Sanara MedTech Inc. Announces Unaudited Preliminary Results for the Fourth Quarter and Full Year 2023

FORT WORTH, TX, Feb. 22, 2024 (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, announced today certain unaudited preliminary results for the fourth quarter and full-year 2023.

Selected Fourth Quarter and Full-Year 2023 Preliminary Results (Unaudited)

• Net revenue of approximately $17.7 million during the three months ended December 31, 2023, an increase of 15.5% over the $15.3 million reported in the fourth quarter of 2022. This represents the ninth consecutive record sales quarter reported by the Company.
  
• Net revenue of approximately $65.0 million for the year ended December 31, 2023, compared to net revenue of $45.8 million for the year ended December 31, 2022, representing a 41.8% increase from the prior year. The higher net revenue in 2023 was primarily due to increased sales of soft tissue repair products, including CellerateRX Surgical, which grew 31% compared to the prior year, and increased sales of bone fusion products as a result of increased market penetration, geographic expansion and our continuing strategy to expand our independent distribution network in both new and existing U.S. markets.
  
• Cash was approximately $5.1 million as of December 31, 2023.
  

Zach Fleming, Sanara’s CEO, stated, “Sanara’s success in 2023 was driven primarily by strong sales growth across a number of products, including CellerateRX Surgical and our advanced biologics portfolio. I am grateful to the entire team for their hard work and dedication as we strive to deliver products to doctors and patients that improve outcomes and reduce costs.”

Our 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, 2023. Our 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.