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 its strategic,
operational and financial results for the quarter ended September
30, 2023.
Zach Fleming, Sanara’s CEO stated, “Our third
quarter performance included another record sales quarter as well
as a narrowing net loss and positive Adjusted EBITDA. In addition,
we completed the acquisition of certain assets related to our
collagen business, which we believe is critical to our efforts to
develop next generation collagen products while also materially
adding to our bottom line by eliminating the royalties we paid on
CellerateRX® Surgical Powder and Gel (“CellerateRX”) and HYCOL®
Hydrolyzed Collagen (“HYCOL”). After quarter end, we had our first
sales of both ALLOCYTE® Plus Advanced Viable Bone Matrix (“ALLOCYTE
Plus”) and BIASURGE™ Advanced Surgical Solution (“BIASURGE”). We
believe these two products will be important to our future growth
plans while helping diversify our revenue mix and providing
patients and doctors with options that can improve outcomes while
reducing healthcare expenditures.”
Third Quarter 2023 Strategic and
Operational Highlights (Unaudited)
- The Company
generated net revenue of $16.0 million for the three months ended
September 30, 2023, an eighth consecutive record sales
quarter.
- The Company’s
loss before income taxes for the three months ended September 30,
2023 was $1.1 million compared to a loss before income taxes of
$3.2 million for the three months ended September 30, 2022. For the
three months ended September 30, 2023, the Company had a net loss
of $1.1 million, compared to a net loss of $1.5 million for the
three months ended September 30, 2022. The Company generated
Adjusted EBITDA* of $0.3 million for the three months ended
September 30, 2023 compared to negative Adjusted EBITDA of $1.6
million for the three months ended September 30, 2022.
- During the
trailing twelve-month period, the Company’s products were sold in
over 1,000 facilities across 32 states plus the District of
Columbia. The Company’s products were contracted or approved to be
sold in more than 3,000 hospitals/ambulatory surgery centers as of
September 30, 2023.
- On August 2,
2023, the Company announced the acquisition of certain assets
related to its collagen products business. The assets acquired
included, among others:
- All rights and
ownership (for human wound care uses) for certain 510(k) cleared
collagen-based wound care products, including CellerateRX and
HYCOL.
- All patents,
patents pending, trademarks and regulatory approvals related to
collagen human wound care products owned by the sellers. This
includes nine patents and all of the sellers’ patents pending for
collagen products for human wound care uses and five
trademarks.
- The Company
hired twelve new sales representatives in the nine months ended
September 30, 2023. These representatives are expected to help the
Company increase facility penetration and reach additional
specialties. The Company also continues to build out its corporate
infrastructure to support future growth.
- Subsequent to
the end of the quarter, the Company completed its first sale of
ALLOCYTE Plus, a human cell and tissue-based product. First sales
of Allocyte Plus occurred in early October 2023. This product is
processed by an alternative supplier with in-house processing
capabilities affording greater control of product supply.
- Subsequent to
the end of the quarter, the Company launched BIASURGE. Prior to
launch, BIASURGE was added to 41 existing facility contracts. First
sales of BIASURGE occurred in early November 2023. The Company
believes this product could be used in any surgery where Sanara
products are currently used.
Sales Analysis
CellerateRX revenues continued to grow, however
the rate of quarter-over-quarter growth slowed due to unique
in-market challenges. The Company is leveraging field intelligence
and data analytics to implement appropriate adjustments to sales
force deployment and facility penetration. For the three months
ended September 30, 2023, the Company generated net revenue of
$16.0 million compared to net revenue of $13.0 million for the
three months ended September 30, 2022, a 23% increase from the
prior year period. For the nine months ended September 30, 2023,
the Company generated net revenue of $47.3 million compared to net
revenue of $30.5 million for the nine months ended September 30,
2022, a 55% increase from the prior year period. The higher net
revenue for the three and nine months ended September 30, 2023 was
primarily due to increased sales as a result of the Company’s
increased market penetration and geographic expansion, additional
revenues as a result of the Scendia acquisition and the Company’s
continuing strategy to expand its independent distribution network
in both new and existing U.S. markets. The Company’s sales growth
continued to be negatively impacted by supply issues related to its
ALLOCYTE® Advanced Cellular Bone Matrix product in the third
quarter of 2023. However, subsequent to the end of the quarter, the
Company brought on an alternative supplier and expanded the
ALLOCYTE® product line with the release of ALLOCYTE Plus. Sanara
currently has a sufficient supply to meet currently expected demand
and believes it has measures in place to be able to regularly stock
the product in the future.
