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Sanara MedTech Inc. (SMTI-0.90%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net revenue of $86.7 million for 2024, a 33% increase from $65.0 million in 2023, primarily due to increased sales of soft tissue repair products and bone fusion products.
Cost of goods sold for 2024 was $8.1 million, slightly higher than the $7.9 million reported in 2023, with gross profit increasing to $78.5 million from $57.1 million.
Selling, general, and administrative expenses rose to $76.6 million in 2024 from $57.0 million in 2023, driven by increased sales and marketing expenses, executive separation costs, and acquisition-related costs.
Research and development expenses were $5.7 million in 2024, up from $4.1 million in 2023, reflecting ongoing investment in product development.
The company reported a net loss of $9.9 million for 2024, compared to a net loss of $4.4 million in 2023, attributed to increased operating expenses and interest expenses.
Sanara MedTech's cash on hand increased to $15.9 million at the end of 2024, compared to $5.1 million at the end of 2023, supported by financing activities including proceeds from a term loan.
The company continues to focus on its two reportable segments: Sanara Surgical, which markets soft tissue repair and bone fusion products, and Tissue Health Plus, which is preparing to launch a value-based wound care program.
Sanara MedTech completed the acquisition of certain assets from The Hymed Group Corporation and Applied Nutritionals, LLC in 2023, enhancing its intellectual property portfolio.
The company entered into a term loan agreement with CRG Servicing LLC in 2024, providing up to $55.0 million in senior secured term loans to support its operations and growth strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sanara MedTech Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.