Sanara MedTech Reports Strong Revenue Growth Amid Challenges

Sanara MedTech ( (SMTI) ) has released its Q3 earnings. Here is a breakdown of the information Sanara MedTech presented to its investors.

Sanara MedTech Inc. is a medical technology company based in Fort Worth, Texas, that focuses on developing and commercializing innovative technologies for the surgical, chronic wound, and skincare markets. The company aims to improve clinical outcomes and reduce healthcare costs.

In its third-quarter 2024 earnings report, Sanara MedTech announced a significant year-over-year net revenue increase of 35%, reaching $21.7 million. However, the company also reported a net loss of $2.9 million, compared to a loss of $1.1 million in the same period the previous year. Despite the net loss, adjusted EBITDA showed improvement, and the company continued its strategic expansion in distribution and product offerings.

Key financial highlights include the expansion of Sanara’s distribution network, with agreements now in place with over 300 distributors and potential access to 2,900 sellers. The company’s products are now sold in over 1,200 facilities across 34 states and the District of Columbia. Strategic investments, such as a $5 million investment in ChemoMouthpiece, LLC, align with Sanara’s focus on advancing its wound and skincare strategy.

The company’s increased net loss was attributed to higher selling, general, and administrative expenses, particularly related to the development of its Tissue Health Plus platform. Interest expenses also rose due to loans, but these were offset by higher gross profits and increased market penetration.

Looking ahead, Sanara MedTech plans to continue executing its growth strategies, emphasizing customer and shareholder value. With a strong focus on expanding its product portfolio and market reach, the company is poised for further growth and innovation in the healthcare sector.