Business
Sanara MedTech Inc. Announces 2019 Results
FORT WORTH, TX / ACCESSWIRE / March 26, 2020 / Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara" or the "Company") (OTCQB:SMTI), a
About this update from Sanara Medtech Inc.
[{"type":"text","content":"FORT WORTH, TX / ACCESSWIRE / March 26, 2020 / Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. (\"Sanara\" or the \"Company\") (OTCQB:SMTI), a provider of surgical and chronic wound care products dedicated to improving patient outcomes, announced today its strategic, operational and financial results for the quarter and full-year ended December 31, 2019.Ron Nixon, Sanara's Executive Chairman stated, \"Sanara's fourth-quarter 2019 and full-year results reflect the continued execution of our strategic growth plan. During both Q4 2019 and the full year we saw record sales and a significant upward trend in our revenue as we continue our expansion plans in both the surgical wound and chronic wound care markets. We expect the investments in people, distribution, training, and new products to significantly benefit the Company's growth and national market penetration.\"Strategic Highlights and Fourth Quarter 2019 Milestones Since the beginning of 2020, the COVID-19 virus has emerged as a threat to the global economy including Sanara Medtech. Beginning in the second half of March, the virus and the associated slowdown in surgical procedures started to have an impact on the Company's business. With a significant percentage of Sanara's revenue coming from elective surgeries that have been or will be postponed, management is expecting a further decline in revenue until such time that the elective surgery market returns to full capacity. To counter this, the Company is proactively taking significant steps to cut costs, manage cash-flow, and continue to generate revenue from both its wound care and surgical businesses until this situation has improved. The duration and severity of the impact from the COVID-19 virus is unclear, but management believes that surgical procedures currently being delayed that would utilize the company's products will ultimately be performed.After the end of the quarter, The Catalyst Group, Inc., through its affiliates (collectively, \"Catalyst\"), converted its entire holdings of Sanara MedTech Inc.'s 30-month $1,500,000 convertible promissory note and Series F Convertible Preferred Stock into shares of Sanara Common Stock. The Company issued an aggregate of 2,452,731 shares of Common Stock in the conversions. After the conversions, Catalyst controls the voting of a total of 3,416,587 shares of ...