olivLaw · US equity research
Sanara MedTech Inc. SMTI
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Sanara MedTech develops and sells surgical products, mainly hydrolyzed collagen dressings and wound irrigation solutions, focused on reducing complications and healthcare costs. The company grew revenue again in 2026, and its announced acquisition by MiMedx adds an important strategic dimension for investors.
At the close of 04 Nov 2026, Sanara MedTech Inc. (SMTI) stock was 32.33 USD (+0.50% on the day), with market capitalisation 297.0 m USD, beta 1.07, 52-week range 16.34–35.28 USD. Latest reported quarter (Q2 2026): revenue of 28.1 m USD (+9.0% YoY), net income of -452.9 k USD, diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 27.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 31.28 – 35.68
- in the lower half of the band · %B 0.24 · band width 13.1%
- SMA 50 / 200
- 34.37 / 25.62
- mixed trend
- MACD (12, 26, 9)
- -0.60 / -0.48
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.6% | −1.1% | −6.5 pp | — |
| 3 months | −5.1% | −0.5% | −4.7 pp | — |
| 6 months | +68.8% | +4.4% | +64.4 pp | — |
| Year to date | +38.5% | +12.3% | +26.1 pp | — |
| 1 year | +14.6% | +13.5% | +1.0 pp | −2.5% |
| 3 years | +19.8% | +76.4% | −56.6 pp | −4.2% |
| 5 years | −14.2% | +63.7% | −77.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.7 m | 26.3 m | 23.4 m | 25.8 m | 26.3 m | 27.5 m | 27.8 m | 28.1 m |
| Cost of revenue | 2.0 m | 2.2 m | 1.8 m | 1.9 m | 1.9 m | 1.9 m | 1.9 m | 2.0 m |
| Gross profit | 19.7 m | 24.1 m | 21.6 m | 23.9 m | 24.5 m | 25.7 m | 25.9 m | 26.2 m |
| Research & development | 783.8 k | 883.4 k | 950.4 k | 1.1 m | 1.0 m | 2.0 m | 759.6 k | 1.2 m |
| SG&A | 17.4 m | 20.2 m | 19.1 m | 19.6 m | 19.9 m | 20.1 m | 21.9 m | 22.6 m |
| Operating income | 778.5 k | 2.3 m | 825.5 k | 2.5 m | 2.9 m | 1.1 m | 2.6 m | 1.8 m |
| Depreciation & amortisation | 696.9 k | 1.6 m | 1.1 m | 688.5 k | 610.9 k | 668.4 k | 587.3 k | 619.1 k |
| Interest expense | 927.6 k | 1.3 m | 1.3 m | 1.8 m | 1.8 m | 1.8 m | 1.8 m | 1.8 m |
| Net income | -2.9 m | -1.5 m | -3.5 m | -2.0 m | -30.4 m | -1.6 m | 459.0 k | -452.9 k |
| Diluted EPS | -0.34 | -0.18 ≈ | -0.41 | -0.23 | -3.40 | -0.21 ≈ | 0.05 | -0.05 |
| Operating cash flow | 2.1 m ≈ | 932.0 k | -2.0 m | 2.7 m ≈ | 2.2 m ≈ | 3.9 m | -2.5 m | 2.0 m ≈ |
| Capex | 9.1 k ≈ | 72.2 k | 1.7 m | 1.8 m ≈ | 1.1 m ≈ | 82.2 k | 43.8 k | 5.3 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.8 m | 11.8 m | 15.6 m | 24.1 m | 45.8 m | 65.0 m | 86.7 m | 103.1 m |
| Revenue YoY | −7.4% | — | +32.5% | +54.9% | +89.9% | +41.8% | +33.4% | +19.0% |
| Net income | -600.6 k | -2.8 m | -4.4 m | -7.9 m | -7.9 m | -4.3 m | -9.7 m | -37.6 m |
| Net income YoY | −281.3% | — | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.00 | -1.32 | -0.76 | -1.08 | -1.00 | -0.52 | -1.14 | -4.36 |
| Diluted EPS YoY | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -10.3% | -23.9% | -28.5% | -32.8% | -17.3% | -6.6% | -11.2% | -36.4% |
| Free cash flow | 268.7 k | -2.4 m | -4.6 m | -5.0 m | -5.7 m | -3.5 m | -229.6 k | 2.2 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 16.6 m USD
- Financial debt
- 46.0 m USD
- Net debt
- 29.4 m USD
- Equity
- 5.9 m USD
- Total assets
- 72.9 m USD
- Debt / equity
- 7.75x
- Current ratio
- 1.80x
- ROE
- -167.5%
- ROA
- -46.7%
