Sanara MedTech (SMTI) TD Cowen 46th Annual Health Care Conference summary

Company overview and strategic focus

• Transitioned to a pure-play surgical wound care company, exiting non-surgical and post-acute segments for a singular focus on the OR setting by 2026.

• Achieved a 51% CAGR in net revenue over seven years, reaching $102 million in trailing 12-month revenue and expanding access to over 4,000 contracted facilities.

• Three core technologies: CellerateRX (hydrolyzed surgical powder), BIASURGE (no-rinse antimicrobial wash), and OsStic (synthetic bone bioadhesive launching in 2027).

• Products target a $1 billion TAM, with CellerateRX and BIASURGE driving current growth and OsStic expected to be a category creator.

• Emphasis on scientific, clinical, and economic evidence, with over 20 published papers supporting product efficacy.

Financial performance and outlook

• Preliminary 2025 net revenue between $102 million and $103.2 million, up 19% year-over-year; cash position of $16.6 million and long-term debt of $46 million.

• Provided first-ever revenue guidance for 2026: $116–$121 million, representing 13–17% projected growth.

• EBITDA margin at $16 million and net income from continued operations at $1.6 million; market cap at $183 million.

• Margin profile remains strong at 92–93%, with no short-term changes expected; future acquisitions must be accretive.

• SG&A expected to remain stable due to operating leverage; corporate team built to support significant scaling without major headcount increases.

Commercial strategy and growth drivers

• Hybrid sales model combines direct field reps and over 400 distributor agreements, enabling broad national reach.

• Currently active in 1,400 of 4,000 contracted facilities, with a focus on expanding penetration and increasing surgeon users, especially in ortho, spine, vascular, and plastics.

• Vizient contract for BIASURGE provides access to 1,800 new facilities, a first in its category.

• Ongoing R&D and product enhancements, with OsStic launch and line extensions for existing products planned.

• M&A strategy targets complementary, pillar products capable of exceeding $100 million in revenue, aligned with the Prepare, Promote, Protect framework.