SMTI

MKT CAP:$176M

Sanara MedTech Inc.

Market Cap

$176M

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$20.02-$3.08 (-13.35%)

Apr 21, 2026

Company Details

Sanara MedTech Inc. develops, markets, and distributes wound and skin care products to physicians, hospitals, clinics, and post-acute care settings in the United States. It offers CellerateRX Surgical Activated Collagen powder and gel that ...

CEO

Seth D. Yon

IPO Date

Apr 7, 1994

Website

sanaramedtech.com

Key Metrics TTM

Revenue

$82M

+326.9% YoY

Net Income

-$11M

EPS (Diluted)

-$1.24

Free Cash Flow

-$4M

Revenue / Share

$9.57

Gross Margin

90.3%

Operating Margin

-10.0%

Net Margin

-12.8%

FCF Margin

-5.4%

P/S

2.1x

P/E

—

Earnings Reports

Q3 2025

May 13, 2026

PENDING

Q2 2025

Aug 13, 2025

$26M+28.1%EPS -$0.23

Q1 2025

May 14, 2025

$23MEPS -$0.41

Q2 2024

Aug 12, 2024

$20MEPS -$0.41

Q3 2022

Nov 14, 2022

$13MEPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 18	$2M	$2M	$66.7K
Q2 18	$2M	$2M	$31.0K
Q3 18	$2M	$1M	-$132.0K
Q4 18	$47.5K	$24.9K	-$467.6K
Q1 19	$2M	$2M	-$157.1K
Q2 19	$3M	$3M	-$323.1K
Q4 19	$3M	$3M	-$1M
Q1 20	$4M	$3M	-$2M
Q2 20	$3M	$3M	-$1M
Q3 20	$4M	$4M	-$1M
Q1 21	$5M	$5M	-$1M
Q4 21	$7M	$6M	-$3M
Q3 22	$13M	$11M	-$3M
Q2 24	$20M	$18M	-$3M
Q1 25	$23M	$22M	-$2M
Q2 25	$26M	$24M	-$31.3K

Valuation

Quarter	P/S	P/E
Q1 18	2.1x	49.9x
Q2 18	2.2x	70.0x
Q3 18	2.2x	123.5x
Q4 18	0.2x	—
Q1 19	2.2x	—
Q2 19	1.8x	—
Q4 19	11.2x	—
Q1 20	5.1x	—
Q2 20	8.7x	—
Q3 20	12.3x	—
Q1 21	12.4x	—
Q4 21	12.1x	—
Q3 22	8.5x	—
Q2 24	5.0x	—
Q1 25	4.1x	—
Q2 25	3.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	-$200.4K	-$201.7K
Q2 18	$202.5K	$198.1K
Q3 18	$189.7K	$187.0K
Q4 18	$85.4K	$72.1K
Q1 19	-$436.1K	-$442.9K
Q2 19	-$803.4K	-$822.2K
Q4 19	-$833.5K	-$2M
Q1 20	-$2M	-$3M
Q2 20	-$700.2K	-$700.2K
Q3 20	-$711.3K	-$711.3K
Q1 21	-$1M	-$1M
Q4 21	-$2M	-$2M
Q3 22	-$2M	-$202.1K
Q2 24	-$1M	-$1M
Q1 25	-$2M	-$4M
Q2 25	$3M	$902.7K

