Sanara MedTech Inc 8-K, filed Jan 25, 2021
Sanara MedTech Inc. (SMTI)
8-K
2021-01-25
For: 2021-01-25
View Original
Added on
April 11, 2026
About this 8-K
Sanara MedTech Inc filed this 8-K on January 25, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): January 25, 2021
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SANARA MEDTECH INC.
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(Exact
name of registrant as specified in its charter)
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Texas
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001-39678
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59-2219994
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(State
or other jurisdiction of
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(Commission File
Number)
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(IRS
Employer
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incorporation)
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Identification
No.)
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1200 Summit Avenue, Suite 414
Fort Worth, Texas
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76102
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (817) 529-2300
(Former
name or former address, if changed since last report)
Not Applicable
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common
Stock, $0.001 par value
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SMTI
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The
Nasdaq Capital Market
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter).
Emerging growth
company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial
Condition.
On
January 25, 2021, Sanara MedTech Inc. (the “Company”)
issued a press release announcing preliminary fourth quarter and
full year 2020 revenues and its preliminary year-end 2020 cash
balance. A copy of the Company’s press release is attached as
Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
by reference herein.
The
information in this Current Report on Form 8-K, including Exhibit
99.1 attached hereto, shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to
the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, except as expressly set
forth in such filing.
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits
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Exhibit No.
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Description
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Press
Release issued January 25, 2021 (furnished pursuant to Item
2.02).
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SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Date:
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January 25, 2021
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Sanara MedTech Inc.
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By:
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/s/
Michael D.
McNeil
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Name:
Michael D. McNeil
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Title:
Chief Financial Officer
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Sanara MedTech Inc. Announces Preliminary Results for the Fourth
Quarter and Full Year 2020
FORT WORTH, TX / ACCESSWIRE / January 25, 2021 / Sanara
MedTech Inc.
Based in Fort Worth, Texas, Sanara MedTech Inc.
(“Sanara” or the “Company”) (NASDAQ: SMTI),
a provider of wound and skin care products dedicated to improving
patient outcomes, announced today certain unaudited preliminary
results for the fourth quarter and full year 2020.
Selected Fourth Quarter and Full-Year 2020 Preliminary Results
(Unaudited)
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Total revenue of approximately of $4.8 million for the three months
ended December 31, 2020, compared to revenue of $3.4 million for
the three months ended December 31, 2019, representing a 43%
increase.
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Total revenue of approximately $15.6 million for the year ended
December 31, 2020, compared to revenues of approximately $11.8
million for the year ended December 31, 2019, or a 32% increase
from the prior year. The higher revenues in 2020 were primarily due
to the continued execution of the Company’s strategy to
expand its sales force and independent distribution network in both
new and existing U.S. markets.
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Cash and cash equivalents were approximately $0.5 million as of
December 31, 2020.
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Entered into a Loan Agreement with Cadence Bank, N.A. on January
15, 2021, which provides for a $2.5 million revolving line of
credit.
Ron Nixon, Sanara’s Executive Chairman, stated, “This
year our business, like many others, faced significant headwinds
from the COVID-19 pandemic including restrictions on elective
surgeries and limits on access to the care settings where our
products are used. Despite this, we were able to adjust and
continue to execute on our growth strategy.”
Our estimated unaudited financial condition and results of
operations as of and for the fourth quarter and full fiscal year
ended December 31, 2020 presented above are preliminary and are
subject to change based upon the completion of our quarter-end and
year-end closing procedures and further financial review. Our
independent registered public accounting firm has not audited,
reviewed, compiled or performed any procedures with respect to this
preliminary financial information. Our actual results may differ
from these estimates as a result of the completion of our
quarter-end and year-end closing procedures, review adjustments and
other developments that may arise between now and the time our
financial results for the fourth quarter and year are
finalized.
About Sanara MedTech Inc.
With a focus on improving patient outcomes through evidence-based
healing solutions and services, Sanara MedTech Inc. markets and
distributes wound and skin care products and is seeking to offer
wound care and dermatology virtual consultation services via
telemedicine to physicians, hospitals, clinics, and all post-acute
care settings. Sanara’s products are primarily sold in the
North American advanced wound care and surgical tissue repair
markets. Sanara MedTech markets and distributes CellerateRX®
Surgical Activated Collagen® to the surgical markets as well
as the following products to 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 Powder and Gel. We are constantly seeking
long-term strategic partnerships with a focus on products and
technologies 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 adjunct products, and the oxygen delivery system segment of
the healthcare industry.
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 “may,”
“will,” “would,” “should,”
“expect,” “plan,” “anticipate,”
“could,” “intend,” “target,”
“project,” “contemplates,”
“believes,” “estimates,”
“predicts,” “preliminary,”
“potential” or “continue” or the negatives
of these terms, variations of these terms or other similar
expressions. These forward-looking statements include statements
regarding the Company’s expected revenue for the fourth
quarter and full fiscal year ended December 31, 2020, the
Company’s expected cash and cash equivalents as of December
31, 2020, the development of new products and expansion of the
Company’s business in telehealth and wound care. These items
involve risks, contingencies and uncertainties such as the
preliminary financial information remains subject to change and
finalization based upon management’s ongoing review of
results for the fourth quarter and full fiscal year 2020 and the
completion of all quarter and year end closing procedures, the
extent of product demand, market and customer acceptance, the
effect of economic conditions, competition, pricing, 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 Relations
713-826-0524
CNichols@sanaramedtech.com
SOURCE: Sanara MedTech Inc.