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SMTI Sanara MedTech

Sanara MedTech, Inc.engages in the development, marketing, and distribution of biotechnology products to physicians, hospitals, and clinics. It offers CellerateRX Surgical Activated Collagen Adjuvant and HemaQuell Resorbable Bone Hemostat. The company was founded in 1982 and is headquartered in Fort Worth, TX.

Company profile

Ticker
SMTI
Exchange
Website
CEO
J. Michael Carmena
Employees
Incorporated
Location
Fiscal year end
Former names
INAV TRAVEL CORPORATION, MB SOFTWARE CORP, WOUND MANAGEMENT TECHNOLOGIES, INC.
SEC CIK
IRS number
592220004

SMTI stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

29 Mar 21
18 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 455.37K 455.37K 455.37K 455.37K 455.37K 455.37K
Cash burn (monthly) 554.96K 513.05K 284.02K 419.55K 197.02K 336.21K
Cash used (since last report) 2.01M 1.86M 1.03M 1.52M 712.84K 1.22M
Cash remaining -1.55M -1.4M -572.23K -1.06M -257.48K -761.06K
Runway (months of cash) -2.8 -2.7 -2.0 -2.5 -1.3 -2.3

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Sep 20 Michael D. McNeil Common Stock Grant Aquire A No No 0 1,247 0 11,884
30 Sep 20 Fleming Zachary B. Common Stock Grant Aquire A No No 0 1,603 0 19,708

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

1.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 16 0 NEW
Opened positions 16 0 NEW
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 5.2M 0 NEW
Total shares 104.65K 0 NEW
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Vanguard 59.2K $2.95M NEW
Millennium Management 10.54K $526K NEW
ExodusPoint Capital Management 10.32K $515K NEW
Diametric Capital 5.71K $285K NEW
Arete Wealth Management 5.4K $247K NEW
CCG Wealth Management 5.4K $269K NEW
Smart Money 5K $250K NEW
C Citigroup 1.7K $85K NEW
Lee Financial 500 $25K NEW
UBS UBS Group AG - Registered Shares 369 $18K NEW
Largest transactions
Shares Bought/sold Change
Vanguard 59.2K +59.2K NEW
Millennium Management 10.54K +10.54K NEW
ExodusPoint Capital Management 10.32K +10.32K NEW
Diametric Capital 5.71K +5.71K NEW
Arete Wealth Management 5.4K +5.4K NEW
CCG Wealth Management 5.4K +5.4K NEW
Smart Money 5K +5K NEW
C Citigroup 1.7K +1.7K NEW
Lee Financial 500 +500 NEW
UBS UBS Group AG - Registered Shares 369 +369 NEW