Capital Expenditures

Quarter	CapEx
Q1 18	$1.3K
Q2 18	$4.5K
Q3 18	$2.7K
Q4 18	$13.2K
Q1 19	$6.8K
Q2 19	$18.8K
Q4 19	$2M
Q1 20	$557.5K
Q2 20	$2
Q3 20	$2
Q1 21	$4.4K
Q4 21	$141.7K
Q3 22	$1M
Q2 24	$58.8K
Q1 25	$2M
Q2 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 18	+22.2%	+22.5%
Q2 18	+55.7%	+67.2%
Q3 18	+1.1%	+7.6%
Q4 18	-97.2%	-70.1%
Q1 19	+26.8%	+39.5%
Q2 19	+33.4%	+49.7%
Q4 19	+114.1%	+183.5%
Q1 20	+7313.9%	+932.9%
Q2 20	+19.3%	+53.1%
Q3 20	+42.7%	+68.0%
Q1 21	+49.4%	+26.5%
Q4 21	+99.6%	+96.3%
Q3 22	+339.6%	+302.2%
Q2 24	+368.1%	+310.5%
Q1 25	+367.8%	+318.7%
Q2 25	+267.3%	+147.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$0	0.0%
Q2 18	$0	0.0%
Q3 18	$3.9K	0.2%
Q4 18	$0	0.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q1 20	$393.7K	11.2%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q1 21	$325.5K	6.5%
Q4 21	$0	0.0%
Q3 22	$0	0.0%
Q2 24	$1M	7.0%
Q1 25	$1M	5.6%
Q2 25	$1M	5.6%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 18	—	$2M	—
Q2 18	—	$2M	—
Q3 18	—	$2M	—
Q4 18	—	$472.0K	—
Q1 19	—	$2M	—
Q2 19	—	—	$3M
Q4 19	—	—	$4M
Q1 20	$4.4K	—	—
Q2 20	$41.5K	—	—
Q3 20	$11.0K	—	$5M
Q1 21	$118.2K	—	$5M
Q4 21	$300.8K	—	—
Q3 22	$1M	—	—
Q2 24	$985.7K	—	—
Q1 25	$1M	—	$21M
Q2 25	$1M	—	—

Revenue Segments

Quarter	CellerateRX Gel	CellerateRX Powder	Hema Quell	Other revenue	Royalty revenue	Product sales revenue	Product Sales Revenue	Royalty Revenue
Q1 18	$121.2K	$2M	$6.6K	$45.7K	—	—	—	—
Q3 18	$90.0K	$1M	$9.8K	—	$150.8K	—	—	—
Q1 19	—	—	—	—	$8.4K	$2M	—	—
Q1 20	—	—	—	—	$50.3K	$3M	—	—
Q2 20	—	—	—	—	—	—	$3M	$50.3K
Q3 20	—	—	—	—	—	—	$4M	$50.3K
Q1 21	—	—	—	—	—	—	$5M	$50.3K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$16M	$0	$16M
Q2 22	$13M	$0	$13M
Q3 22	$10M	$0	$10M
Q4 22	$9M	$0	$9M
Q1 23	$7M	$0	$7M
Q2 23	$6M	$0	$6M
Q3 23	$6M	$0	$6M
Q4 23	$5M	$0	$5M
Q1 24	$3M	$0	$3M
Q2 24	$6M	$0	$6M
Q3 24	$16M	$0	$16M
Q4 24	$16M	$0	$16M
Q1 25	$21M	$0	$21M
Q2 25	$17M	$0	$17M
Q3 25	$15M	$0	$15M
Q4 25	$17M	$0	$17M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 18	2M	+42.9%	-23.4%
Q2 18	2M	+48.9%	+111.5%
Q3 18	2M	0.0%	+112.9%
Q4 18	2M	0.0%	+112.9%
Q1 19	2M	-4.1%	+42.8%
Q2 19	2M	+4.3%	-0.0%
Q4 19	6M	+163.3%	+163.3%
Q1 20	6M	-0.4%	+162.2%
Q2 20	6M	-0.0%	+173.4%
Q3 20	6M	+1.2%	+165.4%
Q1 21	7M	+8.6%	+9.4%
Q4 21	8M	+10.3%	+21.2%
Q3 22	8M	+7.8%	+30.7%
Q2 24	8M	+4.5%	+34.9%
Q1 25	9M	+1.2%	+25.7%
Q2 25	9M	+0.5%	+14.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 18	$150.9K	13
Q2 18	$174.0K	13
Q3 18	$120.5K	13
Q4 18	$2.5K	19
Q1 19	$130.9K	19
Q2 19	$158.8K	19
Q4 19	$88.2K	38
Q1 20	$92.7K	38
Q2 20	$78.1K	38
Q3 20	$113.3K	38
Q1 21	$125.2K	40
Q4 21	$111.6K	63
Q3 22	$207.1K	63
Q2 24	$188.4K	107
Q1 25	$166.2K	141
Q2 25	$183.2K	141

Revenue / Employee