Sanara MedTech Inc. (SMTI) , along with InfuSystem Inc., recently entered into an exclusive U.S. distribution agreement with ChemoMouthpiece, LLC. Sanara will execute the terms of the agreement with the help of SI Healthcare Technologies (SI Technologies), which is a 50/50 joint venture between SMTI and InfuSystem. ChemoMouthpiece owns and manufactures a clinically validated product named Chemo Mouthpiece — an oral cryotherapy device that brings relief to oral mucositis-affected patients. This device perfec ...

Sanara MedTech Inc. (NASDAQ:SMTI) Q2 2024 Earnings Conference Call August 13, 2024 9:00 AM ET Company Participants Callon Nichols - Vice President of Corporate Operations Ronald Nixon - Executive Chairman and CEO Michael McNeil - CFO and Corporate Secretary Seth Yon - President of Commercial Jacob Waldrop - Chief Operating Officer Sam Muppalla - Tissue Health Plus Conference Call Participants Ross Osborn - Cantor Fitzgerald Ian Cassel - MicroCapClub John Siedhoff - Twin Oaks Equity LLC Operator Greetings, w ...

Exhibit 99.1 Sanara MedTech Inc. Announces Second Quarter 2024 Results FORT WORTH, TX / GlobeNewswire / August 12, 2024 / Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara," the "Company," "we," "our" or "us") (NASDAQ: SMTI), a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets, announced today its strategic, operational ...

FORT WORTH, TX, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara," the "Company," "we," "our" or "us") (NASDAQ: SMTI), a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets, announced today its strategic, operational and financial results for the quarter ended June 30, 2024. Ron Nixon, Sa ...

Acquisition and Partnerships - Sanara MedTech acquired the intellectual property and rights to manufacture and sell CellerateRX Surgical for $15.25 million, which includes $9.75 million in cash and $3.0 million in stock[164]. - The Applied Purchase Agreement allows for an additional earnout of up to $10.0 million based on performance thresholds related to net sales of a collagen-based product under development[166]. - Sanara MedTech's acquisition of Precision Healing Inc. aims to improve diagnostic capabilities for wound and skin conditions[150]. - The company continues to expand its product pipeline, including regenerative and orthobiologic technologies from its acquisition of Scendia Biologics[151]. - The company entered into the Applied Purchase Agreement on August 1, 2023, acquiring assets for an initial purchase price of $15.25 million, including $9.75 million in cash and $3.0 million in common stock[204]. - The Applied Purchase Agreement includes potential additional payments of up to $10.0 million based on performance thresholds related to a collagen-based product under development[206]. Product Development and Launches - In December 2023, Sanara MedTech received 510(k) clearance from the U.S. FDA for the Precision Healing diagnostic imager, enhancing its product offerings in wound care[150]. - The company launched BIASURGE Advanced Surgical Solution in November 2023, aimed at improving wound irrigation with antimicrobial properties[152]. - Sanara MedTech's subsidiary, Tissue Health Plus, plans to offer a value-based wound care program targeting Medicare Advantage payers, with contracts expected to last three to five years[155]. - The THP programs are designed to reduce wound-related hospitalizations and improve patient quality of life through community and home-based care[161]. - The company plans to commercially launch the THP program during the second half of 2025[181]. Financial Performance - For the three months ended June 30, 2024, the company generated net revenue of $20.2 million, a 28% increase from $15.8 million in the same period of 2023[181]. - For the six months ended June 30, 2024, net revenue was $38.7 million, reflecting a 24% increase from $31.3 million in the prior year[181]. - Gross profit for the three months ended June 30, 2024, was $18.2 million, a 34% increase from $13.6 million in the same period of 2023[182]. - For the six months ended June 30, 2024, gross profit reached $34.8 million, a 29% increase from $27.0 million in the prior year[182]. - The net loss for the three months ended June 30, 2024, was $3.5 million, compared to a net loss of $1.9 million in 2023, and for the six months ended June 30, 2024, the net loss was $5.3 million, compared to $3.1 million in 2023[192]. Expenses and Costs - Selling, general and administrative (SG&A) expenses for the three months ended June 30, 2024, were $19.0 million, up from $13.8 million in the same period of 2023[185]. - SG&A expenses for the six months ended June 30, 2024, totaled $35.1 million, compared to $26.8 million in the same period of 2023[185]. - R&D expenses decreased to $1.0 million for the three months ended June 30, 2024, down from $1.2 million in the same period of 2023, and to $1.9 million for the six months ended June 30, 2024, down from $2.5 million in 2023[187]. - Depreciation and amortization expense rose to $1.1 million for the three months ended June 30, 2024, compared to $0.8 million in 2023, and to $2.2 million for the six months ended June 30, 2024, up from $1.6 million in 2023[188]. - SG&A expenses increased by approximately $3.4 million and $5.6 million for the three and six months ended June 30, 2024, primarily due to higher direct sales and marketing expenses[186]. Cash Flow and Financing - Cash on hand at June 30, 2024, was $6.2 million, an increase from $5.1 million at December 31, 2023[197]. - The company entered into a loan agreement with Cadence Bank for an aggregate principal amount of $12.0 million, with an advance of $9.75 million made on August 1, 2023[169]. - The company entered into a CRG Term Loan Agreement on April 17, 2024, providing for a senior secured term loan of up to $55.0 million, with an initial advance of $15.0 million[201]. - The Cadence Term Loan Agreement was terminated following the repayment of all outstanding amounts on April 17, 2024[201]. - For the six months ended June 30, 2024, net cash used in operating activities was $3.0 million, a decrease from $3.5 million for the same period in 2023, attributed to net revenue growth outpacing cash operating expenses[218]. - The company reported net cash provided by financing activities of $4.1 million for the six months ended June 30, 2024, compared to $0.6 million for the same period in 2023, primarily due to proceeds from the CRG Term Loan[220]. Market and Economic Conditions - Inflation and changing prices have not materially impacted historical results and are not expected to affect future results[228]. - Critical accounting estimates have not significantly changed since December 31, 2023, and are detailed in the Annual Report on Form 10-K for the year ended December 31, 2023[230].