Financial report summary

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Competition
Integra LifesciencesAcellBioventus
Risks
  • Risks Related to How We Operate Our Business
  • The COVID-19 pandemic in the United States has and may continue to negatively impact our business, financial condition and results of operations.
  • We have had a history of losses, which may continue as we expand our selling efforts.
  • Our revenue growth for a particular period is difficult to predict, and a shortfall in forecast revenues may harm our operating results.
  • Our current comprehensive wound and skin care strategy involves growth through acquisitions and investments, which requires us to incur substantial costs and potential liabilities for which we may never realize the anticipated benefits.
  • If we cannot meet our future capital requirements, our business will suffer.
  • Failure to retain and recruit key personnel would harm our ability to meet key objectives.
  • We operate in highly competitive markets and face competition from large, well-established medical device manufacturers and telehealth providers as well as new market entrants, and if we are unable to compete within our markets or our products and services do not gain market acceptance, our operating results and financial condition could suffer.
  • Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.
  • If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results or prevent fraud and our business may be harmed and our stock price may be adversely impacted.
  • The Loan Agreement governing our revolving line of credit includes restrictive terms, and our failure to comply with any of these terms could result in a default, which would have an adverse effect on our business and prospects.
  • Risks Related to Our Products
  • We rely on our research and development partners to design, manufacture and supply the products we have licensed for marketing. If one of our partners fails to perform adequately or fulfill our needs, we may be required to incur significant costs. We may also face significant delays in our product introductions and commercialization.
  • Our future success will largely depend on our ability to maintain and further grow clinical acceptance and adoption of our products, and we may be unable to adequately educate healthcare practitioners on the use and benefits of our products.
  • Competitors could invent products superior to ours and cause our products and technologies to become obsolete.
  • Disruption of, or changes in, our distribution model or customer base could harm our sales and margins.
  • If we are unable to manage product inventory in an effective and efficient manner, our profitability could be impaired.
  • Failure of any third-party assessments to demonstrate desired outcomes in proposed endpoints may result in adverse regulatory actions, reduce physician usage or adoption of our products, or reduce the price, coverage and/or reimbursement for our products, which could have a negative impact on our business performance.
  • We may have exposure to product liability claims.
  • Interruptions in the supply of our products or inventory loss may adversely affect our business, results of operations and financial condition.
  • Increased prices for, or unavailability of, raw materials used in our products could adversely affect our business, results of operations and financial condition.
  • Risks Related to Our Planned Expansion into Wound and Skin Care Virtual Consult and Other Services
  • Our planned expansion into wound and skin care virtual consult and other services could have a material adverse effect on our business, financial condition or results of operations.
  • Our planned expansion into wound and skin care virtual consult and other services will require entrance into several markets in which we have little or no experience, which may not be successful and could be costly.
  • Our planned expansion into the telehealth business is dependent on our relationships with affiliated professional entities to provide physician services, and our business would be adversely affected if those relationships were disrupted.
  • Recent and frequent state legislative and regulatory changes specific to telemedicine may present us with additional requirements and state compliance costs, with potential operational impacts in certain jurisdictions.
  • Risks Related to Intellectual Property
  • If we are unable to adequately protect our intellectual property rights, we may not be able to compete effectively.
  • CellerateRX Surgical is not currently protected by any pending patent application nor any unexpired patent. Accordingly, CellerateRX Surgical may be subject to competition from the sale of substantially equivalent products that could adversely affect our business and operations.
  • We are heavily dependent on technologies and products we have licensed from third parties, and we may need to license technologies and products in the future, and if we fail to obtain licenses we need, or fail to comply with our payment obligations in the agreements under which we in-license intellectual property and other rights from third parties, we could lose our ability to develop and commercialize our products.
  • We may be found to infringe on intellectual property rights of others.
  • Risks Related to Regulations
  • Our business is affected by numerous regulations relating to the labeling, marketing and sale of our products.
  • If we fail to obtain or experience significant delays in obtaining regulatory clearances or approvals to market future medical device products, we will be unable to commercialize these products until such clearance or approval is obtained.
  • Changes to the FDA clearance and approval processes or ongoing regulatory requirements could make it more difficult for us to obtain FDA clearance or approval of new products or comply with ongoing requirements.
  • Modifications to our current products may require new marketing clearances or approvals or require us to cease marketing or recall the modified products until such clearances or approvals are obtained.
  • Failure to obtain or maintain adequate reimbursement or insurance coverage for drugs, if any, could limit our ability to market those drugs and decrease our ability to generate revenue. Changes in reimbursement policies and regulations by governmental or other third-party payors may have an adverse impact on the use of our products.
  • We rely on our research and development partners to comply with applicable laws and regulations relating to product classification and FDA marketing authorization.
  • We and our employees and contractors are subject, directly or indirectly, to federal, state and foreign healthcare fraud and abuse laws, including false claims laws. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • Our research and development partners’ use and disclosure of personally identifiable information, including health information, is subject to federal and state privacy and security regulations, and our failure to comply with those regulations or to adequately secure the information we hold could result in significant liability or reputational harm and, in turn, a material adverse effect on our client base, business, financial condition and results of operations.
  • Government regulation of healthcare creates risks and challenges with respect to our compliance efforts and our business strategies.
  • If we fail to comply with extensive healthcare laws and government regulations, we could suffer penalties or be required to make significant changes to our operations.
  • Our officers, employees, independent contractors, principal investigators, consultants, and commercial partners may engage in misconduct or activities that are improper under other laws and regulations, which would create liability for us.
  • We could be adversely affected if healthcare reform measures substantially change the market for medical care or healthcare coverage in the United States.
  • Defects, failures or quality issues associated with our products could lead to product recalls or safety alerts, adverse regulatory actions, litigation and negative publicity that could materially adversely affect our reputation, business, results of operations and financial condition.
  • Risks Related to Ownership of Our Common Stock
  • The issuance of shares upon the exercise of derivative securities may cause immediate and substantial dilution to our existing shareholders.
  • It is possible that we will require additional capital to meet our financial obligations and support business growth.
  • The trading price of the shares of our common stock is highly volatile, and purchasers of our common stock could incur substantial losses.
  • Our common stock does not have a vigorous trading market, and you may not be able to sell your securities at or near ask prices, or at all.
  • The potential sale of large amounts of common stock may have a negative effect upon the market value of our shares.
  • We have not paid, and we are unlikely to pay, cash dividends on our securities in the near future. Because we have no current plans to pay cash dividends on our common stock for the foreseeable future, you may not receive any return on investment unless you sell your common stock for a price greater than that which you paid for it.
  • A few of our existing shareholders own a large percentage of our voting stock and have control over matters requiring shareholder approval and may delay or prevent a change in control or otherwise lead to actual or potential conflicts of interest.
  • Our Certificate of Formation includes provisions limiting the personal liability of our directors for breaches of fiduciary duties under Texas law.
  • Texas law and our Certificate of Formation and bylaws contain anti-takeover provisions that could delay or discourage takeover attempts that shareholders may consider favorable.
  • Our failure to meet the continued listing requirements of The Nasdaq Capital Market could result in a delisting of our common stock.
Management Discussion
  • Revenues.  For the year ended December 31, 2020, we generated revenues of $15,586,976 compared to revenues of $11,766,763 for the year ended December 31, 2019, a 32% increase from the prior year. The higher revenues in 2020 were primarily due to increased sales of surgical wound care products as we continued the execution of our strategy to expand our sales force and independent distribution network in both new and existing U.S. markets.
  • Beginning in March 2020, many states issued orders suspending elective surgeries in order to free-up hospital resources to treat COVID-19 patients. This resulted in a reduction in demand for our surgical products beginning in the second half of March 2020. Additionally, most states limited access to SNFs to only resident caregivers, which impeded our ability to provide education and product training to the clinicians who use our products in these facilities. These restrictions resulted in an overall decline in sales for the second quarter of 2020.
  • During the third and fourth quarters of 2020, we saw a strong rebound in product sales as restrictions on elective surgeries eased in our primary markets in Texas, Florida, and the southeastern United States.  Fourth quarter revenues of $4,789,138 were up 43% compared to the fourth quarter of 2019, and represented a record high sales quarter for the Company.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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