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 to 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 (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 already commercialized and OsStic expected to be a category creator.

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

Financial performance and guidance

• Preliminary 2025 net revenue between $102 million and $103.2 million, up 19% year-over-year.

• 2026 revenue guidance provided for the first time: $116–$121 million, representing 13–17% projected growth.

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

• Cash position of $16.6 million and long-term debt of $46 million, with plans to address non-surgical debt.

• Gross margin profile remains strong at 92–93%, with no short-term changes expected.

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 significant opportunity to expand penetration.

• Key growth drivers: capitalize on contracted hospitals, increase surgeon users, expand into new specialties, and launch new products.

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

• Ongoing investments in R&D, clinical research, and patent positioning to support future launches and category leadership.