As of September 30, 2024, Sanara MedTech Inc. reported total assets of $88.5 million, reflecting a significant increase from $73.9 million at the end of 2023. Current assets also rose to $31.9 million, up from $19.0 million, with cash holdings experiencing a notable increase to $16.3 million from $5.1 million.
However, the company’s long-term debt saw a substantial rise, reaching $30.1 million compared to $9.1 million at the end of the previous fiscal year. This increase in debt may indicate strategic financing decisions to support growth initiatives.
For the three months ending September 30, 2024, Sanara MedTech reported net revenue of $21.7 million, marking a 35% increase from $16.0 million in the same period of 2023. Gross profit for the quarter was $19.7 million, up from $14.3 million year-over-year. Despite these revenue gains, the company reported an operating loss of $(1.9) million, worsening from $(906,655) in the prior year. The net loss for the quarter was $(2.9) million, compared to $(1.1) million in the same period of 2023. The net loss attributable to shareholders was $(2.9) million, up from $(1.1) million in the previous year.
In terms of cash flow, net cash used in operating activities for the nine months ended September 30, 2024, was $(955,831), showing improvement from $(2.4) million in 2023. Conversely, net cash provided by financing activities increased significantly to $18.6 million, compared to $9.8 million in the prior year.
As of September 30, 2024, total shareholders' equity stood at $39.5 million, a decrease from $44.6 million at the end of 2023. This decline in equity, alongside the increased losses, may reflect the challenges the company faces in balancing growth with profitability.
About Sanara MedTech Inc.
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