FORT WORTH, TX, July 30, 2024 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara," the "Company," "we," "our" or "us") (NASDAQ: SMTI), a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets, today announced details for the release of its results for the quarter ended June 30, 2024. A live webcast of Sanar ...

About Sanara MedTech Inc. The statements in this press release that do not constitute historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. These statements may be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continue," "could," "estimates," "expects," "forecast," "guidance," "intends," "may," "plans," "possible," "potential," "predicts," "preliminary," "proje ...

Financial Data and Key Metrics Changes - The company generated net revenue of $18.5 million for Q1 2024, a 19% increase from $15.5 million in Q1 2023 [23] - The net loss for Q1 2024 was $1.8 million, compared to a net loss of $1.2 million in the same period of 2023 [25] - Cash on hand at the end of the quarter was $2.8 million [26] Business Line Data and Key Metrics Changes - Sales of soft tissue products increased from $12.9 million in Q1 2023 to $16.1 million in Q1 2024 [19] - Sales of bone fusion products slightly decreased from $2.6 million in Q1 2023 to $2.5 million in Q1 2024 [19] Market Data and Key Metrics Changes - Products were sold in over 1,082 facilities across 34 states and the District of Columbia as of Q1 2024 [19] - The company’s products were approved for sale in more than 3,000 facilities as of March 31, 2024 [19] Company Strategy and Development Direction - The company is focusing on expanding its surgical product offerings and exploring emerging opportunities for distribution of advanced wound care products [15][27] - A strategy for value-based care in wound care is being developed, with expectations for partnerships to be established by the end of 2024 [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the team’s strength and the company’s growth trajectory, emphasizing the importance of building infrastructure to support ongoing growth [3][27] - The company aims to achieve profitability while balancing investments in growth opportunities [48] Other Important Information - A new debt facility with CRG was announced, providing access to growth and acquisition capital without diluting equity [21] - SG&A expenses increased to $16.2 million in Q1 2024 from $13 million in Q1 2023, primarily due to higher direct sales and marketing expenses [24] Q&A Session Summary Question: Has the recent CEO transition disrupted sales momentum? - Management confirmed that there has been no disruption in sales momentum, stating that the team is stronger than ever [30] Question: Can you speak to profitability in relation to revenue changes? - Management acknowledged the challenges in achieving profitability while also investing in growth opportunities, indicating a focus on balancing these aspects [47][48] Question: Can you provide details on the increase in SG&A expenses? - Management explained that the increase in SG&A expenses is correlated with higher sales commissions and operational support costs, which are necessary for driving sales growth [52]

