Sanara MedTech Inc. Reports Fourth Quarter and Full Year 2024 Financial Results (Unaudited)

Core Insights - Sanara MedTech Inc. reported a significant increase in net revenue for Q4 2024, rising 49% year-over-year to $26.3 million, driven primarily by strong sales in the soft tissue repair segment [7][10][19] - For the full year 2024, net revenue increased by 33% to $86.7 million compared to $65.0 million in 2023 [19][20] - The company experienced a net loss of $1.7 million in Q4 2024, compared to a net loss of $0.3 million in Q4 2023, and a full-year net loss of $9.9 million, up from $4.4 million in 2023 [16][20] Financial Performance - Q4 2024 net revenue was $26.3 million, an increase of $8.6 million or 49% from Q4 2023, with soft tissue repair product sales increasing by 56% [10][11] - Full year 2024 net revenue reached $86.7 million, a $21.7 million increase or 33% from 2023 [19] - Gross profit for Q4 2024 was $24.1 million, a 51% increase year-over-year, with a gross margin of 91% [12][13] Operational Highlights - The company appointed Keith Myers to its Board and expanded its executive leadership team with new appointments [5] - Sanara entered into an exclusive license and distribution agreement with Biomimetic Innovations Ltd for a synthetic injectable bone void filler [5] - The R&D team submitted 11 provisional patent applications in 2024, focusing on antimicrobial technologies and hydrolyzed collagen [6] Segment Performance - The Sanara Surgical segment generated a net income of $0.9 million in Q4 2024, compared to a net loss of $0.7 million in Q4 2023 [16] - The Tissue Health Plus segment reported a net loss of $2.6 million in Q4 2024, an increase in loss from $0.5 million in Q4 2023, primarily due to higher SG&A and R&D expenses [16] Future Outlook - The company plans to invest between $7.5 million to $10 million in the Tissue Health Plus segment in the first half of 2025, preparing for a pilot program launch [8] - Management remains focused on driving revenue growth and improving profitability in the Sanara Surgical segment while continuing to invest in the Tissue Health Plus segment [8]