FORT WORTH, TX / ACCESSWIRE / November 12, 2021 / Sanara MedTech Inc.
Based in Fort Worth, Texas, Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or “us”) (NASDAQ:SMTI), a provider of surgical and chronic wound care products dedicated to improving patient outcomes, announced today its strategic, operational and financial results for the quarter ended September 30, 2021.
Ron Nixon, Sanara’s Executive Chairman, stated, “In the third quarter, Sanara continued to execute on its comprehensive wound and skin care strategy by gaining new hospital approvals for its surgical products, selling products into new facilities, executing an agreement and launching a pilot for WounDerm in the home health vertical, and adapting our EMR to the home health vertical. Our sales for the quarter were impacted by the COVID-19 Delta variant surge in key markets in Texas and the Northeast, which limited elective procedures during the quarter. As with previous surges, we believe that the majority of procedures that were not performed due to COVID-19 concerns in Q3 were postponed and will ultimately be performed at a later date.”
Third Quarter 2021 Strategic Highlights
Third Quarter and Nine Months Consolidated Financial Results
Sanara will host a conference call on Monday, November 15, 2021, 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 337574. A telephonic replay of the conference call will be available through Monday, November 29, 2021, by dialing 877-481-4010 (international callers: 919-882-2331) and entering the replay passcode: 43371.
A live webcast of the 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.
About Sanara MedTech Inc.
With a focus on improving patient outcomes through evidence-based healing solutions, Sanara MedTech Inc. markets, distributes, and develops wound and skincare products for use by physicians and clinicians in hospitals, clinics, and all post-acute care settings and is seeking to offer 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 MedTech markets and distributes CellerateRX® Surgical Activated Collagen®, FORTIFY TRG™ Tissue Repair Graft and FORTIFY FLOWABLE™ Extracellular Matrix to the surgical markets as well as the following products to 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 acquired 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 skincare for the acute, post-acute, and surgical markets. The focus areas are debridement, biofilm removal, hydrolyzed collagen, advanced biologics, negative pressure wound therapy adjunct products, and the oxygen delivery system segment of the healthcare industry. For more information, 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 “anticipate,” “believes,” “contemplates,” “continue” “could,” “estimates,” “expect,” “intend,” “may,” “plan,” “potential” “predicts,” “preliminary,” “project,” “seek,” “should,” “target,” “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 and expansion of the Company’s business in telehealth and wound care. These items involve risks, contingencies and uncertainties such as Sanara’s ability to retain key employees, uncertainties associated with the development and process for obtaining regulatory approval for new products, the extent of product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, 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 Relations
713-826-0524
CNichols@sanaramedtech.com
|
SANARA MEDTECH INC. AND SUBSIDIARIES |
||||||||
| (Unaudited) | ||||||||
| September 30, | December 31, | |||||||
|
Assets
|
2021 | 2020 | ||||||
|
Current assets
|
||||||||
|
Cash
|
$ | 22,371,434 | $ | 455,366 | ||||
|
Accounts receivable, net of allowances of $97,397 and $100,189
|
2,064,080 | 2,217,533 | ||||||
|
Accounts receivable – related party
|
171,440 | – | ||||||
|
Royalty receivable
|
49,344 | 49,344 | ||||||
|
Inventory, net of allowance for obsolescence of $184,870 and $276,603
