Financial Data and Key Metrics Changes - The company generated $21.7 million in net revenue during Q3 2024, a 35% increase year-over-year, marking the 12th consecutive record revenue quarter [5][20] - Adjusted EBITDA improved to $800,000 in Q3 2024, compared to $300,000 in Q3 2023 [6] - Gross profit for Q3 2024 was $19.7 million, up $5.4 million or 38% from the prior year [21] - The company reported a net loss of $2.9 million for Q3 2024, compared to a net loss of $1.1 million in Q3 2023 [23] Business Line Data and Key Metrics Changes - The Surgical segment reported a net loss of $200,000 in Q3 2024, with a year-to-date loss of $2.9 million [7] - Surgical segment generated $2.6 million in segmented EBITDA for Q3 2024 and $5.1 million year-to-date [25] - Sales of soft tissue products increased from $13.6 million in Q3 2023 to $18.9 million in Q3 2024, while bone fusion products grew from $2.3 million to $2.8 million in the same period [13] Market Data and Key Metrics Changes - Products were sold in over 1,200 hospitals across 34 states and the District of Columbia, with contracts or approvals in more than 4,000 facilities [12] - The company has selling agreements with over 300 distributors, representing more than 2,900 potential sellers [12] Company Strategy and Development Direction - The company is focused on disrupting the $100 billion-plus non-acute wound care market through its Tissue Health Plus (THP) strategy [16] - Plans to invest in THP technology platform and related infrastructure through an expected commercial launch in mid-2025 [8] - The company is pursuing financial partners that align with its strategy, including a recent $5 million investment in ChemoMouthpiece LLC [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth and improvement in operating results, particularly in the Surgical segment [27] - The company anticipates a significant opportunity in the non-acute wound care market with the THP strategy and expects a commercial launch in mid-2025 [27] Other Important Information - The company reported a cash balance of $16.3 million at the end of the quarter [26] - R&D expenses for Q3 2024 were $1.4 million, up from $1 million in Q3 2023, with a portion allocated to the THP segment [22] Q&A Session Summary Question: Rationale for the investment in ChemoMouthpiece - The investment aligns with the company's wound and skin care strategy, addressing oral mucositis caused by chemotherapy [29][30] Question: Feedback on the pilot program with the podiatry group - The pilot program is on target, with early previews receiving positive feedback [34] Question: Operational personnel recruitment for THP - The company successfully attracted skilled personnel with execution experience, enhancing platform development efforts [35] Question: Outlook on OpEx for the remainder of the year and 2025 - The company has a clear budget and expects continued growth in adjusted EBITDA without surprises [37] Question: Update on work with Tufts regarding the 18 peptides - The technical team is progressing on solutions for radiation dermatitis, complementing the strategy with InfuSystem [39] Question: Types of partners sought for THP - The company is looking for financial and execution partners, focusing on those with experience in the provider community and supply chain [41][42] Question: Profitability expectations for THP upon launch - A ramp-up will be needed to achieve profitability in the THP segment [44] Question: Update on IP progress with Cellerate and BIASURGE - The company is making good progress on IP and is scaling BIASURGE product sales [45][46] Question: Market makers and share price concerns - Management is focused on growth and adjusted EBITDA progression, with plans to avoid highly dilutive events [52][54]

Core Insights - Sanara MedTech Inc. reported its twelfth consecutive record net revenue quarter, achieving a 35% year-over-year increase to $21.7 million for Q3 2024 [2][7] - The company experienced a net loss of $2.9 million in Q3 2024, compared to a net loss of $1.1 million in Q3 2023, primarily due to increased SG&A costs and interest expenses [3][9] - Adjusted EBITDA for Q3 2024 was $0.8 million, up from $0.3 million in Q3 2023, indicating improved operational performance [10] Financial Performance - Net revenue for Q3 2024 was $21.7 million, a 35% increase from $16.0 million in Q3 2023, driven by higher sales of soft tissue repair products and market expansion [7][8] - The company reported a gross profit of $19.7 million for Q3 2024, compared to $14.3 million in Q3 2023 [21] - Total operating expenses for Q3 2024 were $21.6 million, up from $15.2 million in Q3 2023, largely due to increased selling, general, and administrative expenses [21] Strategic Developments - Sanara has agreements with over 300 distributors and has expanded its potential seller base to over 2,900 since January 2024 [3] - The company’s products were sold in over 1,200 facilities across 34 states and the District of Columbia, with contracts or approvals in more than 4,000 hospitals as of September 30, 2024 [4] - Sanara CMP LLC invested $5 million for a 6.64% ownership in ChemoMouthpiece, LLC, aligning with its wound and skin care strategy [6] Market Position - The company continues to penetrate existing accounts while expanding into new territories, increasing the number of facilities selling its products from 600+ in Q3 2023 to 900+ in Q3 2024 [7] - Sanara's product portfolio includes advanced biologic products and surgical solutions, focusing on improving clinical outcomes and reducing healthcare costs [15][16] Leadership Changes - On October 4, 2024, Sanara appointed Mr. Keith Myers, former chairman and CEO of LHC Group, to its Board of Directors, enhancing its leadership team [5]

FORT WORTH, TX, Oct. 31, 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 September 30, 2024. Sanara will issue ...

FORT WORTH, TX, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. -- Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara" or the "Company") (NASDAQ: SMTI), a medical technology company focused on improving clinical outcomes and reducing healthcare expenditures in the surgical, chronic wound and skincare markets announced today changes to its Board of Directors ("Board"). After a long tenure of service with the predecessor company and Sanara, Mr. James "Jim" Stuckert has resigned from his position a ...

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 ...

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]