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Sanara MedTech Inc. announces first quarter 2024 results

Sanara MedTech Inc. announced its strategic, operational and financial results for the quarter ended March 31, 2024.

Ron Nixon, Sanara’s CEO, stated, “Over the course of 2023, we made significant advancements in data analytics, sales force optimization, and our sales processes. These improvements and the momentum we achieved in the fourth quarter of 2023 helped us exceed our internal forecast for the first quarter, and, we believe, position us to continue to build upon the success the team has achieved in previous periods. In the first quarter of 2024, Sanara continued to execute on its strategic and operational plans and realized its tenth consecutive record revenue quarter. Subsequent to the end of the quarter, the Company’s former CEO resigned and the Company took steps to strengthen its cash resources as well as add to the executive team.”

First quarter 2024 sales analysis
In the first quarter of 2024, Sanara focused on increasing the use of its products in new and existing territories, expanding usage in new specialty areas, and increasing per facility sales. For the quarter ended March 31, 2024, Sanara generated net revenue of $18.5 million compared to net revenue of $15.5 million for the quarter ended March 31, 2023, a 19% increase from the prior year period. The higher net revenue in the first quarter of 2024 was due to increased sales of soft tissue repair products (CellerateRX® Surgical Activated Collagen®, FORTIFY TRG® Tissue Repair Graft, FORTIFY FLOWABLE® Extracellular Matrix, and TEXAGEN® Amniotic Membrane Allograft) as a result of increased market penetration, geographic expansion and the Company’s continuing strategy to expand independent distribution network in both new and existing U.S. markets.

Earnings analysis
Sanara reported a net loss of $1.8 million for the quarter ended March 31, 2024, compared to a net loss of $1.2 million for the quarter ended March 31, 2023. The higher loss in 2024 was primarily due to increased SG&A costs related to direct sales and marketing expenses and amortization expenses due to amortization of our acquired intangible assets related to our Applied Nutritionals asset acquisition. These increased costs were partially offset by higher gross profit and lower R&D expenses. The Company generated Adjusted EBITDA of $0.3 million for the quarter ended March 31, 2024, compared to negative Adjusted EBITDA of $0.3 million for the quarter ended March 31, 2023.
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