Sanara MedTech Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-13
Sanara MedTech Inc. Reports Second Quarter 2024 Financial Results
Sanara MedTech Inc., a medical technology company based in Fort Worth, Texas, reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimate |
|---|---|---|---|---|---|---|
| Revenue | $20.2 million | $19.9 million | $15.8 million | +28% | +1.5% | $19.1 million |
| Earnings per Share (EPS) | $-0.21 | $-0.23 | $-0.17 | N/A | N/A | $-0.21 |
Sanara MedTech Inc. reported a record revenue of $20.2 million for the second quarter of 2024, marking its eleventh consecutive record revenue quarter, a 28% increase from the same period last year. The earnings per share (EPS) matched market expectations at $-0.21. Despite significant revenue growth, the net loss widened to $3.5 million primarily due to increased SG&A costs, executive separation expenses, acquisition costs, and higher amortization expenses.
Segmental Revenue Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change | Adjusted Q2 2024 EBITDA | Adjusted Q2 2023 EBITDA |
|---|---|---|---|---|---|
| Sanara Surgical | $18.2 million | $14.4 million | +26% | $1.4 million | $1.1 million |
| Tissue Health Plus | $2.0 million | $1.4 million | +43% | ($0.8) million | ($1.4) million |
The Sanara Surgical segment generated strong growth with a 26% increase in revenue, supported by expanding market penetration and successful product sales. Tissue Health Plus (THP) performed exceptionally well with a 43% increase in revenue, reducing its net loss year-over-year. Both segments showed improved EBITDA, reflecting better financial performance.
Key Operational Data
| Data Point | Q2 2024 |
|---|---|
| Facilities with Sales | 800+ |
| Products in Hospitals/ASCs | 4,000+ |
| Number of Distributors | 300+ |
Operationally, Sanara MedTech Inc. expanded its reach significantly, with over 800 facilities recording sales in Q2 2024 and increasing the number of contracted hospitals and ambulatory surgery centers to over 4,000.
Comments from Company Representatives
Ron Nixon, Sanara's CEO, emphasized the company's continued financial success and strides in senior management strengthening. He attributed the strong sales to the efficacy and value of Sanara’s products, alongside commendable execution by various functional areas within the company.
Dividends and Share Repurchase Program
No dividends or share repurchase programs were announced during this earnings release.
Forward Guidance
Sanara MedTech Inc. did not provide specific forward guidance in this earnings release.
Stock Price Movement
Sanara MedTech Inc. saw a slight increase in its stock price following the earnings release, with a change of 0.38%.
In summary, Sanara MedTech Inc. delivered another strong quarter with record revenue and significant progress across its segments and operational footprint. Despite widened losses due to increased operational costs, the improved EBITDA and strategic advancements position the company well for future growth.