Earnings Analysis
The Company had a loss before income taxes of
$1.1 million for the three months ended September 30, 2023,
compared to a loss before income taxes of $3.2 million for the
three months ended September 30, 2022. For the nine months ended
September 30, 2023, the Company had a loss before income taxes of
$4.2 million, compared to a loss before income taxes of $9.8
million for the nine months ended September 30, 2022. The lower
loss for the three and nine months ended September 30, 2023 was due
to operating expenses increasing at a slower rate than net sales in
addition to the benefit recorded as a result of the change in fair
value of earnout liabilities. For the three months ended September
30, 2023, the Company had a net loss of $1.1 million, compared to a
net loss of $1.5 million for the three months ended September 30,
2022. For the nine months ended September 30, 2023, the Company had
a net loss of $4.2 million, compared to a net loss of $3.9 million
for the nine months ended September 30, 2022.
* Adjusted EBITDA is a non-GAAP financial
measure. See the discussion below under the heading “Use of
Non-GAAP Financial Measures" and the reconciliations at the end of
this release for additional information.
Use of Non-GAAP Financial
Measures
To supplement the Company’s financial
information presented in accordance with generally accepted
accounting principles in the United States (“GAAP”), we present
certain non-GAAP financial measures in this press release and on
the related teleconference call, including Adjusted EBITDA. The
Company’s management uses these non-GAAP financial measures, both
internally and externally, to assess and communicate the financial
performance of the Company. The Company defines Adjusted EBITDA as
net loss excluding interest for term loan, debt issuance cost
amortization, accretion of finance liabilities, provision/benefit
for income taxes, depreciation and amortization, non-cash
share-based compensation expense, change in fair value of earnout
liabilities, and gains/losses from the disposal of property and
equipment. The Company’s believes Adjusted EBITDA is useful to
investors because it facilitates comparisons of its core business
operations across periods on a consistent basis. Accordingly, the
Company adjusts for items such as change in fair value of earnout
liabilities when calculating Adjusted EBITDA because the Company
believes that it is not related to the Company’s core business
operations.
The Company’s non-GAAP financial measures are
not in accordance with, nor an alternative for, measures conforming
to GAAP and may be different from non-GAAP financial measures used
by other companies. In addition, these non-GAAP financial measures
are not based on any comprehensive set of accounting rules or
principles. The Company continues to provide all information
required by GAAP, but it believes that evaluating its ongoing
operating results may not be as useful if an investor or other user
is limited to reviewing only GAAP financial measures. The Company
does not, nor does it suggest that investors should, consider these
non-GAAP financial measures in isolation from, or as a substitute
for, financial information prepared in accordance with GAAP.
Material limitations associated with the use of such measures
include that they do not reflect all costs included in operating
expenses and may not be comparable with similarly named financial
measures of other companies. Furthermore, these non-GAAP financial
measures are based on subjective determinations of management
regarding the nature and classification of events and
circumstances. The Company presents these non-GAAP financial
measures to provide investors with information to evaluate the
Company’s operating results in a manner similar to how management
evaluates business performance. To compensate for any limitations
in such non-GAAP financial measures, management believes that it is
useful in understanding and analyzing the results of the business
to review both GAAP information and the related non-GAAP financial
measures. Whenever the Company uses a non-GAAP financial measure,
it provides a reconciliation of the non-GAAP financial measure to
the most directly comparable GAAP financial measure. Investors are
encouraged to review and consider these reconciliations.
Conference Call
Sanara will host a conference call on Tuesday,
November 14, 2023, at 9:00 a.m. Eastern Time. The toll-free number
to call for this teleconference is 888-506-0062 (international
callers: 973-528-0011) and the access code is 780032. A telephonic
replay of the conference call will be available through Tuesday,
November 28, 2023, by dialing 877-481-4010 (international callers:
919-882-2331) and entering the replay passcode: 49390.
