Sanara MedTech Inc. Announces Unaudited Preliminary Results for the Fourth Quarter and Full Year 2023
22 Febbraio 2024 - 3:15PM
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 certain
unaudited preliminary results for the fourth quarter and full-year
2023.
Selected Fourth Quarter and Full-Year
2023 Preliminary Results (Unaudited)
- Net revenue of approximately $17.7
million during the three months ended December 31, 2023, an
increase of 15.5% over the $15.3 million reported in the fourth
quarter of 2022. This represents the ninth consecutive record sales
quarter reported by the Company.
- Net revenue of approximately $65.0
million for the year ended December 31, 2023, compared to net
revenue of $45.8 million for the year ended December 31, 2022,
representing a 41.8% increase from the prior year. The higher net
revenue in 2023 was primarily due to increased sales of soft tissue
repair products, including CellerateRX Surgical, which grew 31%
compared to the prior year, and increased sales of bone fusion
products as a result of increased market penetration, geographic
expansion and our continuing strategy to expand our independent
distribution network in both new and existing U.S. markets.
- Cash was approximately $5.1 million
as of December 31, 2023.
Zach Fleming, Sanara’s CEO, stated, “Sanara’s
success in 2023 was driven primarily by strong sales growth across
a number of products, including CellerateRX Surgical and our
advanced biologics portfolio. I am grateful to the entire team for
their hard work and dedication as we strive to deliver products to
doctors and patients that improve outcomes and reduce costs.”
Our independent registered public accounting
firm has not completed its procedures with respect to the
preliminary financial information or its audit of our financial
statements for the year ended December 31, 2023. Our actual results
may differ from these estimates as a result of the completion of
our audit and other developments that may arise between now and the
time our financial results for the fourth quarter and fiscal year
are finalized.
About Sanara MedTech Inc.
Sanara MedTech Inc. is 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.
The Company markets, distributes and develops surgical, wound and
skincare products for use by physicians and clinicians in
hospitals, clinics and all post-acute care settings and offers
wound care and dermatology virtual consultation services via
telemedicine. Sanara’s products are primarily sold in the North
American advanced wound care and surgical tissue repair markets.
Sanara markets and distributes CellerateRX® Surgical Activated
Collagen®, FORTIFY TRG® Tissue Repair Graft and FORTIFY FLOWABLE®
Extracellular Matrix as well as a portfolio of advanced biologic
products focusing on ACTIGENTM Verified Inductive Bone Matrix,
ALLOCYTE® Plus Advanced Viable Bone Matrix, BiFORM® Bioactive
Moldable Matrix, TEXAGEN® Amniotic Membrane Allograft, and
BIASURGE™ Advanced Surgical Solution to the surgical market. In
addition, the following products are sold in the wound care market:
BIAKŌS® Antimicrobial Skin and Wound Cleanser, BIAKŌS™
Antimicrobial Wound Gel, BIAKŌS® Antimicrobial Skin and Wound
Irrigation Solution and HYCOL® Hydrolyzed Collagen. Sanara’s
pipeline also contains potentially transformative product
candidates for mitigation of opportunistic pathogens and biofilm,
wound re-epithelialization and closure, necrotic tissue debridement
and cell compatible substrates. The Company believes it has the
ability to drive its pipeline from concept to preclinical and
clinical development while meeting quality and regulatory
requirements. Sanara is constantly seeking long-term strategic
partnerships with a focus on products that improve outcomes at a
lower overall cost. In addition, Sanara is actively seeking to
expand within its six focus areas of wound and skincare for the
acute, post-acute, and surgical markets.
Information about Forward-Looking
Statements
The statements in this press release that do not
constitute historical facts are “forward-looking statements,”
within the meaning of and subject to the safe harbor created by the
Private Securities Litigation Reform Act of 1995. These statements
may be identified by terms such as “aims,” “anticipates,”
“believes,” “contemplates,” “continue,” “could,” “estimates,”
“expect,” “forecast,” “guidance,” “intend,” “may,” “plan,”
“possible,” “potential,” “predicts,” “preliminary,” “projects,”
“seeks,” “should,” “targets,” “will” or “would,” or the negatives
of these terms, variations of these terms or other similar
expressions. These forward-looking statements include, among
others, statements regarding the Company’s expected net revenue for
the fourth quarter and full fiscal year ended December 31, 2023,
the Company’s expected cash and cash equivalents as of December 31,
2023, the development of new products, the timing of
commercialization of our products and the regulatory approval
process. These items involve risks, contingencies and uncertainties
such as the preliminary financial information remaining subject to
changes and finalization based upon management’s ongoing review of
results for the fourth quarter and full fiscal year 2023 and the
completion of all quarter and year-end closing procedures, the
extent of product demand, market and customer acceptance, the
effect of economic conditions, competition, pricing, uncertainties
associated with the development and process for obtaining
regulatory approval for new products, the ability to consummate and
integrate acquisitions, and other risks, contingencies and
uncertainties detailed in the Company’s SEC filings, which could
cause the Company’s actual operating results, performance or
business plans or prospects to differ materially from those
expressed in, or implied by these statements.
All forward-looking statements speak only as of
the date on which they are made, and the Company undertakes no
obligation to revise any of these statements to reflect the future
circumstances or the occurrence of unanticipated events, except as
required by applicable securities laws.
Investor Contact:
Callon Nichols, Director of Investor
Relations713-826-0524CNichols@sanaramedtech.com
SOURCE: Sanara MedTech Inc.
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