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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): February 22, 2024
SANARA
MEDTECH INC. |
(Exact
name of registrant as specified in its charter) |
Texas |
|
001-39678 |
|
59-2219994 |
(State
or other jurisdiction of |
|
(Commission
|
|
(IRS
Employer |
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
February 22, 2024, Sanara MedTech Inc. (the “Company”) issued a press release announcing certain preliminary financial results
for the fourth quarter and full year 2023. 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: |
February
22, 2024 |
|
|
|
|
|
|
|
|
Sanara
MedTech Inc. |
|
|
|
|
|
|
By: |
/s/
Michael D. McNeil |
|
|
Name: |
Michael
D. McNeil |
|
|
Title: |
Chief
Financial Officer |
Exhibit
99.1
Sanara
MedTech Inc. Announces Unaudited Preliminary Results for the Fourth Quarter and Full Year 2023
FORT
WORTH, TX / GlobeNewswire / February 22, 2024 / 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.
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 ACTIGENTM 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, 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 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.
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,” “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 Company’s expected net revenue for the fourth quarter and full fiscal year ended December 31,
2023, the Company’s expected cash and cash equivalents as of December 31, 2023, the development of new products, the timing of
commercialization of our products and the regulatory approval process. 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 2023 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 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
SOURCE:
Sanara MedTech Inc.
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