Full Press Release Details
MedTech Inc. Announces First Quarter 2023 Results
WORTH, TX / GlobeNewswire / May 15, 2023 / 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
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."
Quarter 2023 Strategic and Operational Highlights (Unaudited)
Quarter 2023 Consolidated Financial Results (Unaudited)
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.
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:
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.
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.
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: BIAK S Antimicrobial Skin and Wound Cleanser, BIAK S Antimicrobial Wound Gel, BIAK S
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.
about Forward-Looking Statements
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
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
Nichols, Director of Investor Relations