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- **Strategic Shift**: Discontinued THP to focus on Surgical business, freeing $5.5-$6.5 million in 2025 for core growth.
- **Revenue Surge**: Q3 Surgical revenue $26.3 million (+22% YoY), trailing 12-month $102 million (+31% YoY), driven by soft tissue repair products.
- **Operational Efficiency**: 31% revenue growth with 157% EBITDA increase, enabled by flat headcount and distributor network expansion.
- **Future Growth**: Q4 2025 revenue expected +10-15% YoY (excluding one-time 2024 impact), with Surgical business targeting 10-20% annual growth.
- **Clinical Validation**: Published studies confirm CellerateRX efficacy in complex cases, supporting surgeon adoption.


**【CEO Summary Section】**
- **THP Discontinuation**: Announced cessation of Tissue Health Plus (THP) operations, with total cash investment in 2025 expected to be $5.5-$6.5 million. THP will be classified as discontinued operations, freeing resources for Surgical business.
- **Revenue Growth**: Q3 2025 Surgical net revenue $26.3 million (+22% YoY), driven by 24% increase in soft tissue repair products (CellerateRX, BIASURGE). Full-year trailing 12-month revenue $102 million (+31% YoY).
- **Commercial Strategy**: Expanded distributor network to 400+ (from 300+), sold into 1,200+ healthcare facilities (vs. 1,000+ prior year), and increased surgeon penetration in existing facilities. Focus on new specialties beyond spine/orthopedics.
- **Operational Highlights**: Published clinical evidence in high-impact journals demonstrating CellerateRX efficacy in complex cases. OsStic (periarticular fracture product) on track for U.S. launch Q1 2027, with BMI completing all regulatory milestones.

**【CFO Financial Commentary】**
- **Gross Profit**: Q3 2025 gross profit $24.5 million (+24% YoY), margin 93% of net revenue (vs. 91% prior year).
- **Operating Expenses**: SG&A $21.5 million (+14% YoY), driven by salesforce expansion and marketing. R&D $0.2 million (+31% YoY).
- **Net Income**: Net income from continuing ops $0.8 million ($0.09 EPS), vs. $0.2 million loss prior year. Adjusted EBITDA $4.9 million (+2.3 million YoY).
- **Cash Flow**: Q3 operating cash flow $2.2 million. Total cash $14.9 million, debt $45.1 million.

**【Q&A Key Highlights】**
- **Penetration Strategy**: Focus on educating surgeons on clinical/economic benefits of products. Distributor network and direct salesforce driving new facility adoption.
- **Operating Leverage**: Flat headcount (40 W-2 reps, 400 distributors) enabling 31% revenue growth with EBITDA up 157% YoY. Expect continued leverage as THP costs decline.
- **Growth Outlook**: Q4 2025 revenue expected to grow high single to low teens YoY (excluding $1.8 million one-time 2024 hurricane impact). Long-term Surgical business seen as 10-20% grower with improving margins.
- **THP Lessons**: Strategic review process confirmed limited partner interest, aligning with Board decision to focus on core Surgical business.


Sanara MedTech Inc. (SMTI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SMTI

SMTI fundamentals

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