Business
Sanara MedTech Inc. Announces Preliminary Results for the Fourth Quarter and Full Year 2020
FORT WORTH, TX / ACCESSWIRE / January 25, 2021 / Sanara MedTech Inc.Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara" or the "Company") (NASDAQ:SMTI),
About this update from Sanara Medtech Inc.
[{"type":"text","content":"FORT WORTH, TX / ACCESSWIRE / January 25, 2021 / Sanara MedTech Inc.Based in Fort Worth, Texas, Sanara MedTech Inc. (\"Sanara\" or the \"Company\") (NASDAQ:SMTI), a provider of wound and skin care products dedicated to improving patient outcomes, announced today certain unaudited preliminary results for the fourth quarter and full year 2020.Selected Fourth Quarter and Full-Year 2020 Preliminary Results (Unaudited)Total revenue of approximately of $4.8 million for the three months ended December 31, 2020, compared to revenue of $3.4 million for the three months ended December 31, 2019, representing a 43% increase.Total revenue of approximately $15.6 million for the year ended December 31, 2020, compared to revenues of approximately $11.8 million for the year ended December 31, 2019, or a 32% increase from the prior year. The higher revenues in 2020 were primarily due to the continued execution of the Company's strategy to expand its sales force and independent distribution network in both new and existing U.S. markets.Cash and cash equivalents were approximately $0.5 million as of December 31, 2020.Entered into a Loan Agreement with Cadence Bank, N.A. on January 15, 2021, which provides for a $2.5 million revolving line of credit.Ron Nixon, Sanara's Executive Chairman, stated, \"This year our business, like many others, faced significant headwinds from the COVID-19 pandemic including restrictions on elective surgeries and limits on access to the care settings where our products are used. Despite this, we were able to adjust and continue to execute on our growth strategy.\"Our estimated unaudited financial condition and results of operations as of and for the fourth quarter and full fiscal year ended December 31, 2020 presented above are preliminary and are subject to change based upon the completion of our quarter-end and year-end closing procedures and further financial review. Our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to this preliminary financial information. Our actual results may differ from these estimates as a result of the completion of our quarter-end and year-end closing procedures, review adjustments and other developments that may arise between now and the time our financial results for the fourth quarter and year are finalized.About ...