Business
Sanara MedTech Inc. Announces First Quarter 2022 Results
FORT WORTH, TX , May 16, 2022 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or “us”) (NASDAQ: SMTI), a provider of products
About this update from Sanara Medtech Inc.
[{"type":"text","content":"FORT WORTH, TX , May 16, 2022 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or “us”) (NASDAQ: SMTI), a provider of products and technologies for surgical and chronic wound care dedicated to improving patient outcomes, announced today its strategic, operational and financial results for the quarter ended March 31, 2022. Zach Fleming, Sanara's CEO, stated, “Sanara generated record revenue in the first quarter of 2022 including our first month in which we generated sales over $3 million in a single month. This is a significant milestone for the Company and the result of our team working together to continue to build our business. Subsequent to the end of the quarter, we completed our acquisition of Precision Healing and are focused on preparing our 510(k)s for submission for the Precision Healing imager and assay.” First Quarter 2022 Strategic and Operational Highlights Generated over $3 million of revenue in a single month for the first timeIncreased the number of facilities where CellerateRX is approved to be sold to approximately 1,250In the trailing twelve-month period, Cellerate has been sold in 562 hospitals across 26 statesSubsequent to the end of the first quarter of 2022, the Company completed its acquisition of Precision Healing Inc. (“Precision Healing”) First Quarter 2022 Consolidated Financial Results Revenues. For the three months ended March 31, 2022, revenues totaled $7.8 million compared to revenues of $5.0 million for the three months ended March 31, 2021, representing a 56% increase from the prior year period. The higher revenues in 2022 were primarily due to increased sales of surgical wound care products as a result of our sales force expansion and our continuing strategy to expand our independent distribution network in both new and existing U.S. markets. Cost of goods sold. Cost of goods sold for the three months ended March 31, 2022 was $0.81 million compared to cost of goods sold of $0.47 million for the three months ended March 31, 2021. The increase over the prior year period was primarily due to higher sales volume in 2022. Selling, general and administrative (“SG&A”) expenses. SG&A expenses for the three months ended March 31, 2022, were $9.4 million compared to SG&A expenses of $5.4 million for the three months ended March 31, 2021. The higher SG&A expenses in 2022 were ...