|
1,552,350 | 1,148,253 | ||||||
|
Prepaid and other assets
|
1,020,901 | 611,817 | ||||||
|
Total current assets
|
27,229,549 | 4,482,313 | ||||||
|
|
||||||||
|
Long-term assets
|
||||||||
|
Property and equipment, net of accumulated depreciation of $252,138 and $124,691
|
1,581,298 | 678,589 | ||||||
|
Right of use assets – operating leases
|
469,702 | 467,653 | ||||||
|
Intangible assets, net of accumulated amortization of $1,095,628 and $827,108
|
4,835,854 | 3,097,666 | ||||||
|
Investment in equity securities
|
3,811,531 | 1,100,000 | ||||||
|
Total long-term assets
|
10,698,385 | 5,343,908 | ||||||
|
|
||||||||
|
Total assets
|
$ | 37,927,934 | $ | 9,826,221 | ||||
|
|
||||||||
|
Liabilities and shareholders’ equity
|
||||||||
|
Current liabilities
|
||||||||
|
Accounts payable
|
$ | 321,391 | $ | 271,251 | ||||
|
Accounts payable – related parties
|
132,134 | 223,589 | ||||||
|
Accrued royalties and expenses
|
598,167 | 502,191 | ||||||
|
Accrued bonus and commissions
|
2,880,461 | 2,417,277 | ||||||
|
Operating lease liability – current
|
226,138 | 125,587 | ||||||
|
Total current liabilities
|
4,158,291 | 3,539,895 | ||||||
|
|
||||||||
|
Long-term liabilities
|
||||||||
|
Operating lease liability – long term
|
256,718 | 355,797 | ||||||
|
Other long-term liabilities
|
90,293 | 90,293 | ||||||
|
Total long-term liabilities
|
347,011 | 446,090 | ||||||
|
|
||||||||
|
Total liabilities
|
4,505,302 | 3,985,985 | ||||||
|
|
||||||||
|
Shareholders’ equity
|
||||||||
|
Common Stock: $0.001 par value, 20,000,000 shares authorized; 7,632,044 issued and outstanding as of September 30, 2021 and 6,297,008 issued and outstanding as of December 31, 2020
|
7,632 | 6,297 | ||||||
|
Additional paid-in capital
|
45,300,968 | 13,176,576 | ||||||
|
Accumulated deficit
|
(11,405,848 | ) | (7,032,242 | ) | ||||
|
Total Sanara MedTech shareholders’ equity
|
33,902,752 | 6,150,631 | ||||||
|
Equity attributable to noncontrolling interest
|
(480,120 | ) | (310,395 | ) | ||||
|
Total shareholders’ equity
|
33,422,632 | 5,840,236 | ||||||
|
|
||||||||
|
Total liabilities and shareholders’ equity
|
$ | 37,927,934 | $ | 9,826,221 | ||||
SANARA MEDTECH INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
$
5,823,942
$
4,306,324
$
17,110,511
$
10,797,838
517,611
447,935
1,528,449
1,126,798
5,306,331
3,858,389
15,582,062
9,671,040
6,920,105
5,072,402
18,891,979
13,632,967
35,674
11,022
257,867
11,022
204,570
81,880
395,968
209,606
7,160,349
5,165,304
19,545,814
13,853,595
(1,854,018
)
(1,306,915
)
(3,963,752
)
(4,182,555
)
–
100,250
–
14,776
–
(1,458
)
(711
)
(10,913
)
(193,843
)
–
(472,747
)
–
(193,843
)
98,792
(473,458
)
3,863
(2,047,861
)
(1,208,123
)
(4,437,210
)
(4,178,692
)
(27,491
)
(60,897
)
(63,604
)
(68,745
)
$
(2,020,370
)
$
(1,147,226
)
$
(4,373,606
)
$
(4,109,947
)
$
(0.27
)
$
(0.18
)
$
(0.60
)
$
(0.72
)
7,518,165
6,230,648
7,279,708
5,730,554
SANARA MEDTECH INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended
September 30,
2021
2020
$
(4,437,210
)
$
(4,178,692
)
395,968
209,606
–
8,354
–
2,897
51,536
30,000
106,823
258,585
852,226
872,662
118,022
87,503
472,747
–
101,916
(536,263
)
(171,441
)
–
(510,920
)
(299,888
)
–
(50,970
)
(409,084
)
(320,195
)
50,140
(62,934
)
(91,454
)
26,139
95,976
140,898
344,587
366,290
–
2,559
(3,030,168
)
(3,443,449
)
(30,157
)
(57,456
)
(578,586
)
(1,100,000
)
(3,184,278
)
(500,000
)
(3,793,021
)
(1,657,456
)
800,000
–
(800,000
)
–
–
583,000
28,939,257
–
–
26,220
(200,000
)
–
28,739,257
609,220
21,916,068
(4,491,685
)
455,366
6,611,928
$
22,371,434
$
2,120,243
$
711
$
–
–
–
–
11,368,150
–
1,611,911
2,334,244
750,000
93,879
–
SOURCE: Sanara MedTech Inc.
View source version on accesswire.com:
https://www.accesswire.com/672661/Sanara-MedTech-Inc-Announces-Third-Quarter-2021-Results-and-Business-Update
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