Business
Sanara MedTech Inc. Announces Fourth Quarter and Full Year 2022 Results
FORT WORTH, TX, March 20, 2023 (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 20, 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 and full year ended December 31, 2022. Zach Fleming, Sanara's CEO, stated, “In 2022 we continued to build on the success we have had with our CellerateRX product line by expanding the geographic coverage of our sales team, increasing our average sales per facility, and offering an expanded line of products. Our record sales results in both the fourth quarter and the full year are the result of our team’s continued market penetration and the efficacy and value that we believe our products offer to patients and providers.” Fourth Quarter 2022 Strategic and Operational Highlights Generated over $5 million of revenue in a single month for the first timeDuring the trailing twelve-month period, CellerateRX was sold in over 700 facilities across 29 statesThe Company announced a partnership with InfuSystem focused on delivering a complete wound care solution targeted at improving patient outcomes, lowering the cost of care, and increasing patient and provider satisfaction. The Company believes that by pairing Sanara’s product line and deep expertise in wound care with InfuSystem’s existing negative pressure wound therapy business, including sales, distribution, clinical support, and revenue cycle capabilities, it will be able to offer a compelling solution to a broader patient universe, offering significant value and improved outcomes for patients, providers, and payors.The Company submitted to the FDA a 510(k) premarket notification for BIASURGE, the Company’s sterile BIAKŌS™ product for use in surgical settings on November 4, 2022Subsequent to the end of the fourth quarter 2022, the Company entered into a sales agreement with Cantor Fitzgerald & Co. for an “ATM” offering of the Company’s stock. The Company entered into this agreement for two purposes. The first is to raise capital for opportunistic partnerships and acquisitions and the second is to increase the li...