Sanara MedTech Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sanara MedTech Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Sanara MedTech Inc. (SMTI) filed a Annual Report (10-K) with the SEC on March 25, 2024. Sanara MedTech Inc. filed its 2023 Form 10-K on March 25, 2024. The company's fiscal year ends on December 31st. Sanara MedTech Inc. was formerly known as Wound Management Technologies, Inc. The company is incorporated in Texas (TX). Its business and mailing address is 1200 Summit Ave, Suite 414, Fort Worth, TX 76102.

Why It Matters

For investors and stakeholders tracking Sanara MedTech Inc., this filing contains several important signals. This filing provides a comprehensive overview of Sanara MedTech's financial health, operational strategies, and risk factors for the fiscal year ended December 31, 2023. Investors and stakeholders can use this report to assess the company's performance, understand its market position, and evaluate potential future growth and risks.

Risk Assessment

Risk Level: — Sanara MedTech Inc. shows moderate risk based on this filing. The company operates in the medical device industry, which is subject to significant regulatory oversight and market competition, as indicated by its SIC code for orthopedic, prosthetic & surgical appliances & supplies.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Sanara MedTech's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-25 — Filing Date (Date of submission)

Key Players & Entities

• Sanara MedTech Inc. (company) — Filer name
• WOUND MANAGEMENT TECHNOLOGIES, INC. (company) — Former company name
• MB SOFTWARE CORP (company) — Former company name
• INAV TRAVEL CORPORATION (company) — Former company name
• 3842 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company operates within a highly regulated industry, subject to stringent oversight from bodies like the FDA, which can impact product development, marketing, and sales.
• Competition [medium — market]: The medical device market is competitive, with numerous players vying for market share, potentially affecting pricing and profitability.
• Supply Chain and Manufacturing [medium — operational]: Disruptions in the supply chain or manufacturing processes could adversely affect the company's ability to produce and deliver products.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-25: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Sanara MedTech Inc. to report its annual financial results and business operations.)

SIC Code

Standard Industrial Classification code used to classify businesses based on their primary activity. (Indicates Sanara MedTech Inc.'s industry focus on orthopedic, prosthetic & surgical appliances & supplies.)

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value SMTI The Nasdaq Capital M
• $40.10 — trant as of June 30, 2023, based on the $40.10 closing price as of such date was appro
• $28 billion — ections for all wounds is approximately $28 billion with the estimated annual cost of surgi
• $3.5 billion — f surgical site infections ranging from $3.5 billion to $10 billion. Looking at the target m
• $10 billion — infections ranging from $3.5 billion to $10 billion. Looking at the target markets for our
• $1.3 billion — ced dressings market is estimated to be $1.3 billion and the U.S. wound biologics market is
• $2 billion — und biologics market is estimated to be $2 billion. The U.S. teledermatology market alone
• $5 billion — market alone is estimated to grow from $5 billion in 2019 to $45 billion by 2027 accordin
• $45 billion — ated to grow from $5 billion in 2019 to $45 billion by 2027 according to a research report

Filing Documents

• form10-k.htm (10-K) — 1691KB
• ex21-1.htm (EX-21.1) — 9KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex97-1.htm (EX-97.1) — 42KB
• 0001493152-24-011128.txt (&nbsp;) — 8063KB
• smti-20231231.xsd (EX-101.SCH) — 60KB
• smti-20231231_cal.xml (EX-101.CAL) — 100KB
• smti-20231231_def.xml (EX-101.DEF) — 266KB
• smti-20231231_lab.xml (EX-101.LAB) — 523KB
• smti-20231231_pre.xml (EX-101.PRE) — 413KB
• form10-k_htm.xml (XML) — 1050KB

BUSINESS

BUSINESS 4 ITEM 1A

RISK FACTORS

RISK FACTORS 18 ITEM 1B UNRESOLVED STAFF COMMENTS 40 ITEM 1C CYBERSECURITY 40 ITEM 2

PROPERTIES

PROPERTIES 40 ITEM 3

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 40 ITEM 4 MINE SAFETY DISCLOSURES 40 PART II. ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 41 ITEM 6 RESERVED 41 ITEM 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 41 ITEM 7A

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51 ITEM 8

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA F-1 ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 52 ITEM 9A

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 52 ITEM 9B OTHER INFORMATION 52 ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 52 PART III. ITEM 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 53 ITEM 11

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 53 ITEM 12

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 53 ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 53 ITEM 14 PRINCIPAL ACCOUNTING FEES AND SERVICES 53 PART IV. ITEM 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 54 ITEM 16 FORM 10-K SUMMARY 55 Sanara, Sanara MedTech, our logo and other trademarks or service marks appearing in this report are the property of Sanara MedTech Inc. Trade names, trademarks and service marks of other companies appearing in this report are the property of their respective owners. Solely for convenience, the trademarks, service marks and trade names included in this report are without the , or other applicable symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. Unless otherwise indicated, "Sanara MedTech," "Sanara," the "Company," "our," "us," or "we," refer to Sanara MedTech Inc. and its consolidated subsidiaries. 2 CAUTIONARY This report contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "aims," "anticipates," "believes," "contemplates," "continue," "could," "estimates," "expects," "forecast," "guidance," "intends," "may," "plans," "possible," "potential," "predicts," "preliminary," "projects," "seeks," "should," "target," "will" or "would" or the negative of these words, variations of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are subject to certain risks, un

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View this 10-K filing on SEC EDGAR