45.2M2010-06-30
    • First recorded raise — entered as Series C.
    • 217 investors on this round.
  2. Series A$7.5M2010-06-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 6.0× smaller than the prior — bridge or down round.
    • 60 investors on this round.
  3. Seed$1.9M2011-04-19
    • Raised 10 mo later, in step with the ~14 mo sector norm.
    • Round 4.0× smaller than the prior — bridge or down round.
    • 12 investors on this round.
  4. Series C$3.0M2011-04-19
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× larger than the prior — scaling up.
    • 16 investors on this round.
  5. Series C$4.9M2013-06-10
    • Raised again after 26 mo — slower than the ~14 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
    • 24 investors on this round.
  6. Series C$62.9M2020-10-01
    • Raised again after 88 mo — slower than the ~14 mo sector norm.
    • Round 13.0× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 2 investors on this round.
  7. Series C$20.0M2021-02-24
    • Came back fast: 5 mo vs the ~14 mo sector norm.
    • Round 3.1× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  8. Series C$6.7M2022-08-25
    • Raised 18 mo later, in step with the ~14 mo sector norm.
    • Round 3.0× smaller than the prior — bridge or down round.
    • 11 investors on this round.
  9. Series C$15.0M2023-07-06
    • Raised 10 mo later, in step with the ~14 mo sector norm.
    • Round 2.2× larger than the prior — scaling up.
    • 22 investors on this round.
  10. Series C$5.0M2024-08-09
    • Raised 13 mo later, in step with the ~14 mo sector norm.
    • Round 3.0× smaller than the prior — bridge or down round.
    • 5 investors on this round.
Intelligence
2026 ~Q1
Modeled next raise · ~19mo cadence
$5.0M
Modeled next size est.range $5.0M$8.0M
0.3×
Last step-up
$12.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
John Deedrick6 other2013-06
John K. Bakewell6 other2023-07
Guy Cook1 other2011-04
Guy S. Cook1 other2010-06
Jeffrey D. Peters1 other2021-02
John Gandolfo1 other2011-04
John P. Gandolfo1 other2010-06
Kent T. Swanson1 other2010-06
Mitchell T. Godfrey1 other2010-06
Robert E. McNamara1 other2020-10
Daniel P. Frank2010-06
Darrel Holmes2013-06
Gary P. Simon2010-06
Greg E. Jensen2020-10
Greg Juda2013-06
Jeffrey E. Peters2020-10
John D. Bakewell2021-02
John E. Bakewell2020-10
John Gandalfo2013-06
Jonn R. Beeson2023-07
Jon Wickwire2013-06
Ken P. Calligar2010-06
Kent Swanson2011-04
Kevin D Brandt2020-10
Registry & provenance

Xtant Medical Holdings, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1453593
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Entellus Medical IncHealthtechSeries C$115.0M$1.3Bnetwork1 shared operator · same sector · same stage
Bacterin International, Inc.BiotechnologySeed$11.3M$48.2Mnetwork3 shared operators
Oak Street Health, LLCHealthtechSeries C$216.3M$38.4Msame sector · same stage
Upfront Healthcare Services, Inc.HealthtechSeries C$94.1M$34.5Msame sector · same stage
Endogenex, Inc.Other Health CareSeries C$122.0M$575.7Mnetwork1 shared operator · same stage
Centaur Health Holdings, Inc.HealthtechSeries C$71.0M$38.7Msame sector · same stage
Health Essentials Holdings, Inc.HealthtechSeries C$61.9M$31.5Msame sector · same stage
electroCore, Inc.Other Health CareSeries C$87.3M$11.0Mnetwork1 shared operator · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Xolani Health System CorpHealthtechSeries A$19.7M86%
XO Health Inc.HealthtechSeries C$323.4M85%
Medical Innovation Holdings, Inc.HealthtechPre-Seed$10.1M85%
Xeras Medical Technologies, Inc.HealthtechSeed$502K85%
CDx Medical Holdings, Inc.HealthtechSeries A$112.9M83%
HealthPlan One Holdings, Inc.HealthtechSeries B$621.0M83%
Alternate Health Corp.HealthtechSeed$8.3M83%
WELL Health Technologies Corp.HealthtechSeed$92.6M83%
Frequently asked
How much funding has Xtant Medical Holdings, Inc. raised?
Xtant Medical Holdings, Inc. has raised approximately $170.2M in disclosed capital across 9 recorded financing rounds, aggregated from public filings.
What is Xtant Medical Holdings, Inc.'s estimated valuation?
Provath's modeled valuation for Xtant Medical Holdings, Inc. is approximately $41.2M (modeled range $18.2M–$61.7M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Xtant Medical Holdings, Inc. at?
Xtant Medical Holdings, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Fri Aug 09.
What does Xtant Medical Holdings, Inc. do and where is it based?
Xtant Medical Holdings, Inc. operates in the Healthtech sector, based in BELGRADE.
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