Financial Data and Key Metrics Changes - The company generated $20.2 million in revenue for Q2 2024, marking a 28% increase from $15.8 million in Q2 2023, achieving its 11th consecutive record revenue quarter [4][16] - The net loss for Q2 2024 was $3.5 million, compared to a net loss of $1.9 million in Q2 2023 [5][18] - Adjusted EBITDA for Q2 2024 was positive at $600,000, despite the net loss, influenced by noncore expenses [5][19] - SG&A expenses increased to $19 million in Q2 2024 from $13.8 million in Q2 2023, primarily due to higher direct sales and marketing expenses [16][17] Business Line Data and Key Metrics Changes - The Surgical segment reported a net loss of $2.2 million in Q2 2024, with segmented EBITDA of $1.4 million [5][19] - Sales of soft tissue products grew from $13.2 million in Q2 2023 to $17.6 million in Q2 2024, while bone fusion product sales remained flat at $2.5 million [7][16] - Tissue Health Plus segment generated a negative EBITDA of $0.8 million in Q2 2024 [19] Market Data and Key Metrics Changes - Products were sold in over 1,100 hospitals and ASCs across 34 states, with selling agreements with over 300 distributors [7] - The company signed a contract with a national GPO, adding over 1,000 facilities where products are approved for sale [8] Company Strategy and Development Direction - The company plans to invest an additional $4 million to $5 million in the Tissue Health Plus strategy in anticipation of a commercial launch in the second half of 2025 [6][20] - The focus is on expanding usage in trauma, vascular, and general surgery markets, alongside organic growth and potential M&A opportunities [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth strategy and market expansion, particularly in the Surgical segment, which is generating positive adjusted EBITDA [22] - The company anticipates significant opportunities in the post-acute wound care market with the planned launch of Tissue Health Plus [22] Other Important Information - The company closed a new $55 million debt facility with CRG, providing access to capital for growth without diluting equity [20] - The cash balance at the end of Q2 2024 was $6.2 million [18] Q&A Session Summary Question: Disruption in chronic wound space and diagnostic front of THP - Management acknowledged the disruption in chronic wound care and emphasized their strategy to generate hospital-based savings, with scalable diagnostic devices being a key focus [24][25] Question: Update on partnership with Tufts and CellerateRX peptides - Management confirmed ongoing activities with selected peptides and will provide updates in the near term [26] Question: Game plan for targeting new adjacent markets - The strategy includes expanding with distribution partners and hiring specialists to penetrate new specialties [27][28] Question: Impact of new GPO deal on strategy - Management stated that the approach to expand access at both local and national levels remains unchanged [29] Question: Progress on BIASURGE - BIASURGE has gained momentum since its soft launch, becoming a top product for the company [30] Question: Reasons for stagnation in bone fusion product growth - Management attributed stagnation to the approval process and is hiring specialists to enhance focus in that area [32][33] Question: Key areas for Tissue Health Plus pilot readiness - Key areas include finalizing the technology platform, economic model, and educational resources for staff and partners [34] Question: Profitability concerns in the Surgical segment - Management indicated that they are focused on growth and infrastructure development, with plans for future profitability through increased sales volume [35][41] Question: Cash burn and stock price concerns - Management does not view cash burn as a reason for stock price performance and remains committed to growth [42][43]

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 ...

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 ...

Company Overview - Sanara MedTech Inc. is a medical technology company based in Fort Worth, Texas, focused on developing and commercializing transformative technologies aimed at improving clinical outcomes and reducing healthcare expenditures in the surgical, chronic wound, and skincare markets [5][6] - The company markets and distributes a range of surgical, wound, and skincare products, primarily in the North American advanced wound care and surgical tissue repair markets [6] Product Portfolio - Sanara's product offerings include CellerateRX® Surgical Activated Collagen, FORTIFY TRG® Tissue Repair Graft, and FORTIFY FLOWABLE® Extracellular Matrix, along with advanced biologic products such as ACTIGEN™ Verified Inductive Bone Matrix and ALLOCYTE® Plus Advanced Viable Bone Matrix [6] - In the wound care market, products include BIAKŌS® Antimicrobial Skin and Wound Cleanser, BIAKŌS® Antimicrobial Wound Gel, and BIAKŌS® Antimicrobial Skin and Wound Irrigation Solution [6] Pipeline and Development - The company has a pipeline of potentially transformative product candidates targeting opportunistic pathogens, biofilm mitigation, wound re-epithelialization, necrotic tissue debridement, and cell-compatible substrates [6] - Sanara aims to drive its pipeline from concept to preclinical and clinical development while adhering to quality and regulatory requirements [6] Strategic Focus - The company is actively seeking long-term strategic partnerships that focus on products designed to improve clinical outcomes at a lower overall cost [6]

