Not bad at all!
$Xtant Medical(XTNT.US$ Fourth quarter 2023 revenue grew 84.1% to $28.1 million, compared to $15.3 million for the same quarter in 2022. Full year 2023 revenue grew 58% to $91.3 million, compared to $58.0 million for 2022. These revenue increases are attributed primarily to greater independent agent and private label sales, sales from the acquired Coflex and CoFix product lines, and sales from the acquisition of Surgalign.
Gross margin for the fourth quarter of 2023 was 61.0%, compared to 54.4% for the same period in 2022 and 60.8% for the full year 2023, compared to 55.4% for the full year 2022. These increases were primarily attributable to product mix and greater scale and production efficiencies, partially offset by higher product costs.
Operating expenses for the fourth quarter of 2023 totaled $20.9 million, compared to $10.0 million for the fourth quarter of 2022, and were $65.6 million for the full year 2023 compared to $38.9 million for the full year 2022. These increases were primarily due to additional independent agent sales commissions and higher employee compensation expenses, legal expenses, and amortization of intangible assets associated with the Coflex and CoFix product lines.
Gross margin for the fourth quarter of 2023 was 61.0%, compared to 54.4% for the same period in 2022 and 60.8% for the full year 2023, compared to 55.4% for the full year 2022. These increases were primarily attributable to product mix and greater scale and production efficiencies, partially offset by higher product costs.
Operating expenses for the fourth quarter of 2023 totaled $20.9 million, compared to $10.0 million for the fourth quarter of 2022, and were $65.6 million for the full year 2023 compared to $38.9 million for the full year 2022. These increases were primarily due to additional independent agent sales commissions and higher employee compensation expenses, legal expenses, and amortization of intangible assets associated with the Coflex and CoFix product lines.
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