Q2 2024 Sanara Medtech Inc Earnings Call Transcript
Key Points
- Sanara MedTech Inc (SMTI) achieved its 11th consecutive record revenue quarter with $20.2 million in revenue.
- The company reported positive adjusted EBITDA of $600,000 for the second quarter.
- Sanara MedTech Inc (SMTI) expanded its product reach to over 1,100 hospitals and ASCs across 34 states and the District of Columbia.
- Sales of soft tissue products grew significantly from $13.2 million in Q2 2023 to $17.6 million in Q2 2024.
- The company signed a contract with a national GPO, adding over 1,000 new facilities where their products are contracted or approved to be sold.
- Sanara MedTech Inc (SMTI) reported a net loss of $3.5 million for the second quarter.
- SG&A expenses increased to $19 million in Q2 2024 from $13.8 million in Q2 2023, primarily due to higher direct sales and marketing expenses.
- The Surgical segment generated a net loss of $2.2 million in the second quarter.
- Interest expense was $0.6 million for the quarter, primarily related to a new term loan with CRG.
- The company plans to invest an additional $4 million to $5 million in the Tissue Health Plus strategy, which may impact short-term profitability.
Greetings, welcome to the Sanara MedTech Inc.'s second-quarter results and business updates. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Callon Nichols, Director of Investor Relations at Sanara MedTech. Callon, you may begin.
Thank you and good morning, everyone. I'd like to welcome you to Sanara MedTech's earnings conference call for the quarter ended June 30, 2024. We issued our earnings release yesterday morning and I would like to highlight that we have posted today's deck on the investor relations page of our website. This supplemental deck, as well as a copy of the earnings release, and the Form 10-Q for the quarter ended June 30, 2024, are also available on this page. We will reference this information in our remarks today.
With us today are Ron Nixon, our Executive Chairman and CEO; Mike McNeil, our Chief Financial Officer; Seth Yon, our President of Commercial; Jake Waldrop, our Chief
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