Acquisition and Partnerships - Sanara MedTech acquired the intellectual property and rights to manufacture and sell CellerateRX Surgical and HYCOL for $15.25 million, including $9.75 million in cash and $3.0 million in stock [175]. - Sanara MedTech's acquisition of Scendia Biologics in July 2022 expanded its regenerative and orthobiologic technology offerings [165]. - An exclusive license agreement was signed with Tufts University in December 2023 to develop and commercialize patented technology covering 18 unique collagen peptides, with royalties set at 1.5% or 3% based on product type [180]. - The Applied Asset Purchase was completed on August 1, 2023, for an initial aggregate purchase price of $15.25 million, including $9.75 million in cash and stock valued at $3.0 million [205]. Product Development and Launches - The company launched BIASURGE Advanced Surgical Solution in November 2023, an antimicrobial solution for wound irrigation [167]. - The company received 510(k) clearance from the FDA for the Precision Healing diagnostic imager in December 2023, enhancing its wound assessment capabilities [164]. - The company is evaluating regulatory pathways for the Precision Healing Lateral Flow Assay, furthering its diagnostic capabilities [164]. - The company is focused on developing a comprehensive wound and skincare strategy through acquisitions and investments to improve clinical outcomes [162]. - Sanara MedTech's technology platform will leverage AI and machine learning to enhance patient monitoring and care delivery [172]. Financial Performance - For the three months ended March 31, 2024, the company generated net revenue of $18.5 million, a 19% increase from $15.5 million in the same period of 2023, primarily driven by increased sales of soft tissue repair products [190]. - The cost of goods sold for the three months ended March 31, 2024, was $1.9 million, down from $2.1 million in the prior year, resulting in gross margins of approximately 90% compared to 86% in 2023 [191]. - Selling, general and administrative (SG&A) expenses increased to $16.2 million for the three months ended March 31, 2024, from $13.0 million in 2023, with direct sales and marketing expenses accounting for approximately $2.2 million of the increase [192]. - Research and development (R&D) expenses decreased to $0.9 million for the three months ended March 31, 2024, compared to $1.3 million in the prior year, primarily due to lower costs associated with specific projects [193]. - The company reported a net loss of $1.8 million for the three months ended March 31, 2024, compared to a net loss of $1.2 million in the same period of 2023, attributed to higher SG&A costs and amortization of acquired intangible assets [197]. Cash Flow and Financing - The company had cash on hand of $2.8 million as of March 31, 2024, down from $5.1 million at the end of 2023, with plans to finance future needs through equity or debt issuances [199]. - The company expects its cash on hand, combined with expected cash flows from operations and proceeds from the CRG Loan, to be sufficient to fund its growth strategy for at least the next twelve months [204]. - For the three months ended March 31, 2024, net cash used in operating activities was $1.6 million, a decrease from $1.7 million for the same period in 2023, attributed to net revenue growth outpacing cash operating expenses [221]. - The company entered into a CRG Loan Agreement on April 17, 2024, providing for a senior secured term loan of up to $55.0 million, with a portion used to repay the Cadence Term Loan [179]. - The CRG Loan bears interest at a per annum rate of 13.25%, with 8.00% payable in cash and 5.25% deferrable under certain conditions [216]. Debt and Obligations - The Cadence Term Loan was terminated with an outstanding principal amount of $9.8 million at the time of termination, and approximately $27.1 thousand was paid in interest [213]. - The CRG Loan Agreement provides for a senior secured term loan of up to $55.0 million, with $15.0 million available for borrowing on the Closing Date and up to $40.0 million in subsequent borrowings [214]. - The company is required to maintain a minimum Debt Service Coverage Ratio and a Cash Flow Leverage Ratio under the Cadence Loan Agreement [212]. Revenue Targets and Related Party Transactions - The company has set annual minimum revenue targets of at least $60.0 million for 2024, increasing to at least $105.0 million for each twelve-month period beginning on January 1 of subsequent years [224]. - The company had outstanding related party receivables totaling $23,002 and payables totaling $87,116 as of March 31, 2024 [230]. - The proceeds from the Cadence Loan were used for working capital and financing the Cash Closing Consideration for the Applied Asset Purchase, with an advance of $9.75 million made on August 1, 2023 [209]. Sales Performance - Sales of CellerateRX Surgical comprised the substantial majority of the company's sales during the three months ended March 31, 2024 [225]. - The company incurred $56,272 of costs under the Catalyst Services Agreement during the three months ended March 31, 2024, with no expenses incurred in the same period of 2023 [229].

