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 skincare markets, announced today its strategic,
operational and financial results for the quarter ended March 31,
2023.
Zach Fleming, Sanara's Chief Executive Officer,
stated, “The first quarter of 2023 was another record revenue
quarter for Sanara, and March was the highest sales month in the
Company’s history. Our record revenues were primarily driven by an
increased number of facilities where our products are sold,
increased average sales per facility, and promotion of our expanded
product lines. During the quarter we also submitted our Precision
Healing Multispectral Imager for 510(k) clearance and, subsequent
to the end of the quarter, we received 510(k) clearance for
BIASURGE™ Advanced Surgical Solution (“BIASURGE™”), which we are
now preparing for a commercial launch in late 2023.”
First Quarter
2023
Strategic and Operational
Highlights (Unaudited)
- During the
trailing twelve-month period, the Company’s products were sold in
over 800 facilities across 30 states.
- The Company’s
products were contracted or approved to be sold in more than 1,800
hospitals/ASCs as of March 31, 2023.
- The Company
entered into a sales agreement with Cantor Fitzgerald & Co. for
an at-the-market (“ATM”) offering of shares of the Company’s common
stock. The Company entered into this agreement for two purposes.
The first was to raise capital for opportunistic partnerships and
acquisitions and the second was to increase the liquidity of its
common stock. During the three months ended March 31, 2023, the
Company sold an aggregate of 26,143 shares of common stock for net
proceeds of approximately $1,034,000. Sanara paused sales through
the ATM at the end of the first quarter.
- Scendia sales,
which continue to be impacted by supply issues with ALLOCYTE®, were
flat compared to the previous quarter at $3.0 million. This was in
line with management expectations given the impact of the ALLOCYTE®
supply issues.
- The Company
submitted to the FDA a 510(k) premarket notification for its
Precision Healing Multispectral Imager.
- Subsequent to
the end of the quarter, the Company received 510(k) clearance for
BIASURGE™.
First Quarter 2023
Consolidated Financial Results
(Unaudited)
- Net
Revenues. For the three months ended March 31,
2023, we generated net revenues of $15.5 million compared to net
revenues of $7.8 million for the three months ended March 31, 2022,
a 99% increase from the prior year period. Our net revenues for the
three months ended March 31, 2023 included $3.0 million of Scendia
sales. The higher net revenues for the three months ended March 31,
2023 were primarily due to increased sales of surgical wound care
products as a result of our increased market penetration and
geographic expansion, additional revenues as a result of the
Scendia acquisition and our continuing strategy to expand our
internal sales force and independent distribution network in both
new and existing U.S. markets.
During the third
quarter of 2022, we began to experience supply issues with the
ALLOCYTE® product line. The amount of qualifying eligible donor
tissue was significantly impacted due to stringent donor screening
requirements. During the fourth quarter of 2022 and the first
quarter of 2023, we were unable to fill certain orders for this
product which negatively impacted our sales. We anticipate
resolution of the supply issues in the second half of 2023.
- Cost of goods
sold. Cost of goods sold for the three
months ended March 31, 2023, was $2.1 million, compared to costs of
goods sold of $0.8 million for the three months ended March 31,
2022. The higher cost of goods sold was due to higher organic sales
volume in the three months ended March 31, 2023 and our acquisition
of Scendia, which added $0.9 million of cost of goods sold during
the three months ended March 31, 2023. Gross margins were
approximately 86% and 90% for the three months ended March 31, 2023
and 2022, respectively. The lower gross margins in 2023 were
primarily due to lower margins realized on sales of Scendia
products.
- Selling,
general and administrative (“SG&A”)
expenses. SG&A expenses
for the three months ended March 31, 2023, were $13.0 million
compared to SG&A expenses of $9.4 million for the three months
ended March 31, 2022. Our SG&A expenses for the three months
ended March 31, 2023 included $1.4 million of costs related to
Scendia operations. The higher SG&A expenses for the three
months ended March 31, 2023 were primarily due to higher direct
sales and marketing expenses, which accounted for approximately
$3.4 million, or 95%, of the increase compared to prior year. The
higher direct sales and marketing expenses were primarily
attributable to an increase in sales commissions of $2.9 million as
a result of higher product sales and $0.5 million of increased
costs as a result of sales force expansion and operational support.
We expect our SG&A expenses to continue to decline as a
percentage of net revenues as our sales growth outpaces the costs
of sales force expansion and corporate overhead.
- Research and
development (“R&D”)
expenses. R&D expenses for the three months
ended March 31, 2023, were $1.3 million compared to $0.2 million
for the three months ended March 31, 2022. The higher R&D
expenses in the three months ended March 31, 2023 were primarily
due to costs related to the Precision Healing Multispectral Imager
and lateral flow assay for assessing patient wound and skin
conditions. R&D expenses also included costs associated with
ongoing development projects for our currently licensed
products.
