Sanara MedTech Inc. reported a significant increase in its financial performance for the fiscal year ended December 31, 2024, with total net revenue reaching $86.7 million, a 33% increase from $65.0 million in 2023. This growth was primarily driven by increased sales of soft tissue repair products, particularly CellerateRX Surgical and BIASURGE, as well as certain bone fusion products. The company attributed this revenue growth to enhanced market penetration and geographic expansion, alongside a strategic focus on expanding its independent distribution network across the United States.
Despite the revenue growth, Sanara MedTech experienced a net loss of $9.9 million for 2024, compared to a net loss of $4.4 million in the previous year. The increase in losses was largely due to higher costs associated with the buildout of its Tissue Health Plus (THP) platform, increased interest expenses related to the CRG Term Loan, and higher amortization of acquired intangible assets. The company’s selling, general, and administrative expenses also rose to $76.6 million, up from $57.0 million in 2023, reflecting increased direct sales and marketing efforts.
In terms of operational developments, Sanara MedTech has restructured its business into two reportable segments: Sanara Surgical and THP, reflecting a strategic shift towards value-based wound care services. The THP segment is set to launch its first pilot program in the second quarter of 2025, targeting Medicare Advantage payers. The company is also pursuing partnerships to facilitate the commercialization of THP and share in the development costs. As of December 31, 2024, Sanara employed 141 full-time staff, a slight increase from previous years, indicating a focus on expanding its workforce to support growth initiatives.
The company has also made strategic investments, including a $5.0 million investment in ChemoMouthpiece, LLC, which develops oral cryotherapy products for cancer patients, and an exclusive licensing agreement with Biomimetic Innovation Limited for the U.S. marketing rights to a synthetic injectable bone void filler. These investments are part of Sanara's broader strategy to enhance its product offerings and market presence in the surgical and wound care sectors.
Looking ahead, Sanara MedTech anticipates continued investment in its THP strategy, with estimated expenditures of $7.5 million to $10.0 million in the first half of 2025. The company is optimistic about its growth trajectory, supported by its recent financial maneuvers, including a $55 million senior secured term loan agreement, which provides additional liquidity for operational and strategic initiatives. However, the company remains cautious about potential market fluctuations and regulatory challenges that could impact its future performance.
About Sanara MedTech Inc.
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