Sanara MedTech Inc. Reports Third Quarter 2024 Results

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]