Business
Sanara MedTech Inc. Announces Fourth Quarter and Full Year 2021 Results
FORT WORTH, TX, March 30, 2022 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our”
About this update from Sanara Medtech Inc.
[{"type":"text","content":"FORT WORTH, TX, March 30, 2022 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, 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 and full year ended December 31, 2021. Zach Fleming, Sanara's CEO, stated, “In 2021 we built on the success we have had with our Cellerate product line while also executing our strategy to offer a comprehensive solution for wound and skin in all care settings. Our record sales results in both the fourth quarter and the full year are a testament to our team’s hard work and dedication to providing patients with efficacious solutions that improve outcomes at a lower overall cost.” Fourth Quarter 2021 Strategic and Operational Highlights Announced the commercial launch of two new innovative extracellular matrix products, FORTIFY TRG™ Tissue Repair Graft and FORTIFY FLOWABLE™ Extracellular MatrixAnnounced the appointments of Roszell Mack III and Eric Tanzberger to the Board of DirectorsAnnounced the appointment of Zachary B. Fleming as Chief Executive OfficerFourth quarter pilot for virtual consults with a large home health agency saw positive results, and they have committed to expanding the service offering to 6 more agencies in the Midwest in the first quarter of 2022 (originally one agency)WounDerm/Mgroup is now licensed in all 50 states, expanding the Company’s ability to offer wound care virtual consult services on a national basisImplementation process started with Homecare Homebase (largest electronic healthcare record provider in the home health market) to integrate the WounDerm mobile app Full Year 2021 Consolidated Financial Results Revenues. For the year ended December 31, 2021, we generated revenues of $24.1 million compared to $15.6 million for the year ended December 31, 2020, a 55% increase from the prior year. The higher revenues in 2021 were primarily due to increased sales of surgical wound care products as we continued the execution of our strategy to expand our sales force and independent distribution network in both new and existing U.S. markets.Cost of goods sold. Cost of goods sold for the year ended December 31, 2021, was $2.3 million, ...