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]

Financial Data and Key Metrics Changes - In Q4 2023, the company generated $17.7 million in revenue, marking a record revenue quarter, and for the full year, total revenue reached $65 million, a 42% increase from $45.8 million in 2022 [5][28] - The net loss for Q4 2023 was $300,000, while the annual net loss was $4.4 million, an improvement from a net loss of $8.1 million in 2022 [5][30] - Adjusted EBITDA was breakeven in Q4, with a $300,000 adjusted EBITDA loss for the year [5] Business Line Data and Key Metrics Changes - Sales of soft tissue products increased to $54.8 million in 2023 from $41.7 million in 2022, while bone fusion products saw sales rise to $10 million from $4 million [12] - The company had 39 field sales representatives at the end of 2023, with significant strides in data analytics to measure performance and enhance market penetration [11][28] Market Data and Key Metrics Changes - Products were sold in over 1,000 facilities across 34 states and the District of Columbia, with approvals to sell in more than 3,000 facilities as of December 31, 2023 [26] - The company is focusing on expanding into new geographic areas and specialties beyond orthopedics and spine [6] Company Strategy and Development Direction - The company plans to expand its sales force, penetrate additional specialties, and drive new product development, including the CellerateRX platform and peptides licensed from Tufts University [6][9] - The Tissue Health Plus strategy aims to lower costs and improve outcomes in post-acute wound care, with ongoing discussions for partnerships to share development costs [7][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing a comprehensive strategy for Tissue Health Plus and the importance of partnerships to fund and implement this strategy [58] - The company aims to regain momentum with ALLOCYTE Plus and expects to ramp up sales following the product's reintroduction [68] Other Important Information - R&D expenses increased to $4.1 million in 2023 from $3.4 million in 2022, primarily due to ongoing development projects [29] - SG&A expenses for 2023 were $57 million, up from $46 million in 2022, but as a percentage of revenue, they decreased from 100.3% to 87.7% [43] Q&A Session Summary Question: Feedback on BIASURGE sales and centers sold - Management reported that BIASURGE has been well received, with 51 centers sold by the end of Q4, and they are actively selling to these centers [49] Question: Improvement plans for Cellerate following peptide acquisition - The acquisition of 18 peptides aims to enhance the company's IP around collagen strategies and expand into new specialties [52][63] Question: Clarification on sales force growth - The sales force remained at 39, with some reclassifications and terminations, but efficiency improvements led to a 42% revenue increase [55][56] Question: Status of ALLOCYTE sales ramp-up - Management indicated that ALLOCYTE Plus is being reintroduced to facilities, and they are working to regain previous sales momentum [68] Question: Tissue Health Plus potential spin-out or partnership - The company is in discussions for partnerships to facilitate commercialization and expects Tissue Health Plus to be a long-term cash flow generator [72]

Financial Performance - The company achieved its highest net revenue quarter and year in history, with $17.7 million in Q4 and $65.0 million for the full year 2023[4] - The company experienced a net loss of $0.3 million in Q4 and $4.4 million for the year[4] - SG&A expenses for 2023 were $57.0 million, compared to $46.0 million in 2022, but SG&A as a percentage of revenue decreased from 100.3% to 87.7%[12] - The company's net loss decreased from $8.1 million in 2022 to $4.4 million in 2023, primarily due to increased gross profit[30] Sales Overview - Sales of soft tissue products reached $54.8 million in 2023, compared to $41.7 million in 2022[18] - Sales of bone fusion products were $10.0 million in 2023, compared to $4.0 million in 2022[18] - Net revenues for 2023 were $65.0 million, a 42% year-over-year increase compared to $45.8 million in the previous year[19] Strategic Initiatives - The company is seeking partners to commercialize Tissue Health Plus, with operating expenses of approximately $5.2 million in 2023, excluding noncash items[8] - The company had 39 field sales representatives as of December 31, 2023[16] - R&D expenses for 2023 were $4.1 million, compared to $3.4 million in 2022, driven by costs related to the Precision Healing diagnostic imager and LFA[49]