Financial Performance - In Q1 2024, Sanara MedTech generated record sales of $18.5 million, marking the tenth consecutive record revenue quarter, a 19% increase from $15.5 million in Q1 2023[3] - The company reported a net loss of $1.8 million for Q1 2024, compared to a net loss of $1.2 million in Q1 2023, primarily due to increased SG&A costs[6] - Adjusted EBITDA for Q1 2024 was $0.3 million, an improvement from negative Adjusted EBITDA of $0.3 million in Q1 2023[3] - Net revenue for Q1 2024 was $18,536,638, a 19.5% increase from $15,521,917 in Q1 2023[19] - Gross profit for Q1 2024 was $16,646,592, compared to $13,396,258 in Q1 2023, reflecting a gross margin improvement[19] - Operating loss increased to $(1,531,707) in Q1 2024 from $(1,216,323) in Q1 2023[19] - Net loss attributable to Sanara MedTech shareholders was $(1,764,184) in Q1 2024, compared to $(1,177,900) in Q1 2023, resulting in a net loss per share of $(0.21) versus $(0.14) in the prior year[19] - Net cash used in operating activities was $(1,594,370) in Q1 2024, a slight improvement from $(1,741,313) in Q1 2023[21] - Cash at the end of Q1 2024 was $2,828,234, down from $7,286,437 at the end of Q1 2023[21] - Adjusted EBITDA for Q1 2024 was $311,421, compared to $(292,830) in Q1 2023, indicating a positive shift in operational performance[23] - Total operating expenses increased to $18,178,299 in Q1 2024 from $14,612,581 in Q1 2023, driven by higher selling, general, and administrative expenses[19] - The company reported a significant increase in share-based compensation, rising to $803,386 in Q1 2024 from $597,305 in Q1 2023[21] Company Growth and Initiatives - Sanara's products were sold in over 1,080 facilities across 34 states and the District of Columbia, with contracts or approvals in more than 3,000 hospitals/ambulatory surgery centers as of March 31, 2024[3] - The company entered into a $55.0 million non-dilutive term loan agreement to support growth initiatives, receiving $15.0 million at closing and the option to draw up to $40.0 million before June 30, 2025[3] - The company made significant progress in intellectual property and manufacturing processes for its CellerateRX product[3] Financial Position - Sanara's cash decreased to $2.83 million as of March 31, 2024, down from $5.15 million at the end of 2023[17] - Total assets decreased to $70.91 million as of March 31, 2024, from $73.87 million at the end of 2023[17] - Shareholders' equity decreased to $43.01 million as of March 31, 2024, from $44.59 million at the end of 2023[17] Management Changes - The company appointed new executives, including Jake Waldrop as COO and Tyler Palmer as Chief Corporate Development and Strategy Officer[3]