Business
Sanara MedTech Inc. Announces Third Quarter 2020 Results
FORT WORTH, TX / ACCESSWIRE / November 13, 2020 / Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara" or the "Company")
About this update from Sanara Medtech Inc.
[{"type":"text","content":"FORT WORTH, TX / ACCESSWIRE / November 13, 2020 / 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 its strategic, operational and financial results for the quarter and nine months ended September 30, 2020.Ron Nixon, Sanara's Executive Chairman, stated, \"In the third quarter, Sanara achieved greater product sales while taking steps to execute on our comprehensive wound and skin care strategy and set the foundation for our virtual consult offerings and future diagnostic capabilities. The Company performed well, ending the quarter with record sales for both the month of September and for the quarter. We, as a team, are looking forward to continuing to build on these results.\"Third Quarter 2020 Strategic and Operational Highlights The Company announced an expansion of its comprehensive wound and skin care strategy. As part of the expansion, Sanara formed a wholly-owned subsidiary named United Wound and Skin Solutions LLC (\"UWSS\") to hold Sanara's investments and operations in wound and skin care virtual consult services.The Company, through its subsidiary UWSS, became a minority shareholder in Direct Dermatology Inc. (\"DirectDerm\") and received exclusive rights to utilize DirectDerm's technology in all acute and post-acute care settings such as skilled nursing facilities, home health, and wound clinics.The Company entered into an agreement for an investment in Woundyne Medical LLC (\"Woundyne\") which included exclusive world-wide rights to use Woundyne's software in all wound and skin care settings. Woundyne is developing a software system to combine the documentation functionality of wound care and dermatology electronic medical records (EMR) with a HIPAA-secure online platform for provider and caregiver collaboration.The Company closed on an exclusive affiliation with MGroup Integrated Physician Services, P.A. (\"MGroup\"). Pursuant to this arrangement, Sanara, through its subsidiary UWSS, agreed to provide certain management services to MGroup, and MGroup agreed to provide certain in-person and telehealth related clinical services to UWSS.In connection with this affiliation, MGroup's founder and CEO, Chris Morrison, MD, joined UWSS to lead its telehealth effor...