- FCF margin
- 2.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 15.6 m | 24.1 m | 45.8 m | 65.0 m | 86.7 m | 103.1 m | SEC (XBRL)· 24 Mar 2026verified |
| Cost of revenue | 1.6 m | 2.3 m | 6.4 m | 7.9 m | 8.1 m | 7.5 m | SEC (XBRL)· 24 Mar 2026verified |
| Gross profit | 14.0 m | 21.8 m | 39.5 m | 57.1 m | 78.5 m | 95.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Research & development | 40.2 k | 558.7 k | 3.4 m | 4.1 m | 2.8 m | 5.1 m | SEC (XBRL)· 24 Mar 2026verified |
| SG&A | — | 28.1 m | 46.0 m | 57.0 m | 71.7 m | 78.7 m | SEC (XBRL)· 24 Mar 2026verified |
| Operating income | -5.0 m | -7.4 m | -12.5 m | -4.2 m | 1.3 m | 7.3 m | SEC (XBRL)· 24 Mar 2026verified |
| Depreciation & amortisation | 291.4 k | 597.0 k | 2.4 m | 3.7 m | 4.9 m | 3.9 m | SEC (XBRL)· 24 Mar 2026verified |
| EBITDA | -4.7 m ≈ | -6.8 m ≈ | -10.1 m ≈ | -540.1 k ≈ | 6.2 m ≈ | 11.3 m ≈ | SEC (XBRL)· 24 Mar 2026derived |
| Interest expense | 11.5 k | 711 | 284.7 k | 475.8 k | 3.1 m | 6.8 m | SEC (XBRL)· 24 Mar 2026verified |
| Pre-tax income | — | -8.0 m | -13.9 m | -4.4 m | -1.9 m | -393.1 k | SEC (XBRL)· 24 Mar 2026verified |
| Income tax | 0 | — | -5.8 m | — | 48.4 k | — | SEC (XBRL)· 24 Mar 2026verified |
| Net income | -4.4 m | -7.9 m | -7.9 m | -4.3 m | -9.7 m | -37.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Diluted EPS | -0.76 | -1.08 | -1.00 | -0.52 | -1.14 | -4.36 | SEC (XBRL)· 24 Mar 2026verified |
| Weighted average diluted shares | 5.7 m | 7.3 m | 7.9 m | 8.3 m | 8.5 m | 8.6 m | SEC (XBRL)· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 455.4 k | 18.7 m | 9.0 m | 5.1 m | 15.9 m | 16.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Receivables | 0 | 2.9 m | 6.8 m | — | — | 12.0 m | SEC (XBRL)· 12 May 2026verified |
| Inventories | 1.1 m | 2.0 m | 3.5 m | 4.7 m | 2.8 m | 3.9 m | SEC (XBRL)· 24 Mar 2026verified |
| Current assets | 4.5 m | 24.6 m | 20.6 m | 19.0 m | 33.3 m | 33.5 m | SEC (XBRL)· 24 Mar 2026verified |
| Property, plant & equipment, net | 678.6 k | 1.6 m | 1.4 m | 1.3 m | 432.3 k | 457.0 k | SEC (XBRL)· 24 Mar 2026verified |
| Goodwill | — | — | 3.6 m | 3.6 m | 3.6 m | 3.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.1 m | 4.7 m | 31.5 m | 44.9 m | 23.5 m | 18.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Total assets | 9.8 m | 36.4 m | 61.0 m | 73.9 m | 88.1 m | 72.9 m | SEC (XBRL)· 24 Mar 2026verified |
| Accounts payable | 271.3 k | 438.2 k | 1.4 m | — | — | 2.3 m | SEC (XBRL)· 11 Aug 2026verified |
| Short-term debt | — | — | — | 580.4 k | — | — | SEC (XBRL)· 25 Mar 2024verified |
| Long-term debt | — | — | — | 9.1 m | 30.7 m | 46.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Current liabilities | 3.5 m | 6.0 m | 12.8 m | 13.8 m | 15.3 m | 18.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Total liabilities | 4.0 m | 6.2 m | 19.3 m | 29.3 m | 49.2 m | 67.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Equity | 5.8 m | 30.2 m | 41.7 m | 44.6 m | 38.9 m | 5.9 m | SEC (XBRL)· 24 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -4.0 m | -4.8 m | -5.6 m | -3.2 m | -23.8 k | 6.8 m | SEC (XBRL)· 24 Mar 2026verified |
| Capex | 544.4 k | 171.9 k | 147.0 k | 265.2 k | 205.8 k | 4.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Free cash flow | -4.6 m ≈ | -5.0 m ≈ | -5.7 m ≈ | -3.5 m ≈ | -229.6 k ≈ | 2.2 m ≈ | SEC (XBRL)· 24 Mar 2026derived |