A live webcast of Sanara’s conference call will
be available under the Investor Relations section of the Company’s
website, www.SanaraMedTech.com. A one-year online replay will be
available after the conclusion of the live broadcast.
About Sanara MedTech Inc.
With a focus on improving patient outcomes
through evidence-based healing solutions, Sanara MedTech Inc.
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
skin care for the acute, post-acute, and surgical markets. The
focus areas are debridement, biofilm removal, hydrolyzed collagen,
advanced biologics, negative pressure wound therapy products and
the oxygen delivery system segment of the wound and skincare
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 potential benefits created by the
acquisition of certain assets related to the Company’s collagen
products business, the anticipated impact of such acquisition on
the Company’s business and future financial and operating results,
the Company’s ability to develop and commercialize the new
collagen-based products currently under development, including the
manufacturing, distribution, marketing and sale of such products,
the Company’s ability to maintain or replace the manufacturing and
distribution process of the sellers in the acquisition, including
relationships with vendors, the development of new products, the
timing of commercialization of our products, the regulatory
approval process and expansion of the Company’s business in
telehealth and wound care. These items involve risks, contingencies
and uncertainties such as 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
Relations713-826-0524CNichols@sanaramedtech.com
SOURCE: Sanara MedTech Inc.
SANARA MEDTECH INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited) |
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
6,235,912 |
|
|
$ |
8,958,995 |
|
Accounts receivable, net |
|
|
7,436,295 |
|
|
|
6,805,761 |
|
Accounts receivable – related party |
|
|
11,032 |
|
|
|
98,548 |
|
Royalty receivable |
|
|
49,344 |
|
|
|
99,594 |
|
Inventory, net |
|
|
5,021,030 |
|
|
|
3,549,000 |
|
Prepaid and other assets |
|
|
621,690 |
|
|
|
1,104,611 |
|
Total current
assets |
|
|
19,375,303 |
|
|
|
20,616,509 |
|
|
|
|
|
|
|
|
|
|
Long-term
assets |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
1,327,056 |
|
|
|
1,416,436 |
|
Right of use assets – operating leases |
|
|
2,094,188 |
|
|
|
806,402 |
|
Goodwill |
|
|
3,601,781 |
|
|
|
3,601,781 |
|
Intangible assets, net |
|
|
45,991,466 |
|
|
|
31,509,980 |
|
Investment in equity securities |
|
|
3,084,278 |
|
|
|
3,084,278 |
|
Total long-term
assets |
|
|
56,098,769 |
|
|
|
40,418,877 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
75,474,072 |
|
|
$ |
61,035,386 |
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,939,887 |
|
|
$ |
1,392,701 |
|
Accounts payable – related parties |
|
|
64,747 |
|
|
|
34,036 |
|
Accrued royalties and expenses |
|
|
3,583,439 |
|
|
|
2,144,475 |
|
Accrued bonuses and commissions |
|
|
6,084,654 |
|
|
|
7,758,284 |
|
Earnout liabilities – current |
|
|
1,000,000 |
|
|
|
1,162,880 |
|
Operating lease liabilities – current |
|
|
322,206 |
|
|
|
313,933 |
|
Current portion of debt |
|
|
232,143 |
|
|
|
- |
|
Total current
liabilities |
|
|
13,227,076 |
|
|
|
12,806,309 |
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities |
|
|
|
|
|
|
|
|
Earnout liabilities – long-term |
|
|
4,871,986 |
|
|
|
6,003,811 |
|
Operating lease liabilities – long-term |
|
|
1,846,293 |
|
|
|
505,291 |
|
Long-term debt, net of current portion |
|
|
9,458,254 |
|
|
|
- |
|
Other long-term liabilities |
|
|
1,972,673 |
|
|
|
