Business
Sanara MedTech Inc. Announces Unaudited Preliminary Results for the Fourth Quarter and Full Year 2022
FORT WORTH, TX, Feb. 22, 2023 (GLOBE NEWSWIRE) -- 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, Feb. 22, 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 skin care markets, announced today certain unaudited preliminary results for the fourth quarter and full-year 2022. Selected Fourth Quarter and Full-Year 2022 Preliminary Results (Unaudited) Net revenue of approximately $15.3 million for the three months ended December 31, 2022, compared to net revenue of $7.0 million for the three months ended December 31, 2021, which would result in a record net revenue quarter and represent a 119% increase from the prior year period.Net revenue of approximately $45.8 million for the year ended December 31, 2022, compared to net revenue of $24.1 million for the year ended December 31, 2021, representing a 90% increase from the prior year. The higher net revenues in 2022 were primarily due to increased sales of surgical products as a result of our increased market penetration and expanded product offering, our continuing strategy implementation of expanding our sales force and independent distribution network in both new and existing U.S. markets, as well as additional revenues from the Scendia Biologics, LLC (“Scendia”) acquisition.Operating loss is expected to be between $2.0 million and $3.5 million for the three months ended December 31, 2022, compared to an operating loss of $3.4 million for the three months ended December 31, 2021.Operating loss is expected to be between $11.0 million and $12.5 million for the year ended December 31, 2022, compared to operating loss of $7.4 million for the year ended December 31, 2021. The higher operating loss in 2022 was primarily due to higher expenses related to research and development, higher non-cash amortization expense related to intangible assets acquired as part of our acquisitions of Precision Healing Inc. and Scendia and higher costs related to sales force expansion and operational support.Cash and cash equivalents were approximately $9.0 million as of December 31, 2022.As a result of the dissolution of Sanara Pulsar, LLC (“Sanara Pulsar”), an entity that was majority-ow...