Business
Sanara MedTech Inc. Announces Fourth Quarter and Full Year 2023 Results
FORT WORTH, TX, March 25, 2024 (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 25, 2024 (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, 2023. Zach Fleming, Sanara's CEO, stated, “During 2023, the Sanara team achieved several key strategic and operational milestones that position the Company for continued strong growth in 2024. These achievements included the acquisition of key assets related to CellerateRX® Surgical Powder and Gel (“CellerateRX”) and the launch of our new ALLOCYTE® Plus Advanced Viable Bone Matrix product (“ALLOCYTE Plus”) while also commercializing BIASURGE® Advanced Surgical Solution (“BIASURGE”). I am grateful to our entire team for their dedication to advancing our goal of developing and commercializing technologies that improve outcomes and reduce costs throughout the U.S.” Strategic and Operational Highlights in the Fourth Quarter 2023 In the fourth quarter 2023, the Company generated a record $17.7 million in sales, representing a ninth record revenue quarter for the Company.For the three months ended December 31, 2023, the Company had a net loss of $0.3 million, compared to a net loss of $4.2 million for the three months ended December 31, 2022. The Company was breakeven on an Adjusted EBITDA* basis for the three months ended December 31, 2023 compared to negative Adjusted EBITDA* of $2.5 million for the three months ended December 31, 2022.During the trailing twelve-month period, the Company’s products were sold in over 1,000 facilities across 34 states plus the District of Columbia. The Company’s products were contracted or approved to be sold in more than 3,000 hospitals/ambulatory surgery centers as of December 31, 2023.In October 2023, Sanara recorded its first sale of ALLOCYTE® Plus, a human cell and tissue-based product. Sanara believes it has a sufficient supply of ALLOCYTE Plus to meet currently expected demand and that it has measures in place to regularly stock the product in the future.First sales of BIASURGE® occurred in e...