- |
|
Total long-term
liabilities |
|
|
18,149,206 |
|
|
|
6,509,102 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
31,376,282 |
|
|
|
19,315,411 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
|
|
|
Common Stock: $0.001 par value, 20,000,000 shares authorized;
8,540,226 issued and outstanding as of September 30, 2023 and
8,299,957 issued and outstanding as of December 31, 2022 |
|
|
8,540 |
|
|
|
8,300 |
|
Additional paid-in capital |
|
|
72,107,881 |
|
|
|
65,213,987 |
|
Accumulated deficit |
|
|
(27,799,621 |
) |
|
|
(23,394,757 |
) |
Total Sanara MedTech
shareholders’ equity |
|
|
44,316,800 |
|
|
|
41,827,530 |
|
Equity attributable to
noncontrolling interest |
|
|
(219,010 |
) |
|
|
(107,555 |
) |
Total shareholders’
equity |
|
|
44,097,790 |
|
|
|
41,719,975 |
|
Total liabilities and
shareholders’ equity |
|
$ |
75,474,072 |
|
|
$ |
61,035,386 |
|
SANARA MEDTECH INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue |
|
$ |
16,024,948 |
|
|
$ |
13,044,571 |
|
|
$ |
47,300,029 |
|
|
$ |
30,526,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
|
|
1,751,349 |
|
|
|
2,228,561 |
|
|
|
6,064,524 |
|
|
|
3,991,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
14,273,599 |
|
|
|
10,816,010 |
|
|
|
41,235,505 |
|
|
|
26,534,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
13,877,879 |
|
|
|
12,062,195 |
|
|
|
40,658,424 |
|
|
|
31,865,958 |
|
Research and development |
|
|
986,454 |
|
|
|
1,061,387 |
|
|
|
3,480,906 |
|
|
|
2,333,024 |
|
Depreciation and amortization |
|
|
997,674 |
|
|
|
814,881 |
|
|
|
2,580,243 |
|
|
|
1,556,752 |
|
Change in fair value of earnout liabilities |
|
|
(681,753 |
) |
|
|
109,689 |
|
|
|
(1,494,910 |
) |
|
|
173,116 |
|
Total operating
expenses |
|
|
15,180,254 |
|
|
|
14,048,152 |
|
|
|
45,224,663 |
|
|
|
35,928,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
|
(906,655 |
) |
|
|
(3,232,142 |
) |
|
|
(3,989,158 |
) |
|
|
(9,394,006 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and other |
|
|
(188,294 |
) |
|
|
- |
|
|
|
(188,300 |
) |
|
|
- |
|
Share of losses from equity method investment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(379,633 |
) |
Total other
expense |
|
|
(188,294 |
) |
|
|
- |
|
|
|
(188,300 |
) |
|
|
(379,633 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes |
|
|
(1,094,949 |
) |
|
|
(3,232,142 |
) |
|
|
(4,177,458 |
) |
|
|
(9,773,639 |
) |
Income tax benefit |
|
|
- |
|
|
|
1,702,890 |
|
|
|
- |
|
|
|
5,844,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(1,094,949 |
) |
|
|
(1,529,252 |
) |
|
|
(4,177,458 |
) |
|
|
(3,928,843 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss attributable to noncontrolling interest |
|
|
(34,579 |
) |
|
|
(58,792 |
) |
|
|
(111,455 |
) |
|
|
(98,485 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Sanara MedTech shareholders |
|
$ |
(1,060,370 |
) |
|
$ |
(1,470,460 |
) |
|
$ |
(4,066,003 |
) |
|
$ |
(3,830,358 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share of common
stock, basic and diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding, basic and diluted |
|
|
8,332,341 |
|
|
|
8,107,261 |
|
|
|
8,244,503 |
|
|
|
7,836,882 |
|
SANARA MEDTECH INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,177,458 |
) |
|
$ |
(3,928,843 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,580,243 |
|
|
|
1,556,752 |
|
Loss on disposal of property and equipment |
|
|
- |
|
|
|
2,876 |
|
Bad debt expense |
|
|
214,061 |
|
|
|
220,000 |
|
Inventory obsolescence |
|
|
222,691 |
|
|
|
289,406 |
|
Share-based compensation |
|
|
2,582,163 |
|
|
|
1,971,537 |
|
Noncash lease expense |
|
|
243,988 |
|
|
|
