Business
Sanara MedTech Inc. Announces an Update on the Impact of the COVID-19 Pandemic on the Company's Financial Results and Operations
FORT WORTH, TX / ACCESSWIRE / July 8, 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 / July 8, 2020 / Sanara MedTech Inc.Based in Fort Worth, Texas, Sanara MedTech Inc. (\"Sanara\" or the \"Company\") (OTCQB:SMTI), a provider of wound and skin care products dedicated to improving patient outcomes, announced today an update on the impact of the COVID-19 pandemic on the company's financial results and operations.Second Quarter 2020 Revenue and COVID-19 ImpactSanara generated approximately $2.9 million of sales revenue in the second quarter of 2020 including approximately $.60 million in April, $.86 million in May, and $1.46 million in June (a record month for the company).Beginning in March, many states issued orders suspending elective surgeries in order to free-up hospital resources to treat COVID-19 patients. This resulted in a substantial reduction in demand for the Company's surgical products. Additionally, most states limited access to skilled nursing facilities to only resident caregivers, which impeded the Company's ability to provide education and product training to the clinicians who use our products in these facilities. These restrictions resulted in significant monthly revenue fluctuations and an overall decline in sales for the second quarter. As the quarter progressed however, both of Sanara's divisions saw a strong rebound in revenue as restrictions on elective surgeries eased and the Company expanded the use of its virtual training platform.With many states experiencing a spike in COVID-19 cases and consequently reinstating recently relaxed restrictions, the Company may again experience swings in monthly sales if surgeries are postponed and subsequently rescheduled. Based on the Company's second quarter experience, management continues to believe that the majority of postponed surgeries will ultimately be performed.About Sanara MedTech Inc.With a focus on improving patient outcomes through evidence-based healing solutions, Sanara MedTech Inc. markets and distributes wound and skincare products to physicians, hospitals, clinics, and all post-acute care settings. We are constantly seeking long-term strategic partnerships with a focus on products that produce efficacious outcomes at a lower overall cost. Our products are primarily sold in the North American advanced wound care and surgical tissue repair markets. Sanara MedTech markets and distributes CellerateRX® Surgical ...