Sanara MedTech Inc. reported a net revenue of $23.4 million for the first quarter of 2025, marking a 26% increase from $18.5 million in the same period of 2024. The growth was primarily driven by increased sales of soft tissue repair products, including the company's flagship CellerateRX Surgical and BIASURGE, as well as certain bone fusion products. Despite the revenue increase, the company recorded a net loss of $3.5 million, compared to a loss of $1.8 million in the prior year, attributed to higher costs associated with the development of its Tissue Health Plus (THP) platform and increased interest expenses related to its CRG Term Loan.
The company's gross profit for the quarter was $21.6 million, up 30% from $16.6 million in the previous year, reflecting improved gross margins due to lower manufacturing costs and higher sales volumes. Operating expenses rose to $23.7 million from $18.2 million, driven by increased selling, general, and administrative expenses, which accounted for approximately $5.2 million of the increase. Research and development expenses also increased, reflecting the company's ongoing investment in product development and enhancements.
Sanara MedTech has made significant strategic moves, including the acquisition of CarePICS, a company that provides a mobile and web app for clinicians in wound care, for $2 million. This acquisition is expected to enhance the THP segment's capabilities. Additionally, the company entered into a licensing agreement with Biomimetic Innovations Limited, acquiring exclusive U.S. marketing rights for certain medical products, further expanding its product offerings.
Operationally, Sanara MedTech's cash position improved, with cash on hand increasing to $20.7 million as of March 31, 2025, compared to $15.9 million at the end of 2024. The company has also been actively managing its debt, with a total of $42.8 million outstanding under its CRG Term Loan as of the end of the quarter. Looking ahead, Sanara MedTech plans to continue investing in its THP strategy, with expectations to launch its first pilot program in the second quarter of 2025, while also pursuing additional financial partnerships to support its growth initiatives.
About Sanara MedTech Inc.
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