Business
Sanara MedTech Inc. Announces First Quarter 2023 Results
FORT WORTH, TX, May 15, 2023 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or
About this update from Sanara Medtech Inc.
[{"type":"text","content":"FORT WORTH, TX, May 15, 2023 (GLOBE NEWSWIRE) -- 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 its strategic, operational and financial results for the quarter ended March 31, 2023. Zach Fleming, Sanara's Chief Executive Officer, stated, “The first quarter of 2023 was another record revenue quarter for Sanara, and March was the highest sales month in the Company’s history. Our record revenues were primarily driven by an increased number of facilities where our products are sold, increased average sales per facility, and promotion of our expanded product lines. During the quarter we also submitted our Precision Healing Multispectral Imager for 510(k) clearance and, subsequent to the end of the quarter, we received 510(k) clearance for BIASURGE™ Advanced Surgical Solution (“BIASURGE™”), which we are now preparing for a commercial launch in late 2023.” First Quarter 2023 Strategic and Operational Highlights (Unaudited) During the trailing twelve-month period, the Company’s products were sold in over 800 facilities across 30 states.The Company’s products were contracted or approved to be sold in more than 1,800 hospitals/ASCs as of March 31, 2023.The Company entered into a sales agreement with Cantor Fitzgerald & Co. for an at-the-market (“ATM”) offering of shares of the Company’s common stock. The Company entered into this agreement for two purposes. The first was to raise capital for opportunistic partnerships and acquisitions and the second was to increase the liquidity of its common stock. During the three months ended March 31, 2023, the Company sold an aggregate of 26,143 shares of common stock for net proceeds of approximately $1,034,000. Sanara paused sales through the ATM at the end of the first quarter.Scendia sales, which continue to be impacted by supply issues with ALLOCYTE®, were flat compared to the previous quarter at $3.0 million. This was in line with management expectations given the impact of the ALLOCYTE® supply issues.The Company submitted to the FDA a 510(k) premarket notification for its Precision ...