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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 21, 2025
| SANARA
MEDTECH INC. |
| (Exact
name of registrant as specified in its charter) |
| Texas |
|
001-39678 |
|
59-2219994 |
| (State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
| of incorporation) |
|
File Number) |
|
Identification
No.) |
1200
Summit Avenue, Suite 414
Fort
Worth, Texas |
|
76102 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (817) 529-2300
(Former
name or former address, if changed since last report)
Not
Applicable
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| |
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
|
| |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
|
| |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
|
| |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
Stock, $0.001 par value |
|
SMTI |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item
2.02 | Results
of Operations and Financial Condition. |
On
January 21, 2025, Sanara MedTech Inc. (the “Company”) issued a press release announcing certain preliminary financial
results for the fourth quarter and full year 2024. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated by reference herein.
The
information in this Current Report on Form 8-K, including Exhibit 99.1 furnished hereto, shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended,
or the Exchange Act, except as expressly set forth in such filing.
| Item
9.01 | Financial
Statements and Exhibits. |
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| Date: |
January
21, 2025 |
|
|
| |
|
|
|
| |
|
Sanara
MedTech Inc. |
| |
|
|
|
| |
|
By: |
/s/
Michael D. McNeil |
| |
|
Name: |
Michael D. McNeil |
| |
|
Title:
|
Chief
Accounting Officer and Chief Administrative Officer |
Exhibit 99.1
Sanara
MedTech Inc. Reports Unaudited Preliminary Results for the Fourth Quarter and Full Year 2024
Fourth
Quarter Net Revenue Expected to Increase 45% to 48% Year-Over-Year; Full Year Net Revenue Expected to Increase 32% to 33% Year-Over-Year
FORT
WORTH, TX, January 21, 2025 (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 skincare markets, today reported certain unaudited preliminary results for the fourth quarter and full year
ended December 31, 2024.
Selected
Fourth Quarter and Full Year 2024 Preliminary Results (Unaudited):
| ● | Net
revenue for the three months ended December 31, 2024 is expected to be in the range of $25.7
million to $26.2 million, an increase of approximately 45% to 48% over the prior year period. |
| ◌ | The
higher net revenue in the fourth quarter of 2024 was driven primarily by increased sales
of soft tissue repair products, most notably CellerateRX® Surgical Activated
Collagen® and BIASURGE®. |
| ◌ | During
the early part of the fourth quarter of 2024, the Company experienced growth in sales of
BIASURGE as a result of supply chain issues and shortages of intravenous (“IV”)
fluids and saline solutions experienced by the broader industry due to Hurricane Helene.
The Company expects that sales of BIASURGE will normalize in the first quarter of 2025 as
access to IV and saline solutions used for wound irrigation is restored. |
| ● | Net
revenue for the year ended December 31, 2024 is expected to be in the range of $86.0 million
to $86.5 million, an increase of approximately 32% to 33% over the prior year period. |
| ● | As
of December 31, 2024, the Company had cash of approximately $15.9 million, $30.5 million
of principal debt obligations outstanding, and $24.5 million in available borrowing capacity,
compared to $16.3 million of cash, $30.5 million of principal debt obligations outstanding,
and $24.5 million in available borrowing capacity as of September 30, 2024. |
Fourth
Quarter 2024 Operational Highlights:
| ● | In
2024, the Sanara R&D team submitted 11 provisional patent applications covering innovations
in proprietary antimicrobial technologies and hydrolyzed collagen, including novel formulations,
treatment applications, and key component advancements. |
| ● | On
October 4, 2024, the Company appointed Mr. Keith Myers to serve as a member of its Board
of Directors. Mr. Myers is the chairman and CEO emeritus of LHC Group, one of the largest
and highest quality in-home healthcare providers in the United States. He co-founded LHC
Group in 1994 and led its growth from a single home health agency to a publicly traded company
with approximately 29,000 employees and approximately 950 agency locations across 38 states
and the District of Columbia, until its merger with Optum Inc. in 2023. |
“Our
team delivered strong execution with respect to our growth strategy during the fourth quarter of 2024, enabling Sanara to achieve our
thirteenth consecutive record net revenue quarter, with growth expected to be at least 45% year-over-year,” stated Ron Nixon, Sanara’s
Executive Chairman and CEO. “Our revenue performance benefited from impressive sales of BIASURGE during the quarter, due in part
to shortages of IV fluids and saline solutions in the broader healthcare industry related to Hurricane Helene. These temporary shortages
led to exceptionally strong demand from both new and existing customers, and we estimate that our BIASURGE sales in the fourth quarter
of 2024 included approximately $1.8 million of revenue that we believe is attributable to this unique situation. We were proud to support
our customers during this period of disruption and, importantly, we expect to report strong net revenue growth in the fourth quarter
excluding the benefit related to this unique demand.”
Mr.
Nixon continued: “We also complemented our strong sales performance with operational progress across multiple fronts. As we announced
today, our team submitted 11 provisional patent applications in 2024 related to innovations in proprietary antimicrobial technologies
and hydrolyzed collagen. These filings underscore Sanara’s commitment to pioneering research and expanding its intellectual property
portfolio in this dynamic space. We look forward to discussing our financial and operational achievements in further detail on our earnings
call in March.”
The
Company’s independent registered public accounting firm has not completed its procedures with respect to the preliminary financial
information or its audit of our financial statements for the year ended December 31, 2024. Actual results may differ from these estimates
as a result of the completion of our audit and other developments that may arise between now and the time our financial results for the
fourth quarter and fiscal year are finalized.
About
Sanara MedTech Inc.
Sanara
MedTech Inc. is 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. The Company 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 ACTIGEN™ Verified Inductive Bone Matrix, ALLOCYTE® Plus
Advanced Viable Bone Matrix, BiFORM® Bioactive Moldable Matrix, TEXAGEN® Amniotic Membrane Allograft, and
BIASURGE® Advanced Surgical Solution 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,
and BIAKŌS® Antimicrobial Skin and Wound Irrigation Solution. 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. For more information, please visit sanaramedtech.com.
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,” “intends,”
“may,” “plans,” “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 Company’s expected net revenue for the fourth quarter and full fiscal year ended December 31,
2024, the Company’s expected cash balance as of December 31, 2024, the Company’s business strategy and mission, the development
of new products, the timing of commercialization of the Company’s 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 preliminary
financial information remaining subject to changes and finalization based upon management’s ongoing review of results for the fourth
quarter and full fiscal year 2024 and the completion of all quarter and year-end closing procedures, 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 filings with the Securities and Exchange Commission, 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
Relations Contact:
Jack
Powell or Mike Piccinino, CFA
ICR
Healthcare
IR@sanaramedtech.com
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Sanara MedTech (NASDAQ:SMTI)
過去 株価チャート
から 1 2025 まで 2 2025
Sanara MedTech (NASDAQ:SMTI)
過去 株価チャート
から 2 2024 まで 2 2025
