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Sanara MedTech Inc. (SMTI) is a leading medical technology company that aims to revolutionize the wound care and skincare markets through innovative solutions. Founded in 1982 and headquartered in Fort Worth, Texas, Sanara MedTech focuses on developing and commercializing technologies that improve clinical outcomes for patients while simultaneously reducing healthcare costs.
The company operates through its subsidiary, Wound Care Innovations, LLC, and offers a range of collagen-based wound care products under the brand name CellerateRX. These products are marketed for treating various types of wounds, including pressure ulcers, diabetic ulcers, surgical wounds, and burns. Available in both gel and powder forms, CellerateRX is designed to serve healthcare providers such as physicians, clinics, and hospitals.
Sanara MedTech's portfolio extends beyond surgical wound care, encompassing a comprehensive suite of chronic wound care products. The company's notable offerings include HYCOL Hydrolyzed Collagen, BIAKOS Skin and Wound Cleanser, and BIAKOS Skin and Wound Gel. These products enable Sanara MedTech to deliver extensive wound and skincare solutions across all care settings, from acute to post-acute environments.
With a strategic focus on transformative technologies, Sanara MedTech holds worldwide licenses for certain proprietary technologies and processes. This positions the company at the forefront of advancing wound care treatment protocols. Recent achievements highlight the company's commitment to innovation and quality, making it a key player in the medical technology landscape.
Sanara MedTech also prioritizes transparent communication with its investors and stakeholders. For the latest updates and developments, the company's investor relations team is readily accessible, ensuring stakeholders are well-informed about performance metrics, ongoing projects, and future prospects.
Overall, Sanara MedTech Inc. continues to set the standard in wound care and skincare solutions, contributing significantly to the healthcare sector by enhancing patient care and operational efficacy.
Sanara MedTech Inc (NASDAQ: SMTI) announced its first-quarter earnings release date for the period ending March 31, 2022. The earnings report will be published after market close on May 16, 2022, followed by a conference call on May 17, 2022, at 9:00 a.m. ET. Interested parties can join the call using the toll-free number provided. The Company focuses on improving patient outcomes with advanced wound care and surgical products. Its offerings include various innovative solutions for healthcare settings.
Sanara MedTech Inc. has completed its merger with Precision Healing Inc., enhancing its product portfolio in surgical and chronic wound care. This strategic acquisition aims to improve patient outcomes and expand Sanara's presence in the North American advanced wound care and surgical tissue repair markets. With a focus on evidence-based healing solutions, Sanara markets products like CellerateRX® and the BIAKŌS™ line, and seeks to drive innovation in telehealth and wound care.
Sanara MedTech Inc has announced a definitive agreement to merge with Precision Healing Inc. The boards of both companies approved the merger, expected to close today. Sanara has been a stakeholder in Precision Healing since 2020, holding 25.7% equity. The transaction comprises approximately $5.1 million in stock and cash, valuing Precision Healing at about $7.8 million. The merger aims to enhance diagnostic technology for chronic wounds, improving patient outcomes and offering innovative treatment protocols through advanced algorithms and multispectral imaging.
Sanara MedTech (NASDAQ: SMTI) announced strategic and financial results for 2021, reporting revenues of $24.1 million, a 55% increase from 2020. The company attributed this growth to enhanced sales of surgical products and expansion in U.S. markets. Operating costs rose, with SG&A expenses reaching $28.1 million, primarily due to sales force expansion. Despite revenue growth, Sanara reported a net loss of $8.0 million for the year, up from $4.4 million in 2020, driven by increased operational costs and R&D investments. The company plans to expand telehealth services for wound care.
Sanara MedTech Inc. (NASDAQ: SMTI) announced the upcoming release of its fourth quarter and full year results for 2021 on March 30, 2022. The press release details a conference call scheduled for March 31, 2022, at 9:00 a.m. Eastern Time, which will discuss the financial results. Sanara focuses on developing advanced wound and skincare products and is seeking to expand its offerings in telemedicine. The Company aims to improve patient outcomes and drive its pipeline from concept to market, while addressing various healthcare focus areas.
Sanara MedTech Inc. (NASDAQ: SMTI) reported preliminary 2021 financial results, showing a substantial increase in revenues. For Q4 2021, total revenue reached approximately $7.0 million, up 47% from $4.8 million in Q4 2020. Full-year revenue was approximately $24.1 million, a 55% increase from $15.6 million in 2020. The growth is attributed to expanding the sales force and distribution network. As of December 31, 2021, cash and cash equivalents stood at $18.7 million.
Sanara MedTech Inc. (NASDAQ: SMTI) has appointed Zachary B. Fleming as Chief Executive Officer effective January 1, 2022. Ron Nixon, Executive Chairman, praised Fleming's leadership, highlighting his role in achieving double-digit revenue growth in the Surgical Division amidst the COVID-19 challenges. Fleming aims to enhance Sanara's surgical offerings and execute its comprehensive wound and skin care strategy. With a background in sales and management roles at the company and previous firms, Fleming's appointment is expected to foster innovation and improve stakeholder outcomes.
Sanara MedTech (NASDAQ: SMTI) announced the resignation of J. Michael Carmena as Principal Executive Officer and Board member, effective December 31, 2021. Eric Tanzberger will join the Board on January 1, 2022, bringing extensive finance and corporate governance experience. Ron Nixon, Executive Chairman, praised Carmena's leadership and expressed gratitude for his contributions. Tanzberger's appointment is expected to enhance Sanara's strategic growth in wound and skin care markets.
Sanara MedTech Inc. (NASDAQ: SMTI) announced Roszell Mack III has been appointed to its Board of Directors, effective January 1, 2022. Mack brings extensive experience in finance and technology ventures, and is expected to provide valuable insights as the company executes its wound and skin care strategy. He is the President of Mack & Co., LLC, and previously co-founded Ascend Venture Group. His background includes over a decade in investment banking at Goldman Sachs and Salomon Smith Barney, making him a significant addition to the board.
Sanara MedTech reported strong financial results for Q3 2021, with revenues of $5.8 million, a 35% increase from the previous year. Despite the impact of COVID-19 Delta variant causing elective procedure delays, the company gained new hospital approvals and expanded its sales team to 29 members. However, net losses increased to $2 million due to rising selling, general, and administrative expenses, totaling $6.9 million. The company is optimistic that postponed procedures will eventually be performed. A conference call is set for November 15, 2021.
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