Sanara MedTech(US:SMTI)2024-03-26 13:13Financial 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]