Business
Sanara MedTech Inc. Announces Third Quarter 2021 Results and Business Update
FORT WORTH, TX / ACCESSWIRE / November 12, 2021 / Sanara MedTech Inc.Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara," the "Company," "we," "our" or
About this update from Sanara Medtech Inc.
[{"type":"text","content":"FORT WORTH, TX / ACCESSWIRE / November 12, 2021 / Sanara MedTech Inc.Based in Fort Worth, Texas, Sanara MedTech Inc. (\"Sanara,\" the \"Company,\" \"we,\" \"our\" or \"us\") (NASDAQ:SMTI), a provider of surgical and chronic wound care products dedicated to improving patient outcomes, announced today its strategic, operational and financial results for the quarter ended September 30, 2021.Ron Nixon, Sanara's Executive Chairman, stated, \"In the third quarter, Sanara continued to execute on its comprehensive wound and skin care strategy by gaining new hospital approvals for its surgical products, selling products into new facilities, executing an agreement and launching a pilot for WounDerm in the home health vertical, and adapting our EMR to the home health vertical. Our sales for the quarter were impacted by the COVID-19 Delta variant surge in key markets in Texas and the Northeast, which limited elective procedures during the quarter. As with previous surges, we believe that the majority of procedures that were not performed due to COVID-19 concerns in Q3 were postponed and will ultimately be performed at a later date.\"Third Quarter 2021 Strategic HighlightsThe Company's surgical products continued to be approved for use in additional facilities throughout the quarter. CellerateRX was approved to be used in approximately 990 hospitals/ASCs at the end of Q3.Sanara hired additional salespeople in Q3, bringing the total number of regional sales managers and territory managers to 29.The Company's surgical products generated revenue in 21 states in Q3 2021 at or above a $50,000 annual run rate.CellerateRX Surgical was sold in over 395 hospitals/ASCs during the nine-month period ended September 30, 2021.Executed an agreement and launched a pilot for WounDerm, the Company's telemedicine and virtual wound care solution in the home health vertical.As part of the launch the WounDerm pilot, the Company's EMR was adapted for the home health care market.Concurrent with the launch of the pilot in the home health vertical, the Company signed a distribution agreement for its proprietary products.Subsequent to the end of the quarter, the Company announced the commercial launch of two new innovative extracellular matrix products from Cook Biotech Inc., FORTIFY TRG™ Tissue Repair Graft and FORTIFY FLOWABLE™ Extracellular Matrix.Third Quarter and...