189,409 |
|
Loss on equity method investment |
|
|
- |
|
|
|
379,633 |
|
Benefit from deferred income taxes |
|
|
- |
|
|
|
(5,844,796 |
) |
Accretion of finance liabilities |
|
|
39,699 |
|
|
|
- |
|
Amortization of debt issuance costs |
|
|
2,055 |
|
|
|
- |
|
Change in fair value of earnout liabilities |
|
|
(1,494,910 |
) |
|
|
173,116 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(794,344 |
) |
|
|
(754,934 |
) |
Accounts receivable – related party |
|
|
87,516 |
|
|
|
10,920 |
|
Inventory, net |
|
|
(1,664,714 |
) |
|
|
(451,838 |
) |
Prepaid and other assets |
|
|
482,921 |
|
|
|
(69,490 |
) |
Accounts payable |
|
|
547,186 |
|
|
|
(800,788 |
) |
Accounts payable – related parties |
|
|
30,711 |
|
|
|
(126,812 |
) |
Accrued royalties and expenses |
|
|
557,295 |
|
|
|
947,130 |
|
Accrued bonuses and commissions |
|
|
(1,673,629 |
) |
|
|
1,516,858 |
|
Operating lease liabilities |
|
|
(182,498 |
) |
|
|
(189,990 |
) |
Net cash used in
operating activities |
|
|
(2,397,024 |
) |
|
|
(4,909,854 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(210,970 |
) |
|
|
(93,651 |
) |
Proceeds from disposal of property and equipment |
|
|
650 |
|
|
|
894 |
|
Purchases of intangible assets |
|
|
- |
|
|
|
(600,000 |
) |
Investment in equity securities |
|
|
- |
|
|
|
(250,000 |
) |
Acquisitions, net of cash acquired |
|
|
(9,942,750 |
) |
|
|
(2,191,919 |
) |
Net cash used in
investing activities |
|
|
(10,153,070 |
) |
|
|
(3,134,676 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Loan proceeds, net |
|
|
9,688,341 |
|
|
|
- |
|
Equity offering net proceeds |
|
|
1,033,761 |
|
|
|
- |
|
Net settlement of equity-based awards |
|
|
(150,296 |
) |
|
|
(102,931 |
) |
Cash payment of finance and earnout liabilities |
|
|
(744,795 |
) |
|
|
- |
|
Distribution to noncontrolling interest member |
|
|
- |
|
|
|
(220,000 |
) |
Net cash provided by
(used in) financing activities |
|
|
9,827,011 |
|
|
|
(322,931 |
) |
Net decrease in
cash |
|
|
(2,723,083 |
) |
|
|
(8,367,461 |
) |
Cash, beginning of
period |
|
|
8,958,995 |
|
|
|
18,652,841 |
|
Cash, end of
period |
|
$ |
6,235,912 |
|
|
$ |
10,285,380 |
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
146,546 |
|
|
$ |
- |
|
Supplemental noncash
investing and financing activities: |
|
|
|
|
|
|
|
|
Right of use assets obtained in exchange for lease obligations |
|
|
1,531,773 |
|
|
|
- |
|
Equity issued for acquisitions |
|
|
3,089,645 |
|
|
|
15,738,518 |
|
Earnout and other liabilities generated by acquisitions |
|
|
3,759,642 |
|
|
|
6,882,151 |
|
Investment in equity securities converted in asset acquisition |
|
|
- |
|
|
|
1,803,440 |
|
Reconciliation of GAAP to Non-GAAP
Financial Measures
Reconciliation of Net
Loss to Adjusted EBITDA (Unaudited) |
Three Months Ended |
|
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
|
Net Loss |
$ |
(1,094,949 |
) |
|
$ |
(1,529,252 |
) |
Adjustments |
|
|
|
Interest expense – Term Loan |
|
146,540 |
|
|
|
- |
|
Debt issuance costs amortization |
|
2,055 |
|
|
|
- |
|
Accretion of finance liabilities |
|
39,699 |
|
|
|
- |
|
Income tax benefit |
|
- |
|
|
|
(1,702,890 |
) |
Depreciation and amortization |
|
997,674 |
|
|
|
814,881 |
|
Noncash share-based compensation expense |
|
857,526 |
|
|
|
683,202 |
|
Change in fair value of earnout liabilities |
|
(681,753 |
) |
|
|
109,689 |
|
Loss on disposal of property and equipment |
|
- |
|
|
|
376 |
|
Adjusted
EBITDA |
$ |
266,792 |
|
|
$ |
(1,623,994 |
) |
Sanara MedTech (NASDAQ:SMTI)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Sanara MedTech (NASDAQ:SMTI)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024