- Net
loss. For the three months ended March 31, 2023, we had a
net loss of $1.2 million, compared to a net loss of $3.2 million
for the three months ended March 31, 2022.
The Company will host a conference call on
Tuesday, May 16, 2023, at 9:00 a.m. Eastern Time. The toll-free
number to call for this teleconference is 888-506-0062
(international callers: 973-528-0011) and the access code is
728630. A telephonic replay of the conference call will be
available through Tuesday, May 30, 2023, by dialing 877-481-4010
(international callers: 919-882-2331) and entering the replay
passcode: 48363.
A live webcast of Sanara’s conference call will
be available under the Investor Relations section of the Company's
website, www.SanaraMedTech.com. A one-year online replay will be
available after the conclusion of the live broadcast.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy securities, nor
shall there be any sale of securities, in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
About Sanara
MedTech Inc.
With a focus on improving patient outcomes
through evidence-based healing solutions, Sanara MedTech Inc.
markets, distributes and develops surgical, wound and skincare
products for use by physicians and clinicians in hospitals, clinics
and all post-acute care settings and offers wound care and
dermatology virtual consultation services via telemedicine.
Sanara’s products are primarily sold in the North American advanced
wound care and surgical tissue repair markets. Sanara markets and
distributes CellerateRX® Surgical Activated Collagen®, FORTIFY TRG®
Tissue Repair Graft and FORTIFY FLOWABLE® Extracellular Matrix as
well as a portfolio of advanced biologic products focusing on
AMPLIFY™ Verified Inductive Bone Matrix, ALLOCYTE® Advanced
Cellular Bone Matrix, BiFORM® Bioactive Moldable Matrix and
TEXAGEN® Amniotic Membrane Allograft to the surgical market. In
addition, the following products are sold in the wound care market:
BIAKŌS® Antimicrobial Skin and Wound Cleanser, BIAKŌS™
Antimicrobial Wound Gel, BIAKŌS® Antimicrobial Skin and Wound
Irrigation Solution and HYCOL® Hydrolyzed Collagen. Sanara’s
pipeline also contains potentially transformative product
candidates for mitigation of opportunistic pathogens and biofilm,
wound re-epithelialization and closure, necrotic tissue debridement
and cell compatible substrates. The Company believes it has the
ability to drive its pipeline from concept to preclinical and
clinical development while meeting quality and regulatory
requirements. Sanara is constantly seeking long-term strategic
partnerships with a focus on products that improve outcomes at a
lower overall cost. In addition, Sanara is actively seeking to
expand within its six focus areas of wound and skin care for the
acute, post-acute, and surgical markets. The focus areas are
debridement, biofilm removal, hydrolyzed collagen, advanced
biologics, negative pressure wound therapy products and the oxygen
delivery system segment of the wound and skincare markets.
Information about Forward-Looking
Statements
The statements in this press release that do not
constitute historical facts are “forward-looking statements,”
within the meaning of and subject to the safe harbor created by the
Private Securities Litigation Reform Act of 1995. These statements
may be identified by terms such as “aims,” “anticipates,”
“believes,” “contemplates,” “continue,” “could,” “estimates,”
“expect,” “forecast,” “guidance,” “intend,” “may,” “plan,”
“possible,” “potential,” “predicts,” “preliminary,” “projects,”
“seeks,” “should,” “targets,” “will” or “would,” or the negatives
of these terms, variations of these terms or other similar
expressions. These forward-looking statements include, among
others, statements regarding the development of new products, the
timing of commercialization of our products, the regulatory
approval process and expansion of the Company’s business in
telehealth and wound care. These items involve risks, contingencies
and uncertainties such as the extent of product demand, market and
customer acceptance, the effect of economic conditions,
competition, pricing, uncertainties associated with the development
and process for obtaining regulatory approval for new products, the
ability to consummate and integrate acquisitions, and other risks,
contingencies and uncertainties detailed in the Company’s SEC
filings, which could cause the Company’s actual operating results,
performance or business plans or prospects to differ materially
from those expressed in, or implied by these statements.
All forward-looking statements speak only as of
the date on which they are made, and the Company undertakes no
obligation to revise any of these statements to reflect the future
circumstances or the occurrence of unanticipated events, except as
required by applicable securities laws.
Investor Contact:
Callon Nichols, Director of Investor
Relations713-826-0524CNichols@sanaramedtech.com
SOURCE: Sanara MedTech
Inc.
Sanara MedTech (NASDAQ:SMTI)
過去 株価チャート
から 4 2024 まで 5 2024
Sanara MedTech (NASDAQ:SMTI)
過去 株価チャート
から 5 2023 まで 5 2024