| Investing cash flow | -2.7 m | -5.3 m | -3.5 m | -10.2 m | -6.6 m | -15.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Financing cash flow | 622.3 k | 28.3 m | -627.3 k | 9.6 m | 17.4 m | 8.9 m | SEC (XBRL)· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 297.0 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet49
- Growth100
- Valuation24
- Quality72
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.22 – 29.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)17.08 – 29.17 (Mid 21.67)WACC 8.7% · starting FCFF 10.6 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 32.6%
- Peers: EV/EBITDA14.22 – 15.60 (Mid 15.40)4 companies used · median multiple 15.8x · quartiles 14.8x – 16.0xCDRE, MSA, STE, ZBH
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.9% | 91 (vs peers) | 16% |
| Net margin · Quality | -29.2% | 41 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 31.0% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.8x | 57 (vs peers) | 16% |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 30.1x | 29 (vs peers) | 16% |
| FCF yield · Valuation | 1.5% | 19 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation24/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SANARA MEDTECH INC. (SMTI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 103.1 m USD in 2025; YoY growth 19.0%; net margin -29.2%; ROE -147.7%; net debt/EBITDA 2.8x.
The estimated value range is 15.65–22.38 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 18.54 USD, the price of 32.33 USD leaves a potential of -42.7% (value / price − 1) and a margin of safety of -74.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 13.9%
- Revenue CAGR 3Y: 31.0%
- Current ratio: 2.6x
What contradicts it
- Interest coverage: 1.2x
- EV/EBITDA: 30.1x
- FCF yield: 1.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 167.1 bn | 58.3 | 18.0% | 25.5% | +20.5% | −16% / +55% |
| EWEdwards Lifesciences Corporation | 57.1 bn | 56.2 | 9.7% | 15.3% | +11.5% | +15% / +47% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 24.2 bn | 30.0 | 11.4% | 13.3% | +8.7% | −7% / +23% |
| ZBHZimmer Biomet Holdings, Inc. | 20.8 bn | 27.9 | 6.0% | 9.0% | +7.2% | +13% / −5% |
| ALGNAlign Technology, Inc. | 11.6 bn | 24.0 | 11.9% | 11.8% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 33.8 | 11.6% | 5.6% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +15% / +20% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for SMTI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sanara MedTech develops and sells surgical products, mainly hydrolyzed collagen dressings and wound irrigation solutions, focused on reducing complications and healthcare costs. The company grew revenue again in 2026, and its announced acquisition by MiMedx adds an important strategic dimension for investors. 123
SWOT
Strengths
Weaknesses
Opportunities
Risks
- History of net losseshigh
The company has posted losses in most years since its current operations began and could keep losing money as it expands its sales force.
- Indebtednesshigh
A secured loan imposes financial obligations and operating restrictions that could limit cash flow and the company's flexibility.
- Completion of the MiMedx transactionmedium
Closing depends on conditions that might not be met, and strategy could change if the transaction fails.