[Fourth Quarter and Full Year 2023 Results](index=1&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Results) This section details Sanara's financial and operational performance for Q4 and the full year 2023, highlighting key achievements and growth drivers [CEO Statement](index=1&type=section&id=CEO%20Statement) The CEO highlighted key 2023 achievements that position the company for continued growth, including acquisitions and new product launches - Key strategic milestones in 2023 included the acquisition of assets related to CellerateRX® Surgical Powder and Gel[2](index=2&type=chunk) - The company successfully launched two new products: ALLOCYTE® Plus Advanced Viable Bone Matrix and BIASURGE® Advanced Surgical Solution[2](index=2&type=chunk) [Strategic and Operational Highlights in the Fourth Quarter 2023](index=1&type=section&id=Strategic%20and%20Operational%20Highlights%20in%20the%20Fourth%20Quarter%202023) Sanara achieved record Q4 sales of $17.7 million, significantly reduced net loss, and reached breakeven Adjusted EBITDA, driven by new product launches and strategic agreements Q4 2023 Financial Highlights (vs Q4 2022) | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | **Sales** | $17.7 million | Not Stated | | **Net Loss** | $0.3 million | $4.2 million | | **Adjusted EBITDA** | Breakeven | -$2.5 million | - The company's products were sold in over **1,000 facilities** and were approved for sale in more than **3,000 hospitals/ambulatory surgery centers** as of year-end[3](index=3&type=chunk) - First sales of ALLOCYTE® Plus occurred in October 2023 and BIASURGE® in November 2023[3](index=3&type=chunk) - A retrospective study published in November 2023 showed CellerateRX Surgical Powder significantly reduced surgical site infection rates by **59%** in elective surgeries[3](index=3&type=chunk) - In December 2023, the company signed an exclusive license agreement with Tufts University for patented peptide technology to advance the CellerateRX platform[4](index=4&type=chunk) [Full Year 2023 Performance Analysis](index=2&type=section&id=Full%20Year%202023%20Performance%20Analysis) Sanara's full-year 2023 net revenue increased by 42% to $65.0 million, significantly narrowing its net loss and improving Adjusted EBITDA [Sales Analysis](index=2&type=section&id=Full%20Year%202023%20Sales%20Analysis) Net revenues for 2023 reached $65.0 million, a 42% increase from 2022, driven by higher sales of soft tissue repair and bone fusion products Net Revenue (Full Year) | Year | Net Revenue | | :--- | :--- | | **2023** | $65.0 million | | **2022** | $45.8 million | - The **42% year-over-year revenue increase** was primarily due to increased sales of soft tissue repair products (CellerateRX, FORTIFY TRG®, etc.) and bone fusion products (BiFORM®, AMPLIFY™, ALLOCYTE®)[6](index=6&type=chunk) - Growth drivers included increased market penetration, geographic expansion, and the expansion of the independent distribution network[6](index=6&type=chunk) [Earnings Analysis](index=2&type=section&id=Full%20Year%202023%20Earnings%20Analysis) The company's net loss for 2023 improved to $4.4 million, primarily due to higher gross profit, with Adjusted EBITDA also showing significant improvement Profitability Metrics (Full Year) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Loss Before Income Taxes** | ($4.4 million) | ($13.9 million) | | **Net Loss** | ($4.4 million) | ($8.1 million) | | **Adjusted EBITDA** | ($0.3 million) | ($7.5 million) | - The lower net loss in 2023 was primarily driven by additional gross profit from higher revenues, partially offset by increased SG&A, R&D, and amortization costs[7](index=7&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents Sanara's consolidated balance sheets, statements of operations, and cash flows for the reported periods [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, total assets increased to $73.9 million, driven by intangible assets, while total liabilities rose to $29.3 million due to long-term debt Selected Balance Sheet Data (as of Dec 31) | Account | 2023 | 2022 | | :--- | :--- | :--- | | **Total Assets** | $73,871,149 | $61,035,386 | | Cash | $5,147,216 | $8,958,995 | | Intangible assets, net | $44,926,061 | $31,509,980 | | **Total Liabilities** | $29,283,132 | $19,315,411 | | Long-term debt, net | $9,113,123 | $0 | | **Total Shareholders' Equity** | $44,588,017 | $41,719,975 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For 2023, net revenues increased to $65.0 million, gross profit rose to $57.1 million, and net loss attributable to shareholders narrowed to $4.3 million Key Income Statement Data (Year Ended Dec 31) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Net Revenue** | $64,989,842 | $45,842,845 | | **Gross Profit** | $57,137,156 | $39,481,994 | | **Operating Loss** | ($4,215,153) | ($12,517,180) | | **Net Loss Attributable to Shareholders** | ($4,303,197) | ($7,937,497) | | **Net Loss Per Share (basic and diluted)** | ($0.52) | ($1.00) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to $3.2 million in 2023, with a net decrease in cash of $3.8 million, ending the year at $5.1 million Cash Flow Summary (Year Ended Dec 31) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($3,245,556) | ($5,554,870) | | **Net cash used in investing activities** | ($10,207,346) | ($3,511,630) | | **Net cash provided by (used in) financing activities** | $9,641,123 | ($627,346) | | **Net decrease in cash** | ($3,811,779) | ($9,693,846) | | **Cash, end of period** | $5,147,216 | $8,958,995 | [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) This section explains the company's use of Adjusted EBITDA as a non-GAAP measure and provides its reconciliation to GAAP net loss [Use of Non-GAAP Financial Measures](index=2&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company utilizes Adjusted EBITDA to assess core business performance by excluding specific non-cash and non-operating items from net loss - The company defines Adjusted EBITDA as net loss excluding interest, taxes, depreciation, amortization, non-cash stock compensation, change in fair value of earnout liabilities, and gains/losses from asset disposals[9](index=9&type=chunk) - Management uses Adjusted EBITDA to facilitate consistent comparisons of core business operations across different periods[9](index=9&type=chunk) [Reconciliation of Net Loss to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) The reconciliation shows a significant improvement in Adjusted EBITDA for both Q4 and the full year 2023, moving closer to breakeven Reconciliation of Net Loss to Adjusted EBITDA | Period | Net Loss | Adjusted EBITDA | | :--- | :--- | :--- | | **Q4 2023** | ($262,444) | $7,696 | | **Q4 2022** | ($4,163,485) | ($2,456,684) | | **Full Year 2023** | ($4,439,902) | ($313,966) | | **Full Year 2022** | ($8,092,328) | ($7,487,859) | [Company and Investor Information](index=3&type=section&id=Company%20and%20Investor%20Information) This section provides an overview of Sanara MedTech, details for an upcoming conference call, and important forward-looking statement disclosures [About Sanara MedTech Inc.](index=3&type=section&id=About%20Sanara%20MedTech%20Inc.) Sanara MedTech develops and distributes surgical, wound, and skincare products in North America, also offering telemedicine consultation services - The company markets and distributes a portfolio of products for surgical, wound, and skincare applications, including CellerateRX®, FORTIFY TRG®, ALLOCYTE™ Plus, and BIAKŌS®[13](index=13&type=chunk) - Sanara's primary markets are North American advanced wound care and surgical tissue repair, serving hospitals, clinics, and post-acute care settings[13](index=13&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Sanara will host a conference call and live webcast on March 26, 2024, to discuss its financial results - A conference call is scheduled for **March 26, 2024, at 9:00 a.m. Eastern Time**[11](index=11&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements subject to risks and uncertainties, as detailed in the company's SEC filings - The report includes forward-looking statements concerning product efficacy, potential benefits of acquisitions, development of new products, and business expansion[14](index=14&type=chunk) - These statements involve risks and uncertainties detailed in the Company's SEC filings, which could cause actual results to differ from expectations[14](index=14&type=chunk)