Financial Performance - In Q1 2024, Sanara MedTech generated record sales of 18.5million,markingthetenthconsecutiverecordrevenuequarter,a1915.5 million in Q1 2023[3] - The company reported a net loss of 1.8millionforQ12024,comparedtoanetlossof1.2 million in Q1 2023, primarily due to increased SG&A costs[6] - Adjusted EBITDA for Q1 2024 was 0.3million,animprovementfromnegativeAdjustedEBITDAof0.3 million in Q1 2023[3] - Net revenue for Q1 2024 was 18,536,638,a19.515,521,917 in Q1 2023[19] - Gross profit for Q1 2024 was 16,646,592,comparedto13,396,258 in Q1 2023, reflecting a gross margin improvement[19] - Operating loss increased to (1,531,707)inQ12024from(1,216,323) in Q1 2023[19] - Net loss attributable to Sanara MedTech shareholders was (1,764,184)inQ12024,comparedto(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)inQ12024,aslightimprovementfrom(1,741,313) in Q1 2023[21] - Cash at the end of Q1 2024 was 2,828,234,downfrom7,286,437 at the end of Q1 2023[21] - Adjusted EBITDA for Q1 2024 was 311,421,comparedto(292,830) in Q1 2023, indicating a positive shift in operational performance[23] - Total operating expenses increased to 18,178,299inQ12024from14,612,581 in Q1 2023, driven by higher selling, general, and administrative expenses[19] - The company reported a significant increase in share-based compensation, rising to 803,386inQ12024from597,305 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 55.0millionnon−dilutivetermloanagreementtosupportgrowthinitiatives,receiving15.0 million at closing and the option to draw up to 40.0millionbeforeJune30,2025[3]−ThecompanymadesignificantprogressinintellectualpropertyandmanufacturingprocessesforitsCellerateRXproduct[3]FinancialPosition−Sanara′scashdecreasedto2.83 million as of March 31, 2024, down from 5.15millionattheendof2023[17]−Totalassetsdecreasedto70.91 million as of March 31, 2024, from 73.87millionattheendof2023[17]−Shareholders′equitydecreasedto43.01 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]
Sanara MedTech(SMTI)2024-05-13 13:20