- Dependence on licensed productsmedium
Some products are sold under licenses and partnerships with third-party manufacturers, and disruption could affect revenue.
- Regulation and qualitymedium
Product defects or quality issues could lead to recalls, regulatory actions and litigation that damage the company's reputation.
Investment thesis
What would need to be true (bull case)
- If revenue growth and the high gross margin hold, the company could become more profitable as costs stabilize.
- Integration with a larger surgical player could accelerate geographic expansion and penetration of national accounts.
- The OsStic launch could broaden the portfolio and reduce reliance on a single product category.
What would break the thesis
- Historical losses and high selling costs could prevent durable profitability.
- Debt and cash interest payments could limit the company's capacity to invest in growth.
- If the MiMedx transaction does not close, the company could be left with an uncertain strategy and legal and advisory costs already incurred.
What to watch
- Completion of the MiMedx acquisition and closing conditions2026
- US market launch of OsStic BioAdhesiveQ1 2027
- Trend in gross margin and SG&A expensesQ3 2026
- Repayment or refinancing of the CRG term loannext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sanara MedTech is a medical technology company focused on surgical products for the US market, especially soft tissue repair and bone fusion. Its lead product, CellerateRX Surgical, is a Type I hydrolyzed collagen for managing surgical wounds, and BIASURGE is a sterile no-rinse irrigation solution. The portfolio also includes bone fusion products such as BiFORM and ALLOCYTE Plus. According to the annual report, the company sold products to more than 4,000 hospitals by the end of 2025. 13
In mid-September 2025 the company decided to discontinue Tissue Health Plus, a value-based wound care program previously reported as a separate segment. THP is now presented as discontinued operations, leaving Sanara with a single reportable segment focused on surgery. 1
In August 2026 the company announced an agreement under which it is expected to be acquired by MiMedx, with closing subject to customary conditions. It also said OsStic BioAdhesive, licensed from Biomimetic Innovations, is expected to reach the US market in the first quarter of 2027. 23
Segments
Market context
The company operates in the US soft tissue repair market for surgery, where products are sold to surgeons at hospitals and surgical centers. Pressure on care costs and the burden of postoperative complications, which lead to readmissions, support demand for products that reduce these risks. The exact market size is not stated in the sources used. 1
Geographic expansion and deeper penetration of national accounts remain stated goals, but the company acknowledges it is a relatively unknown brand in a market dominated by firms with broad portfolios. 1
Trends
- Cost of surgical complicationstailwind
The financial strain on payors and hospitals from readmissions within 90 days supports demand for products that help prevent complications. 1
- MiMedx integrationmixed
The announced transaction with MiMedx could broaden operational presence and distributor relationships if it is completed. 23
- Exit from THPmixed
Discontinuing the value-based wound care program reduced the company's complexity but also removed a previously targeted growth direction. 1
- Selling cost pressureheadwind
Higher sales and marketing spending weighed on profitability in 2026 even as revenue grew. 3
Competitive position
Competition comes from medical device makers with larger distribution networks, greater financial resources and better-known names. Competitors could launch more effective products, which could reduce the competitiveness of Sanara's products. 1
Several specialized companies have formed collaborations with large firms for research and commercialization in surgical wound care, and academic institutions may bring their own products to market. 1
- MiMedx Group, Inc.MDXG
Company that announced the acquisition of Sanara; active in wound care and surgical markets.
- Device makers with broad distribution networks
Medical device producers with wide product lines and greater access to hospitals and national accounts, cited generically in the annual report.
- Specialized firms partnering with large companies
Smaller companies developing surgical wound care products together with larger groups.
- Academic and research institutions
Universities and research organizations that may commercialize products on their own or through joint ventures.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Regulation FD disclosure
- Current report16 Oct 2026Other events
- Current report01 Oct 2026Shareholder vote · Other events
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report (amendment)11 Aug 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jul 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Jun 2026Shareholder vote
- Current report04 Jun 2026Termination of a material agreement
- Quarterly report12 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sanara MedTech Inc. · 24 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sanara MedTech Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sanara MedTech Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.